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Gordon L. Clark, Alicia H. Munnell...
£140.00
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Fundamentals of Private Pensions
Ninth Edition
Dan M. McGill, Kyle N. Brown, John J. Haley, Sylvester Schieber, and Mark J. Warshawsky
848 pages
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Numerous tables and illustrations
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246x189mm
978-0-19-954451-6
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Hardback
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26 November 2009
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- The authoritative text and reference book on private pensions in the US for professionals and academics
- Written by leading players in pensions practice and legislation whose experience and insight gives this edition a unique insight into US pensions today
- The 9th edition is fully revised and updated to take account of legislative, regulatory, practitioner, and academic developments in the field
- Combines theory and practice, law and literature
New to this edition - Covers all the relevant new legislation and regulation, particularly the Pension Protection Act of 2006
- Section on investments has been expanded and completely revised to reflect theoretical and practical developments in field
- Comprehensively updated to take account of all recent new practices, literature, and intellectual developments
- Mark Warshawsky, a member of the Social Security Advisory Board, and a Treasury official closely involved in the PPA, joins the team of authors
For more than five decades, Fundamentals of Private Pensions has been the most authoritative text and reference book on retirement plans in the United States. The ninth edition is completely updated and reflects recent developments in retirement plans including the passage of the US Pension Protection Act of 2006 (PPA), the widespread shift toward hybrid and defined contribution plans, and a burgeoning economics and finance research literature on retirement and retirement plans. The volume is organized into eight main sections so the reader may use the volume as a text, a
research tool, or a general reference.
Section I (Chapter 1) introduces the historical evolution of the pension movement and the underlying forces that shaped its progress. Section II (Chapters 2 and 3) explains how employer-provided pensions fit into the patchwork of the U.S. retirement income security system, especially Social Security. The section also includes a discussion of the economics of tax incentives and their effect on retirement plan offerings and the structure of the benefits provided. Section III (Chapters 4 through 9) lays out the economic role of retirement plans—their design, workforce incentives, plan finances, production of adequate retirement income, possibilities for phased retirement, and the risk of outliving pension assets. Section IV
(Chapters 10 through 13) examines the various forms of defined benefit and defined contribution plans, including hybrid plans, in terms of their structure, requirements, and operations. Section V (Chapters 14 through 20) lays out the regulatory environment in which plans operate; this extensive material has been especially updated to reflect PPA, and the reams of associated guidance and implementing regulations. Section VI (Chapters 21 through 25) explores the funding and accounting rules under which private defined benefit plans operate; this section also reflects the new PPA rules. The penultimate section (Chapters 26 through 28) includes a complete revamping of chapters on risk management and investments applicable to retirement plans. The section describes modern portfolio theory and
its broad implications for retirement investing, and in two separate chapters, specific implications for defined benefit and defined contribution plans. The final section (Chapter 29) concludes the text with a discussion of the future of retirement plans in the United States and around the world—a particularly timely subject in light of the extreme financial volatility experienced in 2008 and the pending retirement of the baby boom generation.Readership: Academics, researchers, and graduate students working in the fields of insurance, finance, pensions, and decision-making; Employee Benefits Managers; Human Resource Management specialists; Pensions policymakers; Actuaries and tax specialists; Financial service
companies and regulators.
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Dan M. McGill, Professor Emeritus of Insurance, Wharton School, University of Pennsylvania, Kyle N. Brown, Attorney, Towers Watson Worldwide Research and Innovation Center in Arlington, VA, John J. Haley, President, Chief Executive Officer and Chairman of the Board, Towers Watson Worldwide, Sylvester Schieber, Private consultant and chairman of the US Social Security Advisory Board, and Mark J. Warshawsky, Director of Retirement Research at Towers Watson Worldwide
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"Fundamentals of Private Pensions is one of the few classics in the field, a work that no pension library should be without. Accordingly, it is a pleasure to welcome the 9th edition, published under the auspices of the Pension Research council of the Wharton School, and featuring a dream team of authors" - David Pratt, Journal of Pension Economics and Finance
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Section I: Introduction
1: Underlying Forces
Section II: Broad Public Policy Environment for Retirement Plans
2: Social Insurance
3: The Politics and Economics of Tax Preferences
Section III: The Role of Pension Plans
4: Overall Objectives in Designing a Retirement Program
5: Human Resource Incentives in Employer-Sponsored Retirement Plans
6: Financing of Employer-Sponsored Retirement Plans
7: Total Retirement Income: Setting Goals and Meeting Them
8: Changing the End of Work: Phased Retirement
9: Dealing with Risks of Outliving Resources in Retirement
Section IV: Structure of Retirement Plans
10: The Design of DB Plans
11: The Design of DC Plans
12: The Design of Hybrid Plans
13: Individual Plans
Section V: Regulatory Environment for Retirement Plans
14: Historical Review of Pension Regulations
15: Basic Regulatory Environment and Plan Qualification Requirements
16: Coverage, Nondiscrimination, and Integration with Social Security
17: Tax Consequences: Distributions and Contributions
18: Form of Doing Business and Transactional Consideration
19: Fiduciary Responsibility with Participant Rights
20: Plan Termination and Participant Rights
Section VI: Actuarial Requirements and Practices and Accounting for Pensions
21: Actuarial Cost Factors
22: Funding Requirements for Single Employer DB Plans
23: Funding Requirements for Multiemployer Plans
24: Cost Illustrations and Scope of Employer Choice/Strategy
25: Financial Accounting and Disclosures for Retirement Plans
Section VII: Pension Risk Management and Investments
26: The Basics of Investments for Retirement Plans
27: Investing for Defined Benefit Plans
28: Investing and Defined Contribution Plans
Section VIII: The Future of Pensions
29: The Future of Pensions
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The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.
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