Reshaping Retirement Security
Lessons from the Global Financial Crisis
Series: Pensions Research Council;
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Product details:
- Publisher OUP Oxford
- Date of Publication 27 September 2012
- ISBN 9780199660698
- Binding Hardback
- No. of pages320 pages
- Size 235x161x22 mm
- Weight 602 g
- Language English
- Illustrations Tables and figures 0
Categories
Short description:
The book explores the lessons to be learnt for retirement planning and long-term financial security in view of the massive shocks to stock markets, labour markets, and pension plans caused by the financial crisis. It aims to rethink the resilience of defined contribution plans and how defined benefit plans reacted to the financial crisis.
MoreLong description:
The worldwide financial crisis has wrought deep changes in capital and labor markets, old-age retirement systems, and household retirement and consumption patterns. Confidence has been shaken in both the traditional defined benefit and defined contribution plans.
Around the world, plan sponsors, fiduciaries, policymakers, and households have gained a new awareness of retirement risk. When pressed to reform post-crisis, many would recommend enhancing financial advice for plan participants, emphasizing flexibility and the positive effect of working another one or two years to make up for investment losses in the downturn. Adding to this is the continuing need for financial education, essential as the retirement system moves increasingly toward personal account pensions. Perhaps most important of all is the need for greater understanding of risk throughout the retirement security system, along with new approaches to re-engineering retirement pensions.
This volume explores the lessons to be learnt for retirement planning and long-term financial security in view of the massive shocks to stock markets, labour markets, and pension plans resulting from the financial crisis. It aims to rethink retirement in the new economic era, including the resilience of defined contribution plans and how defined benefit plans reacted to the financial crisis.
I wholeheartedly recommend this book to readers of the Journal of Pension Economics and Finance. The individual contributions are of a high standard, and the editors have done an excellent job of pulling them together into a coherent whole.
Table of Contents:
Retirement Security and the Financial Economic Crisis: An Overview
Part I. Rethinking Retirement in the New Economic Era
Changing Retirement Behavior in the Wake of the Financial Crisis
Potential Impacts of the Great Recession on Future Retirement Incomes
Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests, and Retirement by the Older Population Responded to Market Shocks
Retirement Behavior and the Global Financial Crisis
Part II. Rethinking the Resilience of Defined Contribution Plans
Trading in 401(k) Plans During the Financial Crisis
Lifecycle Impacts of the Financial Crisis on Optimal Consumption-Portfolio Choices and Labor Supply
A Stress Test for the Private Employer Defined Contribution System
Part III. How Defined Benefit Plans Handled the Financial Crisis
Corporate Defined Benefit Pension Plans and the Financial Crisis: Impact and Sponsor and Government Reactions
Multiemployer Pension Plans in the Financial Crisis
Adopting Hybrid Pension Plans: Effects of Economic Crisis and Regulatory Reform
Collective Pensions and the Global Financial Crisis: The Case of the Netherlands
How Have Public Sector Pensions Responded to the Financial Crisis?
