Pensions Books

Book SynopsisWhat will your 100-year life look like? A new edition of the international bestseller, featuring a new preface 'Brilliant, timely, original, well written and utterly terrifying' Niall Ferguson Does the thought of working for 60 or 70 years fill you with dread? Or can you see the potential for a more stimulating future as a result of having so much extra time? Many of us have been raised on the traditional notion of a three-stage approach to our working lives: education, followed by work and then retirement. But this well-established pathway is already beginning to collapse – life expectancy is rising, final-salary pensions are vanishing, and increasing numbers of people are juggling multiple careers. Whether you are 18, 45 or 60, you will need to do things very differently from previous generations and learn to structure your life in completely new ways. The 100-Year Life is here to help. Drawing on the unique pairing of their experience in psychology and economics, Lynda Gratton and Andrew J. Scott offer a broad-ranging analysis as well as a raft of solutions, showing how to rethink your finances, your education, your career and your relationships and create a fulfilling 100-year life. · How can you fashion a career and life path that defines you and your values and creates a shifting balance between work and leisure? · What are the most effective ways of boosting your physical and mental health over a longer and more dynamic lifespan? · How can you make the most of your intangible assets – such as family and friends – as you build a productive, longer life? · In a multiple-stage life how can you learn to make the transitions that will be so crucial and experiment with new ways of living, working and learning? Shortlisted for the FT/McKinsey Business Book of the Year Award and featuring a new preface, The 100-Year Life is a wake-up call that describes what to expect and considers the choices and options that you will face. It is also fundamentally a call to action for individuals, politicians, firms and governments and offers the clearest demonstration that a 100-year life can be a wonderful and inspiring one.Trade ReviewBrilliant, timely, original, well written and utterly terrifying -- Niall Ferguson * Laurence A. Tisch Professor of History, Harvard University *A fascinating and thought-provoking book … a brilliant read for individuals, but should be mandatory reading for our politicians -- Shirley Cramer CBE * Chief Executive Officer, Royal Society for Public Health *This timely, important, easy-to-read and intriguing book will make you pause and think, as well as better plan your life … Gratton and Scott’s book is a wake-up call for individuals, organizations, governments and societies -- Boris Groysberg * Professor of Business Administration, Harvard Business School *The authors understand implicitly that not only is the world as we know it changing beyond all recognition, but the way we lead our lives too. This book could not be more timely or necessary -- Julia Hobsbawm * Founder and CEO, Editorial Intelligence Ltd, and Honorary Visiting professor in Networking, Cass Business School *This playfully original book … makes a compelling case that as our lives become longer and healthier, the future might just be very, very different from what we have known until now -- Daron Acemoglu * Elizabeth and James Killian Professor of Economics, Massachusetts Institute of Technology *[This] wonderful new book prepares us for the possibilities of this brave new world of longevity, and teaches us what it will take to thrive in it. -- Professor Herminia Ibarra * INSEAD *Too many books bemoan the economic problems facing ageing societies. This splendid book is quite different … it should be read by anyone who wants to understand how life chances and choices will be transformed in a world where living beyond 100 will become the norm -- Lord Adair Turner * Senior research Fellow of the Institute for new Economic Thinking, and previously Chairman of the UK Pensions Commission *To understand how and why things might change, there can be nowhere better to start than with the fascinating The 100-Year Life -- Baronness Alison Wolf * Sir Roy Griffiths Professor of Public Sector Management at King’s College, London *

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Book SynopsisThe market for retirement financial advice has never been more important and yet more in flux. The long-term shift away from traditional defined benefit pensions toward defined contribution personal accounts requires all of us to be more sophisticated today than ever before. However, the landscape for financial advice is changing all over the world, with new rules and regulations transforming the financial advice profession. This volume explores the market for retirement financial advice, to explain what financial advisors do and how to measure performance and impact. Who are these professionals and what standards must they abide by? How do they make money and what are their incentives? How can one protect clients from bad advice, and what is good advice? Does advice alone effect changes in personal habits? Answering these questions, along with new technology that will decrease the delivery costs of advice, will play a transformative role in helping more households receive the quality Table of Contents1. The Market for Retirement Financial Advice: An Introduction 1 ; I. WHAT DO FINANCIAL ADVISERS DO? ; 2. The Market for Financial Advisers ; 3. Explaining Risk to Clients: An Advisory Perspective ; 4. How Financial Advisers and Defined Contribution Plan Providers Educate Clients and Participants about Social Security ; 5. How Important Is Asset Allocation To Americans Financial Retirement Security? ; 6. The Evolution of Workplace Advice ; 7. The Role of Guidance in the Annuity Decision Making Process ; II. MEASURING PERFORMANCE AND IMPACT ; 8. Evaluating the Impact of Financial Planners ; 9. Asking For Help: Survey and Experimental Evidence on Financial Advice and Behavior Change ; 10. How to Make the Market for Financial Advice Work ; 11. Financial Advice: Does it Make a Difference? ; 12. When, Why, and How Do Mutual Fund Investors Use Financial Advisers? ; III. MARKET AND REGULATORY CONSIDERATIONS ; 13. Harmonizing the Regulation of Financial Advisers ; 14. Regulating Financial Planners: Assessing the Current System and Some Alternatives

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Book SynopsisA comprehensive guide to all aspects of participation in the retirement programs of TIAA-CREF

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Book SynopsisHow to Pool Risks across Generations makes the case for the collective provision of pensions, on fair terms of social cooperation. Through the insurance of a mutual association which extends across society and over multiple generations, we share one another''s fates by pooling risks across both space and time. Resources are transferred, not simply between different people, but also within the possible future lives of each person: from one''s more fortunate to one''s less fortunate future selves. The book opens with an investigation of the longevity and investment risk that even a single individual on a desert island would face in providing for her old age. From this atomistic starting point, it builds up, within and across the chapters, to increasingly collective forms of pension provision. By joining together, it is possible to tame the risks we would face as individuals each with our own private pension pot. A collective pension can be justified as a ''social union of social unions'': an enduring corporate body, which is formed by agreements to pool risks, in a manner that involves reciprocity between the various individuals that constitute the collective. Even though all individuals age and die, a collective pension scheme remains evergreen, as the average age of members remains relatively unchanged, through the influx of new members to replace those who retire. It is therefore possible to smooth risks indefinitely across as well as within generations, to the mutual advantage of each.Table of ContentsIntroduction 1: The Case for Collective Defined Contribution 2: The Case for a Funded Pension with a Defined Benefit 3: The Case for an Unfunded Pay as You Go Pension 4: Fair Terms of Social Cooperation among the Free and Equal Conclusion Appendix: How Should Pensions and Contributions be Linked to Salary? References

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Book SynopsisThis work seeks to cut through some of the myths and fallacies surrounding Social Security policy issues. It argues that there is no economic, demographic or actuarial basis for the widespread belief that the programme needs to be fixed.

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Book SynopsisThe future of retirement programs is troubled, both in United States and in most other developed countries with aging populations. This title examines the consequences of reforming retirement benefits in a dozen nations. It evaluates the effects of illustrative policies for countries facing the impending growth of social security benefits.

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Book SynopsisExplores the relation between employees' preferences for certain types of pension plans and their productivity. This text shows how pensions influence workers' behaviour on the job, and argues that these plans can help firms select and pay their best workers without expending monitoring resources.Table of ContentsList of Figures List of Tables Ch. 1: Developments in the Market for Private Pensions Ch. 2: Defined Benefit Plans as Implicit Contracts Ch. 3: Impact of Pensions on Quit Rates Ch. 4: Quits and Retirements in the Federal Government Ch. 5: Pensions and Retirement Patterns Ch. 6: Role of Pensions in Earlier Retirement after 1970 Ch. 7: Toward Explaining the Growth of Defined Contribution Plans Ch. 8: Sorting across Plan Type Ch. 9: Encouraging High Discounters to Quit Ch. 10: Aligning Pay and Productivity: 401k Plans Ch. 11: Reliability as a Hidden Worker Attribute Ch. 12: Tax Considerations and Plan Choice Ch. 13: A Pension Tax Policy for Low Discounters Ch. 14: Incentives, High Discounters, and Social Security Ch. 15: Reforms for the Disability and Medicare Programs Notes Selected References Index

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Book SynopsisCarefully compiled and containing some of the most cutting-edge research and analysis available, this volume should be of interest to any specialist or policymaker concerned with ongoing changes in savings and retirement behaviors.

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Book SynopsisFor more than fifty years, pensions have been the subject of academic enquiry and controversy. Debates have raged over, amongst other things, the need for pensions, the means by which they might be delivered, their implications for the public finances, their impact on an individualâs employment motivations and their significance for national and global capital markets. These debates, and others, have spawned a vast and disparate literature.Currently, the issue that most often exercises the minds of academics and policy makers is that of pension reform. It is widely recognized that decades of social and economic change have rendered obsolete the pension arrangements in many developed and developing countries. The question of what now constitutes an appropriate set of pension arrangements is, however, far from settled. Opinions are divided over whether existing national pension systems can be modified to make them fit contemporary needs and circumstances, or whether they should be jettisoned in favour of something entirely different.Central to the analysis of many issues in pension provision is the universal phenomenon of population ageing. Around the world, falling birth rates and rising life expectancy are raising the ratio of elderly to working-age people. For several decades the literature on pensions and population ageing has been extremely negative. Recently, though, a series of books and papers have appeared which argue for a more benign, less pessimistic, interpretation of population ageing.The papers and articles included in each volume of this new Routledge Major Work have been selected so as to reflect the multi-dimensional nature of the subject and the interest it has aroused internationally. With a full index and an introduction newly written by the editor, this four-volume collection is a unique and valuable research resource for both student and scholar alike.

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Book SynopsisPraise For The Retirement Plan Solution Short, clear, complete, and always interesting. Best book on DC plans and what we should do-now. Charles D. Ellis, author, Winning the Loser''s Game At a time when the world is in turmoil, along with retirement expectations, the authors have hit a home run. After reading this book, I have a plan. Read it for your path to retirement security. Dallas Salisbury, President and CEO, Employee Benefit Research Institute The Retirement Plan Solution offers a refreshing and provocative perspective on how to assess retirement needs, save to meet these needs, and manage the retirement payout process. In this time of financial turmoil, employees, plan sponsors, and financial advisors will find this highly practical resource volume both useful and humorous. Olivia S. Mitchell, Director, Pension Research Council, Wharton School The Retirement Plan Solution is a mTrade Review'...the book's positive and inspiring message is one the UK would do well to head.' (Pensions Age, September 2009).Table of ContentsPreface xiii Acknowledgments xix INTRODUCTION The Great American Retirement System? 1 Defined Benefit and Defined Contribution 2 The Dynamics of the Retirement Plan 3 Room for Improvement in the Accumulation Phase 4 The Right Sort of Education 5 Other Ways of Running Defined Contribution Plans 6 The Individual’s Role in Decumulation 7 The Plan Sponsor’s Role 8 A Final Thought: From Biggest to Best 9 CHAPTER 1 DC Version 2.0 11 Coming of Age 12 The New Retirement Superpower 13 Coming Soon to a Dictionary Near You: DBization 14 At the Heart of Version 2.0: A Different Objective 15 Income Replacement 15 Is This the First Nail in the Coffin of Defined Contribution? 16 “Hold on a Second . . . ” 17 PART ONE The Dynamics of the Retirement Plan CHAPTER 2 More than You Ever Wanted to Know about Life Expectancy 21 What Is “Life Expectancy”? 21 How Life Expectancy Has Changed 22 But an Individual’s Life Span Is Uncertain 23 Longevity Distributions: Let’s Take a Look 26 What Does This Mean? 29 And Will Longevity Improve Even More? 30 CHAPTER 3 Retirement Is Expensive 31 The Goal Is a Targeted Level of Income Replacement 32 The Fundamental Pension Equation and the Defined Benefit System 33 A Simple Model of Retirement Plan Accumulation and Decumulation 34 Base Case Results 34 When to Start Saving 37 The Base Case May Not Be a Reliable Guide 38 How to Act in the Face of Uncertainty 39 Appendix: Further Analysis of the Uncertainty Associated with Investment Returns 41 CHAPTER 4 Investment Returns Are All-Important 43 The 10/30/60 Rule 44 Games at a Virtual Casino 46 Investment Analogs 48 Historical Return Patterns 49 What Are the Lessons? 52 What Follows? 54 How Much Investment Risk Can You Tolerate? 54 CHAPTER 5 Sustainable Spending 57 Lifetime Annuities 57 Simulations 58 Appendix: The Multiple 61 PART TWO Opportunities in the Accumulation Phase CHAPTER 6 Save More 65 Employers with No Plan 65 Employees Who Do Not Enroll 67 Employees Who Start Saving Too Late 69 Employees with Low Savings Rates 70 Employees with Gaps in Continuous Participation 72 CHAPTER 7 Limit Leakage 75 Cashing Out 75 Loans 76 Hardship Withdrawals 77 CHAPTER 8 Invest Better 81 Evidence of Waste 81 The Importance of a Good Default Option 83 The “Target Date” Solution 84 And for the Investment Experts? 89 CHAPTER 9 Reduce Fees 91 The Impact of Fees 91 Fees for What? 92 Looking for Fee Leakage 92 Fee-Sharing Arrangements 93 Institutional versus Retail Fees 94 Active Management 95 Record-Keeping Fees 97 PART THREE We Need the Right Sort of Education CHAPTER 10 Why the Waste? Because We’re Only Human 101 Overconfidence in Retirement Planning 101 Behavioral Finance 102 Low Participation and Savings Rates 103 Poor Investment Results 106 What to Do? 108 CHAPTER 11 Financial Education 109 Facts that Surprised Us 109 Enthusiastic Initiatives 110 What Exactly Can Be Taught? 112 Why Hasn’t This Already Been Taught? 115 A Literate Default System 115 A Final Anecdote 116 PART FOUR Other Ways of Running Defined Contribution Plans CHAPTER 12 Case Study—Australia 119 Some Features of the Australian Defined Contribution System 120 Consequences for Coverage 121 Consequences for Adequacy 122 Consequences for Employer Attitudes 123 Lessons for the United States 124 Consequences for Investment Choices 125 CHAPTER 13 Three Defined Contribution Plan Models 127 The Bank Savings Model 127 The Fund Supermarket Model 129 The Retirement Income Model 129 An Example of a Participant Statement in the Retirement Income Model 130 CHAPTER 14 Collective Defined Contribution 133 The Principles 133 Broader Applications by the Dutch and Canadians 135 There’s More than One Way to Skin a Cat 137 PART FIVE The Perspective of the Individual in Decumulation CHAPTER 15 The First Dial: Your Personal Spending Policy 141 Step One: How to Keep Score—The Current Position 142 Step Two: What about the Future? 144 Step Three: The Projected Outflow—The First Attempt to Quantify Your Spending Plan 145 Step Four: How Long Will Your Assets Sustain Your Spending Plan? 147 Checkpoint: Is There a Gap to Be Bridged? 148 Next Up 150 CHAPTER 16 The Second Dial: Your Longevity Protection Policy 151 How an Immediate Annuity Works 151 The Benefit of Buying a Lifetime Annuity 153 Should Everyone Buy an Immediate Annuity? 154 Reasons Why Some People Don’t Like to Buy Immediate Annuities 156 Fortunately . . . 157 Appendix: More on Annuity-Equivalent Wealth 157 CHAPTER 17 The Third Dial: Investment Policy 159 A Reminder of Our Goals and Our Choices 159 A Framework 160 Taking Owner-Occupied Real Estate into Account 161 Many Rules of Thumb Are Just Plain Wrong 163 Four Wealth Zones 164 How Your Wealth Zone Determines Your Choices 166 Bequests 169 CHAPTER 18 Product Innovation with Decumulation in Mind 173 Variations on the Lifetime Annuity 173 Longevity Protection Plus Long-Term Care Insurance 174 Guaranteed Minimum Withdrawal Benefits 175 The Longevity Pool 177 Advanced Life Deferred Annuities 177 Pure Decumulation Products 178 Which Type of Product Is Best? 179 PART SIX The Plan Sponsor’s Role CHAPTER 19 Defined Contribution Plan Governance 183 The Purpose of Defined Contribution Plan Governance 183 Risk Management 184 A Defined Contribution Plan’s Purpose and Objectives 185 Fiduciary Duty 186 What Should a Prudent Expert Know—And When? 189 New Choices Based on New Knowledge 189 In Summary 190 CHAPTER 20 Defined Contribution Plan Effectiveness 191 Participation Rate 193 Participation Delay 193 Employee Savings Rate 194 Employer Contribution Rate 195 Match Maximization 195 Participant Net Investment Return 196 Hardship Withdrawal Usage 198 Loans as Distributions 199 Early Withdrawals 200 Conclusion 200 CHAPTER 21 The Defined Contribution Plan Sponsor’s Role in Decumulation 201 Providing Education 202 Providing Access to Financial Products: In-Plan or Out-of-Plan 203 Design Features 204 Product Features 205 Simplicity 206 Parting Thought 206 Notes 207 About the Authors 223 Index 225

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Book SynopsisOver recent years there has been rapid consumer--led growth in investing in socially responsible companies to the extent that it has had an influence on corporate policies. New regulations recognise the public interest by requiring all pension funds to declare their ethical policy.Trade Review"…Sparkes addresses the topic logically and succinctly and appears to cover all significant considerations…a useful tool for investors and managers…"" (Professional Investor, November 2002) "...While traditional ethical funds exclude sectors like tobaacco, gambling and companies using child labour, Russell Sparkes, author of the new book Socially Responsible Investment: A Global Revolution, says things are changing..." (Independent on Sunday, 24 November 2002) "…The authors, however have done a highly diligent and professional job in surveying the current banking scene in Europe…" (The Tablet, 4 January 2003)Table of ContentsForeword by Tim Smith. Series Preface. Preface. Part I: Exploring Socially Responsible Investment. Socially Responsible Investment Comes of Age. What Is Socially Responsible Investment? From the Beginning. Profiling the Investors. Screening in Practice. Part II: Issues for Institutional Investors. From Environmental Risks.... ....To Sustainable Development. Human Rights. Corporate Social Responsibility. Investment Returns. Part III: A Global Revolution. Information Services. Alternative Approaches: Canada and Australia. Into the Mainstream. A Global Revolution. Index.

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Book SynopsisHow obsolete court decisions, lawmaker inaction, and conflicted self-regulators are facilitating the theft of wealth and retirement savings in Canada.

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Book SynopsisWhy has old-age security become less solidaristic and increasingly tied to risky capitalist markets? Drawing on rich archival data that covers more than fifty years of American history, Michael A. McCarthy argues that the critical driver was policymakers'' reactions to capitalist crises and their political imperative to promote capitalist growth.Pension development has followed three paths of marketization in America since the New Deal, each distinct but converging: occupational pension plans were adopted as an alternative to real increases in Social Security benefits after World War II, private pension assets were then financialized and invested into the stock market, and, since the 1970s, traditional pension plans have come to be replaced with riskier 401(k) retirement plans. Comparing each episode of change, Dismantling Solidarity mounts a forceful challenge to common understandings of America's private pension system and offers an alternative political economy of the welfTrade ReviewOffers not only an excellent and comprehensive overview but also a critical discussion of how the retirement security system has developed in the United States since World War II. With [McCarthy's] in-depth understanding of the U.S. welfare state, labor relations in general, and old-age security in particular, the author has written a coherent and informative book.... A great book that gives a masterful overview of howold-age security has developed in the United States, and it explains these developments with convincing arguments.Without any hesitation, I would recommend Dismantling Solidarity to a broad readership, including researchers and students in sociology, history, political science, and economics as well as stakeholders and policymakers. * American Journal of Sociology *McCarthy navigates his theoretical terrain deftly and efficiently, taking the heavily dog-eared body of structuralist-Marxist state theory (Block, O’Connor, Offe, and Poulantzas) and makes it feel fresh.... Dismantling Solidarity joins a welcome influx of new scholarship that, in its framing and focus, calls attention to the fact that ours is a political moment that hungers for smart class analysis. * International Journal of Comparative Sociology *As McCarthy rightly points out, the connection between developments of the welfare state and state management of economic crises has been drawn before. McCarthy's contribution, apart from skillfully tracing the history of the private pension system... is his explanation for and analysis of the contingency of retirement income. Dismantling Solidarity is an excellent account of the history of private pensions, but it is also a window into the future. * Political Science Quarterly *Table of Contents1. The Retirement Puzzle 2. Capitalist Crisis and Pension Insecurity 3. Reconversion and the Origin of Bargained Plans 4. Turning Labor into Finance Capital 5. Toward the 401(k) Ownership Society 6. Conclusions

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Book SynopsisA second edition of a book written to help non-economists to use the commonly reported economic indicators effectively and gain an informed picture of what is going on in a economy.

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Book SynopsisFrom the Pension Research Council of the Wharton School, this book explores the diversity of governmental pension plans and investigates how these financial institutions must change in years to come.Trade Review"An essential reference tool for actuaries and others involved in government retirement systems. It also will provide insight to the general public regarding the ways tax dollars are being spent in this important arena." * The Actuarial Digest *Table of ContentsPreface Introduction —Olivia S. Mitchell and Edwin Hustead I. THE STRUCTURE AND FUNCTION OF PUBLIC PENSION SYSTEMS Developments in State and Local Pension Plans —Olivia S. Mitchell, David McCarthy, Stanley C. Wisniewski, and Paul Zorn State Employee Pension Plans —Karen Steffen Federal Civilian and Military Retirement Systems —Edwin Hustead and Toni Hustead Canadian Public Sector Employee Pension Plans —Silvana Pozzebon II. INVESTMENT POLICIES, REGULATION, AND REPORTING Asset-Liability Management in the Public Sector —Michael Peskin Investment Practices of State and Local Pension Funds: Implications for Social Security Reform —Alicia H. Munnell and Annika Sundin The Life and Times of a Public-Sector Pension Plan Before Social Security: The U.S. Navy Pension Plan in the Nineteenth Century —Robert L. Clark, Lee A. Craig, and Jack W. Wilson Governance and Investments of Public Pensions —Michael Useem and David Hess Regulation and Taxation of Public Plans: A History of Increasing Federal Influence —Roderick B. Crane Determining the Cost of Public Pension Plans —Edwin C. Hustead III. CHALLENGES TO PUBLIC PENSIONS Going Private in the Public Sector: The Transition from Defined Benefit to Defined Contribution Pension Plans —Douglas Fore Pension Governance in the Pennsylvania State Employees' Retirement System —John Brosius The New Jersey Pension System —Tom Bryan Public Pensions in Washington, DC —Edwin Hustead Opting Out: The Galveston Plan and Social Security —Theresa M. Wilson The Outlook for Public-Sector Retirement Plan Design —Cathie Eitelberg About the Contributors— John Brosius is the Executive Director of the Pennsylvania State Employees' Retirement System (SERS), with the responsibility of managing the operations of a $23B retirement fund serving 85,000 retirees and 109,000 active members employed by 110 different employer agencies. Previously Mr. Brosius was Director of the SERS Office of Financial Management; he also taught college level accounting courses and worked at Main LaFrentz & Co. He received the bachelor's degree from Bloomsburg University of Pennsylvania, and the MBA from Bucknell University. He is a Certified Public Accountant. Tom Bryan is Deputy Director, New Jersey Division of Pensions and Benefits. He advises on legal, legislative, policy, and actuarial matters for the New Jersey state retirement systems and health benefits program. He also manages the Legislative and Legal Affairs section of the Director's office, and serves as liaison with the Treasurer's office, the Governor's office, the Legislature, and other state agencies. Previously he served in the New Jersey Office of Legislative Services. Mr. Bryan earned the JD degree from Seton Hall University and the BA and MA in Political Science from Rutgers University. Robert Clark is Professor of Economics and Business Management at North Carolina State University. He has published widely on retirement and pension policy, employee benefit policy, the economic well-being of the elderly, and international pensions. Professor Clark serves as Senior Fellow at the Center for the Study of Aging and Human Development at Duke University and as Senior Research Fellow at the Center for Demographic Studies at Duke University. Previous academic positions include a faculty appointment at the Fuqua School of Business, Duke University, and service as Interim Dean of the College of Management at North Carolina State. Dr. Clark earned the bachelor's degree from Millsaps College and the Ph.D. degree in economics from Duke University. Lee Craig is an Associate Professor of economics at North Carolina State University, where he teaches economic and business history. His research focuses on the history of pensions, productivity growth, and international economic integration. Dr. Craig is a research economist at the National Bureau of Economic Research, and he has previously held appointments at Duke University and Universitat Munchen. He received the bachelor's and master's degree from Ball State University and the MA and PhD from Indiana University. Rod Crane is a Director of the National Government Compliance practice of The Segal Company, and a company Vice President. His interests include the design and administration of public sector retirement and saving plans, including 401(k) and 403(b) plans. Previously he was counsel to the North Dakota Legislative Council's Committee on Public Employee Retirement Programs. Mr. Crane received his bachelor's degree in economics from the University of North Dakota, and his JD from the University of North Dakota School of Law. Cathie Eitelberg is the Director of Government Practice for The Segal Company where she coordinates and participates in the firm's consulting, compliance, and actuarial services provided to the public sector. Her special interests include public employee benefits, industry trends, and federal policy as it affects benefits. Concurrently Ms. Eitelberg serves as an adviser to the Government Finance Officers Association Committee on Retirement Benefits Administration. Previously she worked at the National Conference of State Legislatures and the Government Finance Officers Association. She earned the bachelor's in business management from the University of Maryland. Douglas Fore is manager of Pension and Economic research at TIAA-CREF. His research interests include the determinants of pension type. Dr. Fore earned the PhD from the University of Colorado. James Francis is Chief Economist for the Florida State Board of Administration. He is responsible for the FRS and Chiles Endowment investment plans, asset allocation, risk management, performance measurement, and total fund investment research, as well as for the SBA Information Center, an internal library and research services unit. He has been vice-president and consulting economist for the consulting firm CFF Associates, Inc., Director of Research and Analysis for the Florida Department of Revenue, and House Economist for the Florida House of Representatives. He holds a Ph.D. in economics from the Florida State University. David Hess is a doctoral candidate in the Management Department at the Wharton School of the University of Pennsylvania. His research focuses on corporate governance and corporate social responsibility. He earned the bachelor's in economics from Grinnell College and the JD from the University of Iowa College of Law. Edwin C. Hustead is Senior Vice President in charge of the Hay/Huggins Washington, DC office and governmental actuarial and benefits consulting. He is also the practice leader of the Hay Group for governmental consulting. His interests focus on health insurance, social insurance, pension reform, and policy analysis. Previously he served as Chief Actuary of the Federal Office of Personnel Management, charged with responsibility for the actuarial analysis of the Civil Service Retirement System and the Federal Employees Health Benefits System. Mr. Hustead is a Member and Director of the American Academy of Actuaries, a Fellow of the Society of Actuaries, and an Enrolled Actuary. Toni Hustead is Chief of the Veterans Affairs Branch of the US Office of Management and Budget. She oversees the development of veterans' programs and policies, and their integration with other Federal benefits. Previously she was an international benefits consultant for the Hay Group, serving as the European Director of Benefits Consulting, and served as Chief Actuary for the Department of Defense. She is a Member of the American Academy of Actuaries, and an Associate of the Society of Actuaries. David McCarthy is a doctoral candidate in the Insurance and Risk Management Department at the Wharton School of the University of Pennsylvania. His research focuses on the economics, econometrics, and finance of pensions. Previously he worked in a South African life insurance firm where he initiated the examination process for the Faculty of Actuaries, Edinburgh and expects to qualify this year. He earned a BS in economic science and also in mathematical statistics from the University of the Witwatersrand, Johannesburg. Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, and Executive Director of the Pension Research Council, of the Wharton School at the University of Pennsylvania. Her research focuses on the economics of retirement and benefits, social security and pensions, and public as well as private insurance. Dr. Mitchell currently serves on the Board of the National Academy of Social Insurance, the Steering Committee for the University of Michigan's HRS/AHEAD projects, and she is a Research Associate at the National Bureau of Economic Research. Previously Dr. Mitchell served on the Board of Directors for Alexander and Alexander Services Inc., and she has held academic appointments at Cornell University and Harvard University. Dr. Mitchell earned the BS in economics from Harvard University, and the MS and PhD in economics from the University of Wisconsin. Alicia Munnell is the Peter F. Drucker Professor of Management Sciences at Boston College's Carroll School of Management and Director of the Boston College Center for Retirement Research. Her research interests include pension and social security policy, and the determinants of productivity; in addition she has analyzed bank mergers and tax policy. Previously Dr. Munnell was a Member of the President's Council of Economic Advisers and Assistant Secretary of the Treasury for Economic Policy. She also was Director of Research and Senior Vice President at the Boston Federal Reserve Bank. Among other affiliations, Dr. Munnell is on the Board of the Pension Research Council, and she cofounded the National Academy of Social Insurance. She earned the bachelor's from Wellesley College, the MA from Boston University, and the PhD from Harvard University. Michael Peskin is a principal in Morgan Stanley's Global Pension Group where he heads the unit responsible for helping insurers, corporate plan sponsors, and others, with investment strategy and asset/liability studies in a corporate financial framework. His widely published research includes strategic asset allocation and benefit financial theory and he has published widely on pension finance. He is an Associate of the Society of Actuaries and the Institute of Actuaries, a Fellow of the Conference on Consulting Actuaries, and a Member of the American Academy of Actuaries. Previously he worked at Buck Consultants and was President of Michael Peskin Associates, Inc. Silvana Pozzebon is Associate Professor of Industrial Relations at the Ecole des Hautes Etudes Commerciales, the business school at the University of Montreal. Her areas of interest include union-management relations, as well as private and public benefits including workers' compensation, health and safety management, and pensions. She earned the bachelor's degree in economics from Concordia University in Montreal, and both the MS and PhD degrees from Cornell University. Kevin SigRist is the Assistant Chief Economist at the Florida State Board of Administration. His principal research responsibilities are in investment policy and performance measurement. Previously, he was responsible for assessing foreign country risk and preparing economic forecasts at Wells Fargo Company. He has worked as an econometrician and tax analyst at the Missouri State Budget Office and a research assistant at the Center for the Study of American Business at Washington University in St. Louis. He holds the BS in economics from the University of Wisconsin-Oshkosh and MA in economics from Washington University in St. Louis Karen Steffen is a Principal with the Seattle office of Milliman & Robertson, Inc. Her primary practice is in the area of public employee benefit systems, with a focus on retirement and employee benefit plans, actuarial valuation and funding strategies, and post-retirement benefits. She also consults on pension calculations in marital dissolution cases. She is a Fellow of the Society of Actuaries, a Member of the Conference of Consulting Actuaries, a Member of the American Academy of Actuaries, and an Enrolled Actuary. Ms Steffen earned the bachelor's degree in mathematics from the University of Michigan. Annika Sunden is the Associate Director for Research at Boston College's Center for Retirement Research. Her research interests include the economics of retirement, pensions, and social security, and the determinants of savings behavior. She previously worked at the Federal Reserve Board on the Survey of Consumer Finance. Dr. Sunden received the Ph.D. degree in labor economics from Cornell University. Kenneth Trager is the Total Fund Research Manager at the Florida State Board of Administration. His research interests include applied business cycle theory, regional economic development, tax incidence, and political economy. Previously Dr. Trager served as a Senior Economist in the Florida Legislature's Joint Legislative Management Committee and as the Florida Statistical Analysis Center Director. He earned a PhD in economics from the New School for Social Research. Michael Useem is the William and Jacalyn Egan Professor of Management and Director of the Center for Leadership and Change Management at the Wharton School, University of Pennsylvania. His research interests focus on corporate organization, corporate ownership, and governance, as well as leadership in both the private and public sectors. He has consulted with numerous private institutions as well as government agencies, and he offers programs for managers throughout Latin America and Asia as well as Europe. Among other affiliations Dr. Useem serves on the Board for the Pension Research Council. He earned the bachelor's degree from the University of Michigan, and the M.A. and Ph.D. from Harvard University. Jack Wilson is Head of the Department of Business Management in the North Carolina State University's College of Management. His research concentrates on financial markets, with a focus on market volatility and market panics. Dr. Wilson's academic career has included appointments at Duke and Princeton Universities as well as the Universities of Maryland, Oklahoma, and Bowling Green. He earned the bachelor's degree in finance, as well as the M.A. and Ph.D. in economics, from the University of Oklahoma. Theresa M. Wilson is a policy analyst with the Office of Retirement Policy at the Social Security Administration. Her research interests include Social Security solvency, women's retirement policy and women's labor force participation. She has a master of Public Administration from the University of Washington Graduate School of Public Affairs. Stan Wisniewksi is a senior professional associate at the National Education Association where he specializes in pension, health care, and other benefits policy. His research interests include public pension plans with a special focus on teacher pensions, compensation policy, labor market trends and collective bargaining, and healthcare issues. He previously served on the faculty at American University and Howard University; was research director for the Service Employees International Union; held the position of President of Workplace Economics Inc.; and has been a practicing attorney and expert witness. Dr. Wisniewski earned the bachelor's degree from Allentown College of St. Francis de Sales, and his M.A. and Ph.D. in economics from the Catholic University of America. He also holds the J.D. degree from the University of Maryland School of Law. Paul Zorn is Director of Governmental Research at Gabriel, Roeder, Smith and Co. in the firm's Southfield, Michigan office. He specializes in research on public retirement systems and employee benefit plans, and he advises on federal/state accounting standards, benefit policies, and social security. Previously he managed the Research Center at the Government Finance Officers Association where he was instrumental in developing the PENDAT database.

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Book SynopsisResponsible Investing serves as a holistic resource on Environmental, Social, and Governance (ESG) investing for undergraduate and graduate programs. It provides a thorough background and history of ESG investing, as well as cutting-edge industry developments, introducing the reader to the rapidly evolving field of responsible investing. Building on the first edition, this second edition provides updates where appropriate, as well as new emphasis on the development of standards in terminology and metrics. Opening with the background of ESG investing, the book discusses the development of ESG risks and provides an overview of ESG rating systems. It outlines the current position of ESG investing in portfolio management through granular analysis, offers insight into common investor concerns about ESG investments, presents qualitative theories, and reviews literature modeling ESG investment performance. Finally, the authors provide readers with a foundation on the develoTable of Contents1. Introduction 2. A Historical Survey of ESG Investing 3. Common Methods for Incorporating ESG Investments into Portfolio Management 4. The Development of ESG Risk and the ESG Rating System 5. Regulation, Reporting, and Taxonomy in ESG Investing 6. The Impact of Common Investment Theories on ESG Investment Trends 7. The Current Role of ESG Investing in Portfolio Management 8. Common Investor Concerns Regarding ESG Investment Strategies 9. Commonly Held ESG Views and Practical Considerations 10. Methods for Modelling Risk and Return for Traditional Investments

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Book SynopsisThere is increasing pressure for all of us to take responsibility for our own financial security and wellbeing, but we often overlook how the benefits that come with a job can help us do that. Essential Personal Finance: A Practical Guide for Employees focuses on these valuable work benefits and shows how you can build on this important foundation to achieve financial security and your life goals.This unique book explores how making effective and practical use of these work benefits (such as pension scheme, life cover, sick pay, cheap loans, savings schemes and even financial coaching), means facing up to the behavioural biases we are all plagued with. Given that these can get in the way of even the best intentions, Essential Personal Finance tackles these biases head-on with practical ideas and tips for overcoming or harnessing them for good, and will help you to develop a positive and fruitful relationship with your money. With financial stress bTrade Review"Progressive employers understand the importance of offering their employees financial wellness benefits and this new book is a great additional resource to help them be better with money." — Asesh Sarkar, CEO & co-founder of www.salaryfinance.com"A rich source of practical tips, underpinned by academic research, connecting employment, money and happiness. This book will also be a great resource for HR professionals, to help them better understand how to improve their workforce's financial and mental wellbeing." — Ruston Smith, Chair of the Workplace Steering Group, delivering MAS’s Financial Capability Strategy for the UK"This book is essential reading for anyone who wants to feel in control and confident about using money. Through short, easy to read chapters with clear action points, it provides very practical guidance on how to make the most of income from work, and how to protect yourself and your family from financial difficulties." — Helen White, Ex Head of Financial Capability, Money Advice Service"A great read that should help anyone increase their personal financial wellbeing." — Sanjay Sha, Ex CEO – Succession Wealth Management "Day to day financial worries dog too many people. This unique book will encourage and enable money education at the most obvious location for learning – the workplace. Straightforward case studies and simple check-lists help employees to take full advantage of what is available through their employment. It will also serve as a useful guide for employers to better support their employees’ financial wellbeing." — Brian Dennehy, Founder, www.fundexpert.co.uk "A thoughtful, comprehensive guide, packed with essential money tips and strategies." — Danny Cox, Head of Communications, Hargreaves LansdownTable of ContentsList of figures. List of tables. Introduction. Chapter 1 Jobs, money and happiness. Chapter 2 Work and financial planning. Chapter 3 Building resilience and wealth through saving. Chapter 4 Protecting against dying too young. Chapter 5 Protecting your income. Chapter 6 Love your workplace pension. Chapter 7 Managing loans and credit. Chapter 8 Getting help and advice. Chapter 9 Conclusion. Glossary. Useful contacts. Index

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Book Synopsis*WINNER OF THE WORK & LIFE BUSINESS BOOK AWARD 2023*An accessible and practical guide to personal finance that busts myths, clarifies jargon and provides the best options for building your wealth.More and more people are reassessing their lives as a result of the pandemic. Many have left their jobs or reduced their hours. Others have resolved to work only as long as they must, retiring early to focus on families and friends, hobbies or travel. Meanwhile, employers all over the world are experimenting with a four-day week.Making the most of these choices requires having and growing enough money to enjoy your future life, without needing to worry about it running out. But when it comes to investing in a pension, there is a dizzying number of complex options available.This book is designed to provide clear, objective guidance that cuts through the jargon, giving you control over your financial future. The authors strip away the marketing-speak, and through simple graphs, chaTrade ReviewThis is such a valuable guide to DIY investing, I recommend you make this book your first investment. -- Claer Barrett * Consumer Editor, Financial Times *If you’re serious about getting things right with your money – and avoiding costly mistakes – then set time aside to work through this excellent book. You will end up better off. No question. -- Paul Lewis * Freelance Presenter, Money Box BBC Radio 4 *Wonderfully researched, jargon-free, thought-provoking, interactive and engages the reader from start to finish. -- Jeff Prestridge * Personal Finance Editor, Mail on Sunday *I welcome this much-needed book, here to help anyone make sense of their money and pensions. With their human touch, no-nonsense language and a relentlessly practical approach, Robin and Jonathan have written the “missing manual” for everyday investors. -- Jackie Leiper * Managing Director, Pensions & Stockbroking at Lloyds Banking Group *Table of ContentsAbout the Authors Foreword by Iona Bain Introduction 1Your Money of Your Life? 2Invest in ... Yourself 3Manage Your Money 4 Capture Market Returns 5Avoid Charlatans and Sharks 6Take the Right Risks 7Manage Your Mix 8Face Your Feelings 9Find a First-Rate Adviser Our Six Rules and the Downloadable Workbook Jargon-Buster Endnotes Acknowledgements Index

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Book SynopsisWhy has old-age security become less solidaristic and increasingly tied to risky capitalist markets? Drawing on rich archival data that covers more than fifty years of American history, Michael A. McCarthy argues that the critical driver was policymakers'' reactions to capitalist crises and their political imperative to promote capitalist growth.Pension development has followed three paths of marketization in America since the New Deal, each distinct but converging: occupational pension plans were adopted as an alternative to real increases in Social Security benefits after World War II, private pension assets were then financialized and invested into the stock market, and, since the 1970s, traditional pension plans have come to be replaced with riskier 401(k) retirement plans. Comparing each episode of change, Dismantling Solidarity mounts a forceful challenge to common understandings of America's private pension system and offers an alternative political economy of the welfTrade ReviewOffers not only an excellent and comprehensive overview but also a critical discussion of how the retirement security system has developed in the United States since World War II. With [McCarthy's] in-depth understanding of the U.S. welfare state, labor relations in general, and old-age security in particular, the author has written a coherent and informative book.... A great book that gives a masterful overview of howold-age security has developed in the United States, and it explains these developments with convincing arguments.Without any hesitation, I would recommend Dismantling Solidarity to a broad readership, including researchers and students in sociology, history, political science, and economics as well as stakeholders and policymakers. * American Journal of Sociology *McCarthy navigates his theoretical terrain deftly and efficiently, taking the heavily dog-eared body of structuralist-Marxist state theory (Block, O’Connor, Offe, and Poulantzas) and makes it feel fresh.... Dismantling Solidarity joins a welcome influx of new scholarship that, in its framing and focus, calls attention to the fact that ours is a political moment that hungers for smart class analysis. * International Journal of Comparative Sociology *As McCarthy rightly points out, the connection between developments of the welfare state and state management of economic crises has been drawn before. McCarthy's contribution, apart from skillfully tracing the history of the private pension system... is his explanation for and analysis of the contingency of retirement income. Dismantling Solidarity is an excellent account of the history of private pensions, but it is also a window into the future. * Political Science Quarterly *Table of Contents1. The Retirement Puzzle 2. Capitalist Crisis and Pension Insecurity 3. Reconversion and the Origin of Bargained Plans 4. Turning Labor into Finance Capital 5. Toward the 401(k) Ownership Society 6. Conclusions

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Book SynopsisFrom two leaders of the FIRE (Financial Independence, Retire Early) movement, a bold, contrarian guide to retiring at any age, with a reproducible formula to financial independence.A bull***t-free guide to growing your wealth, retiring early, and living life on your own terms.Kristy Shen retired with a million dollars at the age of thirty-one, and she did it without hitting a home run on the stock market, starting the next Snapchat in her garage, or investing in hot real estate. Learn how to cut down on spending without decreasing your quality of life, build a million-dollar portfolio, fortify your investments to survive bear markets and black-swan events, and use the 4 percent rule and the Yield Shield - so you can quit the rat race forever. Not everyone can become an entrepreneur or a real estate baron; the rest of us need Shen's mathematically proven approach to retire decades before sixty-five.

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Book SynopsisThe idea of this book is to provide insight into the composition and structure of public pension and early retirement schemes in seven European countries, Denmark, Sweden, Finland, Great Britain, Germany, the Netherlands and Italy. The component and structural analyses are based on micro simulation models, which, after validation of the models, makes it possible to perform a great number of precise calculations in a very short time and to present the results in graphical form, close to ''blue prints'', this is the ''engineering'' dimension of the study. It is also the aim to study the income protection these schemes provide when the working person retires, which is the social dimension of the study.

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Book SynopsisIndividual retirement accounts, or IRAs, hold more assets than any other type of retirement vehicle. In 2004, IRAs held about $3.5 trillion in assets compared to $2.6 trillion in defined contribution (DC) plans, including 401(k) plans, and $1.9 trillion in defined benefit (DB), or pension plans. Similar percentages of households own IRAs and participate in 401(k) plans, and IRA ownership is associated with higher educational and income levels. Congress created IRAs to provide a way for individuals without employer plans to save for retirement, and to give retiring workers or those changing jobs a way to preserve retirement assets by rolling over, or transferring, plan balances into IRAs. Rollovers into IRAs significantly outpace IRA contributions and account for most assets flowing into IRAs. Given the total assets held in IRAs, they may appear to be comparable to 401(k) plans. However, 401(k) plans are employer-sponsored while most households with IRAs own traditional IRAs established outside the workplace. Several barriers may discourage employers from establishing employer-sponsored IRAs and offering payroll-deduction IRAs to their employees. Although employer-sponsored IRAs were designed with fewer reporting requirements to encourage participation by small employers and payroll-deduction IRAs have none, millions of employees of small firms lack access to a workplace retirement plan. Retirement and savings experts and others told the authors that barriers discouraging employers from offering these IRAs include costs that small businesses may incur for managing IRA plans, a lack of flexibility for employers seeking to promote payroll-deduction IRAs to their employees, and certain contribution requirements of some IRAs. Information is lacking, however, on what the actual costs to employers may be for providing payroll-deduction IRAs and questions remain on the effect that expanded access to these IRAs may have on employees. Experts noted that several proposals exist to encourage employers to offer and employees to participate in employer-sponsored and payroll-deduction IRAs, however limited government actions have been taken. The Internal Revenue Service and Labour share oversight for all types of IRAs, but gaps exist within Labour''s area of responsibility. IRS is responsible for tax rules on establishing and maintaining IRAs, while Labour is responsible for oversight of fiduciary standards for employer-sponsored IRAs and provides certain guidance on payroll-deduction IRAs, although Labour does not have jurisdiction. Oversight ensures the interests of the employee participants are protected, that their retirement savings are properly handled, and any applicable guidance and laws are being followed. Because there are very limited reporting requirements for employer-sponsored IRAs and none for payroll-deduction IRAs, Labour does not have processes in place to identify all employers offering IRAs, numbers of employees participating, and employers not in compliance with the law. Obtaining information about employer-sponsored and payroll-deduction IRAs is also important to determine whether these vehicles help workers without DC or DB plans build retirement savings. Although IRS collects and publishes some data on IRAs, IRS has not consistently produced reports on IRAs nor shared such information with other agencies, such as Labour. Labour''s Bureau of Labour Statistics National Compensation Survey surveys employer-sponsored benefit plans but collects limited information on employer-sponsored IRAs and no information on payroll-deduction IRAs. Since IRS is the only agency that has data on all IRA participants, consistent reporting of these data could give Labour and others valuable information on IRAs.

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Book SynopsisThis book focuses on women and retirement. Women aged 65 and over will account for a growing segment of the U.S. population over the next several decades. Despite increases in women''s workforce behaviour in the past 65 years, elderly women have persistently high rates of poverty. Thus, it is important to understand the differences between men''s and women''s retirement income, and how women may fare given future reforms to Social Security and pensions. Preparing for retirement and achieving financial security are daunting tasks for all Americans to be sure; however, women face many unique challenges. Women still perform the primary caretaker role in our society. As a result, many women spend significant periods of time out of the workforce raising children or taking care of elderly parents, significantly diluting their earning power. Women are also more likely to work part-time or work in industries where employers are less likely to offer retirement benefits. And women generally earn less than men. In 2004, women earned 77 cents for every dollar earned by men. All of these factors have a significant impact on what women receive from Social Security and pension, as well as what they are able to accumulate through personal savings. This income gap is further exacerbated by the fact that women generally live longer than men, and therefore, need to stretch their income over a longer period of time. This book consists of public domain documents which have been located, gathered, combined, reformatted, and enhanced with a subject index, selectively edited and bound to provide easy access.

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Book SynopsisThis book discusses the retirement system in the U.S. beyond Social Security. The Education and Labor Committee is exploring the shortcomings in our nation''s retirement system and looking at solutions so that Americans can enjoy a safe and secure retirement. The current economic crisis has exposed deep flaws in our nation''s retirement system. These flaws were mostly hidden when the market was doing well. Since the beginning of the crisis, trillions of dollars have evaporated from workers'' 401(k) accounts. Millions of workers have seen a significant portion of their retirement balance vanish in just a few short months. The decline has forced many workers to consider postponing retirement or rejoining the workforce if they have already retired. For many retirees coping with rising costs for health care and other basic expenses, this loss in income is simply devastating. While fully restoring the lost wealth of the baby boom cohorts may not prove feasible, Congress can take effective steps to create a better retirement system for future generations. This can done at no cost to taxpayers, simply by having the government assume market risk by averaging returns over time. There are no economic or administrative obstacles to going this route, it is simply a question of political will. In any case, the message is that we need more organised retirement savings. A declining Social Security system and fragile 401(k) plans will not be enough for future retirees.

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Book SynopsisMillions of retired Americans rely on defined benefit pension plans for their financial well-being. Recent reports have noted that some plans are investing in ''alternative'' investments such as hedge funds and private equity funds. To better understand this trend and its implications, this book examines the extent to which plans invest in hedge funds and private equity, the potential benefits and challenges of hedge fund investments, the potential benefits and challenges of private equity investments and what mechanisms regulate and monitor pension plan investments in hedge funds and private equity. Moreover, this book examines common 401(k) plan features and challenges sponsors face in fulfilling their fiduciary obligations when overseeing plan operations. In addition, the ageing of the American population has made retirement income an issue of increasing concern to the Congress and the public. This book summarises recent trends in pension sponsorship, labour force participation and social security issues. This book consists of public documents which have been located, gathered, combined, reformatted, and enhanced with a subject index, selectively edited and bound to provide easy access.

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Book SynopsisMultiemployer pension plans, created by collective bargaining agreements including more than one employer, cover more than 10 million workers and retirees, and are insured by the Pension Benefit Guaranty Corporation (PBGC). In recent years, as a result of investment market declines, employers withdrawing from plans, and demographic challenges, many multiemployer plans have had large funding shortfalls and face an uncertain future. This book examines the actions that multiemployer plans in the weakest condition have taken to improve their funding levels and the options available to address PFBC''s impending funding crisis and enhance the multiemployer insurance program''s future financial stability.

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Book SynopsisThis book investigates the urban and rural public pension systems in China with overlapping-generations (OLG) models. This book is composed of three parts. Part one analyses the urban public pension system, part two explores the rural public pension system, and part three discusses some possible public pension systems. It is difficult to find a book to study the Chinese public pension systems with the OLG model. This book can fill the gap in the market. It has the following distinctive features. Firstly, instead of pay-as-you-go or fully funded public pension systems, this book studies the Chinese partially funded pension systems that combines the social pool account with individual accounts. Each chapter includes the author''s original work. Secondly, it investigates the public pension systems in a way of following proper sequence and making steady progress. This is convenient for readers to deepen their understanding of the Chinese public pension systems with OLG models. This book is fit for scholars outside China who are interested in the Chinese public pension systems, researchers in China who want to investigate the Chinese public pension systems with the OLG model, doctoral students, master degree students and senior undergraduate students. This book can help scholars outside China to promote their research on the Chinese public pension systems. Secondly, economists in developed countries studied public pension systems by employing OLG model since 1970s; but the model is still strange for most Chinese scholars. This book can help them to utilise the model, describe their research in English and express it in a comparative normal presentation. Thirdly, this book can provide references for doctoral students, master degree students and senior undergraduate students to learn how to use OLG models to study Chinese public pensions. Finally, it can open a door to the world outside China, show the state of research on public pension systems with OLG mode in China, and promote exchange and talk for the Chinese and foreign academic circles.

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Book SynopsisIn May 2017, Alan Pickering won the award for the `Greatest Single Contribution to Occupational Pensions (1998-2017)' at the Professional Pensions UK Pension Awards. It was a well-received tribute to the role he had played for more than twenty years. The Pickering Report, commissioned by the Blair government, had been a blunt, brutally honest and pragmatic assessment of what needed to be done if Britain's leadership position in occupational pensions was to be maintained. In this biography, Paddy Briggs, who worked closely with the subject, focuses on the world of pensions and Pickering's leading role in it. But the story is broader and more human than the highly technical world of retirement benefits. Pickering is a baby boomer who grew up in modest circumstances in the City of York. As a child, he was diagnosed with a degenerative eyesight disease, and by his twenties he was totally blind. His disability became more of a spur to ambition and accomplishment than a restraint. This included athletic achievements such as running marathons and being a serious participant in competitive race walking. He has reached the highest levels in the world of financial services and also became a well-known racehorse owner and a vice-president of the Racehorse Owners Association.

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Book SynopsisTransform the way you think about money in this easy-to-use, jargon-free guide by Anne Boden (CEO of Starling Bank) which busts commonly held financial myths, helping you to get the most of your cash in today's digital world. There's never been a shortage of advice on managing your money, clearing debt, being canny with your cash and getting the best deals. But it can be hard work, and everyone seems to be saying something different. What if you could easily cut through all the rhetoric and noise and everything could be made straightforward? In The Money Revolution, banking entrepreneur, and founder of award winning Starling Bank, Anne Boden shines a spotlight on how we save, spend and invest our money. By adopting a few new behaviours, it's possible to transform your bank balance for the better. The Money Revolution breaks through the traditional thinking about money and what you've always been told you should expect from financial institutions. Sharing the benefits of smart banking, fintech solutions and the advantages of open banking, it covers a range of financial solutions, from savings and investments to pensions, bill payments and travel money. Find out everything you need to know to get the best out of your money every day.Table of Contents Chapter - 00: Introduction; Section - ONE: Busting the money myths; Chapter - 01: Take control of your money - you are in charge; Chapter - 02: Be smart at building wealth - join the uberization of cash revolution; Chapter - 03: Love your data - it’s the key to your financial health; Section - TWO: Fintech money makeover Chapter - 04: Check your credit score; Chapter - 05: Make money every time you shop; Chapter - 06: Maximize savings and investments; Chapter - 07: Pay-as-you-go insurance; Chapter - 08: Pay off your mortgage; Chapter - 09: Give generously; Chapter - 10: Bill management made easy; Chapter - 11: Saving for retirement - the low stress way; Chapter - 12: Invest like a pro; Chapter - 13: Travel cash best deals; Chapter - 14: Borrow clever; Chapter - 15: Afterword; Chapter - 16: Index

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Book SynopsisTransform the way you think about money in this easy-to-use, jargon-free guide by Anne Boden (CEO of Starling Bank) which busts commonly held financial myths, helping you to get the most of your cash in today's digital world. There's never been a shortage of advice on managing your money, clearing debt, being canny with your cash and getting the best deals. But it can be hard work, and everyone seems to be saying something different. What if you could easily cut through all the rhetoric and noise and everything could be made straightforward? In The Money Revolution, banking entrepreneur, and founder of award winning Starling Bank, Anne Boden shines a spotlight on how we save, spend and invest our money. By adopting a few new behaviours, it's possible to transform your bank balance for the better. The Money Revolution breaks through the traditional thinking about money and what you've always been told you should expect from financial institutions. Sharing the benefits of smart banking, fintech solutions and the advantages of open banking, it covers a range of financial solutions, from savings and investments to pensions, bill payments and travel money. Find out everything you need to know to get the best out of your money every day.Table of Contents Chapter - 00: Introduction; Section - ONE: Busting the money myths; Chapter - 01: Take control of your money - you are in charge; Chapter - 02: Be smart at building wealth - join the uberization of cash revolution; Chapter - 03: Love your data - it’s the key to your financial health; Section - TWO: Fintech money makeover Chapter - 04: Check your credit score; Chapter - 05: Make money every time you shop; Chapter - 06: Maximize savings and investments; Chapter - 07: Pay-as-you-go insurance; Chapter - 08: Pay off your mortgage; Chapter - 09: Give generously; Chapter - 10: Bill management made easy; Chapter - 11: Saving for retirement - the low stress way; Chapter - 12: Invest like a pro; Chapter - 13: Travel cash best deals; Chapter - 14: Borrow clever; Chapter - 15: Afterword; Chapter - 16: Index

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Book SynopsisPresenting the evolution of supplementary pensions over the past 25 years, this comprehensive book introduces the origin of pensions as a concept and explores the role that international organisations play within the field. It draws comparisons between different welfare states, reflecting upon current research and identifying new directions and ideas.Despite observing significant differences in the approaches to pension design, the book identifies common challenges, including the need to provide for an increasingly aging population, slow economic growth following the 2008 global financial crisis, the need for effective regulation, and increased labour market flexibility. Leading scholars analyse the experiences of a broad range of countries and offer insights into their responses to the numerous challenges faced by national pension systems. The book covers significant moments in pensions history following the World Bank’s 1994 report on Averting the Old Age Crisis, and subsequent responses to challenges posed by longevity and economic crises. This book will be an ideal companion for academic researchers and financial law scholars interested in pensions and looking to develop an international perspective on the issue, as well as professionals in the pensions industry who are engaging with other countries and looking to develop their knowledge of overseas pension systems.Trade Review’An excellent book that summarizes 25 years of supplemental pension reforms in 15 OECD countries. Several chapters focus on important analytical issues, such as the role of international organizations in promoting change and how social reforms may win and maintain popular trust.’ -- Mitchell A Orenstein, University of Pennsylvania, US‘The expertise and deep insights of the 30 contributors covering more than 25 years of pensions policy development and implementation in 15 countries make this a book that anyone making or scrutinising pensions policy, legislating for it, regulating it or researching it should have in their library. The insights in the book will help the reader identify the many pitfalls to avoid, the many risks to manage and to consider how to build resilience into pension systems.’ -- Philip Bennett, Durham Law School, UKTable of ContentsContents: Preface ix 1 Introduction 1 James Kolaczkowski, Yves Stevens and Jakob Markus Werbrouck 2 On the origin of pensions 10 Yves Stevens 3 The role of international organizations in the last 25 years and their effect on pension reforms throughout the world 37 Paul Roels 4 Belgium: 25 years of occupational pension schemes for employees in Belgium from a legal perspective 62 Emma Suzanne van Aggelen and Jakob Markus Werbrouck 5 Finland: Pension reforms in Finland 77 Susan Kuivalainen and Kati Kuitto 6 France: A national overview 99 Arnauld D’Yvoire 7 Germany: About unpopular but necessary reforms 122 Heinz-Dietrich Steinmeyer 8 Greece: Α perpetual struggle against the sovereignty of public pension regimes 138 Gabriel Amitsis 9 Ireland: Talking about change – Pension reform in Ireland 1994–2019 164 Michelle Maher 10 Italy: The Italian pension system – reform trajectories and open issues 182 Felice Roberto Pizzuti and Michele Raitano 11 The Netherlands: Pensions in the Netherlands – from defined benefit to defined contribution 207 Erik Lutjens 12 Poland: A preliminary assessment 229 Marek Szczepański, Joanna Ratajczak, Kamila Bielawska, Joanna Rutecka-Góra and Sylwia Pieńkowska-Kamieniecka 13 The development of supplementary pensions in Portugal: Influenced by ideas, the process of European integration and national idiosyncrasies 257 Maria Clara Murteira 14 Spain: The evolution of the Spanish private pension system: 1994–2019 279 Inmaculada Domínguez Fabián and John A. Turner 15 Sweden: (Supplementary) pensions 1994–2019 305 Eskil Wadensjö 16 Switzerland: 25 years of occupational pension provision (1995–2020) 320 Jacques-André Schneider 17 The United Kingdom: Political and labour market influences 348 Bryn Davies and James Kolaczkowski 18 The United States: The evolution of the US pension system – 1994–2019 370 Jonathan Barry Forman, Dana M. Muir and John A. Turner 19 Pensions and the paradox of Trust: Developments over the past 25 years 392 Kamila Bielawska, Sally Shen and John A. Turner 20 Changes in approach to risk sharing in supplementary pension schemes 410 Anna Gierusz, Patrycja Kowalczyk-Rólczyńska, Agnieszka Pobłocka and Joanna Rutecka-Góra 21 Editors’ view and conclusion 439 James Kolaczkowski, Yves Stevens and Jakob Markus Werbrouck Index

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Book SynopsisThis timely and perceptive book addresses the issues surrounding the adequacy of old-age income for future pensioners worldwide. It highlights how today’s young people are confronted with the simultaneous challenges of increasing employment uncertainty and declining pension generosity – topics which are highly relevant in contemporary welfare states. This pivotal study of the relationship between the current labour market and future pensions explores the ways in which public policies relating to education, employment and welfare work to sustain a decent living standard during retirement. Using a diverse range of comparative studies across a multitude of countries and nation-specific case studies, chapters consider the influence of institutions and social, cultural and economic norms on public pensions and retirement saving behaviours in young adults. Providing a valuable insight into contemporary research findings, this innovative book will be essential reading for students and scholars in the areas of welfare states, labour economics, pensions and the sociology of youth. Policymakers in these fields will also benefit from its analysis of sustainable pension policy development.Trade Review‘Young people face many immediate challenges in today’s labour markets, yet their longer-term prospects for retirement have often been neglected. Importantly, this edited volume addresses the links between disadvantages experienced early in careers and the much later, often substantial, consequences for retirement and old-age income. Going beyond the ordinary, these interdisciplinary studies fill knowledge gaps, especially with respect to social risk groups and geographical spread. They investigate how flexibilization of work and pension reforms challenge youth today and how they will continue to challenge them in the future. Are they aware of their prospects – and can they save adequately for their old age retirement?’ -- Bernhard Ebbinghaus, University of Mannheim, GermanyTable of ContentsContents: Preface viii 1 Introduction to Youth Employment Insecurity and Pension Adequacy 1 Dirk Hofäcker and Kati Kuitto PART I LABOUR MARKET RISKS, PENSION SYSTEMS AND OLD AGE SECURITY 2 Youth and pensions in a European comparison – how pension systems consider early adulthood and life course uncertainties 15 Susan Kuivalainen, Antti Mielonen and Niko Väänänen 3 The impact of discontinuity – how unemployment shapes outcomes in voluntary pension schemes 31 Dina Frommert 4 Self-employment and the risk of poverty in old age – what’s the role of pension systems in Europe? 50 Julia Höppner 5 Manifesting future disadvantage – class, gender and pension accrual of the low-educated young in Europe 70 Traute Meyer 6 Employment in youth and pension accumulation in Finland – how recent pension reforms account for early career employment 91 Ilari Ilmakunnas and Kati Kuitto 7 Labour market insecurities of younger couples and homeownership in later adulthood in Germany: how important is couples’ and gendered risk aversion in the decision process? 106 Sophia Fauser and Sonja Scheuring PART II ATTITUDES TOWARDS PRIVATE PENSIONS AND RETIREMENT SAVING BEHAVIOUR 8 The social, cultural and economic influences on retirement saving for young adults in the UK 127 Ellie Suh and Hayley James 9 Attitudes of young workers towards the private pension system in Turkey 146 Müge Gülmez Korkmaz 10 Youth informal employment in Arab States – exclusion and exit 163 Walid Merouani Index

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Book SynopsisThe Foundations of Pension Finance presents in two authoritative volumes a selection of the most important published articles on systems of retirement income provision - an area that is of vital importance for the future of the economy in general and the financial system in particular.The collection makes a very important contribution towards a better understanding of the various factors which influence the outcomes arising from systems of retirement income provision. The fields of pension finance and pension economics are fortunate in having benefited from penetrating contributions from a range of distinguished scholars.The volumes are divided into five sections. The first section features material relevant to the role of pensions in the broad overall development of financing arrangements in the context of the economy as a whole. The second focuses more closely on pension provision in the context of capital markets. The third looks at pensions as they affect the economic behaviour of the personal sector, while the fourth is a companion piece examining the link between pensions and corporate finance. The final section examines important issues in pension reform facing government.This book will be essential reading for economists concerned with pensions and the problems of old age, financial economists as well as practitioners involved in the pension industry.Trade Review'Many of the papers reproduced in these volumes were first published in journals that are relatively inaccessible, so that this is a valuable reference collection for researchers and policymakers.' -- Sandeep Kapur, The Economic Journal'The book will be an essential reference source for students, researchers and policymakers.' -- Aslib Book GuideTable of ContentsContents: Volume I: Acknowledgements • Introduction Part I The Financial System and Retirement Income Provision 1. Paul A. Samuelson (1958), ‘An Exact Consumption-Loan Model of Interest With or Without the Social Contrivance of Money’ 2. Henry Aaron (1966), ‘The Social Insurance Paradox’ 3. P.A. Diamond (1977), ‘A Framework for Social Security Analysis’ 4. Robert C. Merton (1983), ‘On the Role of Social Security as a Means for Efficient Risk Sharing in an Economy Where Human Capital Is Not Tradable’ 5. Robert C. Merton (1983), ‘On Consumption Indexed Public Pension Plans’ 6. James E. Pesando (1992), ‘The Economic Effects of Private Pensions’ 7. Zvi Bodie and Robert C. Merton (1993), ‘Pension Benefit Guarantees in the United States: A Functional Analysis’ 8. Deborah Roseveare, Willi Leibfritz, Douglas Fore and Eckhard Wurzel (1996), ‘Ageing Populations, Pension Systems and Government Budgets: Simulation for 20 OECD Countries’ Part II Pension Investments and the Capital Markets 9. Zvi Bodie (1990), ‘Managing Pension and Retirement Assets: An International Perspective’ 10. Josef Lakonishok, Andrei Shleifer and Robert W. Vishny (1992), ‘The Structure and Performance of the Money Management Industry’ 11. Jean Frijns and Carel Petersen (1992), ‘Financing, Administration and Portfolio Management: How Secure is the Pension Promise?’ 12. T. Daniel Coggin, Frank J. Fabozzi and Shafiqur Rahman (1993), ‘The Investment Performance of U.S. Equity Pension Fund Managers: An Empirical Investigation’ 13. David Blake (1998), ‘Pension Schemes as Options on Pension Fund Assets: Implications for Pension Fund Management’ 14. E. Philip Davis (1996), ‘The Role of Institutional Investors in the Evolution of Financial Structure and Behaviour’ 15. Robert A.G. Monks (1997), ‘Corporate Governance and Pension Plans’ 16. Helmut Reisen and John Williamson (1997), ‘Pension Funds, Capital Controls, and Macroeconomic Stability’ 17. Zvi Bodie (1996), ‘What the Pension Benefit Guaranty Corporation Can Learn from the Federal Savings and Loan Insurance Corporation’ Name Index Volume II: Part I Pensions and the Household Sector 1. Martin Feldstein (1978), ‘Do Private Pensions Increase National Savings?’ 2. Benjamin M. Friedman and Mark Warshawsky (1988), ‘Annuity Prices and Savings Behavior in the United States’ 3. Louis-David L. Dicks-Mireaux and Mervyn A. King (1983), ‘Portfolio Composition and Pension Wealth: An Econometric Study’ 4. Zvi Bodie (1990), ‘Pensions as Retirement Income Insurance’ 5. Alicia H. Munnell and Frederick O. Yohn (1992), ‘What is the Impact of Pensions on Saving?’ 6. Zvi Bodie and Dwight B. Crane (1997), ‘Personal Investing: Advice, Theory, and Evidence’ 7. Eric M. Engen and William G. Gale (1997), ‘Effects of Social Security Reform on Private and National Saving’ 8. Z. Bodie and Dwight B. Crane (1999), ‘The Design and Production of New Retirement Saving Products’ Part II Pensions and Corporate Finance 9. Jack L. Treynor (1977), ‘The Principles of Corporate Pension Finance’ 10. William F. Sharpe (1976), ‘Corporate Pension Funding Policy’ 11. Jeremy I. Bulow (1982), ‘What Are Corporate Pension Liabilities?’ 12. J. Michael Harrison and William F. Sharpe (1983), ‘Optimal Funding and Asset Allocation Rules for Defined-Benefit Pension Plans’ 13. Zvi Bodie, Jay O. Light, Randall Morck and Robert A. Taggart, Jr. (1985), ‘Corporate Pension Policy: An Empirical Investigation’ 14. Zvi Bodie (1990), ‘The ABO, the PBO and Pension Investment Policy’ 15. Ping-Lung Hsin and Olivia S. Mitchell (1997), ‘Public Pension Plan Efficiency’ 16. E. Philip Davis (1998), ‘Regulation of Pension Fund Assets’ 17. E. Philip Davis (1998), ‘Pensions in the Corporate Sector’ Part III Pension Reform Issues 18. Dimitri Vittas (1993), ‘Swiss Chilanpore: The Way Forward for Pension Reform?’ 19. Estelle James and Dimitri Vittas (1996), ‘Mandatory Saving Schemes: Are They an Answer to the Old Age Security Problem?’ 20. Laurence J. Kotlikoff (1997), ‘Privatization of Social Security: How It Works and Why It Matters’ 21. Robert Holzmann (1997), ‘Pension Reform, Financial Market Development, and Growth: Preliminary Evidence from Chile’ 22. Olivia S. Mitchell (1997), ‘Building an Environment for Pension Reform in Developing Countries’ 23. E. Philip Davis (1998), ‘Policy and Implementation Issues in Reforming Pension Systems’ 24. Salvador Valdés-Prieto (1998), ‘The Private Sector in Social Security: Latin American Lessons for APEC’ 25. Zvi Bodie and Robert C. Merton (1992), ‘Pension Reform and Privatization in International Perspective: The Case of Israel’ Name Index

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Book SynopsisThis highly topical book focuses on a particularly interesting area of post-1989 social policy. Existing public pension systems in Central-Eastern Europe underwent fundamental change as Latin-American style pension reforms were adopted. Such radical change in retirement provision defied conventional wisdom among scholars of the political economy of pension reform, suggesting a need for fresh research. This unique study accepts the challenge, focusing on the divergent pension reform experiences of Poland, Hungary and the Czech Republic.This study was granted the EACES Award 2000, a bi-annual prize awarded in the area of comparative economic systems and economics of transition.It has also been awarded the Ed. A. Hewett Prize by the AAASS (American Association for the Advancement of Slavic Studies).Trade Review'This book provides a nice introduction to the process of reforming pension systems. Muller offers a brief but neat summary of the main policy choices, the reasons why reforms should be undertaken, and the main differences between the reform approaches of political scientists and economists. The book offers accessible and timely material on an interesting subject. Pension reform is a new topic, and research is often only presented in specialized journals and World Bank publications, so this work will be welcomed by students of transition. In addition, it will be useful to policymakers and government officials in countries that are only now thinking about making changes to their pensions schemes.' -- Zdenek Drabek, Slavic Review'This book deals with an important topic, its analysis is reliable, and it obtains interesting results. Muller combines politology and economic theory with empirical data and observations. She has spent a good deal of time studying these countries and their institutions and she has interviewed a lot of experts. Furthermore, the book is very well written and thus it is a pleasure to read . . . To sum up, Muller's book has to be read by anybody who is interested in pension systems and pension reforms, and especially in the ex-socialist settings.' -- A. Simonovits, Acta Oeconomica'Muller's book is an exemplary study of the policy process, showing the interaction between the logic of politics and the logic of economics. Through a sophisticated understanding of the political economy of the individual countries she shows how and why they respond to a common challenge in different ways. The book is particularly refreshing in that it shows the power of comparative analysis. In the past, specialists on the Soviet Union and Eastern Europe have been faulted for their lack of comparative focus; yet here is a work that analyzes one to the most important and thorny social issues of the early twenty-first century - how to create a pension system that meets the needs of an ageing population with severe budget constraints - in a broad range of countries. The book's appearance is most timely, as the countries of the former Soviet Union are also now debating how to restructure their pension systems. They have a great deal to learn from the careful analysis of the East-Central European experience that is to be found in Muller's book.' -- Ed. A. Hewett Prize by the AAASS (American Association for the Advancement of Slavic Studies)'This book presents a fine and original comparative institutional analysis of pension reform in three Central-Eastern European countries: Hungary, Poland and the Czech Republic. This analysis is introduced by an examination of alternative models of design choices and policy blueprints, that is based on both theoretical insights and the experience of Western Europe and Latin America. Particularly interesting and convincing is the presentation of the role of Welfare Ministries and Finance Ministries in pension reform proposals and action and the role of budget deficits in determining the relative weight of the two constituencies.' -- Bruno Dallago, European Association for Comparative Economic Studies and University of Trento, Italy'I consider Ms Muller's study a most valuable and original contribution to the literature. Although pension reform is discussed all over the world presently, no comprehensive analysis for the transition countries is available. Ms Muller's study fills this gap . . . the presentation is concise and readable.' -- Hans Jurgen Wagener, European University Viadrina, Frankfurt (Oder), GermanyTable of ContentsContents: 1. Introduction 2. Reforming Old-Age Security: Design Choices and Policy Blueprints 3. Approaching the Political Economy of Pension Reform 4. Pension Reform in Hungary 5. Pension Reform in Poland 6. Pension Reform in the Czech Republic 7. Central–Eastern European Pension Reforms in a Comparative Perspective 8. Conclusions: The Political Economy of Pension Reform in Central–Eastern Europe References Index

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