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The Endocrine Society formally addressed the issue of retirement for its members for the first time in a Workshop held on June 4 at ENDO 2024 in Boston, Massachusetts. Preparation for the workshop included 4 steps: (1) completion of a survey; (2) advice from a retirement expert; (3) extensive literature review; and (4) multiple pre-workshop discussions among the presenters. The survey found that retired endocrinologists are involved in a wide variety of professional and nonprofessional activities. The retirement expert and the literature review outlined several concepts underlying a successful retirement and the questions and decisions needed during the planning process. The presenters described several illustrative examples of retirement activities. A "Piece of My Mind" essay in the Journal of the American Medical Association written by the moderator (C.B.) expressed ethical considerations made feasible by the independence of her retirement status. The first presenter (A.R.) noted that the time available during retirement allowed mentorship, teaching in foreign countries and other institutions, and participation on international committees. The second speaker (K.F.) commented that expertise gained during practice of Endocrinology can be used for expert legal, pharmaceutical, and financial opinions. She also noted that volunteering for professional or nonprofessional groups provides an avenue for "giving back" to others. The final presenter (R.S.) stated that retirement provides an opportunity to embark on new clinical endeavors, such as managing patients via telemedicine in rural underserved areas. In summary, retirement is an important phase of a career and can be highly rewarding and enjoyable. [ABSTRACT FROM AUTHOR]

We investigate how state “Auto‐IRA” mandates affect firm offerings of employer‐sponsored retirement plans (ESRPs). These policies require firms without ESRPs to facilitate automatic employee contributions to state‐created individual retirement accounts. We find that these policies increase an individual's probability of working for a firm with an ESRP by 6%–9% and of being included in the ESRP by 8%–13%. At the firm level, these policies increase the probability of offering an ESRP by 7%, the probability of establishing a new ESRP by 41%–44%, and the number of ESRP participants by 6 percent. [ABSTRACT FROM AUTHOR]

Many pension schemes offer annuities pooling mortality risk across members. Such pooling has been criticized for having a regressive bias benefitting risk classes with the longest expected longevity. However, knowledge on mortality risk unfolds over the life‐course, and it is optimal for risk averse households to annuitize all old‐age consumption already as young buying pooled contracts, even if fair annuities are available later in life or risk class is private information. Borrowing constraints impair such frontloading but are lessened by a mandated pooled annuity targeting the middle‐aged, improving welfare for all risk classes and the first‐best allocation may be implementable. [ABSTRACT FROM AUTHOR]

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We study the optimal design of a fair public pension system in a multi-period overlapping generations model with occupation-specific morbidity and mortality that depends on the retirement age. The fairness constraint acts as institutional device ensuring that lifetime returns to contributions are equal across occupational groups. We consider group-specific replacement rates and a calculatory interest rate for early contributions as policy instruments. Calibrating the model to Germany, we find that the transition to optimal fair pension policies may induce early retirement of blue-collar workers and significantly raises their lifetime pension benefits and welfare. Aggregate welfare increases in all fair pension scenarios. [ABSTRACT FROM AUTHOR]

In early 2021, President Xi Jinping introduced a national goal of achieving "common prosperity," which aims to reduce the yawning wealth gap between China's rich and poor. At a time when China's economy is slowing, the implementation of common prosperity involves an unprecedented effort to maintain domestic stability and social quiescence amid intensifying geopolitical tensions. The party-state has sought to avoid provoking public discontent by pooling regional funds for social protection programs rather than pursuing taxation-based redistribution among social classes. [ABSTRACT FROM AUTHOR]

This short paper argues that to address the exploitation of survivors' labour in anti-trafficking work, it is essential to allocate funds towards compensating survivors for their contributions. This funding should prioritise paying survivors for sharing their expertise and lived experiences, which are invaluable for effective anti-trafficking efforts. Establishing a standard pay rate, commensurate with other expert consultants, would validate survivors' roles and contributions, promoting sustainable engagement and preventing further exploitation within the anti-trafficking movement. [ABSTRACT FROM AUTHOR]

Background: Mental and behavioral disorders significantly impair psychophysical functioning, leading to challenges in daily activities. The increasing recognition of the importance of mental health in global development goals has resulted in its inclusion in the United Nations' Sustainable Development Goals. The burden of mental disorders has grown worldwide due to demographic changes, with substantial economic and social impacts. Objective: This study aimed to examine the indirect costs of mental disorders in Poland by analyzing the expenditures by the Social Insurance Institution (ZUS) on work incapacity benefits and disability pensions from 2012 to 2023. The goal was to identify trends, dependencies, and the economic impact of policy changes. Material and Methods: Data were collected from ZUS reports on annual expenditures for work incapacity benefits and disability pensions. Advanced statistical methods, including linear regression and Pearson correlation, were employed to analyze trends and relationships. Student's t-tests assessed the statistical significance of the observed trends. Results: The expenditures on benefits for work incapacity due to mental disorders increased significantly over the past decade, particularly from 2020 to 2023, partly due to the COVID-19 pandemic. Short-term absenteeism due to mental disorders accounted for 10.5% of the total sick leave days. A strong positive correlation was found between years and benefit expenditures. Conversely, the disability pension expenditures exhibited a downward trend, potentially reflecting improvements in public health or policy changes. Conclusions: The significant increase in expenditures on benefits related to mental disorders may reflect greater awareness, improved diagnostics, and the impact of the COVID-19 pandemic. In contrast, the decline in disability pension expenditures could suggest improved mental health or effective policy measures. However, it is important to emphasize that the presented data are not the only factor influencing this situation. Multiple variables, including societal, economic, and healthcare system changes, contribute to these trends. Therefore, further research is necessary to fully understand the underlying causes and to guide effective policy development. Regular monitoring and continued investment in mental health are essential to managing indirect costs such as absenteeism and presenteeism efficiently. [ABSTRACT FROM AUTHOR]

Abstract Background Many low-and middle-income countries have adopted social health insurance schemes. However, the collection of contributions from the large informal sector of these economies poses a significant challenge. Employing an integrated system of contribution collection from all relevant institutions may be cost-effective. We used the integrative framework for collaborative governance, to explore and explain factors that may shape the governance of an integrated system for collecting contributions for social health insurance, pension, and taxes from the informal sector in Zambia. Methods We undertook a qualitative case study involving 25 key informants drawn from government ministries and institutions, cooperating partners, non-governmental organizations, and association representatives in the informal sector. Data were analyzed thematically using Emerson’s integrative framework for collaborative governance. Results The main drivers of collaboration included a need for comprehensive policies and legislation to oversee the integrated system for contribution collection, prevent redundancy, reduce costs, and enhance organizational effectiveness. However, challenges such as leadership issues and coordination complexities were noted. Factors affecting principled engagement within the collaborative regime consisted of communication gaps, organizational structure disparities, and the adoption of appropriate strategies to engage the informal sector. Additionally, factors influencing shared motivation involved concerns about power dynamics, self-interests, trust issues, corruption, and a lack of common understanding of the informal sector. Conclusion This study sheds light on a multitude of factors that may shape collaborative governance of an integrated system for contribution collection for social health insurance, pension, and taxes from the informal sector, providing valuable insights for policymakers and implementers alike. Expanding social health insurance coverage to the large but often excluded informal sector will require leveraging factors identified in this study to enhance collaboration with pension and tax subsystems.

This study analyzes the impact of defined benefit pensions, especially public pensions, on retirement income security and wealth distribution by race, gender, and educational attainment in the U.S. It serves as a companion report to Closing the Gap fact sheets, which are designed to inform the public about the social equity impact of pensions in each state and the District of Columbia.

The Public Retirement Research Lab (PRRL) was established to provide reliable data on public-sector defined contribution (DC) retirement plan participants. The PRRL Database is the repository for the data collected by the PRRL. To fully understand the impact of ongoing plan participation, it is crucial to analyze a consistent group of participants (a longitudinal sample) who have been part of the database for an extended period. This paper presents the first longitudinal study that analyzes public retirement plan participants who were present every year from 2019 through 2021. The study tracks balances, contributions, asset allocations, and loan activity of 1.1 million plan participants who held positive defined contribution account balances in the years 2019 through 2021 in the PRRL Database, covering a three-year period. [ABSTRACT FROM AUTHOR]

Too few institutional investors are prepared to invest in young and innovative companies. This hampers the long-term growth prospects of the German economy. Instead, institutional investors in Germany hold more conservative portfolios than their European counterparts, investing heavily in bonds. Building up supplementary funded pensions and removing barriers to investing in riskier but growth-enhancing activities can help mobilise more growth capital in the long term. [ABSTRACT FROM AUTHOR]

The issue of pensions has become increasingly topical. This paper presents the ordered weighted averaging real average pension (OWARAP) operator. The OWARAP operator is based on the ordered weighted averaging (OWA) operator and calculates the future average retirement benefit taking into account price changes. Moreover, this work extends the OWARAP operator by using order-inducing variables, generalized means, and probabilities. This paper ends by analyzing the applicability of the OWARAP operator and its extensions in forecasting the real average Social Security benefits for retired workers in each state of the United States (U.S.). The results demonstrate the usefulness of the proposed approach in retirement decision making. [ABSTRACT FROM AUTHOR]

This Note analyzes the benefit of using environmental, social, and governance matters ("ESG") by public pension plan fiduciaries when considering investment decisions, financial impacts, and calculation of risk. States have recently proposed or adopted anti-ESG legislation like boycott bills that limit the ability of state entities to do business with companies that boycott certain industries based on ESG concerns and anti-ESG regulations that restrict access of public pension fiduciaries to companies that utilize ESG criteria in their investment process. Anti-ESG state action raises important questions of whether public pension plan fiduciaries act within their duties to beneficiaries when making investment decisions based on ESG factors and whether state governments force public pension plan fiduciaries to violate their duties to plan beneficiaries by imposing anti-ESG investment restrictions on them. This Note argues that states should repeal anti-ESG laws because public pensioners will be harmed by decreased effectiveness on the part of fiduciaries and increased costs from litigation, investment losses, and industry divestment. As a solution, this Note proposes that states adopt permissive ESG policies like those stated in the 2022 Department of Labor Rule regarding private employer pensions governed under the Employee Retirement Security Income Act of 1974 ("ERISA"). Where states adopt ESG laws that parallel those of the private sector, public pension fiduciaries will be more able to comply with both state law and fiduciary duties in good faith while increasing investment returns. [ABSTRACT FROM AUTHOR]

The purpose of the article is to research and analysis of the amount of indexation of pension payments related to inflationary processes. The object of the study is the state of pension provision in Ukraine. The subject of the study is the process of indexation of pension payments as a result of the implementation of social policy in Ukraine. An analysis of the history of the development and reform of pension provision in Ukraine was carried out. This allowed for a deeper understanding of the content of events related to the establishment of pension provision in Ukraine. The research methodology involves the synergy of mathematical methods of analytical geometry and economic-mathematical modelling. It is shown that the presence of inflationary processes in the national economy leads to the need to increase the pension provision of citizens. At the same time, the size of the increase in pension payments should be differentiated in order to ensure social "justice". The scientific task set in the article is to demonstrate a modern approach to choosing a strategy for implementing the state pension policy in Ukraine. As a result of the research, two models of appropriate indexation of pension payments in Ukraine are presented. The calculation made it possible to choose the most significant model. In the future, it is advisable to direct the research to the search for other more effective ways of indexing pensions. It is assumed that for this it is necessary to formalize the mathematical formulation of the problem of finding the optimal value of the index of pension payments as extreme, taking into account the necessary restrictions. A scientific novelty in solving this issue is the receipt of practically significant recommendations regarding the indexation of pensions. The practical significance of the obtained results lies in the elimination of social defects in the indexation of pension payments. Further research should be directed to the search for rational solutions that will stimulate the creation of an effective pension system in Ukraine. [ABSTRACT FROM AUTHOR]

The given text provides a comprehensive analysis of the status of American families' accumulations in individual account (IA) retirement plans based on the 2022 Survey of Consumer Finances. It discusses the types of retirement plans that families have and the factors that influence their participation in these plans. The text also provides data on the average and median values of individual retirement accounts (IRA) and defined contribution (DC) plan balances for different demographic categories. It emphasizes the importance of IA plans for retirement savings and suggests that any policy changes to the system could have implications for Americans' ability to fund a comfortable retirement. The document is a collection of various research papers and issue briefs from the Employee Benefit Research Institute (EBRI) on retirement plans and savings, analyzing data from surveys and databases to provide insights into participation rates, account balances, and asset allocation. However, it does not provide a comprehensive analysis of all retirement plans and income sources, such as defined benefit plans and Social Security. [Extracted from the article]

Introduction: Pension participants need appropriate support when making (complex) pension decisions. Grounded in Fuzzy-Trace Theory, we argue that suitable decisions require participants to (accurately) understand meaningful differences between decision alternatives. Based on this, we investigated the effectiveness of different types of decision support for the decision when to retire. Methods: We conducted two experiments among participants of four Dutch pension funds (Study 1: N = 2,328, Study 2: N = 500) on the effectiveness of three different types of decision support: (a) a traditional pros and cons text, (b) a Value Clarification Method (VCM), and (c) testimonials. Results: The studies showed mixed results. In the first study, we found an activating effect of the VCM and the testimonials: participants who received one of these two types of decision support were more likely to visit a web page with additional information. In the second study, we found no differences between the three types of decision support. Conclusion: We discuss possible explanations for the effects found, as well as implications for future (research on) pension decision support. [ABSTRACT FROM AUTHOR]

This article examines the transformation of public employee pension investment in the United States, from investing public funds in public infrastructure before the 1950s, to investing public funds in private securities in the years after. Three factors drove this change. First, motivated financial professionals convinced states to adopt the "prudent man rule," a legal investment standard that emphasized professional management and maximum financial returns. Second, declining bond yields during World War II led public pension managers to reconceptualize the political goals of pension investment, from balancing retiree returns against low-cost public infrastructure, to maximizing employee benefits by achieving maximum returns in financial markets. Third, public officials hired private asset managers to undertake new investment strategies. These professionals then used their influence to pursue further pension liberalization. Ultimately, US financialization was not a break, but a continuous process through which government officials intentionally used financial markets to enhance public social provision. [ABSTRACT FROM AUTHOR]

In this article I use legal geography to analyze the way in which the jurisprudence of the Labor Cassation Chamber of the Colombian Supreme Court of Justice assumes spatial imaginaries on the evidentiary standard of cohabitation as a couple. The factual pattern chosen is the study of the possible recognition of the survivor’s pension for the partner of the deceased; therefore, I present two arguments. First, that the spatial assumptions on which the concept of cohabitation as a couple is built are contradictory. Secondly, that when it comes to the existence of sexual relations within the framework of the couple’s relationship, the Supreme Court uses the public/private binary, traditionally used to oppress women, to emancipate them. [ABSTRACT FROM AUTHOR]

In Australia, if a superannuation member dies before retirement, they will leave superannuation death benefits that must be distributed. Death benefits are usually distributed at the discretion of the trustee or, on appeal, by the Australian Financial Complaints Authority ('AFCA'). Analysis of the distribution of death benefits is exceedingly scarce in the literature. There is some practitioner commentary and case law, but it is not consistent on how this discretion is, or should be, exercised. General trust law holds that trustees exercise broad discretions and have duties to consider all relevant matters, including any nonbinding nomination of beneficiaries by the deceased. Other evidence suggests that AFCA does not follow this approach. This article undertakes the first empirical examination of the distribution of death benefits by AFCA. Key findings are (1) there is no evidence that the deceased's wishes expressed in nonbinding nominations have any association with distribution outcomes; and (2) there is a very strong association between receiving a distribution and AFCA's view that someone was financially dependent on the deceased. [ABSTRACT FROM AUTHOR]

To plan for retirement, it is important to understand how needs and purchases may change. We use data from a survey of elderly Australians to see how needs and purchases changed in different categories of goods and services. We looked especially at those who had experienced financial or health shocks. Our analysis shows variation in people's experiences, particularly for health costs, which increase with age. Having private health insurance appears to increase the level and volatility of health costs – presumably as a result of out‐of‐pocket costs. This information can be useful for financial advisors and superannuation trustees. [ABSTRACT FROM AUTHOR]

Retirement planning is viewed as one of the cornerstones of long-term household financial security. The responsibility of retirement planning has now been shifted to the individual and is no longer the responsibility of the employer. This paper examines the link between financial literacy and retirement planning among informal sector traders in the Randburg area of Johannesburg, South Africa. A questionnaire approach was used to collect data from 269 randomly selected informal sector respondents. The data was analysed using ordinal regression. Robustness tests were executed using the Wald test. Findings reveal that financial literacy is linked to retirement planning, and especially with reference to informal sector workers. Additionally, education, income and the informal business sector were observed to have a positive and significant influence on retirement planning. The paper contributes to both theoretical and practical discourses on retirement planning for informal sector entrepreneurs which has not received much attention. These results are important for policy makers in retirement planning as well as curriculum development. [ABSTRACT FROM AUTHOR]

The purpose of research is to analyse the impact of population ageing process on labour force market, as well as economic factors on the transition from labour activity to pension in the Republic of Moldova. The change in the structure of labour force to wards elder ages, as well as interruption of active economic activity and retirement is one of the factors in economic growth slowdown, which is conditioned by a reduction of labour force reproduction and its growth. In this situation, in order to mitigate the negative consequences of labour force deficit, it is necessary to take effective measures to increase labour productivity not only to ensure economic growth, but also to ensure the welfare of the country's population and meet the necessities of an increased share of the population-dependents (both the elderly population and children under 15). Taking into account the relevance of the above-mentioned problem, the analysis of the relationship between economic factors and the transition from labour activity to pension in the conditions of demographic ageing was carried out, including the evaluation of the role of economic factors in making a decision to exit from the labour market to pension. In this context, the comparative quantitative and qualitative analysis of tendencies in the economically active and employed population was carried out, including pre- and pension ages and the phenomenon of precarious employment, the demographic coefficient of dependence on old age, the dependence of pension from the income level, and the financial stability of the Social Insurance Budget. The proposals to improve the effectiveness of government policies in regulation and harmonization the transition from the labour market to pension, including the continuation of active economic activity was elaborated in order to reduce the negative consequences connected with the process of population ageing and to ensure the stability of labour market development. The article is developed in the framework of the research Subprogramme "The demographic transition in the Republic of Moldova: particularities, socioeconomic implications and demographic resilience straightening" (2024-2027). [ABSTRACT FROM AUTHOR]

This study aims to analyze the opinions of Bosnia and Herzegovina (BiH) citizens regarding mandatory pension insurance and the possibility of incorporating private insurance in future reforms. The research involves evaluating the satisfaction of BiH residents with the current pension system, understanding their perception of the pension fund’s risks, and identifying their attitudes towards possible pension system reforms, including the potential involvement of private insurance. The study also seeks to highlight any differences in attitudes towards socio-demographic characteristics, such as gender, employment, length of service, professional qualification, and monthly income. A survey of 812 BiH adults (representative but potentially not fully capturing the entire population) explored these aspects. While acknowledging limitations, the study reveals significant differences in attitudes based on demographics. For example, men are more optimistic about future pensions, while employed individuals are more inclined towards reform. The findings suggest general public support for pension system reform and openness to private insurance. However, the study highlights the need to consider these varying attitudes across different population groups when designing future reforms. This research provides the first quantitative data on BiH residents’ views on private insurance reform, contributing to public discourse and informing future policy changes. [ABSTRACT FROM AUTHOR]

The article is devoted to the assessment of the impact of demographic processes on the volume of expenses for the payment of old-age insurance pensions in the Russian Federation. The purpose of the study is to make a forecast of the volume of expenses of the Russian Social Fund budget for the payment of insurance old-age pensions for the period up to 2035, taking into account population fluctuations in 3 scenarios: optimistic, probable and pessimistic. The relevance of study is due is due to the influence of demographic processes on the pension system of the Russian Federation. The results obtained are new, they can be used in the practical activities of the state authorities of the Russian Federation, in the conduct of scientific research and in the educational process, etc. The authors used a multifactorial dynamic model in the form of a system of stochastic differential equations with parameters, and numerical calculations were carried out on a discrete approximation of this model. The authors revealed that with a pessimistic version of the population forecast, the volume of budget expenses of the Pension and Social Insurance Fund of the Russian Federation for the payment of insurance pensions (excluding early appointment) for 2023–2035 will increase by 56.67% (which in monetary terms is 4.22 trillion rub.); with a probable one — by 60.39% (which in monetary terms is 4.50 trillion rub.); with a pessimistic one — by 66.02% (which in monetary terms is 4.93 trillion rub.). It is important to note that any of the forecast, due to the population decline in the forecast period, assumes an increase in the volume of expenses for the payment of insurance pensions at rates below inflation (the latter, according to the minimum estimates of the authors of the article, will amount to 74.76%).