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This study explores the associations of retirement, and of public and private pensions, with older adults' depressive symptoms by comparing differences between countries and age groups. Harmonized data were analyzed from the family of Health and Retirement Study in 2012–2013 from China, England, Mexico, and the United States (n = 97,978). Respondents were asked if they were retired and received public or private pensions. Depressive symptom was measured by the Center for Epidemiologic Studies Depression Scale. Retirement was significantly associated with higher depressive symptoms for the United States and with lower depressive symptoms for Mexico and England. Public pension was significantly associated with lower depressive symptoms for Mexico and with higher depressive symptoms for the United States and China. Private pension was significantly associated with lower depressive symptoms for the United States, China, and England. Our study shows that continuity theory demonstrates cross-national variation in explaining the association between retirement and depressive symptoms. [ABSTRACT FROM AUTHOR]

This study analyzes the diffusion of public sector pension reforms across the American states between 1999 and 2012, a policy area notable for its fiscal implications as much as its recent political polarization. Previous enactment in other, non-contiguous states was the largest and most consistent driver of reform. Otherwise, empirical findings suggest that reform antecedents varied by reform type. Existing funding levels reduced the likelihood that states would cut benefits, change pension governance, or reduce cost of living allowances, but had no effect otherwise. Evidence for partisan legislative influence is weak, although Republican control had partial, positive effects on the enactment of pension governance reforms and increases to the retirement age. Across the board, other relevant factors such as constitutional pension protections, collective bargaining rights, and union membership density had no effect. That external contagion pressures have a more robust influence than endogenous conditions raises questions about the future efficacy of pension reform. [ABSTRACT FROM AUTHOR]

This paper provides a new explanation for investment-cash flow sensitivity from the perspective of CEO inside debt holdings. We examine the effect of CEO pensions and deferred compensation (inside debt) on investment-cash flow sensitivity for a sample of U. S. manufacturing firms from 2006 to 2012. We find that the firms with higher relative CEO leverage ratios ( CEO's debt/equity ratio scaled by the firm's debt/equity ratio) generate higher investment-cash flow sensitivity. Moreover, one standard deviation increase in the logarithm of the relative CEO leverage ratio enlarges investment-cash flow sensitivity by 50 per cent. This positive relationship still holds even after we take account of endogeneity and financial constraints. [ABSTRACT FROM AUTHOR]

Inadequate contributions are one factor behind the gap between pension assets and benefit liabilities. Each year, many states fail to meet their required pension contribution while others consistently meet or exceed their required amount. This study seeks to identify the factors that shape actual pension contributions across the states. Results suggest that states with smaller long-term funding gaps are more likely to fund required contributions. Legislative professionalism and constitutional collective bargaining privileges reduce annual funding. The effect of partisan and institutional traits was sensitive to methodology. Revenue changes and balanced budget requirements had no significant effect on pension contributions. These results suggest a number of reform avenues, including constitutional, institutional, and programmatic changes of varying political feasibility. [ABSTRACT FROM PUBLISHER]

Employees are confused by all the retirement issues facing them, as they are now responsible for managing their retirement future. Employers, however, are not off the hook as they have a fiduciary responsibility to manage the operations of the plan offered to their employees. This article explores how employees can create a retirement GPS to help them sift through the maze of retirement information and follow a planning path to a successful retirement destination, and why it is important for employers to play a role in helping them during this process. [ABSTRACT FROM PUBLISHER]

Recent recessions have caused a great deal of instability in defined benefit pension funding requirements. That has been exacerbated by the provisions of the Pension Reform Act of 2006, accounting and reporting changes and revised policies of credit rating bureaus. The result has been the shifting of large amounts of pension debt to corporate balance sheets. This has moved pension policy from the employment side of the house to the CFO. The response has been dubbed “de-risking.” It involves transferring longevity, investment and interest-rate risk from the sponsor to the participants through lump sum distributions and to an insurance company through the purchase of a group annuity contract. A related approach is to “immunize” the plan assets from instability by moving out of equities and into fixed-income bonds that duration match the plan’s liabilities. 2012 was a banner year for de-risking. It will continue in 2013. This article examines what may prove to be the death knell of traditional defined benefit pension plans in the private sector. [ABSTRACT FROM PUBLISHER]

Most of us focus on one or a few retirement income programs and a single retiree health benefit plan at a time, as benefit professionals, policy makers, current or future recipients of these benefits or scholars. We seldom step back and view the larger picture. We often see the trees and miss the forest. And in doing so, we also miss the extraordinary complexity and interrelatedness of the numerous laws and programs that comprise the U.S. retirement benefit structure. This article is an overview of retirement benefit laws and programs. It examines their origins, evolution and, to some extent, their current requirements. It portrays the collage of retirement benefits that now exists in an effort to provide perspective. [ABSTRACT FROM AUTHOR]

This research examines disparities in access to pension and health insurance plans between white, blacks, Latino and Asian workers in the American labour force. Using data from the 2006 March Supplement of the Current Population Survey, the analysis reveals that Latino workers are the most disadvantaged and white workers are the most advantaged. The entire gap in likelihood of receiving benefits between whites and Asians, and a substantial portion of the gap between whites and blacks, can be accounted for by socio-demographic and employment-related variables, but only a small portion of the gap between whites and Latinos can be attributed to such variables. The findings suggest that reliance on earnings for estimation of inequality underestimates the economic gap between racial groups. Explanations for disparities in access to employment benefits are offered and the relevance of the findings to other societies is discussed. [ABSTRACT FROM AUTHOR]

The current economy requires an intensive discussion of the costs and benefits featured in a defined benefit plan. Companies should consider the impact of the new plan funding as well as benefit restriction rules and the impact this will have on the company's current and future workforce. The purpose of this article is not to make the human resource (HR) professional an expert in the funding and benefit restriction rules for defined benefit pension plans but rather to help those in the HR function to recognize both the opportunities presented and the pitfalls that are created by the new environment. [ABSTRACT FROM AUTHOR]

This paper tackles the mutually vexing issue of corporate pension reform in the US and Japan. Both countries are undergoing structural and demographic changes in their workforce and corporate governance, giving urgency to the problem of pension funding and solvency. Urgency has led to different responses at the political, corporate and societal levels. Behind this, we find legacy institutions and norms peculiar to each country that are evolving under different economic realities.Pensions (2006) 12, 33–42. doi:10.1057/palgrave.pm.5950040 [ABSTRACT FROM AUTHOR]