Search

Financial service professionals can offer exceptional service to their clients by counseling them about the legal rights and planning opportunities available in an employer-provided retirement plan. Helping clients understand possible reductions to benefits, opportunities to increase benefits, prospects for longevity protection, strategies for survivor protection, plan investment options, and other issues may make a meaningful difference in a client's retirement. [ABSTRACT FROM AUTHOR]

Economic insecurity represents an existential threat to many workers, not least those in the Creative and Cultural Sector (CCS). Based on recent survey data from Ghanaian musicians gathered between April 2022 and March 2023, this paper presents indicative findings which demonstrate a persistent pension savings gap, with only about one in seven musicians in the sample (14.6%) reporting participation in a pension scheme – explained by both demand-side reasons (i.e. indecision about enrolment, not having the financial wherewithal to contribute regularly or not knowing about existing pension schemes) and supply-side reasons (i.e. limited pension options developed with the involvement of musicians). The paper also finds that while education level, age, location, and marital/family status appear to be important factors, in relative terms, there was little evidence to suggest that any group was more likely than the other to participate in a pension scheme. To improve pensions uptake, the paper argues that a long overdue, deliberate policy strategy should involve piloting a dedicated group personal pension scheme for musicians and testing savings commitments in the case of voluntary schemes over the long term and short term, respectively, with both going hand in hand with pension literacy programmes and incentives, wherever necessary. [ABSTRACT FROM AUTHOR]

Problems such as the disruption of the income-expenditure balance and the decrease in active-passive ratio, which emerged at the end of the 1990s in Turkey, brought the need for reforms in the social security system. As a result of these reform efforts, a private pension system, complementary to the existing social security system, was put into practice. To our knowledge, no study has examined the private pension system using the Cox regression model, accelerated failure time models, and machine learning methods together under survival analysis. In this work, we show that machine learning methods provide non parametric alternatives to traditional survival models such as Cox regression. In addition to the statistics obtained, other important results are that socio-economic problems such as gender inequality, education inequality and income inequality can also be seen in private pension systems. [ABSTRACT FROM AUTHOR]

AbstractWho is protected by social security? This article explores this question by tracing the chronological sequence of inclusion into old age protection in the Ottoman Empire and Turkey. The focus lies on how legislation defines the groups that are covered by old age pensions. We argue that the old age protection system transformed from being aimed at protecting people working for the state, towards covering diverse societal groups and aspiring to universal social protection. The Ottoman Empire institutionalised its centuries-old system of protection of elderly state employees surprisingly early, through pension funds in the late nineteenth century. The Republic of Turkey maintained this approach for several decades, pointing to continuities between the late Ottoman Empire and the early Republic. From the mid-twentieth century onwards, the state transformed old age protection with new schemes for mostly employment-based groups. The analysis reveals intriguing parallels between political inclusion and inclusion in old age protection, with key expansions in the scope of old age protection mirroring shifts in the political regime. [ABSTRACT FROM AUTHOR]

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]

This article examines the current women's retirement age reform in Israel that raised their retirement age from 62 to 65, suggesting that high-income salaried women are more likely to benefit from the reform. It found that raising women's Retirement Age (RA) alone does not improve their Replacement Rate (REP) and recommends implementing a two-stage policy reform. In the first stage, gender wage gaps should be mitigated during working-time period; in the second stage, women's RA should be raised to the average of 63.81 years of the OECD countries. These suggestions should be adopted by policymakers in countries with low REP, such as Britain and Japan, accompanied by ensuring equal employment opportunities for relatively older women approaching RA. [ABSTRACT FROM AUTHOR]

In this paper, we study the optimal investment strategy for a defined contribution pension plan under the jump diffusion model and S-shaped utility. We assume that pension plan members can invest their pension fund in the financial market consisting of a risk-free asset and a risk asset whose price process follows a jump diffusion process. The goal of pension plan managers is to maximize the expected utility of the real terminal wealth under the jump diffusion model and S-shaped utility. We apply Lagrange dual method, concavification technique and martingale method to derive the closed-form expressions of the optimal wealth process and the optimal investment strategy. Finally, we also try to use some numerical analysis to explain the impacts of model parameters on the optimal terminal wealth value and trading strategy. [ABSTRACT FROM AUTHOR]

In this study, we examine whether not-for-profit organizations actively manage their pension accounting assumptions and whether their assumptions are, as prior research suggests, more aggressive than those of for-profit organizations. Using a 17-year panel dataset collected from audited financial statements, we compare the accounting assumptions (the expected rate of return and the discount rate) of not-for-profit and for-profit firms. We also examine the not-for-profit sample alone to test for accounting bias motivated by various financial incentives. We model accounting assumptions as levels (between-firms) as well as changes over time (within-firms). Contrary to prior research, we find no evidence that not-for-profits use more aggressive assumptions than for-profits. Furthermore, we find that most of the accounting biases of not-for-profits are explained by between-firm variation rather than within-firm variation, suggesting that although not-for-profits use biased assumptions, they may not actively adjust them to target financial benchmarks. [ABSTRACT FROM AUTHOR]

Research Summary: Scrutiny over the quality of police work continues to increase, at the same time that a recruitment crisis may hinder policing services. Moreover, this crisis exists despite numerous work incentives for officers, which are potentially competitive salaries, early pensions, and legal protections. Using a sample of 604 undergraduate students—a natural recruiting pool for police agencies—this study explores the predictors of students' interest in a career in policing. In addition, we conducted a randomized survey experiment to identify the effect of work incentives on students' willingness to apply to be a police officer upon graduation. Specifically, we manipulated the starting salary, years of service until pension eligibility, and the protection afforded against lawsuits. Finally, we tested whether the effect of these incentives differs across the quality of applicants (i.e., grade point average [GPA], ability to pass existing application criteria, and subjective qualities that comprise honesty, teamwork, and compassion) and their preexisting interest in a career in policing. We found that students are generally uninterested in becoming police officers, particularly when their GPA is high. Though the starting salary was the most impactful of all incentives, some lawsuit protection is key for enticing the best students. In contrast, conditions for pension had only modest if any effects. Policy Implications: Recruiting is key to improving the quality of policing, particularly when many potential candidates are overlooking the career. However, research on the causes and consequences of police recruitment strategies is limited. This study implements rigorous research methods to investigate how to increase the pool of high‐quality applicants to police agencies. Findings support sensible and potentially cost‐effective policy decisions in regard to police recruiting, which should focus on increasing the starting salary, and on more effectively communicating the value of other existing benefits of the career that comprise lawsuit protection and attractive pension plans. [ABSTRACT FROM AUTHOR]

AbstractAlthough working men and women share common retirement concerns, women encounter unique challenges in securing their retirement. These challenges arise from factors such as part-time work, intermittent work histories, and potential wealth disparities. Marital status also exerts a profound influence on retirement decisions. Marital status significantly impacts their financial security as they approach retirement. This study investigates the intricate relationship between gender, marital status, and theory of planned behavior factors that influence retirement planning among older adults. Utilizing data from the 2014 Health and Retirement Study (HRS) and RAND, the research analyzed 2,657 participants aged 50 to 62, all of whom reported full or part-time employment. Also, the research leveraged the theory of planned behavior to examine motivational factors affecting retirement planning. The study’s findings highlight the significant association of gender with expected retirement timing, revealing that married women typically anticipate retiring earlier than both unmarried women and men. In addition, older adults who secure retirement resources tend to retire earlier. It is important to develop tailored policies and initiatives to address the specific retirement challenges women face. It is imperative to develop retirement support systems that consider the gender, marital statuses, and retirement resources of older adults, and to give special attention to those who are vulnerable. This study provides valuable insights into the intricate interplay of gender, marital status, retirement motivation factors and retirement planning among older adults. [ABSTRACT FROM AUTHOR]

Using rich Finnish population level registers, we examine the impact of fusing a flexible early retirement pathway with a more stringent pathway, without changing eligibility conditions, so-called 'relabelling', on individual application behaviour. Our findings show that among affected cohorts the likelihood of applying for (successfully claiming) disability-related early retirement declined by 1.8 (1.5) percentage points equivalent to a relative drop of approximately 37 % (39 %) following the reform. Individuals with below tertiary level education and stronger lifetime labour market attachment exhibit a stronger behavioural response to the reform. We find tentative evidence of individual's bringing forward the age at which they substitute to a competing early retirement pathway designed to keep individuals in the labour market albeit on a part time basis. Our findings highlight the importance of targeted awareness building aimed at particular socioeconomic groups such as those with low levels of education when policymakers seek to consolidate early retirement programmes with differing pre-reform eligibility criteria. [ABSTRACT FROM AUTHOR]

A large percentage of U.S. households arrive at retirement with little or no financial wealth. Empirical evidence suggests that many of these households undertook little or no planning for retirement while young. We demonstrate how the decision to avoid planning and saving for retirement while young can arise as an optimal choice made by forward-looking, utility maximizing households facing an exogenous retirement date. In our model, boundedly rational households select the length of their planning horizon optimally each period, in addition to making an optimal consumption and saving decision. Planning is costly insofar as households must expend effort, cognitive or otherwise, to plan for the future. In a calibrated version of our model, the average household avoids planning and saving for retirement while young and, as a result, arrives at retirement with less than one-fifth of the wealth that they otherwise would have accumulated had they instead planned for their entire remaining lifetime, as in a standard life-cycle model. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Using an intersectional lens, this study analyses data from a nationally representative sample in Iceland, examining violence among marginalized groups of different social locations. The results highlight the precarious position of disabled women and show a significant increase of risk of violence with each marginalized social location women inhabit. Results illustrate how precarity and exposure increases for multiply marginalized women, demonstrating the importance of considering the social dimensions of violence. The article argues for the importance of advancing critical dialogue and research on violence, using an intersectional frame and including factors such as disability, gender, sexual orientation, and financial strain. [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]

I investigate heterogeneity across occupational characteristics in the effect of retirement eligibility on mental health in the United Kingdom. I use K‐means clustering to define three occupational clusters, differing across multiple dimensions. I estimate the effect of retirement eligibility using a Regression Discontinuity Design, allowing the effect to differ by cluster. The effects of retirement eligibility are beneficial, and greater in two clusters: one comprised of white‐collar jobs in an office setting and another of blue‐collar jobs with high physical demands and hazards. The cluster with smaller benefits mixes blue‐ and white‐collar uncompetitive jobs with high levels of customer interaction. The results have implications for the distributional effect of raising the retirement age. [ABSTRACT FROM AUTHOR]

Objectives: Few studies have used rigorous causal analysis to examine the difference in health effects between abrupt and gradual transitions from full-time employment to full retirement. Methods: Data were obtained from 10,253 individuals aged 50 years and older from the 2005–2019 Longitudinal Survey of Middle-aged and Older Adults conducted in Japan. An instrumental variable approach was used to determine the causal relationship between retirement pathways and health by exploiting the public pension eligibility age as the instrument. Results: Abruptly retired individuals were more likely to have physical limitation and less likely to have depression than those not yet retired. In contrast, those who fully retired through a gradual transition were less likely to have physical limitation and more likely to have depression than those not yet retired. Discussion: Retirement pathways have different effects on physical and mental health, providing important implication for labor and health policies in aging societies. [ABSTRACT FROM AUTHOR]

Old‐age state pension is central to European welfare states. Despite the growing number of migrants in Europe, little is known about their attitudes towards state pension. Pension systems are designed for a ‘sedentary’ population, as they require many years of contribution or residency in the country. This often affects first‐generation migrants, who arrive in the residence country only at a later point in their lives. In this paper, we draw on self‐interest theory, which is commonly used to explain individuals' support towards welfare institutions and theorize on how the migration experience adds to the standard model of self‐interest in relation to support for government spending on old‐age state pensions. Hence, we move beyond traditional indicators of self‐interest such as education and employment status and we test hypotheses on how migrant‐specific characteristics like length of stay and settlement intention in the residence country are related to migrants' support for government spending on old‐age state pensions. We use data from the Migrants' Welfare State Attitudes (MIFARE) survey (2016), the first cross‐national survey that focuses on migrants' attitudes towards the welfare state that was collected in Denmark, Germany, and the Netherlands among nine different migrant groups from within and outside the EU. We find that migrants living in the country for over 5 years and those with longer settlement intentions have a higher support for government spending on pensions. We conclude that it is crucial to take migrants' unique migration experiences into account when assessing their attitudes towards state pension. [ABSTRACT FROM AUTHOR]

The Netherlands is on the brink of reforming its system of occupational pensions as part of a more general reform of its three‐pillar pension system. This reform features important changes to first pillar pension benefits. The focus of this article is however on the coming reform of occupational pensions, the second pillar of the system, which concerns both pension contributions and benefits. This reform is related to a series of reforms that have gradually transformed the pension contract that was dominant 20 years ago, a final salary defined benefit contract, into a collective defined contribution contract. We argue that these reforms are a response to changes in the external environment, such as population ageing and a secular decline of interest rates. The coming reform responds to the call for a pension scheme that is more individualistic, more closely connected to the labour market, and which does not share interest rate risks between generations. The New Pension Contract remains in part collective, since the assets of participants are invested collectively, and a mandatory solidarity fund can be used for intergenerational risk sharing. [ABSTRACT FROM AUTHOR]

Aim: Extending working life is considered as an important initiative to respond to the population aging and pension payment dilemma. This study aimed to investigate whether work after retirement is related to improved health‐related quality of life. Methods: We used two waves of data from the China Health and Retirement Longitudinal Study in 2011 and 2018. Work after retirement was ascertained based on self‐reported retirement and work status, and health‐related quality of life (HRQOL) was measured with the three‐level EuroQol five‐dimensions. The impact of work after retirement on HRQOL was analyzed using the propensity score matching with difference‐in‐difference approach. Results: A total of 1043 retirees were included. The results showed that work after retirement was associated with significant improvement in HRQOL among retirees (β = 0.072, P < 0.001). Heterogeneity analyses did not show specificity on sex (P for sex interaction >0.05), but older‐aged retirees seemed more sensitive to the benefits of work after retirement on HRQOL than their younger‐aged counterparts (≥65 years: β = 0.167, P < 0.001 vs <65 years: β = −0.047, P > 0.05; P for age interaction = 0.010). Conclusions: Work after retirement shows a positive impact on HRQOL among community‐dwelling adults in China. Policy‐makers should take the health of retirees into account when implementing policies related to delayed retirement, and reduce health inequity. Geriatr Gerontol Int 2024; 24: 722–729. [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]

Aims: The aim of this study was to investigate the age-varying mortality risk associated with different labour market status categories. Methods: Data from a population-based survey carried out among adults aged 30–62 years in Finnmark in 1987/1988 were linked to the Norwegian Cause of Death Registry to identify all deaths occurring by December 2017. We used flexible parametric survival models to examine the age-varying associations between different labour market status categories (no paid work/homemaker, part-time work, full-time work, unemployment benefits, sick leave/rehabilitation allowance, and disability pension) and mortality. Results: Men with part-time work, unemployment benefits, sick leave/rehabilitation allowance, or disability pension had an increased mortality risk compared with men with full-time work; however, these findings were restricted to ages below 60–70 years, varying with labour market status category. For women, excess mortality was linked to disability pension in the younger age groups; in older age groups it was linked to the labour market status category no paid work/homemaker. Non-employment was associated with low education level compared with full-time employment. Conclusions: The study showed increased mortality risk for some non-employment categories, with decreasing relative risk with age. Our findings suggest that the increased mortality risk is partly explained by health, pre-existing illnesses, and health-related behaviour and partly by other factors, such as social network and economic factors. [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]

Copyright of Revista Crítica de Relaciones de Trabajo, Laborum is the property of Ediciones Laborum S.L. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

As some of the largest institutional investors in the United States, public pension funds wield considerable power over inuestment decisions. A recent trend highlights this extraordinary power: state pension funds have started exploiting their retirees ' pensions to force inuestment companies to invest in accordance with their respective states' political priorities. Nowhere is this trend more obvious than in the environmental, social, and governance field. On one hand, states like Maine haue passed legislation prohibiting publicpension funds from inuesting in fossil fuels companies. On the other hand, states like Texas haue passed laws prohibiting state entities from doing business with companies that oppose the fossil fuel and gun manufacturing industries. Investment companies operating across state lines are therefore caught between a rock and a hard place : continue investing in fossil fuels and risk antagonizing liberal states like Maine or diuest from fossil fuels and lose business from conseruatiue states like Texas. Pension funds can exploit public retirees' funds for political ends because of a subtle fiduciary orientation surrounding public pension funds. Whereas private pension funds are governed by uniform federal laws that center fiduciary duties around pension plan participants and beneficiaries, public pension funds are governed by a patchwork of state laws that center fiduciary duties around the funds themselves. Thus, states are free to tailor their own pension fund investment rules as they see fit, sometimes at the expense of retirees. The result is an assortment offifty different legal systems, piled on top of the recent trend toward politicizing inuestment decisions. Often, as the cases of Texas and Maine show, investment companies will find themselves unable to simultaneously comply with the various public pension fund requirements from state to state. Moreover, because state treasurers exercise almost unbridled discretion ouer inuestment allocations, they can all but freely abuse pensions funds in pursuit ofpolitical ends. With trillions of dollars under management, retirees stand to lose the most. This Noteargues thatpublicpension inuestment laws need urgent reform and standardization to prevent sacrificing retirees' financial security in seruice Of Political priorities. To do so, state legislatures should pass laws modeled after the Employee Retirement Income Security Act of 1974, which governs private pension plans. Such standardization will ease the burden of compliance for investment companies and inuestment aduisers while simultaneously forcing pension fund managers to prioritize retirees' pecuniary gains. [ABSTRACT FROM AUTHOR]

In this paper, we examine the substitution between pension wealth and household saving. To identify the effect of reductions in social security pension wealth on household saving, we utilize variations in changes in social security pension wealth induced by Norway's 2011 reform across different cohorts, time periods, and sectors. Our study focuses on the saving behaviors of individuals between the ages of 57 and 61, and we find that the annual saving rate increased by around 1.4 percentage points after the reform. When considering the overall life‐cycle changes in household saving, this corresponds to a crowd‐out effect of about 50 percent of the total loss in pension wealth. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to explore the situations and socio-economic and health-related factors associated with employment of older men and women in Vietnam. Design/methodology/approach: This study used the nationally representative data in 2019 with a sample size of 3,049 older persons (those aged 60 and over). This study applied logistic regression analyses. Findings: This study found that there were significant differences in employment rates between various groups of older men and women in terms of age group, residential place, marital status and educational level. Controlling for age, education, marital status, place of residence and (in) sufficient income for daily living, the results from logistic models indicated that health issues were strongly associated with lower probability to be employed for both genders. In all tests and regression models, that age and health condition were consistently related with lower employment probability of older persons implied an important consideration in raising normal retirement ages for both men and women. Research limitations/implications: Due to limitation of the cross-sectional data, this research could not explore how health influences older people's employment overtime. Practical implications: Findings of this research provide important and adaptive policy insights for Vietnam to take advantage of older workers for economic growth under an aging population. Originality/value: To the best of the authors' knowledge, this has been among the first studies exploring the role of health, which was presented by different indicators, determining employment of older men and women in Vietnam. [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]

A common problem in systems and control theory is to provide an approximation to non-linear systems. We provide a novel approach as a general solution to this problem originally conceived by Gamkrelidze. We consider and solve a general approximation problem which provides the fundamentals for various switching-type systems thus encompassing a wide range of systems theory problems. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Soochow University Law Edition is the property of Soochow University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study examines the first implementation of the state‐run retirement savings program in Oregon, known as OregonSaves, in 2017. It offers early insights into the substantial impact of this mandated program on retirement savings among previously uncovered private workers. Results from difference‐in‐difference models using SIPP data indicate a 12 percent increase in Individual Retirement Account (IRA) ownership among Oregon workers after the program's roll‐out. Notably, the study discerns significant gains for lower‐income, single, and older workers, as well as workers of small‐size firms who previously lacked retirement savings plan coverage. Findings also suggest additional savings resulting from the mandate. [ABSTRACT FROM AUTHOR]

The present research investigates the pivotal role of pension funds and insurance companies within the National Pension System, as well as their contributions to financial welfare through retirement planning. It also analyzes the challenges these institutions confront as well as the opportunities for growth in the Indian pension and insurance markets. Secondary data was gathered from a variety of reliable sources, including PFRDA, NPS Trust, NSDL, World Bank, OECD, Economic Survey of India, CRISIL, and SEBI. The year-on-year growth rate, compound annual growth rate, percentage share, and graphical representations were utilized to analyze the trend of variables. The findings demonstrate that collaboration between pension funds and insurers can improve financial inclusion and long-term wealth creation, hence promoting social and financial well-being during retirement. However, retirement literacy in India is extremely poor, and if it improves, the need for pension and insurance products will grow exponentially given India's demographic trajectory. [ABSTRACT FROM AUTHOR]

Copyright of Strategic Universe Journal / Univers Strategic is the property of Dimitrie Cantemir Christian University, Institute for Security Studies and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Çalışma ve Toplum is the property of Calisma ve Toplum and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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]

Despite the increasing challenges twenty-first-century societies face in accommodating older adults, many misconceptions about old age before modernity continue to exist. These are rarely expressed in 'formal theory' produced by academics, but rather persist in 'lay theory' which is anchored in collective memory and popular culture. Such taken-for-granted beliefs are nevertheless influential, first because they determine which questions academics do and do not ask about old age in history, and second because they present society with a grand narrative about ageing in the past, present, and future. We provide researchers with a research agenda. We do so by identifying three myths about old age: 1) people usually lived short lives and continued in their line of work until they dropped dead without having 'retired' from work; 2) men and women who did grow old simply moved in with their next of kin; 3) pensions played no role during old age. We debunk these based on a case study of the Nordic Countries before c. 1850 and hope to encourage research into myths about old age before modernity in other European regions. [ABSTRACT FROM AUTHOR]

In this paper, following Cesaratto's lead (Cesaratto, [2005]. Pension Reform and Economic Theory: A Non-Orthodox Analysis. Cheltenham: Edward Elgar, especially chapters 6-8), we measure the impact of pensioners' spending on output and employment in the Spanish economy in 2021 by means of the Sraffian supermultiplier, taking pensioners' expenditure as a component of autonomous demand. To do so, we follow another lead, from Dejuán (Dejuan, [2023]. The Supermultiplier. A Cornerstone of the New Macroeconomics. Cheltenham: Edward Elgar, chapter 10), who suggests using the Leontief inverse of an extended SAM (social accounting matrix) that also includes both induced consumption and expansionary investment as a multisectoral supermultiplier, or multiplier-accelerator. The weight of PAYG pensions to people aged 65 or older in 2021 is 8 per cent of GDP, and their expenditure ‘puts in motion’ 6,7 per cent of total production and total employment (directly, indirectly, and hyper-indirect or induced). The government recovers 42 cents in taxes for each euro spent on pensions. Pensions in 2050 are sustainable, either raising taxes on profits or if exports grow pari passu with pensions at a rate below historical records. [ABSTRACT FROM AUTHOR]

NDC (notional defined contribution) pension systems are usually considered the best in the PAYGO (pay-as-you-go) category: they mimic funding, seem to be well balanced, and have very limited distortionary effects on the labour market. In this paper, after highlighting of few of their weaknesses, I suggest an alternative solution to the pension problem: IPAYGO, or improved PAYGO. Its guiding principle, "everything is relative", is applied consistently to both the economic and the demographic part of the problem: this makes the system viable in all possible demographic and economic scenarios. Depending on a few explicit policy (parametric) choices, IPAYGO may take very different shapes, and adapt to national preferences, such as early or late retirement, generous or limited pension benefits, and greater or lesser emphasis on actuarial equity. A properly designed IPAYGO, even in its basic form (the only one discussed here), can tackle issues such as inequities deriving from differential mortality (with the richer living longer), pension-induced low fertility, and quasi-capital gains and losses. While IPAYGO is conceived to be an operative instrument, it can also be used to evaluate existing pensions systems, and the phase a population is going through, with a novel measure of the so-called "demographic bonus" (or "malus"). [ABSTRACT FROM AUTHOR]