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China's pension system
China is at a critical juncture in its economic transition. A comprehensive reform of its pension and social security systems is an essential element of a strategy aimed toward achieving a harmonious society and sustainable development. Among policy makers, a widely held view is that the approach to pension provision and reform efforts piloted over the last 10-15 years is insufficient to enable China's economy and population to realize its development objectives in the years ahead. This volume suggests a national pension system that no longer distinguishes along urban and rural locational or hukou lines yet takes account of the diverse nature of employment relations and capacity of individuals to make contributions. This volume is organized as follows: the main text outlines this vision, focusing on summarizing the key features of a proposed long-term pension system. It first examines key trends motivating the need for reform then outlines the proposed three-pillar design and the rationale behind the design choices. It then moves on to examine financing options. The text continues by discussing institutional reform issues, and the final section concludes. The six appendixes provide additional analytical detail supporting the findings in the main text. The pension system design can play an important role in supporting or constraining such economic and demographic transitions: 1) fragmentation and lack of portability of rights hinder labor market efficiency and contribute to coverage gaps; 2) multiple schemes for salaried workers, civil servants, and, in some areas, migrants similarly impact labor markets; 3) legacy costs that are largely financed through current pension contributions weaken incentives for compliance and accurate wage reporting; 4) very limited risk pooling and interurban resource transfers limit the insurance function of the urban pension system and create spatial disparities in old-age income protection; 5) low retirement ages affect incentives and benefits and undermine fiscal sustainability; and 6) relatively low returns on individual accounts result in replacement rates significantly less than anticipated while at the macro level, are likely to inhibit wider efforts to stimulate higher domestic consumption.
eBook
The truth about retirement plans and IRAs
\"From the #1 independent financial advisor in America, ranked three times by Barron's: a guide to making the most of your retirement plans and assuring long-term financial security. Everyone knows that saving for your retirement is important. Yet only half of all eligible Americans contribute to a retirement plan. That's because all plans--including the 401(k), 403(b), 457, and even the IRA--are complicated, confusing, and costly. New York Times bestselling author and acclaimed financial advisor Ric Edelman has counseled thousands of savers and retirees and has accumulated his advice in this book. Edelman has created a step-by-step guide. With illuminating prose and simple explanations, he shares everything you need to know as a plan participant: how to contribute even when you think you can't afford to, how to make wise choices among your investment options, and how to convert your 401(k) into income so you can provide yourself with the lifestyle you want in retirement. Along the way, he debunks the myths and clears up the confusion\"-- Provided by publisher.
Book
Global Pension Crisis
A comprehensive look at the crisis of unfunded pension liabilities and what must be done to avoid the same problem in the future
As the generational bubble of the Baby Boomers begins to retire, it is increasingly evident that governments, corporations, and individuals have failed to adequately prepare for the obligations and needs of this giant cohort. Retirees are outliving actuarial life expectancies, pension liabilities are skyrocketing, pension plans are underfunded, and medical costs rise, the United States alone can expect unfunded liabilities to exceed $4 trillion.
Even while the American economy shows signs of sustained recovery, states and local governments will still experience sharp increases in pension fund payments through the next year or longer. Global Pension Crisis looks at this situation and offers practical advice for retirement plan managers and financial advisors, while also explaining how to strengthen pensions and prevent similar crises in the future.
* Offers a clear and comprehensive explanation of the current pension crisis for retirement fund managers, financial advisors, and economists
* Includes prescriptive guidance on how to strengthen the pension fund system and prevent another similar crisis
* Written by venture capitalist, entrepreneur, and former senior Wall Street executive Rich Marin
eBook
Factors Associated With the Ownership of Individual Retirement Accounts (IRAs): Applying the Theory of Planned Behavior
Despite the importance of retirement savings, many individuals retire with lack of adequate retirement savings. While calculating retirement savings needs was found to enhance retirement savings, little is known about what underlies this enhancement. Applying the theory of planned behavior (TPB), we developed a model in which psychological factors influence the calculation of retirement savings needs, which in turn influences the ownership of individual retirement accounts. Path analysis was used to test our model with data from the 2015 National Financial Capability Study. The results showed that favorable attitudes, strong social norms, and perceived behavioral control are associated with calculating retirement savings needs. Also, calculating retirement savings needs as well as perceived behavioral control and having an employer-based retirement plan, in turn, contributed to the prediction of individual retirement account ownership. Our results suggest it is important to understand he psychological factors behind calculating retirement savings needs and to make it easy for individuals to calculate those needs.
Journal Article
The effects of risk aversion and density of contribution on comparisons of administrative charges in individual account pension systems
This paper studies the effects of risk aversion and density of contribution (DoC) on comparisons of proportional charges on flow (contributions) and balance (assets) during the accumulation phase of a defined-contribution pension plan in a system of individual retirement accounts. If the participant's degree of risk aversion increases and both charges yield the same expected terminal wealth, then the charge on balance improves with respect to the charge on flow when performing comparisons that examine the ratio between the resulting expected utilities of terminal wealth. When this methodology is applied to the Peruvian Private Pension System, empirical results demonstrate that the aforementioned result also holds for arbitrary charges on flow and balance and that the effect of DoC on these comparisons is nearly negligible for most of the assessed scenarios.
Journal Article
Individual Retirement Accounts
Intro -- INDIVIDUAL RETIREMENT ACCOUNTS: A PRIMER -- INDIVIDUAL RETIREMENT ACCOUNTS: A PRIMER -- CONTENTS -- PREFACE -- Chapter 1 RETIREMENT SAVINGS: HOW MUCH WILL WORKERS HAVE WHEN THEY RETIRE?* -- SUMMARY -- TRENDS IN RETIREMENT PLAN DESIGN -- Growing Prevalence of Defined Contribution Plans -- RETIREMENT SAVINGS OF AMERICAN HOUSEHOLDS -- Retirement Account Balances in 2004 -- HOW MUCH MIGHT WORKERS ACCUMULATE BY AGE 65? -- Methods -- WHAT IS \"MONTE CARLO\" ANALYSIS? -- SIMULATION RESULTS: RETIREMENT ACCOUNT BALANCES AT AGE 65 -- Variability of Investment Rates of Return -- Length of Investment Period -- Household Earnings -- Household Earnings -- SIMULATION RESULTS: MEASURING RETIREMENT INCOME ADEQUACY -- Measuring Earnings Replacement Rates -- Married Couples versus Singles -- Detailed Simulation Results -- POLICY CONSIDERATIONS -- CONCLUSION -- APPENDIX -- Chapter 2 RETIREMENT SAVINGS ACCOUNTS: FEES, EXPENSES, AND ACCOUNT BALANCES* -- SUMMARY -- BACKGROUND ON FEES AND EXPENSES IN 401(K) PLANS -- RESULTS -- METHODS -- Chapter 3 INDIVIDUAL RETIREMENT ACCOUNTS (IRAS): ISSUES AND PROPOSED EXPANSION* -- SUMMARY -- CURRENT RULES REGARDING INDIVIDUAL RETIREMENT ACCOUNTS -- Traditional (Front-loaded) IRAs -- Roth (Back-loaded) IRAs -- TAX CONSEQUENCES OF IRAS -- When Traditional and Roth IRAs are Equivalent -- Differences between Traditional and Roth IRAs -- Variations in Tax Rates over Time -- Contribution Limits -- Nonqualified Withdrawals -- ECONOMIC IMPORTANCE OF IRAS -- SAVINGS EFFECTS -- DISTRIBUTIONAL EFFECTS -- ADMINISTRATIVE ISSUES -- POLICY IMPLICATIONS OF TRADITIONAL AND ROTH IRAS -- RECENT PROPOSALS -- CONCLUSIONS -- APPENDIX: A HISTORY OF IRA PROPOSALS -- Chapter 4 TRADITIONAL AND ROTH INDIVIDUAL RETIREMENT ACCOUNTS (IRAS): A PRIMER* -- SUMMARY -- INTRODUCTION -- IRA ASSETS AND SOURCES OF FUNDS -- TRADITIONAL IRAS.
eBook
No growth without equity? : inequality, interests, and competition in Mexico
Equity and growth are central concerns for development in Mexico. Specific inequalities in income, power, wealth, and status create and sustain economic institutions and policies that perpetuate these inequalities and promote poor economic performace. 'No Growth without Equity? Inequality, Interests, and Competition in Mexico' presents a novel analysis showing why more equality is necessary to increase economic growth. The authors analyze the causes of persistent inequality and weak growth in Mexico, despite major changes associated with NAFTA and democratization, and draw implications for policy design. The book involves an innovative synthesis of work on overall links between equity and growth, and carefully grounded analysis in specific areas. The issues are of intense interest to policy debate in Mexico and to the development community in Latin America and elsewhere.
eBook
Efficiency and Performance of Bulgarian Private Pensions
This paper analyzes the performance of the Bulgarian private defined contribution pensions in the second and third pillars of the pension system.
eBook
Consumer Confusion: The Choice of AFORE in Mexico
This paper was prepared for the World Bank 4th Annual Contractual Savings Conference (Washington DC, April 2008) co-organized by Gregorio Impavido (gimpavido@imf.org). The article shows that account transfers among pension administrators in Mexico barely respond to price or return considerations and in general has not improved the consumer's pension balance. Instead of strengthening competition through lower fees and higher returns for the consumer, AFORE switching has so far undermined the system and resulted in the destruction of value. Moreover, \"noisy\" evaluations of the product by the consumer tend to undermine the power of competition. Thus, an increased number of pension fund managers has not provided a more competitive environment. The theoretical framework allows for the estimation of \"noise\" and mark-ups in the AFORE industry. As the number of AFOREs increases, the mark-up diminishes at a very slow rate. This implies that more participants in the industry will hardly affect prices.
eBook