Keith Brainard
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199573349
- eISBN:
- 9780191721946
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199573349.003.0012
- Subject:
- Business and Management, Public Management, Pensions and Pension Management
Retiree benefits for US employees of state and local governments have been traditionally paid via defined benefit (DB) plans, but this arrangement has been neither monolithic nor static. This chapter ...
More
Retiree benefits for US employees of state and local governments have been traditionally paid via defined benefit (DB) plans, but this arrangement has been neither monolithic nor static. This chapter provides examples of variants on the traditional DB model and presents recent developments in retirement benefits for public employees, focusing on the incorporation of DC plan elements into or alongside DB plan structures.Less
Retiree benefits for US employees of state and local governments have been traditionally paid via defined benefit (DB) plans, but this arrangement has been neither monolithic nor static. This chapter provides examples of variants on the traditional DB model and presents recent developments in retirement benefits for public employees, focusing on the incorporation of DC plan elements into or alongside DB plan structures.
Catherine Reilly and Alistair Byrne
- Published in print:
- 2018
- Published Online:
- October 2018
- ISBN:
- 9780198827443
- eISBN:
- 9780191866296
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198827443.003.0005
- Subject:
- Business and Management, Pensions and Pension Management
Low returns on financial assets and increasing longevity mean saving for retirement is becoming more challenging than it has been in the past. Generations retiring in the near term face increased ...
More
Low returns on financial assets and increasing longevity mean saving for retirement is becoming more challenging than it has been in the past. Generations retiring in the near term face increased longevity but have lived through periods with strong market returns boosting their assets, and many also have defined benefit plan entitlements. Younger generations, who also face increasing longevity, are unlikely to earn historical investment returns on their retirement portfolios, and few have traditional pensions. We model the likely outcomes for different cohorts under scenarios for savings behavior, investment returns, and longevity. While younger generations do face substantial challenges, we show that plausible courses of action involve increased contributions and delayed or partial retirement, which can provide reasonable income replacement rates in retirement. We map out the steps that the retirement industry (government, employers, and financial services providers) must take to support people in following these courses of action, such as providing more flexibility over social security.Less
Low returns on financial assets and increasing longevity mean saving for retirement is becoming more challenging than it has been in the past. Generations retiring in the near term face increased longevity but have lived through periods with strong market returns boosting their assets, and many also have defined benefit plan entitlements. Younger generations, who also face increasing longevity, are unlikely to earn historical investment returns on their retirement portfolios, and few have traditional pensions. We model the likely outcomes for different cohorts under scenarios for savings behavior, investment returns, and longevity. While younger generations do face substantial challenges, we show that plausible courses of action involve increased contributions and delayed or partial retirement, which can provide reasonable income replacement rates in retirement. We map out the steps that the retirement industry (government, employers, and financial services providers) must take to support people in following these courses of action, such as providing more flexibility over social security.
Yvonne Sonsino
- Published in print:
- 2018
- Published Online:
- October 2018
- ISBN:
- 9780198827443
- eISBN:
- 9780191866296
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198827443.003.0010
- Subject:
- Business and Management, Pensions and Pension Management
Demographic evidence suggests that by 2050, almost one quarter of the world’s population will be over the age of 60. Many of these people over 60 will still be at work to finance their longer ...
More
Demographic evidence suggests that by 2050, almost one quarter of the world’s population will be over the age of 60. Many of these people over 60 will still be at work to finance their longer lifetimes. We examine how living longer is likely to influence people’s decisions to work for longer; how the nature of changes to work itself will influence future work, workers, and the workplace; how employers can benefit from retaining older workers; and ultimately, what employers can do to achieve a competitive advantage from the changing demographics.Less
Demographic evidence suggests that by 2050, almost one quarter of the world’s population will be over the age of 60. Many of these people over 60 will still be at work to finance their longer lifetimes. We examine how living longer is likely to influence people’s decisions to work for longer; how the nature of changes to work itself will influence future work, workers, and the workplace; how employers can benefit from retaining older workers; and ultimately, what employers can do to achieve a competitive advantage from the changing demographics.
