| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1370 |
| 来源ID | Working Paper 1370 |
| Pension Plan Integration as Insurance Against Social Security Risk | |
| Robert C. Merton; Zvi Bodie; Alan J. Marcus | |
| 发表日期 | 1984-06-01 |
| 出版年 | 1984 |
| 语种 | 英语 |
| 摘要 | The manifest purposes of integrating an employer-provided pension plan with social security are:(1) to ensure retirement income adequacy for all covered employees; and (2) to ensure retirement income equity, defined as equal total replacement rates for all employees regardless of salary level. The focus of this paper, however, is on an equally important (and perhaps latent) consequence of integration: the alteration of the risk-bearing relationships between employees, employers and the government vis-a-vis social security benefits. The main alteration is that the employer in effect insures his covered employees against adverse changes in their social security retirement benefit. Using the option-pricing methodology of modern contingent claims analysis,we develop a formal model to explore the quantitative aspects of this change.While the focus of the analysis is on full integration, we do explicitly deal with various degrees of partial integration as is currently practiced. We also analyze the effects of a switch from a non-integrated to an equivalent-cost integrated plan when private benefits are fixed in nominal terms and when they are indexed. In this connection we examine how integrated plans are affected when the sponsor makes ad hoc post-retirement benefit increases. We also consider the incentive effects on worker mobility of the adoption of integrated plans. The analysis is also used to highlight what we believe to be important unintended consequences of integrating pension plans with social security. |
| 主题 | Public Economics ; Financial Economics |
| URL | https://www.nber.org/papers/w1370 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558603 |
| 推荐引用方式 GB/T 7714 | Robert C. Merton,Zvi Bodie,Alan J. Marcus. Pension Plan Integration as Insurance Against Social Security Risk. 1984. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w1370.pdf（413KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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