| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18491 |
| 来源ID | Working Paper 18491 |
| Linking Benefits to Investment Performance in US Public Pension Systems | |
| Robert Novy-Marx; Joshua D. Rauh | |
| 发表日期 | 2012-10-25 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper calculates the effect that introducing risk-sharing during either retirement or the working life would have on public sector pension liabilities. We begin by considering the introduction of a variable annuity for the retirement phase, modeled on the Wisconsin Retirement System, in which positive benefit adjustments are granted only if asset returns surpass 5% but benefits cannot fall below their initial levels. This change would reduce unfunded accrued liabilities by around 25%, and would lower the annual contribution increases required to target full funding in 30 years by 11%. If there is no minimum benefit guarantee, the impact of introducing variable annuities is substantially larger: the unfunded liability would fall by over half and required annual contribution increases would fall by 44%. Alternative measures that have similar effects on costs include increasing employee contributions by 10.3% of pay while keeping benefits unchanged; or giving employees a collective DC plan with an employer contribution of 10% of pay for future service. We discuss these results in the context of models of lifecycle portfolio choice, which suggest that employees should generally prefer to take risk earlier in their lives rather than later. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Public Economics ; Taxation ; National Fiscal Issues ; Subnational Fiscal Issues |
| URL | https://www.nber.org/papers/w18491 |
| 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/576166 |
| 推荐引用方式 GB/T 7714 | Robert Novy-Marx,Joshua D. Rauh. Linking Benefits to Investment Performance in US Public Pension Systems. 2012. |
| 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 | ||
| w18491.pdf（218KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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