Private pension plan standards : a summary of ERISA /

"January 2, 1985; updated March 16, 1993."

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"GAO-02-950."

Old age income assurance ; a compendium of papers on problems and policy issues in the public and private pension sytem, submitted to the Subcommittee on Fiscal Policy of the Joint Economic Committee /

At head of title: 90th Congress, 1st session. Joint committee print.

Aircraft and the law : a survey of the rights, duties and liabilities of all persons concerned with aircraft operation, and the interest of the general public in connection therewith /

Mode of access: Internet.

Magánnyugdíj-járadékok közötti választás (Choice amongst Hungarian pension funds' annuities )

Ebben a cikkben a magánnyugdíj-járadékok közötti választást vizsgálom. Arra vagyok kíváncsi, hogy a racionális döntéshozó hogyan választ a lehetséges járadékokból. A döntéshozó a várható hasznosságátmaximalizálja. A cikkben megvizsgálom azt az esetet is, ha a döntéshozó számára fontos, hogy gondoskodjék az utódairól, és megvizsgálom a házaspárok optimális döntését is. Felhívom a figyelmet, hogy a nemek közötti differenciálás tilalmának az lehet a következménye, hogy a döntéshozók olyan járadékokat választanak, amely a szolgáltatónak összességében veszteséget okoz. Bemutatom, hogy a halasztott járadékkal kombinált ütemezett pénzkivonás a vizsgált környezetben nem rosszabb, mint a többi lehet}oség, a döntéshozó viszont ebben az esetben a befektetési lehet}oségeket maga választhatja meg. _____________ This paper investigates the decision-maker's choice amongst the pension fund's life annuities in Hungary. Hungarian pension funds have not started providing annuities yet, and the environment requires further regulation. The most significant problems is that the annuity providers must not differentiate between sexes. Pension fund members can choose among different types of life annuities (e.g. they can choose guarantee period or joint life annutity), and the member's choice may cause loss to the annuity provider in general. Since differentation between sexes is not allowed member's opportunities may shrink (e.g. they can not choose guarantee period or joint life annuity).

Demográfiai hatások és implicit hozamok kapcsolata a nyugdíjrendszerekben = The relationship of demographic effects and implicit returns in pension systems

E tanulmány központi témája a nyugdíjrendszerek implicit hozama. Az együtt élő nemzedékek figyelembevételével felépülő nyugdíjmodellekben kétféle implicit hozamot különböztetünk meg. A hosszmetszeti implicit hozamot valamely adott nemzedékhez tartozó, különböző években esedékes pénzáramlások alapján, a keresztmetszeti implicit hozamot pedig több, különböző nemzedék adott évben jellemző pénzáramlásai alapján számíthatjuk ki. A hosszmetszeti és keresztmetszeti implicit hozamok értékeit és a közük lévő összefüggéseket a tőkefedezeti, a névleges egyéni számlás és a hagyományos felosztó-kirovó nyugdíjrendszerek egyszerű elméleti modelljeiben hasonlítjuk össze. A számításokhoz használt modellkeret fontos eleme a várható élettartam figyelembevétele. Az eredmények azt mutatják, hogy a maximális és a várható élettartam eltérésekor a hosszmetszeti és a keresztmetszeti implicit hozamok közötti összefüggések még egyszerű elméleti modellben is meglehetősen összetettek lehetnek. ____ The focus of this study is on the implicit returns of pension systems. Two types are analysed using an overlapping generations model: the calculation of longitudinal\" return is based on cash flows in different years belonging to a given generation, while cross-section\" implicit return is calculated in a given year with cash flows of multiple generations. Values and relationships of longitudinal and cross-section implicit returns are compared in simple theoretical models of fully funded\", notional defined-contribution\" and traditional pay-as-you-go\" pension systems. An important element of the theoretical model is the inclusion of an assumption about life expectancy. Model results point to the complexity of the relation between longitudinal and cross-section implicit returns, if expected and maximum life expectancy differ. The study maps and introduces these complex relationships.

Parametrikus nyugdíjreformok és életciklus-munkakínálat (Parametric pension reforms and life-cycle labour supply)

A társadalombiztosítási nyugdíjrendszer finanszírozása pusztán a demográfiai folyamatok következtében is jelentős terhet ró majd a költségvetésére, amin a különböző parametrikus és paradigmatikus nyugdíjreformok enyhíthetnek. A reformok azonban hosszú távon olyan viselkedési, munkakínálati reakciókat válthatnak ki, amelyek alapvetően változtatják meg a költségvetési hatásokat. Az 1999 és 2009 között Magyarországon megfigyelhető átlagos munka- és nyugdíjkorprofilok bemutatása után arra tettünk kísérletet, hogy mikroökonómiai alapon határozzuk meg néhány alapvető parametrikus nyugdíjreformnak a férfiak életciklus-munkakínálatára gyakorolt hatását. A modell paramétereit a magyar gazdaság 1999 és 2009 közötti jellemzőinek megfelelően kalibráltuk. Eredményeink szerint a helyettesítési ráta csökkentése, a nyugdíjkorhatár emelése és a svájci indexálás árindexálásra cserélése összességében számottevően növeli az egyes képzettségi csoportok munkakínálatát, s a fiatalabb korosztályok javára csoportosítja át az életciklus-munkakínálatot, míg a nyugdíj kiszámításához figyelembe vett évek számának megváltoztatása nem hoz jelentős aggregált hatást, és nem jár a munkakínálat korcsoportok közötti átcsoportosításával. ____ Financing the social-security pension system will weigh heavily on the government budget in developed countries, merely through the projected demographic processes. The burden could be eased by various parametric and paradigmatic pension reforms, but in the long run such reforms may trigger behavioural, labour-supply responses, which may alter the budgetary effects fundamentally. Having described the average work and pension profiles in Hungary between 1999 and 2009, the authors use a microeconomic approach in an attempt to assess the effect of certain parametric pension reforms on the life-cycle labour supply of males. The parameters for the model were calibrated for the characteristics of the Hungarian economy. The results show that decreasing the replacement rate, increasing the retirement age and replacing Swiss indexation of pensions by price indexation cause a considerable increase in the labour supply of all education-level groups, whereas changing the number of years considered in computing pensions does not have a significant aggregate effect. While introducing price indexation increases the labour supply of all cohorts by the same amount, the other reforms reallocate the life-cycle labour supply, mainly towards younger age-groups.

Determinants of local government pension funding: Empirical evidence from Florida

The financial community is well aware that continued underfunding of state and local government pension plans poses many public policy and fiduciary management concerns. However, a well-defined theoretical rationale has not been developed to explain why and how public sector pension plans underfund. This study uses three methods: a survey of national pension experts, an incomplete covariance panel method, and field interviews.^ A survey of national public sector pension experts was conducted to provide a conceptual framework by which underfunding could be evaluated. Experts suggest that plan design, fiscal stress, and political culture factors impact underfunding. However, experts do not agree with previous research findings that unions actively pursue underfunding to secure current wage increases.^ Within the conceptual framework and determinants identified by experts, several empirical regularities are documented for the first time. Analysis of 173 local government pension plans, observed from 1987 to 1992, was conducted. Findings indicate that underfunding occurs in plans that have lower retirement ages, increased costs due to benefit enhancements, when the sponsor faces current year operating deficits, or when a local government relies heavily on inelastic revenue sources. Results also suggest that elected officials artificially inflate interest rate assumptions to reduce current pension costs, consequently shifting these costs to future generations. In concurrence with some experts there is no data to support the assumption that highly unionized employees secure more funding than less unionized employees.^ Empirical results provide satisfactory but not overwhelming statistical power, and only minor predictive capacity. To further explore why underfunding occurs, field interviews were carried out with 62 local government officials. Practitioners indicated that perceived fiscal stress, the willingness of policymakers to advance funding, bargaining strategies used by union officials, apathy by employees and retirees, pension board composition, and the level of influence by internal pension experts has an impact on funding outcomes.^ A pension funding process model was posited by triangulating the expert survey, empirical findings, and field survey results. The funding process model should help shape and refine our theoretical knowledge of state and local government pension underfunding in the future. ^

Self-insuring environmental liabilities : a residual risk-bearer’s perspective

Peer reviewed

Environmental liabilities in insolvency:an area ripe for reform?

Purpose: The paper examines the question whether legislative reform is the ‘silver bullet’ for the problems generated by the failure of a company which is exposed to claims arising from the non-fulfilment of its environmental obligations. The limited capacity of the United Kingdom insolvency regime to facilitate the fulfilment of a debtor company's environmental obligations is often illustrated with reference to some significant judicial decisions. However, no real picture has emerged of the frequency with which these issues arise, based on which firm proposals for reform could be advanced. This paper argues that greater regard should be paid to existing mechanisms which provide a means of enabling insolvency risks to be managed or minimised, as these point towards the scope for these issues to be resolved through the environmental protection framework rather than through reliance on company and/or insolvency law. Design/methodology/approach: Research was conducted into the statutory and non-statutory regulations (such as statutory guidance), and case law principles, which underpin the treatment of the claims against an insolvent (or potentially insolvent) company resulting from its environmental activities. This included research into policies which have a bearing on this area, developed through governmental and civic consultations and studies. Findings: The paper concludes that the likelihood of a case for legislative reform being made out is weak, and the focus should accordingly shift to strengthening the effectiveness of existing law, policy and practice. Originality/value: This paper is the first (in the United Kingdom context) to challenge the perceived need for reform in this area, engaging with recent examples of such corporate failures and the impact of recent legislative and policy developments.

Powers, liabilities and expertise in community safety: Comparative lessons for ‘urban security’ from the United Kingdom and the Republic of Ireland

This paper begins by outlining and critiquing what we term the dominant anglophone model of neo-liberal community safety and crime prevention. As an alternative to this influential but flawed model, a comparative analysis is provided of the different constitutional-legal settlements in each of the five jurisdictions across the UK and the Republic of Ireland (ROI), and their uneven institutionalization of community safety. In the light of this it is argued that the nature of the anglophone community safety enterprise is actually subject to significant variation. Summarizing the contours of this variation facilitates our articulation of some core dimensions of community safety. Then, making use of Colebatch’s (2002) deconstruction of policy activity into categories of authority and expertise, and Brunsson’s (2002) distinction between policy talk, decisions and action, we put forward a way of understanding policy activity that avoids the twin dangers of ‘false particularism’ and ‘false universalism’ (Edwards and Hughes, 2005); that indicates a path for further empirical enquiry to assess the ‘reality’ of policy convergence; and that enables the engagement of researchers with normative questions about where community safety should be heading.

The Firefighters' Pension Scheme (Transitional and Consequential Provisions) Regulations (Northern Ireland) 2016 (PDF 115KB)

Consultation Response Report From 24 November 2015 until 14 December 2015 the Department ran a targeted consultation in relation to the HMT requirement to introduce modifications to primary legislation as a result of the introduction of the Firefighters’ Pension Scheme (2015) from 1 April 2015.  

Régime fiscal applicable aux prestations de pension complémentaire versées par les O.F.P. aspects internationaux

info:eu-repo/semantics/published