Wharton Pension Research Council Working Papers

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Working Papers from 2015

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Financial Literacy and Economic Outcomes: Evidence and Policy Implications, Olivia S. Mitchell and Annamaria Lusardi

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Implications of the New Regulatory Order for Retirement System Risk Management, Olivia S. Mitchell, Raimond Maurer, and J. Michael Orszag

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It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans, Veronika K. Pool, Clemens Sialm, and Irina Stefanescu

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Pensions, Risk, and Global Systemically Important Financial Institutions, Brian Reed and Dan Waters

Working Papers from 2014

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Does Financial Education Enhance Financial Preparedness? Evidence from a Field Experiment in Singapore, Rashmi Barua, Benedict Koh, and Olivia S. Mitchell

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United States Pension Benefit Plan Design Innovation: Labor Unions as Agents of Change, David S. Blitzstein

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The Promise of Defined Ambition Plans: Lessons for the United States, Lans Bovenberg, Roel Mehlkopf, and Theo Nijman

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Insights From Switzerland’s Pension System, Monika Bütler

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The Australian Retirement Income System: Comparisons with and Lessons for the United States, Rafal Chomik and John Piggott

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The Changing Nature of Retirement, Julia Coronado

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Retirement Shares Plan: A New Model of Risk Sharing, Donald E. Fuerst

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Back to the Future: Hybrid Co-operative Pensions and the TIAA-CREF System, Benjamin Goodman and David P. Richardson

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Singapore’s Social Security Savings System: A Review and Some Lessons for the United States, Benedict SK Koh

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What’s Next for VEBAs? The Impact of Declining Employer-Provided Health Care Coverage and the Affordable Care Act, Erin S. Leighty

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Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, and Tatjana Schimetschek

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Accounting and Actuarial Smoothing of Retirement Payouts in Participating Life Annuities, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, and Ivonne Siegelin

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Changing Frameworks for Retirement Security, Olivia S. Mitchell

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Are Retirees Falling Short? Reconciling the Conflicting Evidence, Alicia H. Munnell, Matthew S. Rutledge, and Anthony Webb

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Risk-sharing Alternatives for Pension Plan Design: An Overview and Case Studies, Anna M. Rappaport and Andrew Peterson

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Optimal Portfolio Choice in Retirement with Participating Life Annuities, Ralph Rogalla

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The Portfolio Pension Plan: An Alternative Model for Retirement Security, Richard C. Shea, Robert S. Newman, and Jonathan P. Goldberg

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Entitlement Reform and the Future of Pensions, Eugene C. Steuerle, Benjamin H. Harris, and Pamela J. Perun

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Retirement Plans and Prospects for Retirement Income Adequacy, Jack VanDerhei

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Cultivating Pension Plans, John M. Vine

Working Papers from 2013

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Evaluating Pension Insurance Pricing, David F. Babbel

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The Funding Debate: Optimizing Pension Risk within a Corporate Risk Budget, Geoff Bauer, Gordon Fletcher, Julien Halfon, and Stacy Scapino

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Managing Capital Market Risk for Retirement, Enrico Biffis and Robert Kosowski

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Actuarial Perspectives on Defined Benefit Pension Risk – Modeling Emerging Issues, Christopher M. Bone

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Complexity as a Barrier to Annuitization: Do Consumers Know How to Value Annuities?, Jeffrey R. Brown, Arie Kapteyn, Erzo FP Luttmer, and Olivia S. Mitchell

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Framing the Social Security Earnings Test, Jeffrey R. Brown, Arie Kapteyn, Teryn Mattox, and Olivia S. Mitchell

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Modeling and Management of Longevity Risk, Andrew JG Cairns

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Modeling Risk-based Pension Insurance Premiums, Martin G. Clarke

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Longevity Risk Management, Corporate Finance, and Sustainable Pensions, Guy Coughlan

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Evolving Roles for Pension Regulations: Toward Better Risk Control?, E. Philip Davis

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Measuring and Explaining Pension System Risk, Frank J. Fabozzi

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Observations on Actuarial Assumptions and Models for Defined Benefit Pension Plans, Donald E. Fuerst

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Financial Market Assumptions & Models for Pension Plans: A Technical Comment on the PIMS Model Assumptions for Asset Markets, Christopher C. Geczy

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Extreme Risks and the Retirement Anomaly, Tim Hodgson

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Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection, Vanya Horneff, Olivia S. Mitchell, Raimond Maurer, and Ralph Rogalla

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How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios, Andreas Hubener, Raimond Maurer, and Olivia S. Mitchell

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Risk Budgeting and Longevity Insurance: Strategies for Sustainable Defined Benefit Pension Funds, Amy Kessler

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Contagious Runs in Money Market Funds and the Impact of a Government Guarantee, Hugh Hoikwang Kim

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Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management, Hugh Hoikwang Kim, Raimond Maurer, and Olivia S. Mitchell

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Stress Testing Monte Carlo Assumptions, Marlena Lee

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Joint Risk of DB Pension Underfunding and Sponsor Termination: Incorporating Options-Based Projections and Valuations into PIMS, Deborah Lucas

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Developments in European Pension Regulation: Risks and Challenges, Stefan Lundbergh, Ruben Laros, and Laura Rebel

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The Economic Importance of Financial Literacy: Theory and Evidence, Annamaria Lusardi and Olivia S. Mitchell

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The Securitization of Longevity Risk and its Implications for Retirement Security, Richard D. MacMinn, Patrick Brockett, Jennifer Wang, Yijia Lin, and Ruilin Tian

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Integrated Risk Management for Defined Benefit Pensions: Models and Metrics, Raimond Maurer

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Technical Review Panel for the PIMS Model: Final Report, Olivia S. Mitchell

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Recreating Retirement Sustainability, Olivia S. Mitchell and Raimond Maurer

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Retirement in Japan and the United States: Cross-national Comparisons using the Japanese Study of Aging and Retirement (JSTAR) and the U.S. Health and Retirement Study (HRS), Olivia S. Mitchell and John WR Phillips

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Implications for Long-term Investors of the Shifting Distribution of Capital Market Returns, James Moore and Niels Pedersen

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Economic and Financial Approaches to Valuing Pension Liabilities, Robert Novy-Marx

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An Actuarial Perspective on Pension Plan Funding, Donald J. Segal

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Model Risk, Mortality Heterogeneity, and Implications for Solvency and Tail risk, Michael Sherris and Qiming Zhou

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Dynamic Asset Allocation with Regime Shifts and Long Horizon CVaR-Constraints, Huy Thanh Vo and Raimond Maurer

Working Papers from 2012

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Financial Literacy and Retirement Planning in Australia, Julie R. Agnew, Hazel Bateman, and Susan Thorp

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Regulating Financial Planners: Assessing the Current System and Some Alternatives, Jason Bromberg and Alicia P. Cackley

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Exchanging Delayed Social Security Benefits for Lump Sums: Could This Incentivize Longer Work Careers?, Jingjing Chai, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

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Financial Advice: Does it Make a Difference?, Michael Finke

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Functional Disabilities and Nursing Home Admittance, Joelle H. Fong, Benedict SK Koh, and Olivia S. Mitchell

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How Financial Advisers and Defined Contribution Plan Providers Educate Clients and Participants about Social Security, Mathew Greenwald, Andrew Biggs, and Lisa Schneider

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How to Make the Market for Financial Advice Work, Andreas Hackenthal and Roman Inderst

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Explaining Risk to Clients: An Advisory Perspective, Paula H. Hogan and Rick Miller

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When, Why, and How Do Mutual Fund Investors Use Financial Advisers?, Sarah A. Holden

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The Role of Guidance in the Annuity Decision-Making Process, Kelli Hueler and Anna Rappaport

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Asking For Help: Survey and Experimental Evidence on Financial Advice and Behavior Change, Angela A. Hung and Joanne K. Yoong

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Semiparametric Bayesian Modeling of Income Volatility Heterogeneity, Shane T. Jensen and Stephen H. Shore

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The Evolution of Workplace Advice, Christopher L. Jones and Jason S. Scott

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Harmonizing the Regulation of Financial Advisers, Arthur B. Laby

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Financial Sophistication in the Older Population, Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto

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Participating Payout Life Annuities: Lessons from Germany, Raimond Maurer, Ralph Rogalla, and Ivonne Siegelin

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The Market for Retirement Financial Advice: An Introduction, Olivia S. Mitchell and Kent Smetters

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Target-Date Funds in 401(k) Retirement Plans, Olivia S. Mitchell and Stephen P. Utkus

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How Important Is Asset Allocation To Americans’ Financial Retirement Security?, Alicia H. Munnell, Natalia Orlova, and Anthony Webb

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Health Expenditure Risk and Annuitization: Evidence from Medigap Coverage, Daniel W. Sacks

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Identifying Idiosyncratic Career Taste and Skill with Income Risk, Stephen H. Shore, Daniel Barth, and Shane T. Jensen

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Valuing Variable Annuities with Guaranteed Minimum Lifetime Withdrawal Benefits, Petra Steinorth and Olivia S. Mitchell

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The Market for Financial Advisers, John A. Turner and Dana M. Muir

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Evaluating the Impact of Financial Planners, Cathleen D. Zick and Robert N. Mayer

Working Papers from 2011

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First-Round Impacts of the 2008 Chilean Pension System Reform, Jere R. Berhman, Maria Cecilia Calderon, Olivia S. Mitchell, Javiera Vasquez, and David Bravo

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How Have Public Sector Pensions Responded to the Financial Crisis?, Andrew J. Biggs

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Collective Pensions and the Global Financial Crisis: The Case of the Netherlands, Lans Bovenberg and Theo Nijman

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Qualified Retirement Plans: Analysis of Distribution and Rollover Activity, Victoria L. Bryant, Sarah Holden, and John Sabelhaus

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Potential Impacts of the Great Recession on Future Retirement Incomes, Barbara A. Butrica, Richard W. Johnson, and Karen E. Smith

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Life Cycle Impacts of the Financial Crisis on Optimal Consumption—Portfolio Choices and Labor Supply, Jingjing Chai, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

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Adopting Hybrid Pension Plans: Effects of Economic Crisis and Regulatory Reform, Robert L. Clark, Alan Glickstein, and Tomeka Hill

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Changing Retirement Behavior in the Wake of the Financial Crisis, Julia Coronado and Karen Dynan

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Retirement Behavior and the Global Financial Crisis, Jason J. Fichtner, John WR Phillips, and Barbara A. Smith

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Beyond Age and Sex: Enhancing Annuity Pricing, Joelle HY Fong

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Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests, and Retirement Responded to Market Shocks, Michael Hurd and Susann Rohwedder

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Costly Portfolio Adjustment and the Delegation of Money Management, Hugh Hoikwang Kim

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Americans’ Financial Capability, Annamaria Lusardi

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Optimal Financial Literacy and Saving for Retirement, Annamaria Lusardi, Pierre-Carl Michaud, and Olivia S. Mitchell

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Retirement Security and the Financial and Economic Crisis: An Overview, Raimond Maurer, Olivia S. Mitchell, and Mark Warshawsky

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Multiemployer Pension Plans Respond to the Financial Crisis, Judith F. Mazo and Eli Greenblum

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Public Pension Pressures in the United States, Olivia S. Mitchell

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Trading in 401(k) Plans during the Financial Crisis, Ning Tang, Olivia S. Mitchell, and Stephen P. Utkus

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Defined Benefit Pension Plans and the Financial Crisis: Impact and Sponsors and Government Reactions, Mark J. Warshawsky