Add to ORKGIn 1980 and 1981, Fischer Black and Irwin Tepper showed that shareholders would gain if corporate defined benefit pension assets were invested in taxable fixed income securities instead of equities. This paper extends this analysis into the cash balance plan arena, concluding that additional shareholder gains arise when plan liabilities mimic equities. A numerical example demonstrates that the present value of riskless gains to shareholders can exceed the entire after-tax value of plan assets. Lack of transparency in actuarial methods and assumptions is shown to impede implementation
Modification of defined benefit plans and conversion of defined contribution plans into Cash Balance...
Actuaries commonly, and in accordance with professional standards, use expected rates of return (on ...
A pension plan often tends to be one of the company’s biggest liabilities. Before 2008, pension plan...
In 1980 and 1981, Fischer Black and Irwin Tepper showed that shareholders would gain if corporate de...
Although pension finance theory says almost all defined benefit pension plans sponsored by publicly ...
This dissertation consists of a preface and three chapters each examining how pension actuarial prin...
In a company with defined benefit plans, pension assets often represent a sizable portfolio of finan...
Cash Balance Pension Plans are a defined benefit plan where employees have a hypothetical account th...
Although pension finance theory says almost all defined benefit pension plans sponsored by publicly ...
Some research has suggested that companies with defined benefit (DB) pensions are sometimes signific...
This paper presents a model of the interaction of a company’s financial and real investment decision...
Many firms that sponsor traditional defined benefit pensions have converted their plans to cash bala...
We use UK data to show that firms that sponsor a defined-benefit pension plan are less likely to be ...
Many firms that sponsor traditional defined benefit pensions have converted their plans to cash bala...
We use UK data to show that firms that sponsor a defined-benefit pension plan are less likely to be ...
Modification of defined benefit plans and conversion of defined contribution plans into Cash Balance...
Actuaries commonly, and in accordance with professional standards, use expected rates of return (on ...
A pension plan often tends to be one of the company’s biggest liabilities. Before 2008, pension plan...
In 1980 and 1981, Fischer Black and Irwin Tepper showed that shareholders would gain if corporate de...
Although pension finance theory says almost all defined benefit pension plans sponsored by publicly ...
This dissertation consists of a preface and three chapters each examining how pension actuarial prin...
In a company with defined benefit plans, pension assets often represent a sizable portfolio of finan...
Cash Balance Pension Plans are a defined benefit plan where employees have a hypothetical account th...
Although pension finance theory says almost all defined benefit pension plans sponsored by publicly ...
Some research has suggested that companies with defined benefit (DB) pensions are sometimes signific...
This paper presents a model of the interaction of a company’s financial and real investment decision...
Many firms that sponsor traditional defined benefit pensions have converted their plans to cash bala...
We use UK data to show that firms that sponsor a defined-benefit pension plan are less likely to be ...
Many firms that sponsor traditional defined benefit pensions have converted their plans to cash bala...
We use UK data to show that firms that sponsor a defined-benefit pension plan are less likely to be ...
Modification of defined benefit plans and conversion of defined contribution plans into Cash Balance...
Actuaries commonly, and in accordance with professional standards, use expected rates of return (on ...
A pension plan often tends to be one of the company’s biggest liabilities. Before 2008, pension plan...