Praise for PENSION FINANCE
"Pension Finance is a comprehensive, integrated, and
self-contained offering on the structure, management, and oversight
of defined benefit pension plans, carefully composed by a prime
observer and practitioner in the defined benefit pension world. . .
an important and most needed contribution to defined benefit
pension knowledge. Whether a prime academic researcher, experienced
public policymaker, seasoned private-sector practitioner, or novice
student of retirement finance, the reader is in for a treat: bon
appetit "--Robert C. Merton, MIT
"This book is a major advance in the literature of pension
finance, breaking much new ground in the market value approach to
pension finance. Thorough and hard-hitting, Waring warns that many
will consider his blunt views to be 'controversial' or even
'heretical.' But his approach sheds a much-needed bright light on
the fundamental nature of pension liability. There are also many
valuable suggestions about how to structure an asset portfolio that
addresses these now more clearly defined liabilities, given a
specific fund's risk tolerance, contingent reserves, back-up
resources, and payment schedule."--Martin Leibowitz, Managing
Director, Morgan Stanley
"The value of Pension Finance is not in propounding any new or
novel finance ideas, but in systematically explaining the guts of
the actuarial process, and then restating the process in sound
terms. After reading this book, those involved in the pension arena
will understand the causes of the pension crisis and appreciate how
easy the 'right answers' are once those causes are
understood."--Frank Fabozzi, Professor of Finance, EDHEC Business
School and Editor, The Journal of Portfolio Management
"Pension Finance is now the seminal work on the subject and
should be required reading for policymakers, practitioners, and
plan fiduciaries. Waring makes a compelling and persuasive case
that the only way to ensure the long-term viability of defined
benefit plans is to accurately measure the true costs and risks of
providing the benefits and provisioning accordingly."--Bradley D.
Belt, former Director, Pension Benefit Guaranty Corporation, and
Senior Managing Director, Milken Institute
"Pension Finance draws cross-disciplinary lessons learned the
hard way to set in motion a much-needed overhaul of the U.S.
defined benefit pension system. Waring's risk management approach
will help guide corporate and public plan sponsors to better
measure, pay for, and manage their pension assets and liabilities
using modern financial principles. Chock-full of examples and
sometimes sad lessons from the pension trenches, this book will set
the terms of debate for corporate boards and public plan trustees,
consultants and actuaries, unions and financial advisors, and most
of all, policymakers seeking to return the U.S. retirement system
to health." --Olivia S. Mitchell, Professor of Insurance & Risk
Management/Business & Public Policy The Wharton School,
University of Pennsylvania
General
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