"The private pension system, together with Social Security, has
provided millions of Americans with income security in retirement.
But over the past thirty years, pension coverage has stagnated,
leaving behind some vulnerable groups. Defined contribution plans
have exposed workers to greater investment risk, while cash balance
and other hybrid plans may have adverse effects on older workers
caught in the transition. Pension regulations, infamous for their
complexity, can be bewildering to policy analysts and policymakers.
Private Pensions and Public Policies sheds timely and much-needed
light on specific issues within the broader context and framework
of pension reform. Contributors focus on topics that must be
addressed in any reform effort, including the effects of the shift
in emphasis toward defined contribution plans (after the 1974
Employee Retirement Income and Security Act) and hybrid plans (from
the 1990s); regulatory issues such as nondiscrimination rules and
contribution limits; how to increase the information available to
participants and improve financial education; how participants in
defined contribution plans make choices on questions such as asset
allocation, back-loaded versus front-loaded saving, and annuities
versus lump sum distributions; and the interaction of the private
pension system with Social Security. Contributors include Robert L.
Clark (North Carolina State University), Sylvester J. Schieber
(Watson Wyatt Worldwide), Richard A. Ippolito (George Mason
University School of Law), Alan L. Gustman (Dartmouth College),
Thomas L. Steinmeier (Texas Tech University), John Karl Scholz
(University of Wisconsin), Dean M. Maki, (JPMorgan Chase), William
Even (Miami University of Ohio), Jagadeesh Gokhale (American
Enterprise Institute), Laurence J. Kotlikoff (Boston University),
Mark J. Warshawsky (TIAA-CREF Institute), Annika Sunden (Boston
College), Andrew A. Samwick (Dartmouth College), David A. Wise
(Harvard University), Joel Dickson (The Vanguard Group), Peter
Merrill (PriceWaterhouseCoopers), Kent Smetters (Wharton School),
Yuewu Xu (TIAA-CREF Institute), Janemarie Mulvey (Watson Wyatt
Worldwide), Peter Orszag (Sebago Associates, Inc.), James M.
Poterba (Massachusetts Institute of Technology), John B. Shoven
(Stanford University), Clemens Sialm (University of Michigan),
Leslie E. Papke (Michigan State University), Jeffrey R. Brown
(Harvard University), and Michael Hurd (RAND Corporation). "
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