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March 2024

27Mar

Leveraging FinTech Compliance to Mitigate Cryptocurrency Volatility for Secure US Employee Retirement Benefits: Bitcoin ETF Case Study

By Samuel Oladiipo Olabanji, Tunbosun Oyewale Oladoyinbo, Christopher Uzoma Asonze, Chinasa Adigwe, Olalekan J Okunleye & Oluwaseun Oladeji Olaniyi The integration of cryptocurrencies, particularly Bitcoin, into retirement savings plans has recently garnered significant attention. This interest has been amplified by the U.S. Securities and Exchange Commission's approval of Bitcoin Exchange-Traded Funds (ETFs) in January 2024 and Fidelity Investments' decision to include Bitcoin in their 401(k) plans. These landmark developments represent a paradigm shift in retirement investment strategies, merging traditional financial...

March 27, 2024
Articles, Pension design, , ,
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27Mar

Autonomy or Delegation, Libertarianism or Paternalism: What I Like for Myself and What I Like for Others on Pension Savings

By Carmen Sainz Villalba By using an online survey conducted with Bilendi&Respondi, we correlate the variables of people’s perception of howdifferent they are from others with respect to their pension plan preferences, how informed they are about financial matters in general, and what are their preferences toward the government intervention of savings plans. The empirical approach is inspired by theory results of Konrad (2023). His game-theory analysis suggest that two factors increase the citizen’s desire for autonomous economic decision-making: eccentricity...

March 27, 2024
Articles, Savings, , ,
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22Mar

The Riccati Tontine: How to Satisfy Regulators on Average

By Moshe A. Milevsky & T. S. Salisbury This paper presents a new type of modern accumulation-based tontine, called the Riccati tontine, named after two Italians: mathematician Jacobo Riccati (b. 1676, d. 1754) and financier Lorenzo di Tonti (b. 1602, d. 1684). The Riccati tontine is yet another way of pooling and sharing longevity risk, but is different from competing designs in two key ways. The first is that in the Riccati tontine, the representative investor is expected -- although...

March 22, 2024
Articles, Pension design, ,
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22Mar

Childhood Experience and Expected Sources of Income in Old Age

By Huabin Bian, Fei Jin, Qingfu Liu & Yiuman Tse This paper uses the China Health and Retirement Longitudinal Study (CHARLS) database to explore the impact of family relationships in childhood (CFR) and economic conditions in childhood (CEC) on awareness of income sources in old age (AOAIS). We find that people whose family relationships in childhood were harmonious have passive AOAIS, whereas those with favorable economic conditions in childhood demonstrate proactive AOAIS. CFR affects AOAIS through family values, while CEC influences...

March 22, 2024
Articles, System Characterization, ,
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22Mar

Pension funds and fossil fuel phase-out: historical developments and limitations of pension climate strategies

 By Clara McDonnell Despite the decades of international climate negotiations and several landmark agreements, global efforts to date to restrict fossil fuel production in line with climate targets have been unsuccessful. As national and international policies continue to fall short of phasing out fossil fuels, increasing attention has been paid to non-state actors, like pension funds, as a potential source of more ambitious climate action. As major asset owners, large shareholders in fossil fuel companies, and historically activist investors, pension...

March 22, 2024
Articles, Investment, , , , ,
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15Mar

Unpackaging ESG: Evidence from 401(k) Investment

By Jiaxing Tian & Jiahong Shi We study how investors respond to scandals related to three distinct aspects of ESG--E(nvironmental), S(ocial) and G(overnance)--in their retirement savings. Using data on 401(k) investments, we show that nearby ESG scandals correlate with increased ESG fund additions and flows, possibly through ``evoking'' their existing sustainable preferences. Investors with different characteristics respond heterogeneously to E, S and G scandals. In magnitude, old investors are twice as likely as young investors to add ESG funds to...

March 15, 2024
Articles, Investment, , , , , ,
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15Mar

The Lifelong Benefits of Improved Financial Literacy

By Annamaria Lusardi Annamaria Lusardi talked with Retirement Management Journal Editorial Advisory Board Members in June 2023 about benchmarking and assessing financial literacy, how it compares globally and why it matters, and providing financial education to improve retirement readiness. Source SSRN

March 15, 2024
Articles, System Characterization, , ,
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15Mar

An Assessment of the 2019 and 2020 Pension Reforms in Mexico

By Boele Bonthuis In recent years the Mexican pension system has changed significantly. In 2019 the existing means-tested social pension was made universal – covering everyone over the age of 65 – and the benefit level increased. In 2020, the main regime of the private sector was substantially reformed, increasing contribution rates for the funded defined contribution system, lowering the minimum years of contributions needed to receive an earnings-related pension, and increasing minimum pensions. This paper tries to assess the...

March 15, 2024
Articles, System Characterization, , , ,
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08Mar

Gender Pension Gap in EU Countries: A Between-Group Inequality Approach

By Antonio Abatemarco, Elena Lagomarsino & Maria Russolillo  Pension entitlements are influenced by individual career paths and labor market conditions, which often result in gender-based disparities. Women face several challenges during their working lives, such as late entry into the labor market, the gender pay gap, discontinuous working careers, and early retirement due to family caregiving, which lead to lower pension incomes. This paper investigates the gender pension gap in nine European Union countries from 2004 to 2020. Our study...

March 8, 2024
Articles, System Characterization, , , ,
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08Mar

The gender pension gap: What does it tell us and what should be done about it?

By Miglena Abels, Loli Arribas-Banos & Gustavo Demarco Despite recent attention in the media, progress in closing the gender pension gap in most countries has halted. These sources point to a stark disparity in retirement outcomes, with women receiving pensions that are between 25% to 30% lower than those of men. Methodological differences to estimate the gap don’t make it less striking and are no excuse for inaction. Source World Bank

March 8, 2024
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