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June 2023

‘InDIAs’: Innovative Retirement Security Bonds for India

By Arun Muralidhar A commonly-accepted retirement goal for a healthy pension is for it to sustain the relatively higher standard-of-living of the latter part of one’s working life throughout retirement. A recent innovation implemented by Brazil in January 2023 might provide a solution to the pension challenges faced by India, and, more importantly, satisfy the key goals identified by the Reserve Bank of India in respect of debt management and a stable debt structure as also self- reliance and financial...

Linear Risk Sharing in Intergenerational Pension

By Michail Anthropelos, An Chen, Steven Vanduffel & Morten Wilke  We introduce and analyze a novel collective defined contribution plan (CDC) which guarantees upon retirement at least a target benefit as a lump sum. The guarantee is provided by the remaining working generations under a pre-determined linear intergenerational risk sharing (IRS) rule. Through a simulation-based study, we show that the CDC scheme consistently outperforms the comparable individual DC scheme in terms of risk-adjusted performance. An extensive sensitivity analysis indicates that this...

Optimal Retirement Portfolios with Fixed and Variable Longevity Annuities in Defined Contribution Plans taking Social Security into Account

By Vanya Horneff, Raimond Maurer & Olivia S. Mitchell  This paper examines how two instruments—annuities with lifelong benefits purchased using defined contribution (DC) plan assets, and social security annuities—should be considered jointly to optimize household lifetime wellbeing. Understanding how these interact is of key importance in order to generate efficient retirement portfolios. Additionally, there is likely to be substantial heterogeneity in the demand for longevity annuities across the retiree population, depending on their assets inside and outside tax-qualified retirement plans,...

Sexual orientation and labor market outcomes

By Nick Drydakis  Currently, being gay or lesbian is illegal in almost 80 countries, meaning that 2.7 billion people live in countries where having a minority sexual orientation is a crime. Additionally, fewer than 20% of countries have adopted employment anti-discrimination laws to protect gay and lesbian employees. On average, Australia, Canada, the US, and the EU have the strongest protection of sexual orientation rights, including workplace anti-discrimination laws and some studies in these countries have examined labor market outcomes...

The Wage Gap Among LGBTQ+ Workers in the United States

By HRC Foundation  In an HRC Foundation analysis of nearly 7,000 full-time LGBTQ+ workers, median earnings were about $900 weekly, about 90% of the $1,001 median weekly wage a typical worker earns in the United States, as reported recently by the Bureau of Labor Statistics. Put another way, LGBTQ+ workers earn about 90 cents for every dollar that the typical worker earns. LGBTQ+ people of color, transgender women and men and non-binary individuals earn even less when compared to the...

U.S public pensions are building for the long-term. How pension plans are reacting after a year of shocks

By Ortec Finance U.S. public pension plans have been through a torrid year of investment volatility, rising inflation and increasing interest rates. The Federal Reserve has raised rates nine times in succession taking the rate to 5% - the highest since 2007 – while CPI inflation climbed as high as 9.1% in June 2022. The most recent figure of 4.9% for April is good news but many analysts still expect further Federal Reserve rate rises. The series of economic shocks helps explain...

LGBT Elders in a Post-Windsor World: The Promise and Limits of Marriage Equality

By Nancy J.Knauer This Article addresses the uncertain post-Windsor legal landscape from the perspective of LGBT elders and older adults. The demise of DOMA has enhanced access to federal benefits, but it has also increased the complexity that LGBT individuals and their families face as they begin to plan for retirement and beyond. Additionally, marriage equality — even when it is recognized nationwide — will not help LGBT elders and older adults tackle many of the obstacles they face when...

The Role of IRAs in US Households’ Saving for Retirement, 2022

By Sarah Holden & Daniel Schrass This paper presents survey results on the incidence of individual retirement account (IRA) ownership in the United States and the contribution, rollover, and withdrawal activity of IRA-owning households. IRAs play an important role in US households’ retirement saving: In mid-2022, more than four in 10 US households owned IRAs. Traditional IRAs were the most common type of IRA owned (31 percent of US households), followed by Roth IRAs and employer-sponsored IRAs. IRA-owning households often...

Pioneering Safe & Inclusive LGBT Specific Retirement Accommodation. Exploring Models in the USA, UK, & Spain

By Liam Concannon With significant advances in equal rights for lesbians, gay men, bisexual and transgender (LGBT) citizens, achieved across the western world during the past few decades, one group that continues to be overlooked is LGBT elders. This article examines the unique discrimination and homophobia faced by older LGBT people living in nursing and residential care homes. It investigates ways in which these environments construct and perpetuate heteronormativity by addressing the needs of heterosexual residents, while at the same...

A Complaint Template for Legal Challenges to the Validity of the Statutory ‘Debt Ceiling’

By Robert C. Hockett The Statutory ‘Debt Ceiling’ appearing at 31 USC 3101(b), rooted in the Second Liberty Bond Act of 1917 aimed at expanding Treasury financing options during the First World War, is not valid in any application that would occasion default on U.S. sovereign debt, other contractual obligations, or Social Security or Veterans’ pension obligations. There are at least seven mutually reinforcing legal grounds for so saying. These include preemption of such application of the Ceiling by the...