September 2017

08Sep

Annuity Options in Public Pension Plans: The Curious Case of Social Security Leveling

By Robert L. Clark, Robert G. Hammond, Melinda S. Morrill, David Vanderweide Social Security Leveling is an annuity option that allows participants to receive a level income before and after age 62. The retiree receives a larger pension benefit prior to age 62, but then the pension benefit is lowered at age 62 when the individual is expected to claim Social Security benefits. This option is not uncommon in public pension plans, yet little is known about how this option...

September 8, 2017
Aging, Articles, Pension design, Regulation, ,
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01Sep

Equity Solvency Capital Requirements: What Institutional Regulation Can Learn from Private Investor Regulation

By David Blitz, Winfried G. Hallerbach, Laurens Swinkels & Pim van Vliet (Robeco Asset Management) Solvency II has one standard equity solvency capital requirement for type 1 or developed market stocks (39 percent) and one for type 2 or emerging market stocks (49 percent). As such, differences in financial economic risk of stock portfolios within developed or emerging markets do not influence solvency requirements. This encourages risk-seeking behavior by insurance companies, and could sustain or even create structural mispricing in...

September 1, 2017
Articles, Corporate Governance, Investing, Regulation
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August 2017

29Aug

Inmigracion y Sostenibilidad del Sistema de Pensiones En España

Por Carlos Borondo, Zen N Jim Nez-Ridruejo Ayuso, Carmen Lorenzo Lago Los procesos migratorios alteran sustancialmente los vinculos existentes entre las cotizaciones y las prestaciones en los sistemas publicos de pensiones. En el caso de Espana la evolucion demografica y del mercado de trabajo se han visto profundamente modificados por la presencia de un intenso flujo de inmigrantes, que han influido de un modo manifiesto sobre el balance y la capacidad del sistema de pensiones publicas de jubilacion, mejorando las...

August 29, 2017
Books, Labor Market, Regulation, System Sustainability, ,
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29Aug

El Desempeño de Los Sistemas de Pensiones Privados En Latinoamérica

Por: Jos Ricardo Duarte Ojeda, Carlos Elizalde S Nchez, Mar a Teresa Casparri Los sistemas de pensiones de America Latina han vivido una oleada de reformas sin precedente en la decada de los noventa; el pionero es el caso de Chile, que en 1981 ha migrado del sistema de Reparto (PAYGO) al sistema de capitalizacion individual. Es un contrastante cambio de politica de corte neoliberal que ha privatizado las pensiones de los trabajadores, ocasionando una variedad de resultados. Este libro...

August 29, 2017
Books, Corporate Governance, Pension design, Regulation, , , ,
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29Aug

Sistemas de Pensiones en America Latina y Mexico

Por Juana Isabel Vera Lopez A nivel mundial, los sistemas de pensiones se encuentran en crisis debido a que sus regimenes y beneficios consideraron una situacion distinta a la actual. Fenomenos como el envejecimiento poblacion, aumento de la esperanza de vida, el aumento del trabajo informal, subempleo, auto empleo, entre otros factores han agravado esta situacion. En Mexico, en 1995 y 2007 se reformaron las legislaciones del IMSS e ISSSTE siguiendo los parametros internacionales. En estas dos decadas transcurridas desde...

August 29, 2017
Books, Corporate Governance, Pension design, Regulation, , , ,
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08Aug

A Lost Generation but Renewed Hope: Oregon’s Pension Crisis and the Road to Reform

By Scott Andrew Shepard (Independent) Like a number of other states, Oregon has been hampered in its pension reform efforts since 1996 by its state supreme court’s embrace of the “California Rule,” a doctrine arising, in Oregon’s case, from a misunderstanding of federal Contract Clause precedent. Under the misreading, states such as Oregon have been restricted from reducing pension benefits for government employees once they have been hired, even for work that lies in the future and may not be...

August 8, 2017
Articles, Regulation, Slider-Left, Supervision, System Sustainability,
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08Aug

A Lost Generation but Renewed Hope: Oregon's Pension Crisis and the Road to Reform

By Scott Andrew Shepard (Independent) Like a number of other states, Oregon has been hampered in its pension reform efforts since 1996 by its state supreme court’s embrace of the “California Rule,” a doctrine arising, in Oregon’s case, from a misunderstanding of federal Contract Clause precedent. Under the misreading, states such as Oregon have been restricted from reducing pension benefits for government employees once they have been hired, even for work that lies in the future and may not be...

August 8, 2017
Articles, Regulation, Slider-Left, Supervision, System Sustainability,
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01Aug

Un Panorama de las Pensiones en America Latina y el Caribe

"Panorama de las Pensiones en América Latina y el Caribe" presenta por primera vez un amplio rango de indicadores para la comparación de los diseños de los sistemas pensionales en 26 países de América Latina y el Caribe. Los indicadores son comparables con los de los países de la OCDE y miembros seleccionados del G-20, publicados por la OCDE. Leer Más: AQUÍ

August 1, 2017
Books, Management, Regulation, Spanish
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July 2017

30Jul

Pension Funds and the Impact of Switching Regulation on Long-Term Investment

By Alvaro Pedraza & Fiona Stewart (World Bank); Olga Fuentes & Pamela Searle (Superintendencia de Pensiones) This paper looks at the impact of members' ability to switch pension fund provider and/or portfolio on the allocation of pension funds to long-term investments. The level of annual turnover in pension fund portfolios was compared with the amount of short-term investments (using government treasury bills and bank deposits as proxy). The investment regulations around switching and other market conduct were then considered. The...

July 30, 2017
Articles, Investing, Regulation,
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