The Retirement Plan Solution
The Reinvention of Defined Contribution
(Sprache: Englisch)
An effective answer to today's retirement planning dilemma
Since the 1980s, most employers have moved from defined benefit plans (DB) to defined contribution (DC) plans. The Retirement Plan Solution puts this inevitable transition into a global...
Since the 1980s, most employers have moved from defined benefit plans (DB) to defined contribution (DC) plans. The Retirement Plan Solution puts this inevitable transition into a global...
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An effective answer to today's retirement planning dilemmaSince the 1980s, most employers have moved from defined benefit plans (DB) to defined contribution (DC) plans. The Retirement Plan Solution puts this inevitable transition into a global perspective and discusses what it means for those planning their retirement. This book provides a clear twofold solution to the problems that have popped up with the defined contribution plan. The first solution addresses the accumulation process in which the retiree is making and saving his or her money during the working years. The second solution addresses the decumulation process in which the retiree is spending his or her money during the retirement years.
Don Ezra (New York, NY) is Global Director of Investment Strategy for Russell Investments. Bob Collie (Tacoma, WA) is Director of Investment Strategy for Russell Investments. Matthew X. Smith (Tacoma, WA) is Managing Director of Retirement Services for Russell Investments.
Inhaltsverzeichnis zu „The Retirement Plan Solution “
Preface.Acknowledgments.
INTRODUCTION.
The Great American Retirement System?
Defined Benefit and Defined Contribution.
The Dynamics of the Retirement Plan.
Room for Improvement in the Accumulation Phase.
The Right Sort of Education.
Other Ways of Running Defined Contribution Plans.
The Individual's Role in Decumulation.
The Plan Sponsor's Role.
A Final Thought: From Biggest to Best.
CHAPTER 1 DC Version 2.0.
Coming of Age.
The New Retirement Superpower.
Coming Soon to a Dictionary Near You: DBization.
At the Heart of Version 2.0: A Different Objective.
Income Replacement.
Is This the First Nail in the Coffin of Defined Contribution?
"Hold on a Second . . . "
PART ONE The Dynamics of the Retirement Plan.
CHAPTER 2 More than You Ever Wanted to Know about Life Expectancy.
What Is "Life Expectancy"?
How Life Expectancy Has Changed.
But an Individual's Life Span Is Uncertain.
Longevity Distributions: Let's Take a Look.
What Does This Mean?
And Will Longevity Improve Even More?
CHAPTER 3 Retirement Is Expensive.
The Goal Is a Targeted Level of Income Replacement.
The Fundamental Pension Equation and the Defined Benefit System.
A Simple Model of Retirement Plan Accumulation and Decumulation.
Base Case Results.
When to Start Saving.
The Base Case May Not Be a Reliable Guide.
How to Act in the Face of Uncertainty.
Appendix: Further Analysis of the Uncertainty Associated with Investment Returns.
CHAPTER 4 Investment Returns Are All-Important.
The 10/30/60 Rule.
Games at a Virtual Casino.
Investment Analogs.
Historical Return Patterns.
What Are the Lessons?
What Follows?
How Much
... mehr
Investment Risk Can You Tolerate?
CHAPTER 5 Sustainable Spending.
Lifetime Annuities.
Simulations.
Appendix: The Multiple.
PART TWO Opportunities in the Accumulation Phase.
CHAPTER 6 Save More.
Employers with No Plan.
Employees Who Do Not Enroll.
Employees Who Start Saving Too Late.
Employees with Low Savings Rates.
Employees with Gaps in Continuous Participation.
CHAPTER 7 Limit Leakage.
Cashing Out.
Loans.
Hardship Withdrawals.
CHAPTER 8 Invest Better.
Evidence of Waste.
The Importance of a Good Default Option.
The "Target Date" Solution.
And for the Investment Experts?
CHAPTER 9 Reduce Fees.
The Impact of Fees.
Fees for What?
Looking for Fee Leakage.
Fee-Sharing Arrangements.
Institutional versus Retail Fees.
Active Management.
Record-Keeping Fees.
PART THREE We Need the Right Sort of Education.
CHAPTER 10 Why the Waste? Because We're Only Human.
Overconfidence in Retirement Planning.
Behavioral Finance.
Low Participation and Savings Rates.
Poor Investment Results.
What to Do?
CHAPTER 11 Financial Education.
Facts that Surprised Us.
Enthusiastic Initiatives.
What Exactly Can Be Taught?
Why Hasn't This Already Been Taught?
A Literate Default System.
A Final Anecdote.
PART FOUR Other Ways of Running Defined Contribution Plans.
CHAPTER 12
CHAPTER 5 Sustainable Spending.
Lifetime Annuities.
Simulations.
Appendix: The Multiple.
PART TWO Opportunities in the Accumulation Phase.
CHAPTER 6 Save More.
Employers with No Plan.
Employees Who Do Not Enroll.
Employees Who Start Saving Too Late.
Employees with Low Savings Rates.
Employees with Gaps in Continuous Participation.
CHAPTER 7 Limit Leakage.
Cashing Out.
Loans.
Hardship Withdrawals.
CHAPTER 8 Invest Better.
Evidence of Waste.
The Importance of a Good Default Option.
The "Target Date" Solution.
And for the Investment Experts?
CHAPTER 9 Reduce Fees.
The Impact of Fees.
Fees for What?
Looking for Fee Leakage.
Fee-Sharing Arrangements.
Institutional versus Retail Fees.
Active Management.
Record-Keeping Fees.
PART THREE We Need the Right Sort of Education.
CHAPTER 10 Why the Waste? Because We're Only Human.
Overconfidence in Retirement Planning.
Behavioral Finance.
Low Participation and Savings Rates.
Poor Investment Results.
What to Do?
CHAPTER 11 Financial Education.
Facts that Surprised Us.
Enthusiastic Initiatives.
What Exactly Can Be Taught?
Why Hasn't This Already Been Taught?
A Literate Default System.
A Final Anecdote.
PART FOUR Other Ways of Running Defined Contribution Plans.
CHAPTER 12
... weniger
Autoren-Porträt von Don Ezra, Bob Collie, Matthew X. Smith
Don Ezra is a widely published author. He has won a Graham and Dodd Award from the Financial Analysts Journal, the Roger Murray Prize from the Q Group in the United States, and the Lillywhite Award of the Employee Benefit Research Institute "for extraordinary life contributions to Americans' economic security."Bob Collie has been working with defined benefit and defined contribution plans in the United Kingdom and United States for more than twenty years, playing at different times the role of actuary, investment consultant, and strategist.
Matthew X. Smith has been involved with the design, implemen-tation, administration, consultation to, and asset management of defined contribution plans for over twenty-five years. He has also written and spoken widely on defined contribution topics.
Bibliographische Angaben
- Autoren: Don Ezra , Bob Collie , Matthew X. Smith
- 2009, 1. Auflage, 256 Seiten, Maße: 15,7 x 23,5 cm, Gebunden, Englisch
- Verlag: Wiley & Sons
- ISBN-10: 047039885X
- ISBN-13: 9780470398852
- Erscheinungsdatum: 08.06.2009
Sprache:
Englisch
Rezension zu „The Retirement Plan Solution “
'...the book's positive and inspiring message is one the UK would do well to head.' (Pensions Age, September 2009).
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