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For more than five decades, Fundamentals of Private Pensions has been the most authoritative text and reference book on retirement plans in the United States. The ninth edition is completely updated and reflects recent developments in retirement plans including the passage of the US Pension Protection Act of 2006 (PPA), the widespread shift toward hybrid and defined contribution plans, and a burgeoning economics and finance research literature on retirement and retirement plans. The volume is organized into eight main sections so the reader may use the volume as a text, a research tool, or a general reference.
Section I (Chapter 1) introduces the historical evolution of the pension movement and the underlying forces that shaped its progress. Section II (Chapters 2 and 3) explains how employer-provided pensions fit into the patchwork of the U.S. retirement income security system, especially Social Security. The section also includes a discussion of the economics of tax incentives and their effect on retirement plan offerings and the structure of the benefits provided. Section III (Chapters 4 through 9) lays out the economic role of retirement plans--their design, workforce incentives, plan finances, production of adequate retirement income, possibilities for phased retirement, and the risk of outliving pension assets. Section IV (Chapters 10 through 13) examines the various forms of defined benefit and defined contribution plans, including hybrid plans, in terms of their structure, requirements, and operations. Section V (Chapters 14 through 20) lays out the regulatory environment in which plans operate; this extensive material has been especially updated to reflect PPA, and the reams of associated guidance and implementing regulations. Section VI (Chapters 21 through 25) explores the funding and accounting rules under which private defined benefit plans operate; this section also reflects the new PPA rules. The penultimate section (Chapters 26 through 28) includes a complete revamping of chapters on risk management and investments applicable to retirement plans. The section describes modern portfolio theory and its broad implications for retirement investing, and in two separate chapters, specific implications for defined benefit and defined contribution plans. The final section (Chapter 29) concludes the text with a discussion of the future of retirement plans in the United States and around the world--a particularly timely subject in light of the extreme financial volatility experienced in 2008 and the pending retirement of the baby boom generation.
- Sales Rank: #993981 in Books
- Published on: 2010-02-09
- Original language: English
- Number of items: 1
- Dimensions: 7.40" h x 2.00" w x 9.80" l, 3.65 pounds
- Binding: Hardcover
- 848 pages
Review
"Fundamentals of Private Pensions is one of the few classics in the field, a work that no pension library should be without. Accordingly, it is a pleasure to welcome the 9th edition, published under the auspices of the Pension Research council of the Wharton School, and featuring a dream team of authors."--Journal of Pension Economics and Finance
About the Author
Dan McGill is Professor Emeritus of Insurance at the University of Pennsylvania's Wharton School, during which time he chaired the Department of Insurance, directed the Pension Research Council, and directed the Huebner Foundation. Previously, he held academic positions at the University of Tennessee, University of North Carolina, and Stanford University. Dr. McGill's research focused on the areas of insurance, pensions, employee benefits, automobile insurance, and social security. He served on several corporate boards, and as consultant to the International Monetary Fund and the World Bank, the US Treasury, the Federal Reserve System, the US Army, and the US Congress. Dr. McGill received the Ph.D. from the University of Pennsylvania and the MA from Vanderbilt.
Kyle N. Brown is an attorney with the Towers Watson Worldwide Research and Innovation Center in Arlington, VA specializing in employee benefits where he works in the Research and Innovation Center. He is a member of the North Carolina and District of Columbia Bar and is admitted to the United States Supreme Court and Tax Court Bar. Mr. Brown is a co-author of the 7th and 8th editions of Fundamentals of Private Pensions. Mr. Brown also wrote the Tax Management Portfolios General Nondiscrimination Testing and Permitted Disparity in Qualified Plans, and Specialized Qualified Plans--Cash Balance, Target Benefit, Age-weighted and Hybrids, and co-authored the Tax Management Portfolio Employee Benefits for Tax-Exempt Organizations. In addition to numerous periodical articles, Mr. Brown currently is an Editorial Advisor for the Journal of Pension Planning and Compliance and the BNA Compensation and Benefits Guide.
John J. Haley is President, Chief Executive Officer and Chairman of the Board of Towers Watson Worldwide, a global human resources and financial management consulting firm headquartered in Washington, D.C. Mr. Haley started career as consulting actuary to several of Towers Watson's largest clients; subsequently he was named to the Board of Directors and became CEO of the firm. Mr. Haley is a Fellow of the Society of Actuaries and a Fellow of the Conference of Consulting Actuaries. He is a Trustee of The Actuarial Foundation. He holds an A.B. in mathematics from Rutgers College, and received a Fellowship for two years of study at the Graduate School of Mathematics at Yale University. Mr. Haley also serves on the Board of Directors of the U.S.-China Business Council, MAXIMUS and Hudson Highland.
Sylvester J. Schieber, a private consultant, has been a member of the US Social Security Advisory Board and became Chairman in 2006; he served previously on the Social Security Advisory Council. For more than 20 years he worked in Towers Watson Worldwide's benefit practice where he set up and managed Towers Watson's Research and Information Center; thereafter he served as Director of North American Benefits Consulting and Towers Watson's Board of Directors and retired in September 2006. Previously he was the first research director at the Employee Benefits Research Institute in Washington, DC and worked at the Social Security Administration where he was deputy director of the Office of Policy Analysis. He holds a Ph.D. in Economics from the University of Notre Dame. Dr. Schieber has authored or edited 10 books on changing demographics, retirement security, and health issues, and he has also written numerous journal articles and policy analysis papers on retirement and health benefits issues.
Mark J. Warshawsky is Director of Retirement Research at Towers Watson Worldwide, a global human capital consulting firm. He serves on the Social Security Advisory Board and on the Advisory Board of the Pension Research Council of the Wharton School. Previously he served as assistant secretary for economic policy at the U.S. Treasury Department. During his tenure, he played a key role in the development of the Administration's pension reform proposals, particularly pertaining to the funding of single-employer defined benefit plans which formed the basis of the Pension Protection Act (PPA) of 2006. Dr. Warshawsky's research led directly to the regulatory reform of minimum distribution requirements for qualified retirement plans. He is the inventor of the life care annuity, a product innovation integrating the immediate life annuity and long-term care insurance; for that research, Dr. Warshawsky won a prize from the British Institute of Actuaries.
Most helpful customer reviews
10 of 11 people found the following review helpful.
A good reference
By A Customer
A good reference book for anyone connected with a pension or profit sharing arrangement. It is not a guide to IRAs, Keogh plans, SEPs, rather it focuses on traditional defined contribution and defined benefit plans. While this book seems written for more for budding actuaries, those wishing to study design alternatives or asset management will find this book provides a good background. I find two flaws with the book.
First is the lack of examples. While the book discusses full funding limitations, it does not show you an example calculation. While it tells you how to calculate the minimum liability, it does not show you an example of how to present it in the financial statements. This book is not a text book, but it would be very helpful to see some real examples in practice rather than only discussions about the rationale behind the method.
Second, the single chapter on pension accounting is weak. Issues not mentioned include accounting for minimum liability, disclosures under FAS 132, understanding the relationship between funding and expense, curtailments and other plan amendments, the interrelationships between the conflicting limitations of ERISA/IRC/GAAP, the effect of pension assumptions on the financial statements and the impact of FAS 87 for an over funded plan on the financial statements of the sponsor. The perspective focuses more on the reasons the accounting standards exist, not the strategy or day-to-day issues of how the pension affects the financial statements of the sponsor. If accounting is what you need, buy a current intermediate accounting book.
1 of 1 people found the following review helpful.
Review from the Journal of Pension Economics and Finance, vol. 10, issue 1
By Pension Research Council
Pension mavens have long recognized that Fundamentals of Private Pensions is one of the few
classics in the field, a work that no pension library should be without. Accordingly, it is a
pleasure to welcome the 9th edition, published under the auspices of the Pension Research
Council of the Wharton School, and featuring a dream team of authors: Dan M. McGill, Kyle
N. Brown, John J. Haley, Sylvester J. Schieber, and Mark J. Warshawsky.
As always, the book's coverage is comprehensive and includes an array of empirical
and statistical data in addition to thorough coverage of the laws and policies that shape
the American retirement system. The book provides good coverage of recent developments,
including the Pension Protection Act of 2006, the growth of hybrid plans and the (slow)
emergence of phased retirement. The book also includes a good chapter on the most problematic
issue arising from the trend towards defined contribution plans, namely the risk that
individuals will outlive their resources in retirement.
Although the pension laws have been amended frequently since the enactment of the
Employee Retirement Income Security Act of 1974 (ERISA), these changes have mainly
tinkered with the rules, not always for the better. For at least the last 15 years, pension scholars
have been advocating systemic changes. ERISA responded to problems and workplace conditions
of the 1960s: today's problems and conditions are very different.
The need for change has become more urgent as a result of the recent financial crises.
However, the Obama Administration faces major problems that must take priority over changing
the private pension rules including: two wars; reinvigorating the economy; the credit crisis ;
the health care system in general and Medicare and Medicaid in particular; and putting Social
Security on a firmer financial footing. Pension reform is controversial: will this Administration
or Congress have the time or the political will to address fundamental, long-term reform?
Despite all efforts by Congress, private sector pension coverage has hovered around 50%for
several decades, and the percentage with adequate coverage is far less than 50%. Recent
legislative initiatives have focused on encouraging individuals to save more for retirement: but
in the present environment that approach is unrealistic, particularly for the lower income
workers who are most at risk. Adequate retirement income requires mandates. There is a strong
argument for severing completely the link between health care coverage and employment, and
perhaps the same approach would, in the long run, improve our retirement system.
One of the great virtues of the book is that it collects and analyzes information from many
sources and many disciplines, and I am not aware of any other single-volume work with such
broad coverage. Nevertheless, I have a short wish list, probably idiosyncratic, of features that
I would like to see covered or covered in more detail, in future editions. The final chapter of the
present work discusses the future of pensions, and I suggest that this chapter could be expanded
significantly by delving into several unanswered questions.
First, despite some recent cutbacks by major employers, problems of pension coverage and
adequacy disproportionately affect part-time employees and employees of small employers.
Why is this the case and how can this problem be addressed? Second, it is clear that the rate
of contributions must be increased. The current tax incentives are both very expensive and
ineffective. What combination of carrots and sticks is best designed to achieve this goal?
Third, it is not enough to get money into the system: we must try to keep it in the system by
increasing portability and reducing pre-retirement leakage. Social Security is a good model: but
an enhancement of retirement security by increasing Social Security benefits does not appear at
all likely to happen. Fourth, the runaway cost of health care and the amount of waste in the
health care system directly reduce the level of retirement security, by reducing the amounts
available for contribution and by increasing the amount required in retirement.
Book reviews 151
Fifth, the amount held in individual retirement accounts (primarily rollover IRAs) is now
greater than the amount held in private sector defined benefit plans or private sector defined
contribution plans, yet the rules governing IRAs have not evolved to reflect this. Sixth, we need
to develop a better framework for regulating investments by all types of retirement plans.
Finally, we need to develop better distribution alternatives for individuals with account-based
retirement savings. We should not expect every retiree to invest successfully and take appropriate
distributions over a period of up to 40 years, a period in which mental acuity is likely to
diminish.
The authors may legitimately claim that these topics are not part of the book they set out to
write. However, their inclusion would make an excellent book even better.
DAVID PRATT
Professor of Law, Albany Law School
4 of 6 people found the following review helpful.
Very complete yet sometimes boring: serious stuff !
By Dimitri Karakoulko
Very coplete study, covering almost all imaginable subjects, from actuarial maths to investment management to organisation and HR aspects of pension provision. This is not a manual, though. Get a simpler and less in detail book to get a general view of the topic, and then use "Fundamentals..." as reference.
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