확정기여(Dc)형 퇴직연금 투자 시뮬레이션 경험이 Dc형 가입자의 적립금 관리태도에 미치는 영향 (Effects of Experience in Investment Simulations on Subscribers’ Management Attitude of Defined Contribution Pension Funds)

2020 ◽  
Author(s):  
Kyoungyoung Jang ◽  
Hyuncha Choe
Keyword(s):  
Pension Funds ◽  
Defined Contribution ◽  
Management Attitude

A Comprehensive Review of the Evolution of Accounting Standards for State and Local Government Pensions and Other Postemployment Benefits in The United States

2019 ◽  
Vol 46 (1) ◽  
pp. 57-77
Author(s):  
Dale L. Flesher ◽  
Craig Foltin ◽  
Gary John Previts ◽  
Mary S. Stone
Keyword(s):  
United States ◽  
Local Government ◽  
Accounting Standards ◽  
The United States ◽  
Pension Funds ◽  
Defined Benefit ◽  
Defined Contribution ◽  
Defined Contribution Plans ◽  
State And Local Government ◽  
State And Local

ABSTRACT Both the business media and the popular press have emphasized the underfunding problems associated with pension funds that are set aside for state and local government workers, a group that also includes teachers and professors at state-affiliated colleges and universities. The realization that pension funds are typically underfunded stems from the fact that the accounting standards associated with state and local government employee pension funds have led to greater transparency since 2011. This paper examines, explains, and interprets the historical development over the last 70 years of accounting standards for state and local government pension funds in the United States. Changing accounting standards, along with economic and social change, have led to consequences such as employers transforming their pension programs to avoid substantial costs and significant liabilities, for example by changing from defined benefit to defined contribution plans.

Institutional disparities and asset allocation homologation in Italian defined contribution pension funds. How do they affect the guarantee commitment?

2016 ◽  
Vol 16 (2) ◽  
pp. 205-232
Author(s):  
PAOLA DE VINCENTIIS ◽  
ELEONORA ISAIA ◽  
PAOLA ZOCCHI
Keyword(s):  
Asset Allocation ◽  
Pension Funds ◽  
Panel Analysis ◽  
Defined Contribution ◽  
Factors Affecting ◽  
Main Research ◽  
The Third ◽  
Research Questions ◽  
Actual Return

AbstractThis paper analyzes the performance of the Italian defined contribution guaranteed pension funds during the period 2008–2012 through a panel analysis. This paper is organized around three main research questions. The first one is focused on the probability of a guarantee payment in a given year. The second one deals with the determinants of the gap between actual return and minimum guaranteed yield on a yearly basis. The third one focuses on the factors affecting the weight of administrative and management costs and their relationship with the fund dimension.

Saving with Group or Individual Personal Pension Schemes: How Much Difference Does It Make?

2021 ◽  
Author(s):  
Anna (Ania) Zalewska
Keyword(s):  
Fund Performance ◽  
Pension Funds ◽  
Third Party ◽  
Quality Of Services ◽  
Individual Investors ◽  
Defined Contribution ◽  
The Public ◽  
Pension Schemes ◽  
Institutional Differences

The quality of services provided by institutional investors has attracted considerable attention. This paper adds to the debate by showing that institutional differences in setting up defined contribution personal schemes have an economically and statistically significant impact on the returns. Using a sample of 10,326 UK defined contribution personal pension funds over July 1990–June 2019, I show that pension funds that have a third party involved in contract setting and subsequent oversight deliver 0.96%–1.67% higher gross returns and charge 0.7% lower fees than pension funds offered directly to the public without any well-informed third party involved. I also show that the introduction of additional governance bodies in 2015 resulted in a widening of the performance gap, which further supports the notion that investment governance has a material impact on fund performance. The results highlight the importance of investment oversight and call for more protection for individual investors. This paper was accepted by Tomasz Piskorski, finance.

scholarly journals Determinants of Pension Fund Investment in Nigeria: The Critical Factors

2012 ◽  
Vol 2 (4) ◽  
pp. 1 ◽  
Author(s):  
Adeoti, Johnson Olabode ◽  
Gunu, Umar ◽  
Tsado, Emmanuel
Keyword(s):  
Internal Control ◽  
Pension Fund ◽  
Principal Component ◽  
Sampling Technique ◽  
Simple Random Sampling ◽  
Pension Funds ◽  
Primary Data ◽  
Defined Contribution ◽  
Retirement Benefits ◽  
Fund Investment

Pension fund is a pool of resources contributed by the employees with the aim of having enough resources to carter for their needs after retirement. Therefore, pension fund needs to be invested so as to meet the aim of the contributors. This study was carried out to evaluate the factors that determine investment of Pension Funds. The study used primary data, which were generated by the use of questionnaire. Respondents were selected from a sample of five PFAs in Nigeria using simple random sampling technique. A total of 125 questionnaires were administered on 18 items using likert scales. Data collected were analyzed using factor analysis by principal component. Economic, Risk and Security of real estate factors were identified as the major determinants of pension fund investment. The study concludes that variables such as interest rate, internal control system etc, are not critical in determining investment of pension funds in Nigeria. The study also recommends that pension fund managers should develop good systems of mitigating on the enormous risks they face in their duty as investment managers. Key words: Pension fund, Determinants, Defined contribution, Retirement benefits, Pension fund administrator

scholarly journals Mean-Variance Portfolio Selection for Defined-Contribution Pension Funds with Stochastic Salary

2014 ◽  
Vol 2014 ◽  
pp. 1-7 ◽  
Author(s):  
Chubing Zhang
Keyword(s):  
Portfolio Selection ◽  
Closed Form Solution ◽  
Efficient Frontier ◽  
Optimal Investment ◽  
Pension Funds ◽  
Form Solution ◽  
Defined Contribution ◽  
Time Dynamic ◽  
Mean Variance Portfolio ◽  
Mean Variance

This paper focuses on a continuous-time dynamic mean-variance portfolio selection problem of defined-contribution pension funds with stochastic salary, whose risk comes from both financial market and nonfinancial market. By constructing a special Riccati equation as a continuous (actually a viscosity) solution to the HJB equation, we obtain an explicit closed form solution for the optimal investment portfolio as well as the efficient frontier.

Entity-wide risk management for pension funds

2012 ◽  
Vol 17 (2) ◽  
pp. 331-394 ◽  
Author(s):  
M. H. D. Kemp ◽  
C. C. Patel
Keyword(s):  
Risk Management ◽  
Holistic Approach ◽  
Pension Funds ◽  
Defined Benefit ◽  
Defined Contribution ◽  
Pension Fund Management ◽  
Enterprise Risk ◽  
New Business ◽  
Business Enterprises ◽  
Managing Risk

AbstractThis paper explores the application of ERM-style techniques to pension funds. It uses the term ‘entity-wide risk management’ rather than ‘enterprise risk management’, even though both have the same acronym (‘ERM’), because many pension funds do not view themselves as business ‘enterprises’ as such. Some of the techniques that business enterprises have for managing risk (e.g. raising new capital from shareholders or branching into new business areas if existing ones have unattractive risk-reward characteristics) may not be open to many pension funds. The paper argues that the holistic approach to risk management (and governance) that is a hallmark of ERM is as appropriate to pension funds as it is to any other type of entity. This is the case whether the fund is defined benefit or defined contribution in nature, or a hybrid. It is also the case whether the ‘entity’ is deemed to be the fund itself, the sponsor or the two combined. Indeed, there are aspects of pension arrangements, such as the relationship between the fund and its sponsor, that lend added impetus to the use of ERM-style techniques in practical pension fund management.

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