Chapter Chapter <b>A Regulatory Framework for Strengthening Defined Benefit Pensions</b>

Mark J. Warshawsky, Neal McCall and John D. Worth

in Restructuring Retirement Risks

Published in print August 2006 | ISBN: 9780199204656
Published online September 2006 | e-ISBN: 9780191603822 | DOI:
Chapter  Chapter   A Regulatory Framework for Strengthening Defined Benefit Pensions

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Recent financial market and plan termination experiences have exposed the shortcomings of existing funding, disclosure, and premium rules governing private single-employer defined benefit pension plans in the United States. These rules were designed to provide predictability for plan sponsors and administrators by insulating pension plans from the realities of economic and financial market fluctuations. Unfortunately, current practice often overlooks key financial principles that arguably should inform a responsible set of pension rules and the insurance system backing the plans. This chapter outlines the key characteristics of pension plans needed to beneficially guide rule-making and offers examples drawn from proposed funding and premium rules.

Keywords: pension termination; pension insurance; pension supervision; pension regulation; legal environment; retirement security

Chapter.  6796 words.  Illustrated.

Subjects: Financial Markets

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