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The B.E. Journal of Economic Analysis & Policy Contributions Volume 12, Issue 1 2012 Article 23 Timing of Retirement Plan Contributions and Investment Returns: The Case of Defined Benefit versus Defined Contribution Tomas Dvorak∗ ∗Union College, dvorakt@union.edu Recommended Citation Tomas Dvorak (2012) “Timing of Retirement Plan Contributions and Investment Returns: The Case of Defined Benefit versus Defined Contribution,” The B.E. Journal of Economic Analysis & Policy: Vol. 12: Iss. 1 (Contributions), Article 23. DOI: 10.1515/1935-1682.3110 Copyright c©2012 De

138 Part 2 – 618 Frequently Asked Questions Chapter 28 Retirement Plan | Altersversorgung Chapter 28 Retirement Plan Definition, Legal Principles Retirement plans define the entirety of all measures one takes in order to support one’s self in old age. In Germany, retirement plans are multifaceted and are based on a three-pillared system, which consists of the state, company and private pension provisions. The state old-age pension provision is a part of the German social security system, which acts as a retirement plan predominately for employees and

CHAPTER SIX Early Retirement Plans Early retirement occurs when the retiring individual is still of work-ing age. Unlike other flows from employment to inactivity, retire- ment decisions tend to be irreversible, inducing permanent declines of the labor force in any given cohort of individuals. From a historical perspective, large-scale retirement of workers is a rather recent phenomenon. Until the beginning of the twentieth century, not many workers retired. They worked as long as they could, and if they stopped working, retirement often involved a few years of

References Allen, S. G., Clark, R. L., Maki, J., & Morrill, M. S. (2016). Golden years or financial fears? How plans change after retirement seminars. Journal of Retirement, 3 (3), 96-115. Amirul, M. M., & Hasniyanti, H. H. (2017). Factors Affecting Retirement Planning Of Gen-Y Workers In Klang Valley Private Sectors, Malaysia International Journal Of Advanced Research And Publications, 1 (4). Anderson, J. C., & Gerbing, D. W. (1988). Structural equation modeling in practice: A review and recommended two-step approach. Psychological bulletin, 103 (3), 411

1 Introduction Decreasing benefits from state pension and increasing longevity (cf. [ 4 , 10 ]) has made individual retirement planning more important than ever. Decisions related to retirement planning are very complex and need to take account of many aspects: a retiree shall decide whether and how much to invest in private retirement plans like annuities, and how to withdraw a stream of retirement income from her accumulated assets for consumption. Too little withdrawal might not ensure her desired living standard. From too much withdrawal, the accumulated

It is a well known fact that annuity contracts, other than in the form of group insurance through pension systems, are extremely rare. Why this should be so is a subject of considerable current interest. It is still ill- understood. —Franco Modigliani, Nobel Prize acceptance speech (December 9, 1985) Introduction Individuals engaged in fi nancial planning for retirement have no short-age of resources available to provide guidance on how much to save and how to invest those savings. If one does a Google search on the term “retirement planning,” the lion

Chapter 9 Administration of Group Annuity Retirement Plans In the administration of any group annuity retirement plan, some of the functions are assumed by the insurance company and others by the employer. T h e following discussion will describe broadly the usual role of the insurance company and that of the employer. INSURER ADMINISTRATION T h e administrative functions of the insurance company may be logically divided into the installation procedures used in establishing a new plan and those procedures employed after the installation. These latter

Chapter 5 The Regulatory Framework—Minimum Standards for Retirement Plan Design and Tax Code Nondiscrimination Rules The foregoing discussion of plan finance—ERISA’s benefit insurance and minimum funding rules and FASB’s accounting standards—generally apply only to DB plans. The “finance” of a DC plan is much simpler—the participant’s benefit is whatever is in his account. But there are two other sets of ERISA rules that have a significant effect on the design and administration of both DB and DC plans: minimum standards for participation, accrual and

Hannes Kröger and Rasmus Hoffmann 10  Who can realise their retirement plans? Poor health and employment crises as factors of exclusion ▸ A decline in industry-specific employment leads women, but not men, to expect their pensi- on payments earlier ▸ Women with health problems are more strongly affected by employment decline in their retirement planning than women without health problems ▸ Healthy men and healthy women are affected by employment decline to a similar extent. Unlike men, women in poor health are particularly affected 10.1  Health, employment

population of older people in the United States and around the world might lead to lower returns in finan- cial markets in the decades ahead. This chapter examines the effect of population aging on the demand for financial assets in retirement saving plans, particularly defined benefit (DB) plans, in the United States. It is part of a larger project that aims to evaluate the potential empirical importance of demographic trends on fi- nancial market returns in the United States. Our analysis focuses on re- 10 The Decline of Defined Benefit Retirement Plans and Asset Flows