For almost five decades, Fundamentals of Private Pensions has been the most authoritative text and reference book on private pensions in the world. The revised and updated Eighth Edition adds to past knowledge while providing exciting new perspectives on the provision of retirement income. This new edition is organized into six main sections dealing with a variety of separable pension issues. Section I provides an introductory discussion on the historical evolution of the pension movement and how pensions fit into the patchwork of the whole retirement income security system in the United States. It includes a discussion about the economics of the tax incentives that have played a role in stimulating pension offerings and in the structure of the benefits provided. Section 2 lays out the regulatory environment in which private pension plans operate. Section 3 investigates the various forms of retirement plans that are available to workers to determine how they are structured in practical terms. Section 4 focuses on the economics of pensions. Several of the chapters in this section update and refine material from the prior. New chapters in this volume describe the conversion of some traditional pensions to new hybrid forms, including cash balance and pension equity plans, and the growing phenomenon of phased retirement and the issues raised for employer-sponsored pensions. Section 5 explores the funding and accounting environments in which private employer-sponsored retirement plans operate. The concluding section investigates the handling of assets in employer-sponsored plans and their valuation as well as the insurance provision behind the benefit promises implied by the plans. This latest edition of Fundamentals of Private Pensions will prove invaluable reading for both academics and professionals working in the area of pensions and pension management.
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Dan McGill is Professor Emeritus of Insurance at the University of Pennsylvania's Wharton School, having served on the faculty at the University from 1952 until 1990. During this 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, 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 including Northwestern Mutual Life Insurance Corporation, Philadelphia Reinsurance Corporation, and several INA group; not-for-profit board membership included the Board of Pensions for the Presbyterian Church (USA), the Boettner Institute of Financial Gerontology, the American Finance Association, the American College, and Independence Blue Cross of Southern Pennsylvania. Kyle N. Brown is an attorney with the Watson Wyatt Worldwide Research and Information Center in Washington, D.C. specializing in employee benefits, where he serves as counsel to Watson Wyatt's Retirement Practice Committee. 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 also an officer of the Employee Benefits Committees of the American Bar Association Section of Taxation. Previously he has taught at the University of Maryland and at George Washington University. He has also served with the Internal Revenue Service in the Employee Plans Technical and Actuarial Division, and at the United States Department of Justice Tax Division. Mr. Brown received the BA from the University of North Carolina at Chapel Hill, a Law degree from the Campbell University School of Law, and the LLM in Taxation from George Washington University. John J. Haley is CEO and Chair of the Board of Directors at Watson Wyatt Worldwide. Mr. Haley has consulted widely on retirement programs for large companies, in the context of which he directed the development of Watson Wyatt Worldwide's Asset/Liability Model. Mr. Haley is a Fellow of the Society of Actuaries; and a member of the American Academy of Actuaries, the International Actuarial Association, and the International Association of Consulting Actuaries. Haley has served on the Pension Committee of the Society of Actuaries and on the Technical Panel of Experts supporting the Advisory Council on Social Security. Mr. Haley received the AB in mathematics from Rutgers College, and he received a Fellowship for two years of study at the Graduate School of Mathematics at Yale University. Sylvester J. Schieber is the Director of Watson Wyatt Worldwide's Research and Information Center in Washington, D.C. During his professional career, he has specialized in the analysis of public and private retirement policy and health policy issues. His best-known work is on national and corporate retirement policy, and his recent work focuses on changing demographics and employee benefits in the 21st century. Prior to joining Watson Wyatt Worldwide, he served as the first Research Director of the Employee Benefit Research Institute, as the Deputy Director of the Office of Policy Analysis at the US Social Security Administration, and as Deputy Research Director at the US Department of Health and Human Services. Dr. Schieber also serves on Watson Wyatt's Board of Directors, and he has served on the Advisory Board of the Pension Research Council at the Wharton School. Dr. Schieber received the Ph.D. in economics from the University of Notre Dame.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
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