Practical analysis for investment professionals

Pensions


The Public Pension Funding Gap: Highlights from the Future of Finance Forum

Retirement security is a key area of focus for the Future of Finance initiative at CFA institute, and we hosted an online forum featuring a panel of experts with varied backgrounds and perspectives to examine the size and scope of the public pension funding gap, debate its causes, and to consider potential solutions.

Poll: What’s the Primary Cause of the Underfunded Status of US Public Pension Plans?

Over the past decade, the funding gap for US public pension plans has widened considerably, and many state and local plans today find themselves in desperate straits, facing an aggregate shortfall in excess of $4 trillion.

Pension Reforms in China — A Race against Time

Consultants Stuart H. Leckie and Rita Xiao, CFA, experts on China's pension system, review the latest reforms and assess the challenges that lie ahead.

Recommended Reading on the Retirement Crisis: Is Mandatory Savings the Way Forward?

Mandatory retirement savings accounts is a hot topic, as evidenced by buzz around Meir Statman's recent article in the Financial Analysts Journal, as well as the number of recent articles and blog posts tackling the issue of pension security. While a number of people are calling for mandatory retirement savings for employees in the United States, there is vigorous debate as to whether this is the way forward.

Fixing the “Loser’s Game”: What It Will Take

Over the past two decades, the story of the Ontario Teachers’ Pension Plan has spawned a growing number of investment institutions explicitly based on Peter Drucker’s design principles. These institutions, according to Keith Ambachtsheer, are our best hope for articulating and implementing the truly long-horizon, wealth-creating investment programs that workers everywhere will rely on for their future prosperity.

The US Retirement Crisis: Essential Reading and Resources

Financial advisors have an increasingly important role to play in building sustainable retirement income strategies for their clients. But as is the case with most investment advice, there is no one-size-fits-all approach. To help advisors and investors sort through the issues here is a list of essential reading and resources.

Restoring Trust in Finance: Remember That “It’s Always Someone Else’s Money”

Three practitioners offer some straightforward suggestions for changing the trajectory of the financial profession.

Averting the Pension Cliff with Commonsense Accounting Principles

At the recent CFA Institute Global Investment Risk Symposium, Ron Ryan, CFA, of Ryan ALM, appealed for greater transparency and the application of commonsense principles in pension accounting, warning that without such changes the solvency of corporations, cities, and states is at stake.

Robert Merton on Life-Cycle Investing and Retirement Funding (Webinar)

Increasingly, it is recognized that defined benefit plans are not sustainable, and traditional defined contribution schemes are not properly designed to meet core retirement goals of most individuals. Nobel Laureate Robert C. Merton conducted… READ MORE ›

Book Review: Pension Finance

M. Barton Waring has succeeded in creating one of the definitive works on the structure and management of defined benefit plans. This indispensable guide for pension advisers dispels any notion of easy solutions to the problems of defined benefit plans, especially underfunding. His sensible solutions are within our grasp if we choose to accept them.



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