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Global Pension Crisis

Unfunded Liabilities and How We Can Fill the Gap

Inbunden, Engelska, 2013

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A comprehensive look at the crisis of unfunded pension liabilities and what must be done to avoid the same problem in the future As the generational bubble of the Baby Boomers begins to retire, it is increasingly evident that governments, corporations, and individuals have failed to adequately prepare for the obligations and needs of this giant cohort. Retirees are outliving actuarial life expectancies, pension liabilities are skyrocketing, pension plans are underfunded, and medical costs rise, the United States alone can expect unfunded liabilities to exceed $4 trillion.Even while the American economy shows signs of sustained recovery, states and local governments will still experience sharp increases in pension fund payments through the next year or longer. Global Pension Crisis looks at this situation and offers practical advice for retirement plan managers and financial advisors, while also explaining how to strengthen pensions and prevent similar crises in the future. Offers a clear and comprehensive explanation of the current pension crisis for retirement fund managers, financial advisors, and economistsIncludes prescriptive guidance on how to strengthen the pension fund system and prevent another similar crisisWritten by venture capitalist, entrepreneur, and former senior Wall Street executive Rich Marin

Produktinformation

Utgivningsdatum2013-11-29
Mått163 x 236 x 22 mm
Vikt422 g
FormatInbunden
SpråkEngelska
SerieWiley Finance
Antal sidor240
FörlagJohn Wiley & Sons Inc
MedarbetareFrank,RobertH.
ISBN9781118582367

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Finansiering inom Ekonomi och Ledarskap

RICHARD A. MARIN is a former Wall Street executive who currently serves as President and CEO of the New York Wheel project. He teaches finance and asset management at the Johnson Graduate School of Management at Cornell University, where he is a Clinical Professor of Asset Management. He is the founder of Beehive Ventures, a venture capital fund, and Ironwood Global, a distressed mortgage hedge fund.

Foreword xiPreface xiiiAcknowledgments xvAbout the Author xviiChapter 1 Your Worst Nightmare 1The Family 2The Work 9Where Does That Leave You? 15Chapter 2 Dimensioning the Problem 17Calculating the Sufficiency of Savings 18Chapter 3 You Can’t Build Your Walls High Enough 43The Problem of Retirement Income Security 43Generational Warfare over the “Privilege Gap” 47Feeding the World 51Post-Crisis Policy Adjustments 58The Demographic Monster Stalking Us 61Chapter 4 Money Matters 63Enter Modern Portfolio Theory 63The Search for Alpha 65The Age of Derivatives 67The Birth of Hedge Funds 72Alpha/Beta Separation 73The Origins of Alpha 75Static versus Dynamic Assets and Liabilities 75Summing Up 78Chapter 5 Reinventing Retirement 81Defined Benefit Plans 81Defined Contribution Plans 82Who’s the Client After All? 84The Changing Landscape 85The Perfect Storm 87Chapter 6 Alternatives Are Not Only for the Rich and Famous 93Pension Assets and the Move Toward Alternative Assets 93The Great Hedge Fund Debate 95The Institutionalization of Hedge Funds 103Chapter 7 The Long and the Short of It . . . Trust Me 115Alpha from Operations 116Operational Risk 117Securities Lending History 119The Securities Lending Market 121Securities Lending Flow, Process, and Mechanics 124Ratio Lending 131The Rehypothecation Two-Step 132Chapter 8 Liability-Driven Alpha 137Painting the Recent Pension Landscape 139Risks 140Basic LDI Guidelines 142Chapter 9 Power Tools for Pensions 145Pension Benefit Guaranty Corporation 146Factors Affecting the PBGC Insurance Programs 147Plan Terminations 149Pension Risk Transfer 150Synthetic Mutual Fund Notes 161The Role for Pension Funds 165The Yale Model (the Illiquidity Premium) versus the All-Weather Model 167Chapter 10 The Poverty of Nations (Apologies to Adam Smith) 175Is There a Path to Salvation? 176The Chilean Terrarium 179Chapter 11 The Ultimate Solution 187The Nation, State, Municipality, and Company 187You as an Individual 191Chapter 12 A Peaceful Night’s Sleep 195What Our Family Looks Like Now 198Concluding Thoughts 201Works Cited 203Index 209