scholarly journals Peaks, Cliffs, and Valleys: The Peculiar Incentives in Teacher Retirement Systems and Their Consequences for School Staffing

2009 ◽  
Vol 4 (2) ◽  
pp. 175-211 ◽  
Author(s):  
Robert M. Costrell ◽  
Michael Podgursky
Keyword(s):  
Early Years ◽  
Defined Benefit ◽  
Employee Behavior ◽  
Key Factors ◽  
Pension Systems ◽  
Teacher Retirement ◽  
School Staffing ◽  
Dramatic Decline ◽  
Highly Nonlinear ◽  
Retirement Systems

This article examines the pattern of incentives for work versus retirement in six state teacher pension systems. We do this by examining the annual accrual of pension wealth from an additional year of work over a teacher's career. Accrual of wealth is highly nonlinear and heavily loaded at arbitrary years that would normally be considered mid-career. One typical pattern exhibits low accrual in early years, accelerating in the mid- to late fifties, followed by dramatic decline or even negative returns in years that are relatively young for retirement. Key factors in the defined benefit formulas that drive such patterns are identified along with likely consequences for employee behavior. The authors examine efficiency and equity consequences of these systems as well as options for reform.

scholarly journals Designing successful post-retirement solutions by blending growth, income and protection

2017 ◽  
Vol 22 (1) ◽  
pp. 177-206
Author(s):  
L.-A. Morgan ◽  
S. A. Lothian
Keyword(s):  
Later Life ◽  
Defined Benefit ◽  
Defined Contribution ◽  
Key Factors ◽  
Retirement Accounts ◽  
Plan Member ◽  
Solution Design ◽  
Retirement Systems ◽  
The Individual ◽  
Retirement Investment

AbstractThe move from defined benefit to defined contribution (DC) has transferred the longevity and investment risks from the plan sponsor to the individual plan member. Without the actuarial cross-subsidies implied by pooling these risks, the danger of outliving one’s savings is significant. Much attention has been focussed on pre-retirement investment design but less on post-retirement. In most countries, the post-retirement systems in place are insufficient to solve this challenge for small asset sizes or small proportions of individuals’ retirement accounts. However, a number of DC markets are mature, such as Australia and Chile, and the principles of a solution that works for all must be identified. This paper researches a number of post-retirement systems around the world and identifies ten key factors that contribute to post-retirement solution design. These factors can result in an inconsistency between countries regarding the most appropriate post-retirement solution. Additionally, a disconnect is apparent between what retirees need and want in post-retirement. Successful post-retirement solutions will inevitably blend investment and insurance components in a balanced manner. With lengthening life expectancies, research supports strategies that blend a growth and income account-based approach for the first 15–20 years after retirement with longevity protection in later life.

Distribution of Benefits in Teacher Retirement Systems and Their Implications for Mobility

2010 ◽  
Vol 5 (4) ◽  
pp. 519-557 ◽  
Author(s):  
Robert M. Costrell ◽  
Michael Podgursky
Keyword(s):  
Pension Plans ◽  
Neutral System ◽  
Defined Benefit ◽  
Costs And Benefits ◽  
Coordination Problem ◽  
Teacher Retirement ◽  
Interest Group Politics ◽  
Group Politics ◽  
Retirement Systems ◽  
Pension Wealth

While it is generally understood that defined benefit pension systems concentrate benefits on career teachers and impose costs on mobile teachers, there has been very little analysis of the magnitude of these effects. The authors develop a measure of implicit redistribution of pension wealth among teachers at varying ages of separation. Compared with a neutral system, we find that often about half of an entering cohort's net pension wealth is redistributed to teachers who separate in their fifties from those who separate earlier, and we also identify some variation across six state systems. This implies large costs for interstate mobility. We estimate that teachers who split a thirty-year career between two pension plans often lose over half their net pension wealth compared with teachers who complete a career in a single system. Plan options that permit purchases of service years mitigate few or none of these losses. It is difficult to explain these patterns of costs and benefits on efficiency grounds. More likely explanations include the relative influence of senior versus junior educators in interest group politics and a coordination problem between states.

Towards an adequate and sustainable replacement rate in defined benefit pension systems: The case of Spain

2018 ◽  
Vol 71 (1) ◽  
pp. 51-70 ◽  
Author(s):  
Juan José Alonso Fernández ◽  
José Enrique Devesa Carpio ◽  
Mar Devesa Carpio ◽  
Inmaculada Domínguez Fabián ◽  
Borja Encinas Goenechea ◽  
...  
Keyword(s):  
Defined Benefit ◽  
Replacement Rate ◽  
Pension Systems

Macau gambling industry's quick V-shape rebound from 2014 to 2019

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Matthew Tingchi Liu ◽  
Shiying Dong ◽  
Sara Kit Peng Chang ◽  
Francis Tan
Keyword(s):  
Sense Making ◽  
Key Factors ◽  
Content Type ◽  
Gambling Industry ◽  
Dramatic Decline ◽  
Economic Upturn ◽  
Casino Management ◽  
Internal And External Factors ◽  
Short Time ◽  
Self Examination

PurposeThe purpose of this study is to summarize the factors that result in V-shape rebound of Macau gambling industry's from 2014 to 2019. Both internal and external factors are examined and discussed by representatives from academia, industry and government.Design/methodology/approachPractitioners from the gambling industry offered their cutting-edged analysis and viewpoints with observation and comments from scholars and government representatives in gambling domain.FindingsInternally, actions are taken by both the Macau government and Macau casino operators to rebrand Macau with nongambling elements and to adjust the strategies to attract more tourists from a wider range. Externally, global economic upturn and support from the China government also enhance Macau's quick rebound. A total of nine key factors are finally recognized.Originality/valueThis study provides answers and sense-making explanations to why Macau gambling industry can recover in such a short time after a big drop in Gross Gambling Revenue in 2014. This work reveals that Macau, by learning the lessons from the dramatic decline, conducts various self-rescue action plans which contribute to the quick V-shape rebound. This study is also a self-examination of Macau gambling industry from the firsthand perspectives of scholars, government representatives and casino management.

Pension Reforms and Public Sector Turnover

2019 ◽  
Vol 30 (1) ◽  
pp. 96-112 ◽  
Author(s):  
Evgenia Gorina ◽  
Trang Hoang
Keyword(s):  
Public Sector ◽  
State Level ◽  
Defined Benefit ◽  
Defined Contribution ◽  
Retirement Benefits ◽  
Employment Benefits ◽  
Pension Reforms ◽  
Defined Contribution Plans ◽  
Retirement Systems ◽  
State Pension

Abstract Over the past decade, many states have reformed their retirement systems by reducing benefit generosity, tightening retirement provisions, introducing non-defined-benefit (DB) plan options and even replacing DB plans with defined-contribution plans. Many of these reforms have affected post-employment benefits that public workers will receive when they retire. Have these reforms also affected the attractiveness of public sector employment? To answer this question, we use state-level data from 2002 to 2015 and examine the relationship between state pension reforms and public employee turnover following the reforms. We find that employee responsiveness to the reforms was tangible and that it differed by reform type and worker education. These results are important because the design of public retirement benefits will continue to influence the ability of the public sector to recruit and retain high-quality workforce.

Nationalism, Ethnic Pressures, and the Breakup of the Soviet Union

2003 ◽  
Vol 5 (4) ◽  
pp. 81-136 ◽  
Author(s):  
Astrid S. Tuminez
Keyword(s):  
Soviet Union ◽  
Early Years ◽  
Soviet Regime ◽  
Direct Impact ◽  
Key Factors ◽  
Soviet Policy ◽  
Core Group ◽  
Soviet State ◽  
The Soviet Union ◽  
Boris Yeltsin

Nationalism and ethnic pressures contributed to the breakup of the Soviet Union, but they were not the primary cause. A qualified exception to this argument is Russian elite separatist nationalism, led by Boris Yeltsin, which had a direct impact on Soviet disintegration. This article provides an overview of Soviet policy vis-à-vis nationalities, discusses the surge of nationalism and ethnic pressures in the Soviet Union in 1988–1991, and shows how ethnic unrest and separatist movements weakened the Soviet state. It also emphasizes that the demise of the Soviet Union resulted mainly from three other key factors: 1) Mikhail Gorbachev's failure to establish a viable compact between center and periphery in the early years of his rule; 2) Gorbachev's general unwillingness to use decisive force to quell ethnic and nationalist challenges; and 3) the defection of a core group of Russian elites from the Soviet regime.

scholarly journals MODERN TRENDS OF PRIVATE PENSION INSTITUTIONS DEVELOPMENT IN THE EUROPEAN UNION

2017 ◽  
pp. 124-132
Author(s):  
Zhanna Dovhan ◽  
Igor Kravchuk
Keyword(s):  
Financial Stability ◽  
Private Pension ◽  
Minor Role ◽  
Occupational Pension ◽  
Defined Benefit ◽  
The European Union ◽  
Financial Industry ◽  
High Concentration ◽  
Pension Systems ◽  
Cross Border

Introduction. Current demographic trends and social and economic models initiate the challenges regarding the possibility of adequate pension provision of the population in many European countries. International organizations forecasts confirm the need to diversify the sources of pension benefits to the population by accelerating the development of private pension institutions. At the same time effective regulation environment of pension assets management should be provided. It must be done because of their important social value and interrelationship with financial markets, in particular in the aspect of their stable functioning. Purpose. The article aims to identify the key elements of the financial institutions functioning regarding pension assets managing in the European market. They can be determinants of the intensification of regulation modernization of private pension sector in terms of social and financial stability. Method (methodology). Structural and dynamics and correlation analysis of the private pension institutions activities in the European financial market have been considered in this research. Results. The features of EU private pension systems modern trends have been determined. They indicate an increase in financial fragility (in some countries) through the predominance of structures with a defined benefit among occupational pension programs. They also show a growth of share of more risky investments in the instruments of collective investment institutions in the structure of pension investment portfolios, high concentration of cross-border pension assets, sensitivity to cross-border contagion, taking into consideration the low values of home bias and the strategies homogeneity. Low levels of private pension programs coverage of the population, as well as a minor role in the economy (the ratio of pension assets to GDP) in many EU countries demonstrate the feasibility of stimulation the financial industry development. The key characteristics determine the necessity of development of prudential regulations (reduction of pension systems fragility), and stimulation regulations (standards implementation for the development of pan-European personal pension products, which will be standardized by main characteristics).

Evolution of Herbicide Programs in Sugarbeet

1994 ◽  
Vol 8 (2) ◽  
pp. 338-343 ◽  
Author(s):  
Windsor Griffiths
Keyword(s):  
Weed Control ◽  
Low Dose ◽  
Early Years ◽  
Control Programs ◽  
Dramatic Decline ◽  
Herbicide Use ◽  
Herbicide Programs ◽  
Grass Weed

During the early years of herbicide use, the total amount of ai applied per ha increased in attempts to obtain season-long weed control, peaking in the decade of the mid-1970's to mid-1980's. Since then, the chemical load applied for broadleaf weed control has shown a consistent, if not dramatic, decline. A much more significant reduction has occurred in grass weed control. Main reasons for the reduction are a move from PPI and PRE treatments to POST, the development of repeat low-dose herbicide techniques, and the introduction of more active postemergence grass herbicides. In general, this change has been achieved with a concomitant improvement in crop safety. These developments occurred as a coincident benefit in pursuing the target objective of giving growers more convenient and flexible weed control and not as a specific attempt to reduce chemical use. This paper discusses the evolution of weed control programs in the U.K., France, Germany, and the U.S.A. All show a similar trend, though the pace of change has been slower in the U.S.A.

Expected Competencies of Construction Management Graduates Working in China

2022 ◽  
Vol 13 (1) ◽  
pp. 16-24
Author(s):  
Yi Wang ◽  
◽  
Kam Cheng
Keyword(s):  
Construction Industry ◽  
Curriculum Design ◽  
Construction Management ◽  
Early Years ◽  
Key Factors ◽  
Problem Solving Skills ◽  
Leadership Management ◽  
Management Curriculum ◽  
Traditional Roles ◽  
Early Training

Construction manager competencies in today's construction industry are the key factors of project success. Compared to traditional roles, they are faced with a situation showing a gradual shift in their roles and functions especially projects nowadays are encountering more and more complicated issues during construction phase and the increasing complexity of projects poses huge demand for construction managers possessing competencies capable to adapt to this changing industry environment by their knowledge and skills gained through training especially during their early years of construction management education received in polytechnics or universities. Such kind of training builds the foundations for construction managers enabling to develop further a way to adapt to the escalating expectations of the clients and more important related to the development of leadership, management and problem-solving skills construction organisations are looking for. This paper aim to evaluate the expected competencies of construction management graduates in China focusing on the development of construction manager during their early training and how the education institutes can make sure their curriculums capable to prepare learners for the changing needs of construction industry in China. The result of this study is to provide a theoretical basis for the excellent construction management curriculum design, thus encouraging education institutes to adopt industry-oriented approach to deal with ever-changing construction industry.

Sign in / Sign up

Export Citation Format

Share Document