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Reimagining PensionsThe Next 40 Years$
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Olivia S. Mitchell and Richard C. Shea

Print publication date: 2016

Print ISBN-13: 9780198755449

Published to Oxford Scholarship Online: March 2016

DOI: 10.1093/acprof:oso/9780198755449.001.0001

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Risk Sharing Alternatives for Pension Plan Design: An Overview and Case Studies

Risk Sharing Alternatives for Pension Plan Design: An Overview and Case Studies

Chapter:
(p.95) Chapter 6 Risk Sharing Alternatives for Pension Plan Design: An Overview and Case Studies
Source:
Reimagining Pensions
Author(s):

Anna M. Rappaport

Andrew Peterson

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198755449.003.0006

Pension plan designs range from those that place virtually all of the risk on the plan (and plan sponsor) to those that place all of the risk on the individual covered by the plan. Traditional defined benefit (DB) plans may be found at one end of this spectrum, while defined contribution (DC) plans are at the other. Fortunately, there is now growing interest in new plan types that increase risk sharing and thus fit more in the middle on the risk-sharing spectrum. This chapter identifies different risks and discusses methods of sharing risk, both traditionally and in recent hybrid plan designs. Two case studies illustrate recent developments.

Keywords:   pension plan risk, risk sharing, pension plan design, defined benefit, defined contribution, risk adjustment, hybrid plan

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