- Title Pages
- Preface
- Managing Pension and Retirement Plans
- 1 An Introduction to Pension Plans
- 2 What Pension Plans Do
- 3 Designing the Best Pension Plan
- 4 The Prudent Pension Fiduciary: A Pragmatic View
- 5 An Overview of Compliance for Pension Plans
- 6 Establishing Pension Investment Policy
- 7 The Asset Allocation Decision
- 8 The Integrated Approach to Managing Defined Benefit Plans
- 9 Asset Allocation for Defined Benefit Plans
- 10 Accounting for Defined Benefit Plans
- 11 Investment Policy and Asset Allocation for Defined Contribution Plans
- 12 Employee Stock Ownership Plans and Company Stock
- 13 Hybrid Plans
- 14 Evaluating Investment Performance
- 15 Improving Pension Fund Investment Performance
- 16 Managing Pension Fund Risk
- 17 Risk Management Strategies Using Derivative Securities
- 18 Selecting and Managing Asset Managers
- 19 Managing Costs
- 20 People and the Psychology of Pension Fund Decisions
- 21 The Pension Plan as Shareholder
- 22 The Path to Better Pension Plan Management
- Appendix A A Guide for the Prudent Fiduciary
- Appendix B Global Investing for Pension Funds
- Appendix C An Example of a Multiemployer Hybrid Pension Plan
- Appendix D Measuring Returns
- Appendix E Adjusting for Risk
- Appendix F Example of an Equity Swap Hedge
- Appendix G Manager Selection
- Works Cited
- Index
The Path to Better Pension Plan Management
The Path to Better Pension Plan Management
- Chapter:
- (p.278) 22 The Path to Better Pension Plan Management
- Source:
- Managing Pension and Retirement Plans
- Author(s):
August Baker
Dennis E. Logue
Jack S. Rader
- Publisher:
- Oxford University Press
This chapter presents a synthesis of the topics discussed in the preceding chapters. Sensible pension management begins with a clear understanding of the purpose of the plan. The second step is establishing policies that govern investment and management activities. The primary purpose of policy is to provide useful guidelines for decision making and to communicate unambiguously to all parties what the plan is trying to do and how it is going about it. The issues of prudent behavior, investment management, managing plan investment managers, performance monitoring and evaluation, risk management, and success factors in pension management are discussed.
Keywords: pension plan management, investment management, investment managers, risk management, performance evaluation
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- Title Pages
- Preface
- Managing Pension and Retirement Plans
- 1 An Introduction to Pension Plans
- 2 What Pension Plans Do
- 3 Designing the Best Pension Plan
- 4 The Prudent Pension Fiduciary: A Pragmatic View
- 5 An Overview of Compliance for Pension Plans
- 6 Establishing Pension Investment Policy
- 7 The Asset Allocation Decision
- 8 The Integrated Approach to Managing Defined Benefit Plans
- 9 Asset Allocation for Defined Benefit Plans
- 10 Accounting for Defined Benefit Plans
- 11 Investment Policy and Asset Allocation for Defined Contribution Plans
- 12 Employee Stock Ownership Plans and Company Stock
- 13 Hybrid Plans
- 14 Evaluating Investment Performance
- 15 Improving Pension Fund Investment Performance
- 16 Managing Pension Fund Risk
- 17 Risk Management Strategies Using Derivative Securities
- 18 Selecting and Managing Asset Managers
- 19 Managing Costs
- 20 People and the Psychology of Pension Fund Decisions
- 21 The Pension Plan as Shareholder
- 22 The Path to Better Pension Plan Management
- Appendix A A Guide for the Prudent Fiduciary
- Appendix B Global Investing for Pension Funds
- Appendix C An Example of a Multiemployer Hybrid Pension Plan
- Appendix D Measuring Returns
- Appendix E Adjusting for Risk
- Appendix F Example of an Equity Swap Hedge
- Appendix G Manager Selection
- Works Cited
- Index
