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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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The Portfolio Pension Plan: An Alternative Model for Retirement Security

The Portfolio Pension Plan: An Alternative Model for Retirement Security

(p.174) Chapter 10 The Portfolio Pension Plan: An Alternative Model for Retirement Security
Reimagining Pensions

Richard C. Shea

Robert S. Newman

Jonathan P. Goldberg

Oxford University Press

This chapter describes a proposed new defined benefit pension design known as a portfolio pension plan. This falls within a larger category of so-called ‘shared risk’ pension plans, which are plans that address a need created by the limitations of existing retirement plan designs. An alternative to existing designs is needed because DB plans to date have concentrated risk on plan sponsors in a way that makes them financially unsustainable in many, if not most, circumstances. Moreover, existing defined contribution retirement plans impose risk on employees in a way that is challenging for most individuals to manage. In the past, many employers shared risk with employees by providing both defined contribution and benefit plans. Nevertheless, this chapter argues that a new model can provide an alternative that better serves employers and employees in the United States.

Keywords:   shared risk, portfolio pension plan, defined contribution, defined benefit, new pension model

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