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Reimagining Pensions – The Next 40 Years - Oxford Scholarship Online
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Reimagining Pensions: The Next 40 Years

Olivia S. Mitchell and Richard C. Shea


The 1964 termination of the Studebaker Corporation’s pension plan wiped out or significantly reduced the pensions of thousands of the automaker’s employees and retirees. In response, the US Congress passed the 1974 Employee Retirement Income Security Act (ERISA), a monumental and revolutionary piece of legislation crafted to address corporate pension underfunding. The bill also set new rules regarding defined benefit (DB) and other retirement plans, and it established the Pension Benefit Guaranty Corporation as a government-run insurer to serve as a backdrop to US corporate pensions. Despite t ... More

Keywords: pensions, retirement, ERISA, defined benefit, defined contribution, pension risk management

Bibliographic Information

Print publication date: 2016 Print ISBN-13: 9780198755449
Published to Oxford Scholarship Online: March 2016 DOI:10.1093/acprof:oso/9780198755449.001.0001


Affiliations are at time of print publication.

Olivia S. Mitchell, editor
International Foundation of Employee Benefit Plans Professor; Professor of Business Economics and Public Policy; Professor of Insurance and Risk Management; Executive Director, Pension Research Council, Wharton School

Richard C. Shea, editor
Partner, Covington & Burling, LLP

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Part I Assessing the Retirement System: Adequacy, Efficiency, and Stability

Chapter 2 Are Retirees Falling Short? Reconciling the Conflicting Evidence

Alicia H. Munnell, Matthew S. Rutledge, and Anthony Webb

Chapter 5 Entitlement Reform and the Future of Pensions

C. Eugene Steuerle, Benjamin H. Harris, and Pamela J. Perun

Part II New Thinking about Retirement Risk Sharing

Chapter 10 The Portfolio Pension Plan: An Alternative Model for Retirement Security

Richard C. Shea, Robert S. Newman, and Jonathan P. Goldberg

Part III Pension Reform: Lessons from Abroad

Chapter 12 The Promise of Defined Ambition Plans: Lessons for the United States

A. Lans Bovenberg, Roel Mehlkopf, and Theo E. Nijman