Journal articles: 'Corporate pension plans'

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Cocco, João F. "Corporate Pension Plans." Annual Review of Financial Economics 6, no. 1 (December 2014): 163–84. http://dx.doi.org/10.1146/annurev-financial-110613-034440.

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Bicksler, James L., and Dennis E. Logue. "Managing Corporate Pension Plans." Journal of Finance 48, no. 1 (March 1993): 412. http://dx.doi.org/10.2307/2328901.

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Gupta, Francis, Eric Stubbs, and Yogi Thambiah. "U.S. Corporate Pension Plans." Journal of Portfolio Management 26, no. 4 (July 31, 2000): 65–72. http://dx.doi.org/10.3905/jpm.2000.319760.

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Kasaoka, Eriko. "Corporate Pension Systems and Pension Funding Status in ASEAN Countries." Asian Academy of Management Journal of Accounting and Finance 17, no. 1 (June 30, 2021): 153–90. http://dx.doi.org/10.21315/aamjaf2021.17.1.6.

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National pension systems will vary among countries because of several factors. The role of the corporate pension in sustaining and supporting a country’s retirees is also different among nations. There are two main pension plans defined in International Accounting Standard No. 19: Employee Benefits, namely, defined benefit plans and defined contribution plans. The defined benefit plan requires a company to recognise its pension funding status on the balance sheet. In contrast, in a defined contribution plan, only the contribution amount to the plan is recognised as an expense on the firm’s income statement. The aim of this paper is to investigate in ASEAN countries the relationship between the presence of corporate pension plans and specific financial factors in companies. The result of the empirical research shows companies with higher profitability and efficiency tend to provide corporate pension plans to their employees.

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Yan, Zhao, Sun Fangzheng, and Ye Zhiqiang. "The Effects of Corporate Pension Plans on Capital Structure: Evidence from China." International Journal of Economics, Business and Management Research 06, no. 11 (2022): 25–50. http://dx.doi.org/10.51505/ijebmr.2022.61103.

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With the increasing aging population in China, corporate pension plans have become an important pillar for the pension system. From the perspective that pension plans can affect employees’ perceptions of bankruptcy risk, we show that corporate pension plans significantly increase the debt ratio, especially for companies in high labor-intensive industries, which generally have higher educated and younger employees. This paper not only enriches the labor economy literature on how labor impacts the financial decision-making of companies, but also provides some practical suggestions to improve China’s corporate pension plan system.

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Lucas, John J. "Are Cash Balance Pension Plans A Viable Retirement Program For Corporate America?" Journal of Business & Economics Research (JBER) 10, no. 8 (August 1, 2012): 451. http://dx.doi.org/10.19030/jber.v10i8.7173.

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Cash Balance Pension Plans are a defined benefit plan where employees have a hypothetical account that increases annually, as a result of compensation credit as well as interest credit. In essence, cash balance pension plans combine elements of both a traditional defined benefit plan and a defined contribution plan (Lucas, 2007). This paper examines the recent trends and legal ruling regarding cash balance pension plans. The paper also provides an examination of the role of the Pension Protection Act (PPA) of 2006 and its impact on cash balance pension plans. An evaluation will also be presented to determine if cash balance pension plans are a viable retirement program option in corporate America.

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Bataev, V. V., and N. B. Pochinok. "The Practice of Pension Funds Bankruptcy and Corporate Pension Programs Liquidation." Social’naya politika i sociologiya 19, no. 4 (December 28, 2020): 6–14. http://dx.doi.org/10.17922/2071-3665-2020-19-4-6-14.

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in the article the world practice of control over the activities of private pension funds is investigated. The principles of international pension regulators are analyzed. The methods of bankruptcy of pension funds are revealed. The features of liquidation of corporate pension programs are emphasized. A number of practical examples of the termination of the activity of pension plans are indicated. Differences in the procedures for completing professional pension plans and individual pension schemes are balanced. Conclusions and recommendations are given for national supervisors to improve pension systems.

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CAMPBELL, CYNTHIA J., MARK L. POWER, and ROGER D. STOVER. "Quid-pro-quo exchanges of outside director defined benefit pension plans for equity-based compensation." Journal of Pension Economics and Finance 5, no. 2 (May 11, 2006): 155–74. http://dx.doi.org/10.1017/s1474747206002472.

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The independence of outside directors is critical to corporate board effectiveness. We examine a unique period in corporate governance when outside directors' defined benefit pensions are replaced with increases in equity. Firms with pension plans significantly underperform their industry in terms of stock returns. Firms terminating the pension plans in exchange for equity have significant increases in stock returns relative to their industry subsequent to the change. All samples outperform the ROA and ROE industry medians both before and after the change in compensation, indicating pressure from organized investors likely comes from stock performance, not accounting performance. Investor rights pressure and outside director compensation and not takeover risk or institutional ownership best explain firms altering outside director compensation, with board of director effectiveness improving.

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Cocco, João F., and Paolo F. Volpin. "Corporate Pension Plans as Takeover Deterrents." Journal of Financial and Quantitative Analysis 48, no. 4 (July 24, 2013): 1119–44. http://dx.doi.org/10.1017/s0022109013000355.

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AbstractWe use UK data to show that firms that sponsor a defined-benefit pension plan are less likely to be targeted in an acquisition and, conditional on an attempted takeover, they are less likely to be acquired. Our explanation is that the uncertainty in the value of pension liabilities is a source of risk for acquirers of the firm's shares, which works as a takeover deterrent. In support of this explanation we find that these same firms are more likely to use cash when acquiring other firms, and that the announcement of a cash acquisition is associated with positive announcement effects.

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Omori, Kozo, and Tomoki Kitamura. "Effect of debt tax benefits on corporate pension funding and risk-taking." Journal of Economic Studies 47, no. 6 (May 16, 2020): 1327–37. http://dx.doi.org/10.1108/jes-04-2019-0188.

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PurposeThis study theoretically investigates the impacts of tax benefits on funding level and risk-taking of a corporate defined benefit (DB) pension plan.Design/methodology/approachThe present value of the future tax benefits is maximized while the stockholders determine the funding level and investment risk-taking in DB plans. As a feature of DB plans, this study considers pension benefits to be pre-determined. Further, the pension beneficiary has a priority over the sponsor company's creditors for the pension reserve fund. These are seldom considered in previous studies.FindingsIt is desirable to decrease the funding level of DB plans to increase tax benefits. This is because the effect of tax exemption for the pension fund's investment income is eliminated by the change in the contribution arising from the investment's result. The optimal investment risk-taking depends on the funding level.Originality/valueThe impact of tax benefits on decision-making for DB plans is significantly different from that stated by previous studies, that is, an increase in pension funds will reduce the corporate debt. To explain corporate behavior, this study's results—derived from the essential feature of DB plans, which could not have been included in previous studies—should be considered.

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MITCHELL, OLIVIA S., and JANEMARIE MULVEY. "Potential implications of mandating choice in corporate defined benefit plans." Journal of Pension Economics and Finance 3, no. 3 (November 2004): 339–54. http://dx.doi.org/10.1017/s1474747204001805.

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The evolution of hybrid conversions has prompted a number of high-profile legal challenges. In response, policymakers have attempted to force companies transitioning from a traditional DB to a hybrid plan to offer all workers the open-ended choice of remaining in the old DB plan, versus switching to the new hybrid plan. This paper evaluates ‘winners’ and ‘losers’ under these plan conversions and estimates the cost to plan sponsors of such a mandate. We find that mandating choice could increase plan sponsors' pension expenses above their current cost for traditional defined benefit plans. In the end, rising costs of pensions could endanger plan sponsorship altogether. Policymakers seeking to mandate pension choice should take into account these possible undesirable outcomes of such a law.

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Lindset, S. "Defined Contribution Based Pension Plans." Annals of Actuarial Science 1, no. 1 (March 2006): 129–64. http://dx.doi.org/10.1017/s1748499500000087.

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ABSTRACTIn this paper we address the problem of valuing (corporate) pension plans, and in particular defined contribution based pension plans. Several pension plans are proposed, both with and without rate of return guarantees. Both maturity and annual guarantees are considered. Emphasis is also given to the risk management of pension plans.To tie the analysis closer to real-world problems, we allow for both periodic premium and pension payments and mortality risk to be taken into account. Some new results on forward-start guarantees are also derived.

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Felipe, Compán Espín, and Valls Martínez María del Carmen. "Pension Plans in Spain. Profitability Analysis." BOHR International Journal of Business Ethics and Corporate Governance 1, no. 1 (2022): 32–40. http://dx.doi.org/10.54646/bijbecg.004.

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This article analyses Spanish pension plans, which have had growing trend over the last years. They are considered a complement to the public pensions offered by the social security system, and many companies, especially large ones, set up pension plans for their employees as a measure of corporate social responsibility. The aim of this paper is to describe the pension plan system in Spain and analyse its proﬁtability. For this purpose, the study has focused on the plans offered by ﬁnancial institutions listed on the IBEX35 in 2022 since they are the most important and, as they have similar characteristics, we avoid comparative bias. The study covers the 5-year period from 2017 to 2021 and analyses the pension plan proﬁtability from different points of view: according to the category of the plan, the management entity and the analysis of the average proﬁtability of each category of the different entities. The results show that equities, mixed equities and mixed ﬁxed income plans, in this order, are the most numerous.They are also the ones that have generated the highest proﬁtability in recent years,in general terms. However,guaranteed income plans are the most stable overtime.Moreover,it is observed that results are similar in the different management companies analised.

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Verma, Rahul, and Priti Verma. "Behavioral biases and retirement assets allocation of corporate pension plans." Review of Behavioral Finance 10, no. 4 (November 12, 2018): 353–69. http://dx.doi.org/10.1108/rbf-01-2017-0009.

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Purpose The purpose of this paper is to investigate the existence of behavioral biases, disposition effect and house money effect in investment decisions of defined benefit pension funds. It investigates the determinants of portfolios by examining whether pensions display risk seeking or risk aversion behavior in reaction to prior gains and losses. Design/methodology/approach The first research question is to examine the impact of prior period’s return and αs on existing portfolio allocation in equity, debt, real estate and other assets. In order to test this relationship, four separate regressions are estimated using the pooled data. Regression helps in examining the relationship between prior gains with current allocation in four categories of assets of varying degrees of riskiness (stocks, debt, real estate and other assets). In order to investigate the second research question on whether pension funds increase (decrease) their investments in risky (safer) assets due to prior gains and αs, the four variables representing the changes in portfolio allocation for each asset class over one period are employed. These changes in allocation are regressed against the prior year’s actual return, expected return, αs and a set of control variables. Findings The results suggest significant negative (positive) relationship between prior positive returns and αs with portfolio allocation in risky (safer) assets. Also, there is an increased (decreased) investment in safer (risky) assets following prior period’s positive returns and αs. The findings confirm the existence of disposition effect, while there is no evidence of house money effect. Originality/value The portfolio allocation of pension plans provides unique setting to investigate the relevance of behavioral finance and examine the role of psychological biases on risk taking. This study attempts to contribute to the literature by empirically investigating whether the tenets of behavioral finance are relevant in defined benefit pension fund’s portfolio allocation decisions. Specifically, it focuses on the determinants of portfolio choices by directly investigating pension funds’ reaction to prior period’s actual as well as risk adjusted return (or αs – the difference between the actual and expected return).

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Dimian, Fawzi G., and Linda L. Kahlbaugh. "Pension Accounting: Funding Costs And Liabilities Of Corporate Pension Plans." Journal of Applied Business Research (JABR) 8, no. 2 (October 18, 2011): 68. http://dx.doi.org/10.19030/jabr.v8i2.6166.

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Overall, pension plan assets analyzed in this study appear strong. They have excellent overall funding and unfunded vested liabilities would require less time to fund currently than in 1978. Pension expense per employee have been increasing, but at very nominal rates. And although the companies with the highest profits may not be the companies with the highest pension expenses, average pension expenses for most categories decreased. Currently unfunded vested liabilities are low relative to both pre-tax profits and net worth. Again, a number of points should be kept in mind when looking at these analysis and trends. Industry categories had small sample sizes. The sample sizes increase when companies are lumped into ranking categories making the data more representative. The overall trends include sample sizes of approximately 90, an acceptable number for statistical analysis. Also, some of the trends could be clouded by definitions of assets, liabilities, and income which differ from the 1978 study. However, after examining basic similarities between the studies and noting the strength of certain trends, the above mentioned conclusions appear warranted.

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Евсеев, E. Evseev, Анохова, and Elena Anokhova. "Features of consolidation of pension plans and pension funds within the group of entities in accordance with IFRS." Auditor 1, no. 3 (March 25, 2015): 57–63. http://dx.doi.org/10.12737/12765.

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The article discusses the recognition and disclosure of corporate pension plans of groups in a separate and consolidated financial statement in accordance with IFRS. The procedure of consolidation of the private pension funds, established by group and running its pension plans has been reviewed and recommendations has been suggested. The effect of incorporation of pension funds on the consolidated financial statements of the group has been revealed.

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Неелова and N. Neelova. "Features of consolidation of pension plans and pension funds within the group of entities in accordance with IFRS." Auditor 1, no. 3 (March 25, 2015): 57–63. http://dx.doi.org/10.12737/12766.

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The article discusses the recognition and disclosure of corporate pension plans of groups in a separate and consolidated financial statement in accordance with IFRS. The procedure of consolidation of the private pension funds, established by group and running its pension plans has been reviewed and recommendations has been suggested. The effect of incorporation of pension funds on the consolidated financial statements of the group has been revealed.

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Stinson, Terrye A., J. David Ashby, and Kimberly M. Shirey. "Pension Accounting: The Changing Landscape Of Corporate Pension Benefits." Journal of Business & Economics Research (JBER) 9, no. 10 (September 26, 2011): 27. http://dx.doi.org/10.19030/jber.v9i10.5950.

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This paper discusses recent changes in the generally accepted accounting principles related to accounting for defined benefit pension plans. SFAS 158 imposes new rules related to calculating net pension assets or liabilities and increases the likelihood that companies may report net pension liabilities. This paper looks at a sample of Fortune 100 companies to determine the effect of implementing SFAS 158 on the reported funding status for defined benefit plans, and then tracks the reported pension status from 2005 through 2009. Contrary to expected results, the funding status did not deteriorate following implementation of SFAS 158. The ensuing economic meltdown in 2008 and 2009, however, resulted in more companies reporting pension liabilities.

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Leibowitz, Martin L., and Antti Ilmanen. "U.S. Corporate DB Pension Plans— Today’s Challenges." Journal of Retirement 3, no. 4 (April 30, 2016): 34–46. http://dx.doi.org/10.3905/jor.2016.3.4.034.

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Black, Fischer, and Robert W. Jones. "Simplifying portfolio insurance for corporate pension plans." Journal of Portfolio Management 14, no. 4 (July 31, 1988): 33–37. http://dx.doi.org/10.3905/jpm.1988.409167.

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Chen, Yangyang, Rui Ge, and Leon Zolotoy. "Do corporate pension plans affect audit pricing?" Journal of Contemporary Accounting & Economics 13, no. 3 (December 2017): 322–37. http://dx.doi.org/10.1016/j.jcae.2017.10.002.

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Thomas, Jacob K. "Corporate taxes and defined benefit pension plans." Journal of Accounting and Economics 10, no. 3 (July 1988): 199–237. http://dx.doi.org/10.1016/0165-4101(88)90003-1.

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Cai, Jun, Miao Luo, and Alan J. Marcus. "Financial health and the valuation of corporate pension plans." Journal of Pension Economics and Finance 19, no. 4 (November 19, 2019): 459–90. http://dx.doi.org/10.1017/s1474747219000210.

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AbstractWe return to the long-standing question ‘Who owns the assets in a defined benefit pension plan?’ Unlike earlier studies, we condition the market's assessment of implicit property rights on the sponsoring firm's financial health. Valuations of financially strong firms, and those that are strengthening, are more responsive to pension plan funding. For these firms, each extra dollar of net plan assets is valued at between $0.50 and $1.00. In contrast, for weak and weakening firms, valuation effects are statistically indistinguishable from zero. This result is consistent with the higher likelihood that they will renege on their pension obligations.

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Berner, Richard, Bryan Boudreau, and Michael Peskin. ""De-risking" Corporate Pension Plans: Options for CFOs." Journal of Applied Corporate Finance 18, no. 1 (March 2006): 25–35. http://dx.doi.org/10.1111/j.1745-6622.2006.00073.x.

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Bader, Lawrence N. "Treatment of Pension Plans in a Corporate Valuation." Financial Analysts Journal 59, no. 3 (May 2003): 19–24. http://dx.doi.org/10.2469/faj.v59.n3.2527.

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Cocco, João F., and Paolo F. Volpin. "Corporate Governance of Pension Plans: The U.K. Evidence." Financial Analysts Journal 63, no. 1 (January 2007): 70–83. http://dx.doi.org/10.2469/faj.v63.n1.4409.

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Hutchinson, Philip. "Employee benefits of corporate self-invested pension plans." Pensions: An International Journal 14, no. 1 (February 2009): 28–35. http://dx.doi.org/10.1057/pm.2008.34.

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Davis, Josh, Jim Moore, and Niels K. Pedersen. "Tail risk hedging strategies for corporate pension plans." Journal of Derivatives & Hedge Funds 17, no. 3 (July 28, 2011): 237–52. http://dx.doi.org/10.1057/jdhf.2011.18.

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BROWN, JEFFREY, STEVEN HABERMAN, MOSHE MILEVSKY, and MIKE ORSZAG. "Overview of the Issue." Journal of Pension Economics and Finance 3, no. 2 (July 2004): 107–8. http://dx.doi.org/10.1017/s1474747204001702.

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Within the global debate regarding the provision and management of retirement pensions, two issues continue to attract the attention of academics and practitioners alike. They are the role of payout annuities in a well-balanced portfolio and the corporate governance of pension plans. We are happy to present the current issue of the JPEF which addresses both of these topics and provides a number of interesting and important conclusions.

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Lee, Yul W. "Growth Opportunities, Stockholders' Claim/Liability on Pension Plans, and Corporate Pension Policies." Managerial and Decision Economics 38, no. 4 (May 23, 2016): 445–70. http://dx.doi.org/10.1002/mde.2787.

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Mo, Park, and Kim. "The Role of Institutional Investors in the Sustainable CEO Compensation Structure." Sustainability 11, no. 19 (October 3, 2019): 5485. http://dx.doi.org/10.3390/su11195485.

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Chief executive officer (CEO) retirement pension plans are known as sustainable compensation because they induce managers to make more sustainable and long-term-oriented corporate decisions. We focused on the role of institutional investors in awarding CEO pension plans. Long-term and short-term institutional investors are expected to increase and decrease the CEO pension plan, respectively, wherein the former is aimed at persuading the manager to focus more on the firm’s long-term performance and the latter is aimed at making the CEO assume more risk. We empirically tested our hypothesis and found significantly negative (positive) relationship between short-term (long-term) institutional ownership and CEO pension plans, which is consistent with our hypothesis. Our results suggest the institutional ownership horizon’s differing impact on managers’ sustainable compensation structure.

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Asthana, Sharad. "Corporate governance and managerial opportunism: The case of us pension plans." Corporate Ownership and Control 6, no. 3 (2009): 523–30. http://dx.doi.org/10.22495/cocv6i3sip2.

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Insuring post-retirement benefits to retirees is a joint responsibility of the employees, employers, and the US government. Managers have been shown to manipulate pension plan reports with the intention of maximizing their own gains to the detriment of current and future retirees. External monitoring by regulators and auditors is effective in curbing this opportunistic behavior. This paper extends these findings to examine if effective internal monitoring in the form of strong corporate governance is instrumental in controlling manipulations of pension reports by managers. Empirical tests support the finding that effective corporate governance is inversely associated with the extent of managerial manipulations in pension plan reporting. This result should be of interest to employees, retirees, and the US Government that are trying to insure the future income of senior citizens.

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Phan, Hieu V., and Shantaram P. Hegde. "Corporate Governance and Risk Taking in Pension Plans: Evidence from Defined Benefit Asset Allocations." Journal of Financial and Quantitative Analysis 48, no. 3 (May 3, 2013): 919–46. http://dx.doi.org/10.1017/s0022109013000227.

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AbstractBased on theoretical advice and empirical evidence suggesting that risk taking in asset allocation enhances pension returns, we evaluate empirically whether good corporate governance leads to a larger allocation of pension assets to risky securities as compared to safe investments. Our findings suggest that firms with good external and internal corporate governance take more risk by investing heavily in equities and allocating a smaller share of the plan assets to cash, government debt, and insurance company accounts. The main underlying mechanisms appear to be higher investment returns and better pension funding status associated with higher equity and lower safe asset allocations.

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Martí-Ballester, Carmen Pilar. "Investor reactions to socially responsible investment." Management Decision 53, no. 3 (April 20, 2015): 571–604. http://dx.doi.org/10.1108/md-04-2014-0207.

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Purpose – The purpose of this paper is to analyze investor reactions to ethical screening by pension plan managers. Design/methodology/approach – The author presents a sample consisting of data corresponding to 573 pension plans in relation to such aspects as financial performance, inception date, asset size, number of participants, custodial and management fees, and whether their managers adopt ethical screening or give part of their profits to social projects. On this data the author implements the fixed effects panel data model proposed by Vogelsang (2012). Findings – The results obtained indicate that investors/consumers prefer traditional or solidarity pension plans to ethical pension plans. Furthermore, the findings show that ethical investors/consumers are more (less) sensitive to positive (negative) lagged returns than caring and traditional consumers, causing traditional consumers to contribute to pension plans that they already own. Research limitations/implications – The author does not know what types of environmental, social and corporate governance criteria have been adopted by ethical pension plan managers and the weight given to each of these criteria for selecting the stock of the firms in their portfolios that could influence in the investors’ behaviour. Practical implications – The results obtained in the current paper show that investors invest less money in ethical pension plans than in traditional and solidarity pension plans; this could be due to the lack of information for their part. To solve this, management companies could increase the transparency about their corporate social responsibility (CSR) investments to encourage investors to invest in ethical products so these lead to raising CSR standards in companies, and therefore, sustainable development. Social implications – The Spanish socially responsible investment retail market is still at an early phase of development, and regulators should promote it in order to encourage firms to adopt business activities that take into account societal concerns. Originality/value – This paper provides new evidence in a field little analysed. This paper contributes to the existing literature by focusing on examining the behaviour of pension funds investors whose investment time horizon is in the long-term while previous literature focus on analysing behaviour of mutual fund investors whose investment time horizon is in the short/medium term what could cause different investors’ behaviour.

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Newell, Gale E., Jerry G. Kreuze, and David Hurtt. "Corporate Pension Plans: How Consistent are the Assumptions in Determining Pension Funding Status?" American Journal of Business 17, no. 2 (October 28, 2002): 23–30. http://dx.doi.org/10.1108/19355181200200007.

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Rauh, Joshua, Irina Stefanescu, and Stephen P. Zeldes. "Cost Shifting and the Freezing of Corporate Pension Plans." Finance and Economics Discussion Series 2013, no. 82 (2013): 1–53. http://dx.doi.org/10.17016/feds.2013.82.

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Ebuchi, Go. "Recent Trends in Corporate Pension Plans and their Challenges." Hokengakuzasshi (JOURNAL of INSURANCE SCIENCE) 2014, no. 624 (2014): 624_163–624_182. http://dx.doi.org/10.5609/jsis.2014.624_163.

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Rauh, Joshua D., Irina Stefanescu, and Stephen P. Zeldes. "Cost saving and the freezing of corporate pension plans." Journal of Public Economics 188 (August 2020): 104211. http://dx.doi.org/10.1016/j.jpubeco.2020.104211.

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Duygun, Meryem, Bihong Huang, Xiaolin Qian, and Lewis H. K. Tam. "Corporate pension plans and investment choices: Bargaining or conforming?" Journal of Corporate Finance 50 (June 2018): 519–37. http://dx.doi.org/10.1016/j.jcorpfin.2017.10.005.

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MUNNELL, ALICIA H., and MAURICIO SOTO. "The outlook for pension contributions and profits in the US." Journal of Pension Economics and Finance 3, no. 1 (March 2004): 77–97. http://dx.doi.org/10.1017/s1474747204001489.

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The bear market that began in 2000 focused attention on two issues – pensions and profits. The initial pension problem was the big decline in value of individual 401(k) accounts. The profit issue was misconduct and stock options. In fact, there is another compelling issue involving both pensions and profits – the impact of the bear market on defined benefit pension plans.Plan sponsors have a projected benefit liability, which until recently was covered by the rise in asset values during the extended bull market. When stock values fell by 50 percent, sponsors for the first time in decades had to contribute to their pensions. But even without the decline in the stock market, sponsors of defined benefit plans were going to face increased pension contributions in the coming decade. The reason is a host of regulatory and legislative changes in the late 1980s that slowed or limited pension contributions.Our analysis suggests that in the absence of the stock market boom and the regulatory and legislative changes that reduced funding, the average firm's contribution to its pension plan would have been 50 percent higher during the 1982–2001 period; corporate profits would have been roughly 5 percent lower.The deferred contributions are coming due. The decline in the stock market and an ageing population imply that contributions would double from their current level. As the economy emerges from recession and the bear market draws to a close, firms and investors must be prepared to contend with a strong headwind from pension funding obligations that could slow the recover.

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MCKILLOP, DONAL, and MICHAEL POGUE. "The influence of pension plan risk on equity risk and credit ratings: a study of FTSE100 companies." Journal of Pension Economics and Finance 8, no. 4 (March 10, 2009): 405–28. http://dx.doi.org/10.1017/s1474747208003879.

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AbstractThis paper examines the relationship between funding risk of defined benefit pension plans and both corporate debt ratings and equity risk measures for FTSE100 companies. Panel based models highlighted a direct relationship between pension plan risk and equity risk. Pension risk was also demonstrated to be factored into credit ratings with the analysis highlighting that the greater the pension risk, the greater the probability of obtaining a lower debt rating. From a rating agency viewpoint, this is positive news, particularly at present when agencies are being criticized for a perceived failure to reflect sub-prime mortgage problems in firm-specific ratings.

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Dietsch, Peter. "Exit versus voice – options for socially responsible investment in collective pension plans." Economics and Philosophy 36, no. 2 (May 20, 2019): 246–64. http://dx.doi.org/10.1017/s0266267119000129.

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AbstractWhat do we owe participants in collective pension plans in terms of socially responsible investment (SRI)? This paper draws into question current conventional wisdom on SRI, which considers investor engagement a more effective strategy than divestment to change morally problematic corporate behaviour. More fundamentally, in light of reasonable disagreement about the objective of SRI, the paper argues that participants in collective pension plans are owed some kind of control over their investments. The final section considers four different institutional arrangements to respect this requirement in practice, ranging from democratic decision procedures to the availability of SRI alternatives.

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Williams, Patricia A. "The Effect of Pension Income on the Quality of Corporate Earnings: IBM, A Case Study." Issues in Accounting Education 20, no. 2 (May 1, 2005): 167–81. http://dx.doi.org/10.2308/iace.2005.20.2.167.

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This case examines the effect of pension income, as determined by the Statement of Financial Accounting Standard (SFAS) No. 87, on the quality of corporate earnings. Specifically, students are asked to interpret the pension footnote from IBM's 2001 Annual Report. Unlike many companies that indicate a cost associated with their pension plans, IBM reports pension income, not pension expense, for fiscal year 2001. An article in the Wall Street Journal referred to in the case reports that pension income boosted IBM's income before taxes by 13 percent in 2001. Through a series of questions, students are asked to analyze IBM's pension footnote and its effect on earnings. The purpose of this case is to enhance the learning process by reinforcing material learned from accounting texts with a real-world application, to understand the effect of pension accounting on a company's quality of earnings, to illustrate that accounting standards occasionally include provisions that effectively mitigate potential earnings volatility, and to demonstrate that students need to question what they read in the financial press.

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Chen, K. C., and Stephen P. D'Arcy. "Market Sensitivity to Interest Rate Assumptions in Corporate Pension Plans." Journal of Risk and Insurance 53, no. 2 (June 1986): 209. http://dx.doi.org/10.2307/252372.

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Wallace, Keith. "“Corporate Governance of Pension Plans: The U.K. Evidence”: A Comment." Financial Analysts Journal 63, no. 3 (May 2007): 10–11. http://dx.doi.org/10.2469/faj.v63.n3.4684.

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Yoshida, Kazuo, and Yutaka Horiba. "Japanese Corporate Pension Plans and the Impact on Stock Prices." Journal of Risk & Insurance 70, no. 2 (June 2003): 249–68. http://dx.doi.org/10.1111/1539-6975.00059.

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Sun, Fang, and Xiangjing Wei. "Pension discount rate and investor sentiment." Managerial Finance 45, no. 6 (June 10, 2019): 781–92. http://dx.doi.org/10.1108/mf-05-2018-0209.

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Purpose The purpose of this paper is to examine how investor sentiment, proxied by Michigan consumer confidence index, affects the choice of defined benefit pension plan discount rates. Design/methodology/approach The authors use multivariate analysis to test our hypotheses. The dependent variable is defined pension plan discount rate and the testing variables are investor sentiment and a dummy variable representing underfunded status. Findings The authors find a negative and significant relation between investor sentiment and pension plan discount rate. During high (low) sentiment periods, pension discount rate tends to be adjusted downward (upward) discretionarily. Further analysis indicates the relationship between pension discount rate and investor sentiment is more pronounced for firms with underfunded pension plans. The results can be explained by limited attention effects, capital budgeting strategy and earning smoothing. Practical implications The empirical results of this study have important implications for corporate governance and regulation. Specifically, the results suggest the need for increased attention from boards of directors, auditors and regulators to reported pension liabilities, especially during periods of high investor sentiment when pension plan sponsors are more likely to adjust down pension discount rate and accordingly to increase pension liabilities. Originality/value The paper contributes to the extant literature by identifying investor sentiment as a new incentive of pension discount rate manipulation. The empirical results of this study also have important implications for corporate governance and regulation.

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Pedersen, David J. "Risk Shifting and Corporate Pension Plans: Evidence from a Natural Experiment." Journal of Financial and Quantitative Analysis 54, no. 2 (August 24, 2018): 907–23. http://dx.doi.org/10.1017/s0022109018000741.

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Using a natural experiment to identify the causal effect of an increase in default risk on firm actions, I find little evidence managers shift risk to corporate pension plans following an exogenous shock to the firm’s long-term liabilities. The finding is robust to focusing on firms where the incentive to engage in risk shifting is arguably the greatest, such as financially vulnerable firms and firms with fewer agency conflicts. This study casts doubt on the risk-shifting hypothesis and shows managers do not take risk-shifting actions that would increase shareholder value even when those actions pose little threat to managerial utility.

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Rauh, Joshua D. "Risk Shifting versus Risk Management: Investment Policy in Corporate Pension Plans." Review of Financial Studies 22, no. 7 (June 21, 2008): 2687–733. http://dx.doi.org/10.1093/rfs/hhn068.

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Burlingame, Harold W., and Michael J. Gulotta. "Case Study." Compensation & Benefits Review 30, no. 6 (November 1998): 25–31. http://dx.doi.org/10.1177/088636879803000605.

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The potential for using a cash balance pension plan as a restructuring tool is one reason it is gaining favor throughout corporate America. Another reason is that it can give employees a better understanding and appreciation of their retirement benefits. Both reasons are important at a time when companies are changing rapidly and sometimes downsizing and when employees are less likely to stay in one place long enough to anticipate reaping the rewards of a defined bene-fit plan. Cash balance plans combine some of the best features of defined contribution (DC) and defined benefit (DB) plans. For employers, they provide more flexibility than traditional DB plans and help companies achieve their strategic objectives. For employees, they better meet the needs of a changing workforce by delivering portable, easily understood benefits. Since 1985, more than 200 companies have replaced their DB pension plans with a cash bal-ance design. One of the newest and most enthu-siastic proponents is AT&T, which, with the help of consulting firm ASA, Inc., designed a cash bal-. ance plan to help meet its restructuring goals.

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Journal articles on the topic 'Corporate pension plans'

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