bution Pension Systems in a Stochastic Context-Design and.ppt
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1、Notional Defined Contribution Pension Systems in a Stochastic Context: Design and Stability,Alan J. Auerbach and Ronald Lee University of California, Berkeley,What are NDC plans?,Motivation: can one obtain some of the benefits of a defined contribution scheme without confronting the difficult fundin
2、g transition? property rights transparency solvency in the face of demographic shifts Answer: possibly, if use “biological” rate of return instead of the market rate of return,Example: Swedens NDC Plan,Two phases: pre-retirement and retirement Pre-retirement: each years payroll taxes added to stock
3、of “notional pension wealth” (NPW); NPW compounded annually using growth rate of average wage Retirement: level real annuity based on trend wage growth rate, but adjusted up or down if actual growth rate faster or slower,Example: Swedens NDC Plan,No guarantee that NDC plan as used in Sweden will be
4、stable, in terms of evolution of debt-payroll ratio This is recognized in Sweden, so an additional “brake” mechanism is included Construct a balance ratio, b, meant to approximate ratio of system assets to liabilities If b 1, then multiply by b the rate of return called for by the basic formula,Pote
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