Guaranteeing Defined Contribution Pensions: The Option to Buy-Back a Defined Benefit Promise

After a long commitment to defined benefit (DB) pension plans for US public sect or employees, many state legislatures have introduced defined contribution (DC) plans for their public employees. In this process, investment risk which was previously borne by state DB plans has now devolved to employees covered by the new DC plans. In light of this trend, some states have proposed a guarantee mechanism to help protect DC plan participants. One such guarantee takes the form of an option permitting DC plan participants to bu y back their DB benefit for a price. This paper develops a theoretical framewor k to analyze the option design and illustrate how employee characteristics influ ence the option's cost. We illustrate the potential magnitude of a buy-back opt ion value enacted recently by the State of Florida for its public employees. If employees were to exercise the buy-back option optimally, the market value of t his option could represent up to 100 percent of the DC contributions over the wo rklife.

Understanding Individual Account Guarantees

Demographic aging renders workers vulnerable to the inherent uncertainty of unfunded social security systems. This realization has set off a global wave of social security reforms, and more than 20 countries have set up Individual Accounts (IA) plans in response. Strengths of IAs are that participants gain ownership in their accounts, and they also may diversify their pension investments; additionally they produce a capitalized, funded system that enhances old-age economic security. While IAs reduce the risk participants face due to unfunded social security system, holding capital market investments in IAs could expose participants to fluctuations in the value of their pension assets. Concern over market volatility has prompted some to emphasize the need for “guarantees” of pension accumulations. This paper offers a way to think about guarantees in the context of a reform that includes Individual Accounts. We illustrate that guarantee costs can be important and they can vary significantly with time horizon, investment mix, and guarantee design. The findings indicate that plan designers and budget analysts would do well to recognize such costs and identify how they can be financed.

Understanding Individual Account Guarantees

Demographic aging renders workers vulnerable to the inherent uncertainty of unfunded social security systems. This realization has set off a global wave of social security reforms, and numerous countries have now set up Individual Accounts (IA) plans in response. Strengths of IAs are that participants gain ownership in their accounts, and they also may diversify their pension investments; additionally, they produce a capitalized, funded system that enhances old-age economic security. While IAs reduce the risk participants face due to unfunded social security systems, participants holding capital market investments in IAs are exposed to fluctuations in the value of their pension assets. Concern over market volatility has prompted some to emphasize the need for guarantees' of pension accumulations. This paper offers a way to think about guarantees in the context of a social security reform that includes Individual Accounts. When a pension guarantee has economic value to participants, it will have economic costs. We illustrate how these costs can be important and vary significantly with time horizon, investment mix, and guarantee design. Our findings indicate that plan designers and budget analysts would do well to recognize such costs and identify how they can be financed.

Experiences with a Commercial ECDIS

The integration of accurate positioning and electronic charts provides an extremely valuable tool to the mariner when navigating under hazardous conditions. This paper describes the experiences of two organizations in Canada who work under such conditions. On the St. Lawrence River, the Canadian Coast Guard is using the PINS 9000, a commercial ECDIS, for ice breaking chores with few, if any, other aids and has demonstrated operational savings. Marine Atlantic, Inc., uses the same system for ferry navigation into and out of Port aux Basques, Newfoundland, where it not only assists in meeting a tight schedule, but also enhances safety when operating in difficult conditions

Weight perceptions and perceived risk for diabetes and heart disease among overweight and obese women, Suffolk County, New York, 2008

INTRODUCTION: Many Americans fail to accurately identify themselves as overweight and underestimate their risk for obesity-related diseases. The purpose of this study was to investigate associations between weight perceptions and perceived risk for diabetes and heart disease among overweight or obese women. METHODS: We examined survey responses from 397 overweight or obese female health center patients on disease risk perceptions and weight perceptions. We derived odds ratios (ORs) and 95% confidence intervals (CIs) from multivariable logistic regression analyses to examine predictors of perceived risk for diabetes and heart disease. We further stratified results by health literacy. RESULTS: Perceiving oneself as overweight (OR, 2.78; 95% CI, 1.16-6.66), believing that being overweight is a personal health problem (OR, 2.46; 95% CI, 1.26-4.80), and family history of diabetes (OR, 3.22; 95% CI, 1.53-6.78) were associated with greater perceived risk for diabetes. Perceiving oneself as overweight (OR, 4.33; 95% CI, 1.26-14.86) and family history of heart disease (OR, 2.25; 95% CI, 1.08-4.69) were associated with greater perceived risk for heart disease. Among respondents with higher health literacy, believing that being overweight was a personal health problem was associated with greater perceived risk for diabetes (OR, 4.91; 95% CI, 1.68-14.35). Among respondents with lower health literacy, perceiving oneself as overweight was associated with greater perceived risk for heart disease (OR, 4.69; 95% CI, 1.02-21.62). CONCLUSION: Our findings indicate an association between accurate weight perceptions and perceived risk for diabetes and heart disease in overweight or obese women. This study adds to research on disease risk perceptions in at-risk populations

Daily associations between sleep and physical activity : a systematic review and meta-analysis

The day-to-day variations of sleep and physical activity are associated with various health outcomes in adults, and previous studies suggested a bidirectional association between these behaviors. The daily associations between sleep and physical activity have been examined in observational or interventional contexts. The primary goal of the current systematic review and meta-analysis was to summarize existing evidence about daily associations between sleep and physical activity outcomes at inter- and intra-individual level in adults. A systematic search of records in eight databases from inception to July 2019 identified 33 peer-reviewed empirical publications that examined daily sleep – physical activity association in adults. The qualitative and quantitative analyses of included studies did not support a bidirectional daily association between sleep outcomes and physical activity. Multilevel meta-analyses showed that three sleep parameters were associated with physical activity the following day: sleep quality, sleep efficiency, and wake after sleep onset. However, the associations were small, and varied in terms of direction and level of variability (e.g. inter- or intra-individual). Daytime physical activity was associated with lower total sleep time the following night at an inter-person level with a small effect size. From a clinical perspective, care providers should monitor the effects of better sleep promotion on physical activity behaviours in their patients. Future studies should examine sleep and physical activity during a longer period and perform additional sophisticated statistical analyses

Novel analysis of global DNA methylation in the limbic system of the bovine brain

Citation: Cantrell, B. A., McKay, S. D., Weaber, R. L., Funston, R. N., & Lachance, H. (2016). Novel analysis of global DNA methylation in the limbic system of the bovine brain. Journal of Animal Science, 94, 43-43. doi:10.2134/jas2016.94supplement443xThere has been limited research focusing on the genetic-environmental interactions in bovine brains. Global DNA methylation has been measured in brains of several species, but has yet to be examined in bovine. The objective of this study was to characterize global DNA methylation in 9 regions of the limbic system in the bovine brain: amygdala, bed nucleus of the stria terminalis, cingulate gyrus, dorsal raphe, hippocampus, hypothalamus, nucleus accumbens, periaqueductal gray, and prefrontal cortex. DNA was extracted from brain and blood samples of 6 Red Angus × Simmental steers (less than 20 mo of age), using the DNA Extraction Kit from Agilent Technologies (Santa Clara, CA) and a phenol chloroform extraction. Percent of global DNA methylation was determined using the MethylFlash Methylated DNA Quantification Kit (Colormetric) from Epigentek (Farmingdale, NY). Varying amounts of global DNA methylation were observed among the 9 functionally distinct regions of the bovine limbic system. Amygdala, bed nucleus of the stria terminalis, cingulate gyrus, dorsal raphe, periaqueductal gray, prefrontal cortex, and nucleus accumbens are all significantly different (P < 0.05) from 1 or more brain tissue type, using a paired t test in SPSS (IBM, Armonk, NY). Conversely, global DNA methylation of blood was not significantly different (P < 0.05) from any brain tissue type. This study shows significant differences in global DNA methylation among different tissue types in the limbic system of the bovine brain. Understanding the differences in global DNA methylation within different tissues in the brain will facilitate future research involving the effects of differential methylation with regard to economically important traits

Cavity Magnonics

Cavity magnonics deals with the interaction of magnons - elementary excitations in magnetic materials - and confined electromagnetic fields. We introduce the basic physics and review the experimental and theoretical progress of this young field that is gearing up for integration in future quantum technologies. Much of its appeal is derived from the strong magnon-photon coupling and the easily-reached nonlinear regime in microwave cavities. The interaction of magnons with light as detected by Brillouin light scattering is enhanced in magnetic optical resonators, which can be employed to manipulate magnon distributions. The cavity photon-mediated coupling of a magnon mode to a superconducting qubit enables measurements in the single magnon limit