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.

Augmenting phenomenology: using augmented reality to aid archaeological phenomenology in the landscape

Explorations of perception using GIS have traditionally been based on vision and analysis confined to the computer laboratory. In contrast, phenomenological analyses of archaeological landscapes are normally carried out within the particular landscape itself; and computer analysis away from the landscape in question is often seen as anathema to such attempts. This paper presents initial research that aims to bridge this gap by using augmented reality (AR). AR gives us the opportunity to merge the real world with virtual elements, including 3D models, soundscapes, and social media. In this way, aspects of GIS analysis that would usually keep us chained to the desk can be experienced directly in the field at the time of investigation

2008 Progress Report on Brain Research

Highlights new research on various disorders, nervous system injuries, neuroethics, neuroimmunology, pain, sense and body function, stem cells and neurogenesis, and thought and memory. Includes essays on arts and cognition and on deep brain stimulation

Building information modeling: next steps for tensile membrane architecture

With technologicaladvancementsin building design,increasing BIM maturity provides significantopportunities to improve the design process and performance of tensile membrane architecture.In order to isolate the next stepsof technological development for tools specialized intensile membrane design, this paper first conductsa case study to examine how BIMhas been implemented successfullyfollowed by a summary review of current tensile membrane tools and a detailed look at gaps to see where BIM maturity in tensile membrane architecturecan improve

The Politics of Three Case Studies Industrialization

This article analyzes the grassroots efforts of the working and unemployed poor of three Appalachian communities to improve their towns \u27 devastated economy in an era of rapid economic change and globalization. While all three were beset by plant closings, their forms of political mobilization, both before and after the shutdown, differed. Each group of workers mounted a communitywide campaign designed to convince the company to stay, to induce local government action, to receive pay and benefits due, and to influence state legislation and economic development policy. Mobilization in the wake of a plant closing is rather extraordinary, especially in isolated, low-income rural areas. Why did it occur in these communities, and what were its consequences for the participants and for the state? First, each group\u27s ultimate failure to influence an economic outcome and policy reveals the grim prospects for meaningful local democratic politics in a global economy. But second, the mobilization in two of the three cases succeeded in transforming the participants and the local community

The Practice of curation on Instagram: A Bourdieusian approach

Social media has become a salient part of the social world. However, social media platforms are no longer solely for conversing with others; they have become a tool for self-presentation and the curation of self. This paper explores how previous social media research and scholars can be used to understand the intentionality displayed by Instagram users as they construct their online identities and profiles. Additionally, this paper aims to further understand this process by approaching it as a process of curation through a Bourdieusian lens. Bourdieu’s sociological lens will allow for a further understanding of the intentionality behind social media practices by providing insight into how the social media functions as a field separate from the physical social world. Further exploration on how the process of curation impacts the notion of self and identity is needed to understand the notion of profileness that has penetrated this social space

Early mortality (pre and post antiretroviral treatment) amongst children with HIV/AIDS enrolled in two programs in Cambodia

Mexico AIDS Conference 200