For the last two decades, Ohio has given its new public school teachers choices among retirement plans. Early in their employment, they are handed a form that allows them to opt for a traditional pension plan, a 401(k)-style defined-contribution (DC) plan, or a plan that combines elements of each. If they make no affirmative decision at all--that…

An increasing number of individuals will be unable to retire comfortably amidst an international retirement savings crisis. Research suggests that behavioral factors contribute to inadequate retirement savings. We present a procedure that reframes the retirement savings decision, aimed at alleviating some of the negative effects of the behavioral…

How are teacher pension benefits funded? Under traditional plans, the full cost of career teachers' benefits far exceeds the contributions designated for them. The gap between the two has three pieces, which may (with some license) be mnemonically tagged the three R's of pension funding: "redistribution," "return," and…

Public school teachers deserve a compensation system that puts them on a secure path toward retirement. The severely backloaded structure of today's public school teacher pension systems benefit only a small proportion of entering teachers while putting the rest on an insecure retirement path. But there is a cost-neutral solution to this problem…

This chapter addresses retirement planning, the impact of late career moves, adjusting to retirement, financial planning, and work options after retirement.

Currently, higher education is being roiled by class-action lawsuits filed against high-profile institutions, including MIT, Yale and New York University, over management of their retirement plans. As the lawyers are deployed and the billable hours accrue, it is timely to examine how those who have responsibility for retirement plan…

Individuals with severe disabilities and their families can engage in person-centered and family-centered planning for aging using a life course view. Viewing aging within the context of the family and disability is essential because many people with severe disabilities depend on their families for supports in daily living, social relationships,…

Real-life applications of financial concepts are a valuable method to get students engaged in financial topics. While especially non-finance majors often struggle to understand the importance of financial topics for their personal lives, applying these theories to real-life examples can significantly improve their learning experience and increase…

It has been almost ten years since the American Council on Education (ACE) began to raise awareness of the importance of workplace flexibility in faculty careers and to encourage colleges and universities to support faculty in better integrating their professional and personal lives. With the generous support of the Alfred P. Sloan Foundation, ACE…

Given the overarching ramifications that financial literacy plays in the modern economy, this paper contends that a renewed emphasis on financial literacy is central to individual, family and communal economic security. New responsibilities and opportunities given to consumers, such as retirement planning, have increased the need for more…

For years, people have been taught that maintaining liquidity of assets, particularly at retirement, is beneficial. One's liquidity, that is, monies he/she controls and has ready access to for discretionary withdrawals, translates into uncertainty to the company holding those assets because they can be withdrawn at any time. If one can increase a…

It is increasingly important to understand the fundamentals of investing and, for many, the ability to integrate faith and ethics with investing decisions. This is especially relevant for employees and students in Christian higher education. Most employees in Christian higher education are enrolled in retirement plans that obligate them to make…

Equivalence is a fundamental concept that is the basis of personal financial planning. Any Extension consumer financial education program would need the concept to explain financial products that involve a series of payments over some length of time (pensions, fixed annuities, and mortgages). A table of annuity factors is presented that can be…

The time value of money (TVM) is required knowledge for all business students. It is traditionally taught in finance and accounting classes for use in various applications in the business curriculum. These concepts are also very useful in real life situations such as calculating the amount to save for retirement. This paper details a retirement…

School business officials kept a close watch on the financial markets this week--and on district investment portfolios and teacher-retirement funds--as stock prices gyrated and once-sound institutions got government bailouts or crumbled into bankruptcy. While financial observers said it was too soon to predict how Wall Street's upheaval might…