Following the passage of the Employee Retirement Income Security Act of 1974 and the increased regulatory burden placed on defined benefit pension plans, the less complex fully funded defined contribution plan emerged as a more attractive and increasingly popular alternative. Traditionally the standard approach to pensions in the educational…

The influences that demographic changes may have on the design of private pension plans in the twenty-first century are examined. Major demographic factors to be considered include the aging of the population, declining mortality rate, potential for an even lower mortality rate, improved health for all ages and especially for older workers, and…

A study in 1987-92 assessed the effects of changes in life course on work and careers. Interviews with 150 individuals who remained active or continued to work beyond age 65 showed lifetimes differing greatly from the traditional model. The combination of longer lifetimes and postponement of old age has created a new stage in adult life, a second…

The baby boom generation faces added uncertainty on their investments and perhaps lower realized rates of return on all components of their retirement savings, primarily because of their large number. Effects will be felt in the Social Security system and by pension plans and private investors. Individuals, employers, pension fund managers, and…