000			02476cam a22003257 4500
001			w0927
003			NBER
005			20211020115344.0
006			m o d
007			cr cnu||||||||
008			210910s1982 mau fo 000 0 eng d
100	1		_aBulow, Jeremy I. _97030
245	1	0	_aEconomic Implications of ERISA / _cJeremy I. Bulow, Myron S. Scholes, Peter Menell.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1982.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w0927
500			_aJuly 1982.
520	3		_aIf the intent of the Employee Retirement Income Security Act, ERISA, was to assure that beneficiaries of insolvent pension plans receive adequate pension benefits, sharp increases in nominal rates of interest have blunted that purpose. Without an increase in these rates, the Pension Benefit Guarantee Corporation, PBGC, the insurance agency established to guarantee benefits, faced large liabilities on the terminations of pension plans. We examine the economics of pension funds and the funding of pension funds before and after the enactment of ERISA. The Act changed the economics of pension funds. The PBGC, the employer, and the employees have interests in the assets of the pension plan. The PBGC can tax corporations to pay off liabilities and to fund guaranteed benefits; employers can terminate pension plans or overfund them; employees can ask for more benefits or claim the assets in the fund. Although the PBGC insures benefits, the insurance agent forbears, not acting quickly to protect its own interests. To prevent potential huge increases in its liabilities, the PBGC could require that employers hedge the guaranteed benefits, and fund their increases in promised benefits. Given its policies, these requirements could protect the PBGC.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
700	1		_aScholes, Myron S. _920380
700	1		_aMenell, Peter.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w0927.
856	4	0	_uhttps://www.nber.org/papers/w0927
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w0927
942			_2ddc _cW-PAPER
999			_c347657 _d306219