PENSIONS, RISK, AND FINANCIAL STATUS

在过去的二十年里，退休储蓄发生了巨大的变化。从雇主管理的固定收益养老金，到主要由雇员控制的固定缴款退休储蓄计划，已经发生了转变。如今，大约85%的私人捐款是存入个人退休账户的。退休储蓄集中于个人账户，引发了许多与这些计划相关的风险以及资产价格波动对个人选择的影响的问题。鉴于从雇主提供的固定收益计划迅速过渡到个人退休账户，本项目的拟议分析将评估家庭风险暴露的趋势。特别是，分析将考虑个人退休账户中与公司股票相关的风险，并将个人退休账户的金融市场风险与传统雇主提供的养老金计划的跳槽风险进行比较。在进行风险评估时，项目将考虑

Retirement saving has changed dramatically over the last two decades. There has been a shift from employer-managed defined benefit pensions to defined contribution retirement saving plans that are largely controlled by employees. Today, about 85 percent of private contributions are to personal retirement accounts. The concentration of retirement saving in personal accounts raises many questions about the risk associated with these plans and the effect of asset price fluctuations on individual choices. The proposed analysis under this subproject will evaluate the trends in the risk exposure of households, in light of the rapid transition from employer-provided DB plans to personal retirement accounts. In particular, the analysis will consider the risk associated with company stock in personal retirement accounts, and will compare the financial market risk of personal retirement accounts to the job-change risk of traditional employer-provided DB plans. In pursuing the evaluation of risk, the project will consider alternative methods of measuring and reporting risk. The proposed analysis will also direct attention to the effect of financial market fluctuations on the participation in and contributions to personal retirement accounts, on the retirement decision, and on the home downsizing decision of older households. Finally, the analysis will evaluate the effect of recent tax law changes on the participation in and the contributions to personal retirement accounts.