Broader Perspectives on the Interest of Pension Plan by Richard F. DeMong

By Richard F. DeMong

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T h e impact of the federal government's pay-as-you-go Social Security system is hard to assess. A funded system might be better, but the impact of Social Security cannot be detached from the general question of the federal deficit. Smaller deficits when the economy is operating at potential would contribute to national saving and capital formation. Altogether, the economy is not currently suffering from a shortage of private-sector saving. References: Franco Modigliani. " Social Research vol. 33, no.

11. Pension Liabilities and Firm Value An unfunded pension liability is in essence a firm borrowing from its employees. Unfunded pension liabilities are the difference between the present or current value of future retirement obligations and the current value of funds set aside to pay these obligations. As a financial obligation, a n unfunded pension liability should theoretically affect the value of the sponsoring firm. 3 Pension liabilities have a direct effect on the risk of a firm, which affects the required return of the stockholders of the firm.

And National Saving," T h e Journal of Finance ( ~ e ~ t e m b1981): Gersovitz, T h e Investment, Financing and Valuation of the Corporation, (Homewood, Illinois: Richard D. , 1962);and G. Oldfield, "Financial Aspects of the Private Pension System," Journal of Money, Credit and Banking (June 1983):. l2 Z. , op. cit. PBGC's responsibility is to insure that the employee's position is not jeopardized. As a go-between, the PBGC intends to insulate the employee and the firm, protecting employee interest while enforcing firm responsibility.

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