@techreport{Nersisyan2010trouble,
abstract = {Pension funds have taken a big hit during the current financial crisis, with losses in the trillions of dollars. In addition, both private and public pensions are experiencing significant funding shortfalls, as is the government-run Pension Benefit Guaranty Corporation, which insures the defined-benefit pension plans of private American companies. Yeva Nersisyan and Senior Scholar L. Randall Wray argue that the employment-based pension system is highly problematic, since the strategy for managing pension funds leads to excessive cost and risk in an effort to achieve above-average returns. The average fund manager, however, will only achieve the risk-free return. The authors therefore advocate expanding Social Security and encouraging private and public pensions to invest only in safe (risk-free) Treasury bonds - which, on average, will beat the net returns on risky assets.},
address = {Annandale-on-Hudson, NY},
author = {Yeva Nersisyan and L. Randall Wray},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
isbn = {978-1-936192-05-2},
keywords = {330; Rentenfinanzierung; Pensionskasse; Bankenaufsicht; Gl\"{a}ubigerschutz; USA},
language = {eng},
number = {109},
publisher = {Levy Economics Inst.},
title = {The trouble with pensions: Toward an alternative public policy to support retirement},
type = {Public policy brief // Jerome Levy Economics Institute of Bard College},
url = {http://hdl.handle.net/10419/54273},
year = {2010}
}
