Firm^|^rsquo;s Pension Choice in Japan : Risk Shifting versus Tax Benefit

Optimal risk management in defined benefit stochastic pension funds

We consider a continuous time dynamic pension funding model in a defined benefit plan of an employment system. The benefits liabilities are random, given by a geometric Brownian process. Three different situations are studied regarding the investment decisions taken by the sponsoring employer: in the first, the fund is invested at a constant, risk-free rate of interest; in the second, the promo...

Benefit versus risk.

Tax-Efficient Pension Choices in the UK

The special tax treatment of UK pensions means that the decision on how to use pensions assets is more involved than in other tax jurisdictions. In particular, the ability to take up to 25% of pensions assets as a tax-free cash lump sum at retirement offers retirees opportunities to enhance their pension above that possible through the purchase of a compulsory purchase annuity (“CPA”). The tax-...

The tax implications of cost shifting in cost–benefit analysis in mental health

This paper examines the tax implications of systems of care for psychiatric patients that rely more on the provision of services in the community rather than in state hospitals. State governments pay the costs of patient care in state hospitals, but share costs with the federal government (via Medicaid) for community based care. Taxes create distortions as gauged by the marginal cost of public ...

Male circumcision: risk versus benefit.

Ancient wall paintings and mummies record the practice of male circumcision 6000 years ago. Its origins remain obscure but are variously derived from religion, ritual and culture. Today, surgical indications for circumcision are either therapeutic, to treat established conditions such as balanitis xerotica obliterans, or preventive. In 2012, the American Academy of Pediatrics (AAP) radically ch...