{"product_id":"successful-defined-contribution-investment-design-how-to-align-target-date-core-and-income-strategies-to-the-price-of-retirement-hardback-9781119298564","title":"Successful Defined Contribution Investment Design; How to Align Target-Date, Core, and Income Strategies to the PRICE of Retirement (Hardback) 9781119298564","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eSuccessful Defined Contribution Investment Design\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eHow to Align Target-Date, Core, and Income Strategies to the PRICE of Retirement\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eStacy L. Schaus (Author), Ying Gao (With)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781119298564, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 14 March 2017\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e384 pages\u003cbr\u003e23.1 x 15.8 x 3.6 cm, 0.59 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cb\u003eStart-to-finish guidance toward building and implementing a robust DC plan\u003c\/b\u003e \u003cp\u003e\u003ci\u003eSuccessful Defined Contribution Investment Design\u003c\/i\u003e offers a comprehensive guidebook for fiduciaries tasked with structuring and implementing a 401(k) or other defined contribution (DC) pension plan. More than a collection of the usual piecemeal information, this book seeks to offer a complete, contemporary framework for plan design, together with tested methodologies and analytic techniques to help streamline plan monitoring, management and improve participant outcomes. Examples from plan sponsors provide on-the-ground insight while suggestions from DC consultants add expert perspective. Views from ERISA expert counsel provide additional understanding—along with input from academic thought leaders. Finally, investment evaluation and analysis is joined with participant savings and asset allocation data to look prospectively at potential outcomes, and case studies illustrate real-world implementation of objective-aligned asset allocation such as custom target-date strategies. Though the focus is primarily on U.S. plan design, author perspectives from countries including Australia, the United Kingdom and Canada provide relevant and helpful viewpoints for both new and experienced plan fiduciaries. \u003c\/p\u003e\n\u003cp\u003eFor the vast majority of workers, DC plans have replaced traditional defined benefit pension plans as the primary source of employer-provided retirement income. This book provides comprehensive guidance to help you construct a plan to help workers to retire with confidence. \u003c\/p\u003e\n\u003cul\u003e \u003cli\u003eAdopt a framework for DC evaluation and structure\u003c\/li\u003e \u003cli\u003eLearn new methodologies for investment choice evaluation\u003c\/li\u003e \u003cli\u003eUse the innovative PIMCO Retirement Income Cost Estimate—or PRICE—to help quantify the amount of money a worker needs to create and stay on track to building a real income stream in retirement\u003c\/li\u003e \u003cli\u003eExamine methodologies used at major companies in the U.S. and globally\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eDC plans are the most rapidly growing retirement market in the world, yet sources of consolidated structural and analytical guidance are lacking. \u003ci\u003eSuccessful Defined Contribution Investment Design\u003c\/i\u003e fills the gap with a comprehensive handbook that covers the bases to help you develop an objective-aligned defined contribution plan.\u003c\/p\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eAcknowledgments xv \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003eHow This Book Is Organized—and How to Use It 3\u003c\/p\u003e \u003cp\u003eA Continuing Commitment to Meet the Need for Information 6\u003c\/p\u003e \u003cp\u003eWhy Should You Read This Book? 7\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART ONE DC Plans: A Cornerstone of Retirement 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 DC Plans Today 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePreface: A Career and a New Form of Pension Plan Are Born 11\u003c\/p\u003e \u003cp\u003eDC Plans: Becoming the New Reality . . . No Turning Back 13\u003c\/p\u003e \u003cp\u003eSetting Goals for Success: Income Replacement Targets 14\u003c\/p\u003e \u003cp\u003eReducing DC Litigation Risk: Process and Oversight 16\u003c\/p\u003e \u003cp\u003eWho’s a Fiduciary? 17\u003c\/p\u003e \u003cp\u003eHow to Approach Outsourcing DC Plan Resources 19\u003c\/p\u003e \u003cp\u003eHiring an Investment Consultant 20\u003c\/p\u003e \u003cp\u003eGetting Started: Setting an Investment Philosophy and Governance Structure 20\u003c\/p\u003e \u003cp\u003ePIMCO Principles for DC Plan Success: Building and Preserving Purchasing Power 25\u003c\/p\u003e \u003cp\u003eMaximizing DC Savings: Just Do It! 27\u003c\/p\u003e \u003cp\u003eIn Closing 32\u003c\/p\u003e \u003cp\u003eQuestions for Plan Fiduciaries 33\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 Aligning DC Investment Design to Meet the PRICE of Retirement 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBegin with the End in Mind 37\u003c\/p\u003e \u003cp\u003eWhat Is a Reasonable Pay Replacement Target? 39\u003c\/p\u003e \u003cp\u003eCalculating the Income Replacement Rates 42\u003c\/p\u003e \u003cp\u003eHistoric Cost of Retirement: PRICE Is a Moving Target 44\u003c\/p\u003e \u003cp\u003eA Focus on Income, Not Cost 47\u003c\/p\u003e \u003cp\u003ePRICE-Aware: Applying PRICE to Consider DC Assets and Target-Date Strategies 48\u003c\/p\u003e \u003cp\u003eEvaluating Glide Paths 50\u003c\/p\u003e \u003cp\u003eTracking DC Account Balance Growth Relative to PRICE 54\u003c\/p\u003e \u003cp\u003eSummary: The Importance of Knowing Your PRICE 55\u003c\/p\u003e \u003cp\u003eIn Closing 55\u003c\/p\u003e \u003cp\u003eQuestions for Plan Fiduciaries 56\u003c\/p\u003e \u003cp\u003eNote 56\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 Plan Investment Structure 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTiers and Blends: Investment Choices for DC Participants 60\u003c\/p\u003e \u003cp\u003eTier I: “Do-It-for-Me” Asset Allocation Investment Strategies 61\u003c\/p\u003e \u003cp\u003eTier II: “Help-Me-Do-It” Stand-Alone or “Core” Investment Options 67\u003c\/p\u003e \u003cp\u003eTier III: “Do-It-Myself” Mutual-Fund-Only or Full Brokerage Window 90\u003c\/p\u003e \u003cp\u003eConsidering an Outsourced Chief Investment Offi cer 91\u003c\/p\u003e \u003cp\u003eIn Closing 93\u003c\/p\u003e \u003cp\u003eQuestions for Plan Fiduciaries 94\u003c\/p\u003e \u003cp\u003eNotes 94\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Target Date Design and Approaches 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTarget-Date Structures Vary by Plan Size 100\u003c\/p\u003e \u003cp\u003eCustom Target-Date Strategies 101\u003c\/p\u003e \u003cp\u003eSemicustom Target-Date 102\u003c\/p\u003e \u003cp\u003ePackaged Target-Date 103\u003c\/p\u003e \u003cp\u003eTarget-Date Selection and Evaluation Criteria 104\u003c\/p\u003e \u003cp\u003eNo Such Thing as Passive 105\u003c\/p\u003e \u003cp\u003eLow Cost and Low Tracking Error Does Not Equal Low Risk 106\u003c\/p\u003e \u003cp\u003eFramework for Selecting and Evaluating Target-Date Strategies: Three Active Decisions Plan Sponsors Must Make 107\u003c\/p\u003e \u003cp\u003eActive Decision #1: How Much Risk Can Plan Participants Take? 108\u003c\/p\u003e \u003cp\u003eActive Decision #2: How Is the Risk Best Allocated across Investment Choices? 114\u003c\/p\u003e \u003cp\u003eActive Decision #3: Should Risk Be Actively Hedged? 119\u003c\/p\u003e \u003cp\u003eTail-Risk Hedging Strategies 119\u003c\/p\u003e \u003cp\u003eInsurance 120\u003c\/p\u003e \u003cp\u003eTarget-Date Analytics: Glide Path Analyzer (GPA) and Other Tools 120\u003c\/p\u003e \u003cp\u003eGlobal DC Plans: Similar Destinations, Distinctly Different Paths 121\u003c\/p\u003e \u003cp\u003eIn Closing 123\u003c\/p\u003e \u003cp\u003eQuestions for Plan Fiduciaries 124\u003c\/p\u003e \u003cp\u003eNotes 125\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART TWO Building Robust Plans: Core Investment Offerings 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 Capital Preservation Strategies 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCapital Preservation: Importance 130\u003c\/p\u003e \u003cp\u003eCapital Preservation: What Is Prevalent and What Is Preferred? 131\u003c\/p\u003e \u003cp\u003eThe $1 NAV: Shared by Stable Value and MMFs 132\u003c\/p\u003e \u003cp\u003eStable Value Offers More Opportunity in a Low-Interest-Rate Environment 135\u003c\/p\u003e \u003cp\u003eLooking Forward: The Changing Role of Stable Value 138\u003c\/p\u003e \u003cp\u003eMaking Low-Risk Decisions: Views from the Field 140\u003c\/p\u003e \u003cp\u003eWhite Labeling: A Capital Preservation Solution 143\u003c\/p\u003e \u003cp\u003eAn Analytic Evaluation of Capital Preservation Solutions 144\u003c\/p\u003e \u003cp\u003eShort-Term, Low-Duration, and Low-Risk Bond Strategies 146\u003c\/p\u003e \u003cp\u003eInclusion of Stable Value in Custom Target-Date or Other Blended Strategies 149\u003c\/p\u003e \u003cp\u003eIn Closing 152\u003c\/p\u003e \u003cp\u003eQuestions for Plan Fiduciaries 152\u003c\/p\u003e \u003cp\u003eNote 153\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 Fixed-Income Strategies 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Are Bonds, and Why Are They Important for Retirement Investors? 157\u003c\/p\u003e \u003cp\u003eWhat Are the Different Types of Bonds in the Market? 158\u003c\/p\u003e \u003cp\u003eWhat Types of Bonds Should Be Offered to DC Participants? 161\u003c\/p\u003e \u003cp\u003eInvestment-Grade and High-Yield Credit 165\u003c\/p\u003e \u003cp\u003eBond Investment Strategies: Passive versus Active Approaches 166\u003c\/p\u003e \u003cp\u003eAnalytic Evaluation: Comparing Bond Strategies 176\u003c\/p\u003e \u003cp\u003eFixed Income within Target-Date Glide Paths 178\u003c\/p\u003e \u003cp\u003eObservations for Fixed Income Allocation within Target-Date Strategies 179\u003c\/p\u003e \u003cp\u003eIn Closing 181\u003c\/p\u003e \u003cp\u003eQuestions for Plan Fiduciaries 181\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Designing Balanced DC Menus: Considering Equity Options 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Are Equities and How Are They Presented in DC Investment Menus? 184\u003c\/p\u003e \u003cp\u003eGetting the Most out of Equities 190\u003c\/p\u003e \u003cp\u003eConsider Dividend-Paying Stocks 194\u003c\/p\u003e \u003cp\u003eEvaluating Equity Strategies 194\u003c\/p\u003e \u003cp\u003eLess Is More: Streamlining Equity Choices 197\u003c\/p\u003e \u003cp\u003eShift to Asset-Class Menu May Improve Retirement Outcomes 197\u003c\/p\u003e \u003cp\u003eActive versus Passive—The Ongoing Debate 197\u003c\/p\u003e \u003cp\u003eStrategic Beta: Consider Adding Fundamentally Weighted Equity Exposure 204\u003c\/p\u003e \u003cp\u003eCurrency Hedging: An Active Decision 205\u003c\/p\u003e \u003cp\u003eObservations for Equity Allocations within Target-Date Strategies 210\u003c\/p\u003e \u003cp\u003eIn Closing 212\u003c\/p\u003e \u003cp\u003eQuestions for Fiduciaries 212\u003c\/p\u003e \u003cp\u003eNote 213\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Inflation Protection 215\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Is Inflation and How Is It Measured? 216\u003c\/p\u003e \u003cp\u003eWhy Inflation Protection in DC? 217\u003c\/p\u003e \u003cp\u003eHistory of Inflation: Inflation Spikes Underscore Need for Inflation-Hedging Assets 218\u003c\/p\u003e \u003cp\u003eInflation Protection When Accumulating and Decumulating, and in Different Economic Environments 219\u003c\/p\u003e \u003cp\u003eEconomic Environments Change Unexpectedly—and Reward or Punish Various Asset Classes 221\u003c\/p\u003e \u003cp\u003eConsultants Favor TIPS, Multi-Real-Asset Strategies, REITs, and Commodities 223\u003c\/p\u003e \u003cp\u003eHow Should Plan Sponsors Address Inflation Risk in DC Portfolios? 226\u003c\/p\u003e \u003cp\u003eImplementation Challenges 228\u003c\/p\u003e \u003cp\u003eEvaluating Real Asset Strategies 229\u003c\/p\u003e \u003cp\u003eSummary Comparison of Individual and Multi-Real-Asset Blends 232\u003c\/p\u003e \u003cp\u003eInflation-Hedging Assets in Target-Date Glide Paths 235\u003c\/p\u003e \u003cp\u003eObservations for Inflation-Hedging Assets in Target-Date Glide Paths 236\u003c\/p\u003e \u003cp\u003eIn Closing 238\u003c\/p\u003e \u003cp\u003eQuestions for Fiduciaries 238\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 Additional Strategies and Alternatives: Seeking Diversification and Return 239\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Are Alternative Assets? 240\u003c\/p\u003e \u003cp\u003eA Wider Lens on Alternatives 242\u003c\/p\u003e \u003cp\u003eConsultant Support for Additional Strategies and Alternatives 244\u003c\/p\u003e \u003cp\u003eBack to Basics: Why Consider Alternatives? 247\u003c\/p\u003e \u003cp\u003eLiquid Alternatives: Types and Selection Considerations 252\u003c\/p\u003e \u003cp\u003eImportant Characteristics in Selecting Alternatives: Consultant Views 256\u003c\/p\u003e \u003cp\u003eIlliquid Alternatives: Types and Considerations 259\u003c\/p\u003e \u003cp\u003eContrasting Liquid Alternative Strategies with Hedge Fund and Private Equity Investments 261\u003c\/p\u003e \u003cp\u003eIn Closing 263\u003c\/p\u003e \u003cp\u003eQuestions for Plan Fiduciaries 264\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART THREE Bringing It All Together: Creating Retirement Income 265\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Retirement Income: Considering Options for Plan Sponsors and Retirees 267\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAdvisor and Consultant Retirement Income Suggestions 268\u003c\/p\u003e \u003cp\u003eWhy Don’t Retirees Leave Their Assets in DC Plans at Retirement? 272\u003c\/p\u003e \u003cp\u003eRetaining a Relationship with Your Employer in Retirement: An Innovative and Caring Plan Sponsor 277\u003c\/p\u003e \u003cp\u003eMutual Benefits: Retaining Retiree Assets May Help Both Retirees and Plan Sponsors 279\u003c\/p\u003e \u003cp\u003eTurning DC Assets into a Lifetime Paycheck: Evaluating the DC Investment Lineup for Retiree Readiness 280\u003c\/p\u003e \u003cp\u003eEvaluating Portfolio Longevity 285\u003c\/p\u003e \u003cp\u003eTurning Defined Contribution Assets into a Lifetime Income Stream: How to Evaluate Investment Choices for Retirees 286\u003c\/p\u003e \u003cp\u003eGuarding Retiree Assets against a Sudden Market Downturn: Sequencing Risk 288\u003c\/p\u003e \u003cp\u003eWays to Manage Market and Longevity Risk . . . without Adding In-Plan Insurance Products 289\u003c\/p\u003e \u003cp\u003eLiving beyond 100: Planning for Longevity 290\u003c\/p\u003e \u003cp\u003eManaging Longevity Risk: Considerations for Buying an Annuity 292\u003c\/p\u003e \u003cp\u003eImmediate and Deferred Annuities: Why Out-of-Plan Makes Sense 292\u003c\/p\u003e \u003cp\u003eIn Closing 298\u003c\/p\u003e \u003cp\u003eQuestions for Plan Fiduciaries 298\u003c\/p\u003e \u003cp\u003eNotes 299\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 A Global View 301\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDC Plans: Becoming the Dominant Global Model 302\u003c\/p\u003e \u003cp\u003eRetirement Plan Coverage and Participation 305\u003c\/p\u003e \u003cp\u003eInvestment Default and Growth of Target-Date Strategies 315\u003c\/p\u003e \u003cp\u003eRetirement Income: The Global Search for Solutions 319\u003c\/p\u003e \u003cp\u003eDefined Ambition in the Netherlands 321\u003c\/p\u003e \u003cp\u003eNew Solutions in Australia and Beyond: Tontines and Group Self-Annuitization 323\u003c\/p\u003e \u003cp\u003e“Getting DC Right”: Lessons Learned in Chapters 1 through 10 326\u003c\/p\u003e \u003cp\u003eAnalytic Factors to Consider: Summary by Asset Pillar 333\u003c\/p\u003e \u003cp\u003eIn Closing 333\u003c\/p\u003e \u003cp\u003eNote 335\u003c\/p\u003e \u003cp\u003eClosing Comments 337\u003c\/p\u003e \u003cp\u003ePriority 1: Increasing Plan Coverage and Individual Savings Rates 338\u003c\/p\u003e \u003cp\u003ePriority 2: Moving to Objective-Aligned Investment Approaches 338\u003c\/p\u003e \u003cp\u003ePriority 3: Broadening Options for Retirement Income 341\u003c\/p\u003e \u003cp\u003eNudging One Another along a Path to Success 341\u003c\/p\u003e \u003cp\u003eIndex 343\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52428549783832,"sku":"9781119298564","price":42.79,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781119298564.jpg?v=1784679477","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/successful-defined-contribution-investment-design-how-to-align-target-date-core-and-income-strategies-to-the-price-of-retirement-hardback-9781119298564","provider":"Freshly Printed Books","version":"1.0","type":"link"}