A previdência complementar é um importante instrumento para a complementação de renda na aposentadoria e configura-se como benefício atrativo às carreiras que as provêm. Pela própria natureza, geralmente produz efeitos a longo prazo e demanda avaliação atuarial para a determinação da saúde financeira dos planos, utilizando-se, para tal, de premissas aderentes às características econômicas e biográficas da população alvo. A presente dissertação procura, a partir da premissa taxa de desconto, apresentar as variações da obrigação atuarial frente ao nível da taxa de juros, principalmente quando aplicada a um cenário de oscilação relevante desta última. Procura-se identificar a pertinência da variação de uma obrigação de longo prazo em virtude de uma premissa que varia no curto prazo. O estudo foca os reflexos nas patrocinadoras de benefícios pós-emprego com características de benefício definido de previdência privada fechada, conforme normativos emitidos pelo IASB (International Accounting Standards Board), CPC (Comitê de Pronunciamentos Contábeis) e CVM (Comissão de Valores Mobiliários). / The complementary pension is an important tool for supplementary income in retirement and appears as attractive benefit to careers that offer. Generally produces long-term effects and demand actuarial valuation to determine the financial health of the plans, using up to this end, economic assumptions and biographical characteristics of the target population. This dissertation seeks from the discount rate assumption, demonstrate the variations of actuarial liabilities against the level of interest rates, especially when applied to a relevant oscillation scenario. Seek to identify the relevance of changes in a long-term obligation by virtue of a premise that varies in the short term. The study focuses on the reflex in the sponsors of postemployment benefits with defined benefit characteristics of closed pension, conform regulations issued by the IASB (International Accounting Standards Board), CPC (Accounting Pronouncements Committee) and CVM (Brazilian Securities Commission).

A previdência complementar é um importante instrumento para a complementação de renda na aposentadoria e configura-se como benefício atrativo às carreiras que as provêm. Pela própria natureza, geralmente produz efeitos a longo prazo e demanda avaliação atuarial para a determinação da saúde financeira dos planos, utilizando-se, para tal, de premissas aderentes às características econômicas e biográficas da população alvo. A presente dissertação procura, a partir da premissa taxa de desconto, apresentar as variações da obrigação atuarial frente ao nível da taxa de juros, principalmente quando aplicada a um cenário de oscilação relevante desta última. Procura-se identificar a pertinência da variação de uma obrigação de longo prazo em virtude de uma premissa que varia no curto prazo. O estudo foca os reflexos nas patrocinadoras de benefícios pós-emprego com características de benefício definido de previdência privada fechada, conforme normativos emitidos pelo IASB (International Accounting Standards Board), CPC (Comitê de Pronunciamentos Contábeis) e CVM (Comissão de Valores Mobiliários). / The complementary pension is an important tool for supplementary income in retirement and appears as attractive benefit to careers that offer. Generally produces long-term effects and demand actuarial valuation to determine the financial health of the plans, using up to this end, economic assumptions and biographical characteristics of the target population. This dissertation seeks from the discount rate assumption, demonstrate the variations of actuarial liabilities against the level of interest rates, especially when applied to a relevant oscillation scenario. Seek to identify the relevance of changes in a long-term obligation by virtue of a premise that varies in the short term. The study focuses on the reflex in the sponsors of postemployment benefits with defined benefit characteristics of closed pension, conform regulations issued by the IASB (International Accounting Standards Board), CPC (Accounting Pronouncements Committee) and CVM (Brazilian Securities Commission).

The issue of increasing unfunded pension liabilities of state and local governments has drawn increasing attentions in the last few years, especially after the 2008 stock market downturn. To maintain sustainability many state and local governments have put public pension reform at the top of their priority list. Previous research and practices provide two strategies to reform the current pension systems: Incremental changes to amend the existing defined benefit plans (DB plans), and the pension model switch from the DB model to defined contribution plans (DC plans). This study aims to uncover reform strategies to cope for public pension systems. It first examined the appropriateness of the incremental reform strategies by identifying the determinants of the financial solvency of DB plans, utilizing the existing panel data of 151 local DB plans in Florida municipalities. Second, it gathered the primary data through the surveys and interviews with the Finance and HR directors in Florida local governments to analyze their perceptions of public pension reform and reveal their readiness to conduct the public pension paradigm switch. These approaches revealed the critical interperiod equity issue along with the impact of the two-tier benefit structure during the recent pension reform. The results suggest that incremental reform strategies that reduce benefits and increase contributions are not effective in improving the financial solvency of public DB plans. The alternative reform approach—the DB-to-DC transition—is attractive to local governments because it will relieve the employer of the pension cost burden and transfer the investment risk to employees themselves. The transition is also politically palatable because the taxpayer sentiment is not supportive of what are perceived to be generous retirement benefit of public employees. Meanwhile, local governments are hesitant to implement the paradigm switch due to prohibitive transition costs, political pressure, and perhaps more importantly, the potential negative impacts to public recruitment and retention. Local officials do not perceive a reduction of morale with the two-tier benefit structure at the present time; they believe this issue will solve itself along the retirement of senior employees.

Thesis (LLM. (Labour Law)) -- University of Limpopo, 2015 / This mini-dissertation discusses the legal reform of the taxation of pension benefits under the South African law. This study also discusses how South African pension benefits are taxed in instances wherein the member exits the fund either as a result of resignation, death, dismissal, retrenchment, disability and retirement. It further discusses the comparative study between South Africa, Canada, Australia and United Kingdom

Employer provided Qualified Plans ("Qualified Plans") are the most efficient supplement to Social Security savings and benefits. Given the significance of the benefits provided as well as the short-term Revenue constraints upon the Federal government in the form of substantially protracted tax deferrals, Qualified Plan legislation should maintain a conservative disposition. Incremental legislative action in the right direction will steadily graduate ERISA to its intended purpose. Unfortunately ERISA is a convoluted maze of formalities, definitions, and regulation that are only substantially understood by an expert and have yet to be adequately explained to the public at large. Recent publications such as Retirement Heist rouse the public's consciousness of retirement Plans by enumerating perceived abuses by large corporations. These alleged abuses certainly reflect innovative manipulations within the constraints of Qualified Plans. However, my thesis will prove that these "abuses" reflect the United States' disposition toward the rights of proprietorship regarding the Qualified Plan. The intent of the thesis is to illustrate this disposition through a study of the Amara v. Cigna Corp. case as well as a review of an actual LLC's defined benefit plan conversion to a cash balance plan. I will compare and contrast the different approaches taken by these two employers and justify the varied success they each experienced in converting their plans. Through this process, the thesis shall draw conclusions on the United States' dispositions toward ownership of the qualified plan.

Yes / The redesign of defined benefit pension schemes usually results in a substantial redistribution of wealth between age cohorts of members, pensioners, and the sponsor. This is the first study to quantify the redistributive effects of a rule change by a real world scheme (the Universities Superannuation Scheme, USS) where the sponsor underwrites the pension promise. In October 2011 USS closed its final salary scheme to new members, opened a career average revalued earnings (CARE) section, and moved to ‘cap and share’ contribution rates. We find that the pre-October 2011 scheme was not viable in the long run, while the post-October 2011 scheme is probably viable in the long run, but faces medium term problems. In October 2011 future members of USS lost 65% of their pension wealth (or roughly £100,000 per head), equivalent to a reduction of roughly 11% in their total compensation, while those aged over 57 years lost almost nothing. The riskiness of the pension wealth of future members increased by a third, while the riskiness of the present value of the sponsor’s future contributions reduced by 10%. Finally, the sponsor’s wealth increased by about £32.5 billion, equivalent to a reduction of 26% in their pension costs. / The full text will be available at the end of the publisher's embargo; Oct 16 2017

This thesis consists of three self-contained papers on defined benefit (DB) pension provision in the United Kingdom (UK). In particular, in the first paper, I examine the effect that labour market incentives, managerial incentives and the adoption of FRS17 by UK firms, have on DB plan retention decisions. In this paper, I also examine the role of insider trustees, defined as trustees that are also company executives, on the firm’s decision to keep DB plans open. I find that firms for which human capital is especially important are more likely to retain their defined benefit plans. In addition, CEO and CFO membership in the same pension plan that is provided for other employees positively influences the retention of defined benefit pension plans. Additional analysis using a sub-sample for which data on pension plan trustees are available suggests that being a CEO and a trustee increases the probability of DB plan retentions. Moreover, being a CEO/CFO trustee and a member of the DB plan offered to all employees increases the likelihood of DB plan retention. However, I do not find any evidence that voluntary adoption of FRS 17 influences DB plan retention. In addition, I find that insider-trustees have a positive influence on the decision to maintain DB plans, especially when they are members of these plans. In the second paper, I look at the effect of DB plan retentions and executive membership in them, on corporate credit ratings and the investment and dividend decisions. Empirical findings suggest that firms which continue to sponsor DB plans are more likely to have lower credit ratings which are exacerbated when these plans are underfunded. Despite the above effect however, I find that if the CEO is a member of the DB plan, it positively affects credit ratings. In addition, I find some evidence that the participation of CEOs in the main DB plans in conjunction with overfunded pension plans, negatively affect investment decisions when these schemes remain open. I do not find any association between CEOs membership in the main DB plan and dividend payments which may be explained by the market signalling effects of dividends. Finally, in the third paper, I provide a thorough analysis of the pension buy-in and buy-out market in the UK, and I empirically examine the determinants of such transactions from a firm and plan perspective. I find that firms that implement buy-ins have larger and more funded pension plans, are more profitable and have higher union densities. Moreover, firms that complete buy-outs have larger pension plans and allocate less pension assets in equity. Moreover, the number of employees is negatively associated with both transactions implying it is costlier for firms to conduct either a buy-in or buy-out transaction. While union density is positively associated with buy-ins, it has a negative effect on the likelihood of buy-outs suggesting that unions support buy-in but not buy-out transactions. This may be potentially explained by the fact that the latter are associated with with plan winding-ups.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-12-20T08:47:06Z No. of bitstreams: 1 Raquel Bandoni.pdf: 785203 bytes, checksum: ea9b06b55c6cea20faf8e8d9ee46c6a8 (MD5) / Made available in DSpace on 2017-12-20T08:47:06Z (GMT). No. of bitstreams: 1 Raquel Bandoni.pdf: 785203 bytes, checksum: ea9b06b55c6cea20faf8e8d9ee46c6a8 (MD5) Previous issue date: 2017-12-15 / The present work aims at analyzing the disclosure of post-employment benefits made by Brazilian companies listed in the IBOVESPA index, at BMF&BOVESPA, from 2009 to 2016. The Standardized Financial Statements of those companies were analyzed, searching for information published according to a checklist prepared in agreement with each CPC 33 (R1) paragraph referring only to the post-employment benefits, either qualitative or quantitative. The data for this study were obtained through content analysis of explanatory notes inside the referred financial statements in the period analyzed, for all entities that belonged to the sample. The data were afterwards either filled in a spreadsheet, and then calculated in the percentage of the total or displayed in graphics. The results showed that there was a consistent increase in the accomplishment of the disclosure requirements from 2009 to 2016, and that between the two classifications susceptible to be framed for referred benefits, the defined contribution ones are widely spread by the companies, which may provide a better understanding and knowledge of CPC 33(R1) rules. For those framed in the defined benefit characteristics, apart from a bigger complexity observed in the rule, some items still need disclosure evolution by part of the analyzed sample, such as: (i) description of the responsibility by the plan and risks management; (ii) disclosure of asset ceiling and segregation of actuarial profits and losses between demographic and financial premises; (iii) segregation between contributions made by the employer and participants; and (iv) strategies of confrontation among assets and liabilities and cost politics. We expect that the results of this research can contribute for the comprehension of the rule and which of its elements are important to be part of professional trainings and the disclosure base of the Financial Statements of big companies, showing relevant information about the financial health of these plans / O presente estudo tem como objetivo analisar a divulgação dos benefícios pós-emprego efetuada pelas empresas brasileiras listadas no índice IBOVESPA da BM&FBOVESPA entre 2009 e 2016. Foram analisadas as Demonstrações Financeiras Padronizadas de tais entidades, na busca de informações divulgadas em conformidade com um checklist preparado de acordo com cada parágrafo do Comitê de Pronunciamentos Contábeis CPC 33 (R1), que faz referência a tais benefícios, sejam elas qualitativas ou quantitativas. Os dados para este estudo foram obtidos por meio de análises de conteúdo das notas explicativas das demonstrações das entidades pertencentes à amostra, ano a ano. Os dados foram posteriormente planilhados e calculados em percentual do total, alguns foram demonstrados graficamente. Os resultados demonstram que houve aumento consistente no cumprimento dos requisitos de divulgação de 2009 até 2016 e que, dentre as duas classificações passíveis de serem enquadrados os referidos planos de benefícios, os de contribuição definida são amplamente divulgados pelas companhias, o que pode indicar melhor entendimento e conhecimento cada vez mais difundido do CPC 33 (R1). No caso daqueles enquadrados nas características de benefício definido, além da maior complexidade constatada na regra, alguns itens precisam de evolução na divulgação por parte da amostra analisada, tais como: (i) descrição da responsabilidade pela governança dos planos e riscos; (ii) divulgações do asset ceiling e segregação dos ganhos e perdas atuariais entre premissas demográficas e financeiras; (iii) segregação entre contribuições feitas entre empregador e participantes; e (iv) estratégias de confrontação de ativos e/ou passivos utilizadas e políticas de custeamento. Pretende-se que os resultados desta pesquisa possam contribuir para a compreensão da norma e de quais elementos dela podem ser objeto de maior treinamento e esclarecimento, objetivando constar na base de divulgação das demonstrações financeiras das companhias de grande porte, garantindo informações importantes da saúde financeira destes planos de benefícios

Hur företag påverkades av slopandet av korridormetoden varierade från företag till företag. Dock hade alla undersökta företag som tillämpat korridormetoden räkenskapsår 2012, ackumelerade underskott. Den totala genomsnittliga effekten på eget kapial blev en minskning med -4,49 procent. En sjättedel av företagen i undersökningen vidtog någon åtgärd för att förebygga en negativ effekt på eget kapital. Den främsta åtgärd som dessa företag hade vidtagit, var att de successivt hade övergått till avgiftsbestämda pensionsplaner under de senaste åren och stängt de förmånsbestämda pensionsplanerna, vilket har förebyggt en negativ effekt. En ytterligare anledning till varför effekten inte blev så stor som befarades i media, kan bero på att en del företag valde att tillämpa den reviderade IAS 19 i förtid, det vill säga under tidigare räkenskapsår. / How the corporates equity was affected due to the abolishment of the corridor method varies from corporate to corporate. However, all investigated corporates in the essay which practiced the corridor method the fiscal year 2012 had an accumulated deficit. The total average effect on equity shows a decrease by -4,49 percent. One sixth of the corporates reviewed performed preventive actions to mitigate a negative effect on equity. One foremost action these corporates performed was to move from defined benefit plans to contribution plans the last years and close the defined benefit plans. One additional cause why the effect on equity was not as big as the media predicted, could be because some corporates choose to practice the revised IAS 19 in their previous fiscal years.

Purpose: The purpose of this paper is to investigate whether there is a correlation between the actuarial assumptions, of listed groups in Large Cap on the Nasdaq Stockholm, equity ratio and their pensionplans funding status. Method: The study is based on a quantitative research method, where the analysis of annual reports takes place. The quantitative research method has enabled the paper to perform related analyzes and comparisons of means between groups, for listed companies equity ratio and pension obligation, and the relation to its actuarial assumptions. Correlation measurements are made using a non-parametric method, Spearman's rho, then further tested using one-sided hypotheses t-test. Theory: The backbone of the thesis is presented using two theories, earnings management and the principal-agent theory. These theories are intertwined with the previous researches, which also dealt with the essay topic of earnings management in previous years and in other countries. Empirical: Correlation analyzes between the studied actuarial assumptions and corporate groups solidity and pension financial status is presentedusing tables and charts. These are further analyzed using hypothesis tests and scatterplots. Conclusion: All tests resulted in very weak correlation between the different variables and can there for not be classified as significant. The conclusion that companies, listed in Large Cap on Nasdaq Stockholm, tend to make its actuarial assumptions in order to try to achieve a certain equity ratio, or to try to get their unfunded pension plans seem more funded than they actually are, is not possible to make.