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PubMed1997

The welfare state, pensions, privatization: the case of Social Security in the United States.

In all high-income nations, the welfare state is under challenge, with particular concern voiced about the burden of retirement pensions on the public fisc and on younger workers. The strongest drive against social insurance is taking place in the United States, which has less of it than other nations and appears to be in the best position to meet future entitlement claims. In this article, the author examines the liabilities that the U.S. Social Security system is likely to incur over the next 35 years and finds that there is little danger that the system will fall into insolvency. Privatizing Social Security is not necessary to assure the integrity of future pension benefits. Furthermore, the cost-benefit ratio of privatization appears to be unfavorable, as borne out by the mandatory private pension plan in effect in Chile. Some wealthy nations will face greater demographic strains than the United States, but all need to retain the welfare state as a foundation for future changes in the world of work.

Aged↗
PubMed1994

Periodic reviews improve pension fund management.

An independent review and audit of pension fund management can help a plan sponsor improve the fund's financial performance. Reviewing a pension fund's management periodically is important to determine if, among other things, the fund's investment policy is reasonable; the fees charged by investment managers, pension consultants, and trustees are acceptable; and certain revenue-generating ideas (i.e., securities lending and soft dollar usage) are being properly implemented/employed.

Financial Audit↗
PubMed1999

[Sources of income after being denied disability pension].

Restrictions in eligibility criteria for disability pension were introduced in Norway in 1991. The effect of these restrictions on sources of income is an important question in social policy. 157 first time applicants from two counties who were denied disability pension before (1990) and after (1993) the restrictions were studied three years later. Sources of income were established through searches in registers of wages and social security benefits. NOK 3,000 per month was set as the lowest income allowing economic independence. Of the applicants in 1990, 14% were in the workforce three years later. In the post-restriction 1993 sample, this proportion was 21% (p = 0.29). The proportions receiving disability pension were 25% and 22% respectively. The spouse supported 33% of the 1990 applicants, and 22% in the 1993 sample (p = 0.13). Social welfare was the main source of income for 6% and 10% (p = 0.25). Changes in main sources of income following the restriction were relatively small. The main result of this study is that family support is the most prevalent source of income when disability benefits are denied. This is not in accordance with the Government's policy of promoting gainful employment.

Adult↗
PubMed2001

Adopting hybrid pension plans: financial and communication issues.

This article provides a systematic framework for the evaluation of the movement toward hybrid pension plans by examining the reasons given by firms for converting their existing pension plans to hybrid plans, illustrating the impact of plan changes on expected pension benefits, and identifying winners and losers.

Communication↗
PubMed2001

Self-rated health as a predictor of disability pension and death--a prospective study of middle-aged men.

OBJECTIVE: Self-rated health (SRH) is increasingly attracting attention as a predictor of morbidity and mortality while its relation to impaired function has been given less momentum. The aim of this study was to assess the relation between SRH and the risk of being awarded a disability pension and premature death. METHODS: Five birth-year cohorts of middle-aged men were invited to a screening programme and were followed for approximately 11 years. Of the 718 (12%) men with a disability pension granted during follow-up, 46% had perceived their health as perfect on inclusion. The corresponding figure for the remaining 5,082 men was 77%. RESULTS: The crude relative risk (RR) of disability pension for men with SRH less than perfect was 3.7 (3.2-4.2). After adjustment for premorbidity/medication, the RR declined to 3.3 (2.8-3.8). The crude RR of death associated with SRH less than perfect was 1.6 (1.3-2.0), unchanged after adjustment. CONCLUSION: The results showed that SRH is a strong and independent predictor of disability and, to a lesser degree, of mortality.

Adult↗
PubMed2002

Physically demanding situations as predictors of disability pensioning with soft tissue rheumatism among persons 30-39 years old in Norway, 1981-90.

OBJECTIVE: Physically demanding work is a predictor of disability pensioning with musculoskeletal diseases. Being a parent is probably also physically demanding. Having manual work and being a parent will be analyzed as possible predictors of becoming a disability pensioner with soft tissue rheumatism (DPSTR) after controlling for level of education, employment, number of hours worked, income, age, sex, and marital status. METHODS: In this prospective study based on census data of persons 30-39 years old in 1980, predictors of becoming DPSTR during the followup period 1981-90 were identified by logistic regression analysis. RESULTS: Manual work was a predictor for becoming DPSTR for both men and women, while being a parent was neither a risk factor nor a protective factor for becoming DPSTR. Being employed was a predictor of becoming DPSTR for married women, but a protective factor for unmarried women and all men. Low level of education and being married or divorced were predictors of becoming DPSTR for both men and women. Working part time and having low income were predictors of becoming DPSTR among men. CONCLUSION: Physically demanding employment, but not a physically demanding private life, predicts becoming DPSTR. This may reflect that factors concerning a patient's private life are not taken into account when evaluating whether or not a disability pension should be granted, at least not for patients with uncertain medical conditions.

Adult↗
PubMed2003

[Drug expenditures of pensioners in 1997-2000].

The general purpose of the study, carried out in the group of pensioners was to determine the relation between drug prices, household income and amounts of money spent on drugs in the years 1997-2000. The study was based on representative data gathered from annual household budgets review by Polish Statistical Office and data from pharmaceutical market published in 'Vitamina C++' magazine. The used method combined descriptive, comparative, table-descriptive analysis with graphical analysis. During studied period the real value of expenses on drugs in pensioners' households rose by 39.3% and available income decreased by 5.8%. Increased expenses on drugs caused the rise of the proportion of on spending on drugs in total household expenditure. It rose from 3.9% in 1997 to 5.2% in 2000. Throughout this time period the drug prices increased in real terms: the highest growth (approx. 49%) was noticed in patients' co-payment to reimbursed drugs. Despite rise in spending on drugs, due to the increase in drug retail prices and increasing patients co-payment, pensioners in comparison with 1997, could buy only approx. 93% units of reimbursed drugs in 2000. The possibility of buying drugs within OTC group increased by 18%.

Aged↗
PubMed1976

Men with disability pension.

In 1964, temporary or permanent disability pension was granted to 2.9 per thousand of all men in Malmö aged 16 to 66 years. The figure for 1974 was 10.6 per thousand, i.e. 3.7 times as high. The 235 men who in 1964 for the first time had been granted temporary or permanent disability pension by the Regional Social Insurance Office were compared with 235 men chosen at random from the 893 who in 1974 had been granted these benefits for the first time. The relation between temporary and permanent disability pension in the 1964 material was 1:2, and in the 1974 material, 1:4. In the 1964 material, the average age was 54.9 years; in the latter 57.4. The main diagnoses mental disorders, diseases of circulatory system, and diseases of the musculoskeletal system represent about 70% of the cases in each of the materials.

Age Factors↗
PubMed1992

Private pensions. A less taxing alternative.

The results of the Joneses' coordinated retirement income and estate planning strategies are as follows: 1. The Joneses maximized their estate assets by converting an inefficient estate asset (the qualified retirement plan) into an efficient estate asset (the income-tax-free death benefit) without jeopardizing their current or future standard of living or the value passed on to their heirs. This allows them to satisfy their conflicting objectives. 2. They added flexibility to their future family gifting plans by providing themselves a secure income for the rest of their lives. 3. They fulfilled their desire to protect their family against government confiscation of retirement plan assets in the event they both die before using all their qualified retirement assets. This private pension plan strategy is obviously not available to everyone, nor is it appropriate for everyone. This solution worked well for this client, but everyone's situation is unique. Before creating such a plan, it is important to review all the factors in an individual's financial picture, including financial and retirement objectives and investment risk tolerance. Although this is an innovative idea that may solve a pension dilemma, it should not be used in place of qualified retirement plans but, rather, used in conjunction with such a plan. The private pension plan does not work with all insurance products or all insurance companies. Choosing the right company and product for each client requires care and expertise.

Financing, Personal↗
PubMedDate not supplied

[Effect of phases of unemployment on amount of pension--a micro-economic long-term analysis].

"What effect has the latest German pension reform on the future pension payments of individuals who experienced unemployment during their working life?" is the main question raised by this article. Model calculations show an income reduction of just over 2%, assuming 3 years of unemployment and 4 years of uninsured interruption caused by other factors. There by, the pension is certainly not in jeopardy. A comparison of different legal regulations of the past 3 decades shows, however, that the latest reform leads to the most substantial reductions.

Aged↗
PubMed2005

[Risk of disability pension among young persons on long-term sick leave].

BACKGROUND: In the late 1990s the incidence of new disability pensioners in Norway increased, especially among young people. This study assessed the risk and possible predictors of a transition to disability among long-term sickness absentees below 40. MATERIAL AND METHODS: The study was carried out in a county with 10 % of Norway's population. All new long-term (i.e. more than 8 weeks) sickness absentees below 40 years over a six-month period in 1994 were included and followed up until year-end 1999. Socio-demographic and medical information were used as independent variables in Cox regression analysis with disability as the outcome variable. RESULTS: The five-year risk of disability was 7.9 % (95 % CI 5.8 % - 10.0 %) for men and 10.3 % (95 % CI 8.5 % - 13.1 %) for women. Among young persons on long-term sickness absence with psychiatric diagnoses the rate of disability was 24 % (95 % CI 15 - 33 %) for men and 11 % (95 % CI 6 - 16 %) for women. In musculoskeletal disorders the risk of disability was 5 % (95 % CI 3 - 7 %) for men and 11 % (95 % CI 8 - 14 %) for women. Women had higher rates of disability among all subgroups of musculoskeletal disorders. Regression analysis showed no gender effect. The following variables increased the risk of disability pension: psychiatric diagnosis (only for men), low income (both genders), increasing age (only women) and previous long-term absence (only for men). INTERPRETATION: A moderate risk of disability pension was found among young people on long-term sick leave. Special interventions targeted at men with psychiatric diagnoses and women with musculoskeletal disorders should be considered.

Adolescent↗
PubMedDate not supplied

[Some problems about incapability to work in direct connection to repression of people applied for relevant pension in accordance to the act from 24.01.1991].

In accordance to the act dated 24.01.1991 refeRring to combatants, victims of repression repressed in the years 1940-1956 apply for relevant pensions. There have been 6510 petitions for relevant pensions related to repression registered between 01.09.1997 to 31.12.2003 in the Social Insurance Department in Szczecin. It is very difficult to form an opinion of long lasting incapability to work related to repression ceasing over 50 years ago. During the medical examination most patents were 60 and over years old and have since retired. The actual system of relevant pensions in connection with repression made by Social Insurance Department is considered compensatory. It seems feasible to consider a new equal compensation system for all cases of repression.

Aged↗
PubMed2006

[Health condition in patients who apply for disability pension].

BACKGROUND: There has been a steady increase in the number of Norwegian disability pensioners during the last decade. The main diagnosis is a musculoskeletal disorder in more than one third. The aim of this study was to investigate the health condition of those who apply for disability pension due to musculoskeletal complaints. MATERIAL AND METHODS: 200 applicants were examined clinically, with emphasis on physical function, self-rated quality of life and lifestyle-related factors. Current self-evaluated somatic health was evaluated in those with adequate Norwegian language proficiency, by use of five subscales of the Short Form Questionnaire (SF-36). RESULTS: The median age was 55 years (range 23-67) and 64 % were women. Approximately one fourth of the applicants were of non-Western origin. About two thirds had less than 13 years of education and 55% had worked in the service-sector. 59% never did any moderately vigorous exercise. About one in four were obese. The estimated maximal oxygen uptake for the 94 who completed a submaximal ergometer bicycle endurance test, was about 20 ml/kg/min (median). Myofascial pain syndromes and fatigue were the dominant complaints. Relatively few applicants showed relevant objective signs of disease. SF-36 scores for this group were significantly lower than those for age-adjusted population-based norms. INTERPRETATION: Those who apply for a disability pension because of musculoskeletal complaints have a low degree of self-appraised health and physical functioning, and there is a paucity of objectively verifiable disease.

Adult↗
PubMed1991

[How much does unemployment mean for the increased use of disability pensions?].

In a probably representative material of 363 applicants for a national rehabilitation or disability pension it was found that 5.2% had lost their job before becoming sick-listed and an applicant for pension, while 3.3% had had serious worries about losing their job, but had not actually done so. The author suggests that unemployment is a relatively modest factor in the marked increase in the 1980s of persons receiving a disability pension, but probably will be much more important in the 1990s.

Adult↗
PubMed1987

Gender and race differences in effects of health and pension on retirement before 65.

Prior work on early retirement has given inadequate attention to differences by gender and race in the influences of health and pension on the decision to leave the labor force before 65. A study of previously or currently employed black and white men and women aged 60 to 64 reveals that white males were most likely to be retired and black women the least. Bivariate analysis showed that activity limitations and the presence of chronic health conditions were related to early retirement for men, but not for women. Analysis of women by race showed that while white women who assessed their health as poor were likely to be retired, black women in poor health were apt to be still working. Pension coverage was unrelated to early retirement for both genders. Logistic regression was used to analyze the simultaneous effects of health, pension and race on men's and women's decisions to leave the labor force early, with other variables controlled. The results led to the conclusion that different motivations toward early retirement apply to women and men, and blacks as compared to whites.

Black or African American↗
PubMed1979

Black-white differences in private pensions: findings from the retirement history study.

This article compares older black workers and older white workers on coverage under private pension plans, the receipt of pension benefits upon retirement, and the job characteristics associated with both coverage and receipt. Data are from the 1969 and 1975 interviews of the Retirement History Study and describe pre-ERISA conditions among persons in their late fifties to mid-sixties. Black workers were much less likely than white workers to have been covered by a private pension on their longest job. Moreover, among those who were covered, they were less likely to have received benefits. The racial differences appear to result in part from subtantial differences on job characteristics, particularly industry.

Black or African American↗
PubMed1980

A cohort study of disability pension and death among painters with special regard to disabling presenile dementia as an occupational disease.

In the last decade several investigations have demonstrated an association between impaired cerebral function in employed workers and occupational exposure to organic solvents. Many case-histories and two case-referent studies indicate, that such an impairment might develop into disabling irreversible neuropsychiatric disease. The main purpose of this study was to further investigate the risk of chronic brain damage in solvent exposed workers. A cohort of 2601 male painters and 1790 male bricklayers from the Copenhagen area was identified retrospectively and followed Jan. 1,71-Dec. 31,75. For this period the incidence of disability pensioning and mortality was examined for the two occupational groups and for a "'normal" population of Copenhagen men. Using bricklayers and Copenhagen men as referents, the painters had a relative risk of approximately 3.5 of being awarded a disability pension due to a state of being awarded a disability pension due to a state of cryptogenic presenile dementia. When indications of alcohol abuse, cerebral concussions or other etiologic factors were present, the relative risk was approximately 2. No excess risk was found for neuropsychiatric diseases other than presenile dementia. Other differences between the groups were found, but they were inconsistent and difficult to interpret. In the light of the findings of this and other studies, it seems likely, that chronic brian damage may result from industrial exposure to organic solvents.

Adult↗
PubMed1983

Farmers' pensions and the Polish economic crisis.

The Polish Government, in 1977, inaugurated a new pension program that made old-age and invalidity benefits available for the first time to most farmers in that country. The evolution and eventual failure of that program were closely intertwined with a growing national economic crisis, manifested in widespread popular unrest and culminating in emergence of the Solidarity movement. The farmers' pension program was originally presented as both a social security measure and a vehicle for improving agricultural efficiency. The economic situation was expected to benefit as farms of older owners were passed to younger, presumably more efficient, successors, with the state sometimes acting as intermediary. A further step to bind the social security concept to agricultural efficiency came through relating the pension amount to the quantity of produce the individual farmer sold to the state over a number of years. The failure of these provisions and other unpopular features of the new program was aggravated by inflation and continuing deterioration of the Polish economy.

Agriculture↗