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PubMed1992

Pension plans of radiology practices.

Despite the ubiquity of pension plans in radiology practices and their importance to employees and radiologists, no data on pension plans are available. This lack of information is particularly unfortunate given proposed government actions that would require radiology practices to extend their pension plans to cover employees of hospital radiology departments. To develop information on pension plans and to show the adverse consequences of such actions, the American College of Radiology conducted a stratified telephone survey of 120 radiology practices in the United States. Some 88% of radiology practices have retirement plans. Results indicate that 91% of hospitals already have pension plans for their employees. Under the proposed government regulations, each radiologist would be required to provide pension coverage for an average of 7.4 hospital employees who assist radiologists in their hospital-located work. Concerns about these regulations had led radiology practices to freeze or terminate 23% of their pension plans by late 1990. The negative consequences of the proposed regulations are therefore quite serious.

Interviews as Topic↗
PubMed2000

Your organization should consider a cash-balance pension plan.

In recent years, a growing number of healthcare organizations have dropped the traditional defined-benefit pension plan and adopted cash-balance pension plans. A cash-balance pension plan generally allows employers to pay less in overall pension benefits and administration costs. A cash-balance pension plan pays benefits according to a predetermined formula based on an average of the employee's annual salary over his or her length of service. This provides recognizable benefits to younger employees but lower overall benefits to employees who have a long length of service. To assuage employees who may feel cheated out of the pension benefits they expected, employers that change to a cash-balance pension plan should consider offering higher guaranteed growth rates, advanced notification of the change to the new plan, and generous early-retirement options for employees with longer lengths of service.

Communication↗
PubMed2000

A new way of looking at the risk in defined benefit pension plans.

The portability feature of a defined contribution (DC) pension greatly reduces the risk to the accumulation of pension wealth. Conversely, defined benefit (DB) pensions have a variety of default risks that decrease the expected value of DB pension wealth. This paper examines those risks. Accrual of DB pension wealth is characterized in terms of purchases of risky bonds. Changing jobs triggers default on these bonds. Simulations are presented to show the potential loss in pension wealth from default. In addition, a methodology used to price corporate bonds is applied to generate estimates of the implied risk premiums of DB pension bonds over comparable riskless bonds.

Employment↗
PubMed2000

Women and pensions: a decade of progress?

This Issue Brief compares changes from 1989 to 1998 in pension participation, accumulation, and allocation for employed women, versus employed men, ages 18-62. In addition, it provides an estimate of the gender "pension gap" in defined contribution accumulations, contrasts this with the gender "earnings gap," and provides explanations for these differences. Between 1989 and 1998, the percentage of employed women with a pension or retirement plan at their current job increased from 43 percent to 45 percent, compared with a decline from 53 percent to 52 percent for employed men. For both women and men, the percentage with defined contribution retirement plans increased dramatically, while the percentage with defined benefit pension plans dropped sharply. Between 1989 and 1998, the ratio of women's to men's defined contribution plan accumulations increased from 40 percent to 44 percent, indicating a narrowing of the gender pension gap. However, the narrowing was concentrated among the cohort ages 45-53 in 1998. The gender pension gap increased for women in other age groups. Gender differences in defined contribution plan accumulations can be attributed to differences in earnings and job characteristics. Between 1989 and 1998, for workers with defined contribution plans, the ratio of women's to men's earnings remained unchanged at 57 percent. Employed women with defined contribution plans are more than twice as likely to earn less than $25,000 per year than employed men with defined contribution plans, but almost five times less likely to earn more than $100,000 per year. From 1989 to 1998, the percentage of employed men with defined contribution balances invested mostly in low-risk, low-return assets declined much more than the percentage of employed women who followed that investment strategy. Whereas the percentages of men and women with retirement plans invested mostly in bonds were nearly equal at 31 percent and 32 percent in 1989, respectively, by 1998, 20 percent of women (compared with 14 percent of men) had their retirement plans invested mostly in bonds. The trend toward defined contribution plans and riskier retirement portfolios has resulted in significant wealth accumulation over the decade. In real terms, both men and women have greater retirement plan wealth, but increases have been larger for men than for women. Since there is no evidence that plan provisions vary by gender, improvements in the gender pension gap will come only with changes in women's labor force experience and investment decision-making.

Adolescent↗
PubMed2001

Predictive factors for disability pension--an 11-year follow up of young persons on sick leave due to neck, shoulder, or back diagnoses.

AIMS: Although back diagnoses are recurrent and the main diagnoses behind sickness absence and disability pension surprisingly few longitudinal studies have been performed. This study identifies predictive factors for disability pension among young persons initially sick-listed with back diagnoses. METHODS: An 11-year prospective cohort study was conducted, including all individuals in a Swedish city who, in 1985, were aged 25-34 and sick-listed > or =28 days owing to neck, shoulder, or back diagnoses (n = 213). The following data was obtained: disability pension, emigration, and death for 1985-96, sickness absence for 1982-84, and demographics in 1985 regarding sex, income, occupation, marital status, diagnosis, socioeconomic group, and citizenship. Cox regression and life tables were used in the analyses. RESULTS: In 1996, i.e. within 11 years, 22% of the individuals (27% of the women and 14% of the men) had been granted disability pension. The relative risk for disability pension was higher for women (2.4; p = 0.010), persons with foreign citizenship (3.6; p=0.009), and those who had had >14 sick-leave days per spell during the three years before inclusion, compared to those with <7 days/spell (3.1; p=0.003). CONCLUSIONS: This cohort of young persons proved to be a high-risk group for disability pension. Some of the factors known to predict long-time sickness absence also predict disability pension in a cohort of already sick-listed persons.

Adult↗
PubMed2003

Pension roulette: have you bet too much on equities?

In the 1990s, funding pension obligations by investing in stocks looked smart. By 1999, the bull market had poured a collective $260 billion surplus into the pension coffers of the S&P 500, permitting the companies to record the year-to-year increases as additional income. But just two years later, the bear market had obliterated those gains, replacing them with a cavernous $240 billion deficit--which had to be offset by the unlucky firms' ongoing cash flows, wreaking havoc on their earnings, debt levels, and stock prices. Corporate executives may be blamed for this debacle. But they were only following the rules. Current accounting guidelines keep companies from recording pension liabilities and assets on their balance sheets, instead relegating them to the footnotes. That makes it hard to see the risk that market drops expose companies to. Board members and top executives need to look beyond distorted accounting numbers to the economic realities of pension plans. Once they do, they may be surprised to find that they would gain far greater value and flexibility by passively investing their pension funds entirely in bonds. A bond portfolio can be designed to meet precisely, and with virtual certainty, a company's pension obligation, thus eliminating the chance of a funding gap. The predictability of bond investments also stabilizes earnings and cash flow. The expanded corporate debt capacity that results can then be used to fuel growth or reduce the firm's overall cost of capital. Even without an overhaul of today's misguided accounting rules, there's little reason for companies' pension funds to hold anything other than bonds.

Capital Financing↗
PubMed1983

Slowing down pension indexing: the foreign experience.

Between 1975 and 1983, Canada, Finland, Sweden, the United Kingdom, and the Federal Republic of Germany--countries faced with immediate or long-term financing difficulties in their social security systems--modified their social security pension adjustment procedures. These changes in pension adjustments very often were made in conjunction with other restrictive measures such as increased contribution rates and/or contribution ceilings, or tightened criteria for eligibility of benefits. Four types of changes, applied separately or in combination, were made to slow down the rate of pension growth: (1) changing to a different index or modifying the index in use (Finland, Sweden, and the United Kingdom); (2) delaying implementation of pension adjustments (Finland and Sweden); (3) capping annual pension increases (Canada and West Germany); and (4) changing the index review period (the United Kingdom). Generally, these changes have had the desired effect of reducing pension growth. Finland, however, changed its indexing procedure in 1977 only to find that the new index grew faster than the old index for both 1978 and 1979. Since 1980, however, Finland's new pension adjustment index has been growing less rapidly than its old index.

Canada↗
PubMed1997

[Paradoxical welfare perception by the baby boom generation around 2025. 3 scenarios for pension and care].

Public pension (AOW), supplementary pensions and care-arrangements together constitute the important financial arrangements for the elderly in the Netherlands. The ageing process jeopardizes them all, although the uncertainty about the future development of supplementary pensions is huge. The problems with the care provision will probably be bigger than those for the public pension, because other factors (like age-dependent use of care and insufficient growth of labour productivity in the care sector) add to the growth of expenses due to the rising share of elderly persons in the population. Therefore, contributions of the elderly will be necessary, collectively or individually. A growing standard of living, shifting the criteria for an acceptable minimum standard, both in income and care, sets a major problem. The consequences of changes in the standard of living and in the perception of acceptable minimal standards are explored in three scenarios. If the standard of living does not grow much (scenario 1), future elderly persons will be more prosperous compared to younger individuals and their capacity to contribute to the growing expenses for care will grow. If however the standard of living grows strongly (scenario 2 and 3), future elderly persons will impoverish compared to younger adults. Furthermore, their ability to pay will diminish. This is even more so the case, as in this situation the prices of care will be higher. If the public pension becomes the most important component in the pension system, the incomes of most retired people will be near a relatively high social minimum level. However, if supplementary pensions become most important, the differences in wealth within the retired population will be marked.

Aged↗
PubMed1995

Adjustments of public pension schemes in twelve industrialized countries: possible answers to population ageing.

"This article analyses the impact of population dynamics on future public pension expenditure in twelve industrialized countries. Whereas previous studies have mainly emphasized ageing effects, this study looks into the consequences of changing marital status structures as well. Old age pensions, disability, and survivor's pensions are investigated. Various sets of demographic and pension scenarios are formulated for the projections, dealing with changes in demographic, labour force and pension system variables in the future. The analyses show that there can be no adequate demographic response to rising pension costs caused by population ageing at the horizon 2030. Neither an increase in fertility nor an inflow of migrants can rejuvenate national populations, unless fertility and/or migration reach unrealistically high levels. Instead, substantial reductions of the public pension burden have to be sought in socioeconomic measures." (SUMMARY IN FRE)

Demography↗
PubMed1985

Public dental programs for old-age pensioners in Norway: sociopolitical opinion among recipients.

In the adult Norwegian population there is substantial support for the expansion of public programs for old-age pensioners. However, the perception of old-age pensioners concerning dental services as social welfare institutions is practically unknown. The purpose of this study was to provide some tentative data on this sociopolitical tissue. As part of a field experiment on delivery of dental services for old-age pensioners in the county of Troms, the old-age pensioners of one municipality (n = 572) were asked about which strategy public authorities should adhere to when allocating dental care resources to old-age pensioners. About 40% favored equal opportunities for all, while about 50% preferred dental services based upon need. This indicates a pattern of polarization, but this was not confirmed in a multivariate analysis (R2 = 0.01), which might be interpreted as indifference to the issue on the part of a majority of the pensioners. Only one subgroup deviated significantly from the aggregate distribution: of those who were negative to the pensioner role, 68% favored need-based dental services.

Aged↗
PubMed2006

High incidence of disability pension with a psychiatric diagnosis in western Sweden. A population-based study from 1980 to 1998.

Regional differences in Sweden in the prevalence of disability pension with a psychiatric diagnosis are unexplained, in spite of the significant impact on the population's health, rehabilitation systems, and the health care system. The purpose of this study was to describe the pattern of disability pensions with a psychiatric diagnosis and to analyze the impact of age and gender. We examined the incidence rates in one urban and one semi-rural region and compared these to national rates. The study sample was drawn from employed persons between 16-64 years of age who, because of their sickness insurance coverage, would be eligible to access disability pensions should it be necessary. Analysis of annual incidences and standardized morbidity ratios were made for 1980, 1985, 1990, 1995, and 1998. Data on disability pension cases were collected from the National Social Insurance registers. In the urban region we found that the proportion of men and women clearly outnumbered the national average: approximately twice the number of persons between 16-64 years of age with a psychiatric diagnosis were receiving a disability pension. In the semi-rural region there were fewer men overall on disability pensions with psychiatric disorders, but in 1980, 1985, and 1995 women clearly outnumbered men. Access to psychiatric care, unemployment, alcohol dependence, and previous sickness absence are suggested as possible factors that might affect the rates of disability pension in different geographical settings.

Adolescent↗
PubMed2001

[Educational level, occupation and income of those who became disability pensioners in Iceland in the year 1997.].

INTRODUCTION: All claims for disability benefits in Iceland are managed by the State Social Security Institute of Iceland. The decision to grant a claimant disability benefits was until September 1999 mainly based on medical certificates but social and economic factors were also taken into consideration. As information on social and economic conditions in medical certificates is limited it was decided to investigate these factors particularly. In this paper a comparison of educational level, employment, and income is made between new recipients of disability benefits and a random sample of the Icelandic nation. MATERIAL AND METHODS: All new recipients of disability benefits (full disability pension, partial disability pension and rehabilitation pension) in 1997 were contacted by phone and asked to answer a questionnaire. Their answers were compared with those obtained in a national survey carried out by the Institute of Social Sciences at the University of Iceland in 1996 and 1997 with a sample representing accurately the Icelandic population in terms of gender, age and place of residence. Information about average income of disability pensioners was obtained and compared to that of people in employment. RESULTS: Educational level of those receiving disability benefits was considerably lower than expected in comparison with the population and unskilled workers were overrepresented. Contrary to what might be expected a larger proportion of the recently disabled have been employed at some time than is the case for the national sample, even though 63.6% of the new disability pensioners were women. Considerable number of those receiving disability benefits were still in employment, particularly those with partial disability pension. Mean monthly income of Icelanders participating in the labour market was almost twice that received by those on disability benefits. CONCLUSIONS: Since lower educational level and more restricted employment opportunities characterize disability pensioners as compared to the nation, it seems likely that more varied occupational rehabilitation and educational opportunities could improve the situation of those who have had to leave the labour market because of ill health, lack of education and poor working conditions.

English Abstract↗
PubMed1989

[The significance of working conditions with regard to disability pensions. A case-controlled study among unskilled workers].

The incidence of disability pension varies considerably from occupation to occupation. General workers are the occupational group where disability pension is most frequently recognized. In this investigation, the significance of the working conditions for awarding disability pension is illustrated by means of a case-control design. The case group consisted of 581 unskilled workers who received the middle or highest disability pension. The control group consisted of 1,550 age-matched unskilled workers. Disability pensioners had commenced work at a young age significantly more frequently. They had been exposed to physically strenuous work, too rapid a tempo and a long series of unpleasant working conditions. In addition, disability pensioners had frequently experienced periods of unemployment. No differences were observed as regards piece work, shift work or the number of places of employment. The stressing working conditions which occurred more frequently among disability pensioners are all accessible for preventative measures.

Adult↗
PubMed1999

Alcohol consumption and disability pension among middle-aged men.

PURPOSE: To analyze the relation between alcohol consumption and the risk of disability pension among middle-aged men. METHODS: In the mid-seventies, complete birth-year cohorts of middle-aged male residents in Malmö, Sweden, were invited to participate in a general health survey. The 3751 men with complete data who constituted the cohort in this study were followed for 11 years. Alcohol consumption was estimated from the scores obtained from a test designed to identify subjects with alcohol related problems. RESULTS: Of the 498 men granted disability pension during follow-up, 48 stated to be teetotalers. The cumulative incidence of disability pension among teetotalers was 19%, whereas, it was 12% and 16%, respectively, among men with low and high alcohol consumption. The adjusted relative risk (RR) for acquiring a disability pension (using the group with low alcohol consumption as reference) was 1.8 among abstainers and 1.3 among men with high alcohol consumption. CONCLUSIONS: Alcohol overconsumption, as well as teetotalism, showed a positive relation to disability pension, and a moderate alcohol intake was found to be beneficial with respect to the risk of future disability pension.

Alcohol Drinking↗
PubMed2005

[Prediction of premature pension after stationary rehabilitation due to adipositas--a prognostic model based on routinely collected data of the State Insurance Institution of Baden-Württemberg].

Up to 60 % of the German population can be marked as obese. Due is to its frequency and its associated diseases like cardiovascular disorders and disorders of the musculoskeletal system adipositas is a severe burden on the German health care system. This burden is caused by costs of the disease and costs due to premature pensioning. In this study logistic regression modelling has been performed by means of routinely collected data of patients of the regional statutory pension insurance institute Landesversicherungsanstalt Baden-Württemberg (LVA-BW) rehabilitated due to adipositas (n = 599). The aim was to detect influential variables for the prognosis of premature pensioning (n = 135). The data of the patients were obtained from a research database of the "RehaNet" project which includes data of the standardized discharge report of the Federation of German Pension Insurance Institutes and quality assurance questionnaires of the LVA-BW. Three variables remain in the model after a step-down procedure for modelling by logistic regression. The selected variables are age (in years), the physician's statement about the patients limitations of movement after rehabilitation (yes/no) and about the patients ability to work in future (more/less than half-day). After internal validation of the model by bootstrap methods the model achieves a sensitivity of 73 %, a specificity of 87 %, a positive and a negative predictive value of 57 and 93 % respectively. The area under the curve (AUC) of the ROC analysis is 0.87, so the model achieves a good prognostic value. Thus, this model is a valuable test for the exclusion of possible premature pension while or after rehabilitation due to adipositas. It was found that the situation of "no premature pensioning" of patients rehabilitated due to adipositas can be predicted quite accurately with little information (three variables). This reveals a perspective for further research in the possibility of an early, risk-adapted and individualised intervention after stationary rehabilitation for adipositas to keep employment.

Databases, Factual↗
PubMed2005

Occupation, work environment, and disability pension: a prospective study of construction workers.

AIMS: This study investigated the importance of occupation and work environment for the risk of disability pension among construction workers in Sweden. METHODS: The data include around 389,000 construction workers who participated in health examinations from 1971 to 1992. During that period 68,000 participants received disability pension in some form. Between 1985 and 1992 questionnaires were used to collect data regarding hazards in the work environment. Some 87,000 participants answered that questionnaire, and almost 6,000 of these were in receipt of a disability pension. To analyse the risk of disability pension in different occupations, incidence rates (SIR) were calculated according to the person-year method. Logistic regression was used to calculate age-controlled odds ratios according to physical and psychosocial work environment factors. RESULTS: The results show considerable variation in risk for disability pension between different occupations within the construction industry. Furthermore, analysis of work environment factors indicated associations with physical, ergonomic, and psychosocial work environment factors. DISCUSSION: A considerable variation between occupations indicates that characteristics in the work situation are important when explaining the risk of disability pension. The results from this study indicate that improvements in working conditions are an important area of intervention in order to facilitate and prolong labour market participation among elderly people.

Adult↗
PubMed2004

The importance of social characteristics of communities for the medically based disability pension.

BACKGROUND: The aim of this study was to look for any possible contextual effect of deprivation at municipality level on the risk of being granted the medically based disability pension, controlled for compositional effects due to spatial concentration of people with a high risk of disability. METHODS: The material consists of the residentiary part of a total Norwegian county population aged 20-54 years without disability pension at baseline, n=40,083. This study was performed as a 10-year follow-up study. The relative risk of being granted a disability pension was estimated by logistic regression analyses as odds ratios (OR) between people living in different municipalities according to a municipality deprivation index at three levels, adjusted for individual factors. RESULTS: The OR of disability pension was 1.36 (1.22, 1.51) for people residing in intermediate deprived municipalities and 1.48 (1.31, 1.67) for people residing in the most deprived municipalities compared to the most affluent municipalities, adjusted for gender and age. After adjustment for individual risk factors the OR was 1.26 (1.12, 1.41) and 1.18 (1.04, 1.35) respectively. Analyses stratified by gender showed that the increased risk of receiving a disability pension for men in the most deprived municipalities was explained by individual factors alone. CONCLUSION: Relative municipality deprivation seems to account for an increase in the incidence of disability pension. This effect contributes to marginalization of people living in less affluent areas out of employment and thus to widening socioeconomic inequalities in the population.

Adult↗
PubMed1999

Gender differences in pension wealth: estimates using provider data.

Information from pension providers was examined to investigate gender differences in pension wealth at midlife. For full-time wage and salary workers approaching retirement age who had pension coverage, median pension wealth on the current job was 76% greater for men than women. Differences in wages, years of job tenure, and industry between men and women accounted for most of the gender gap in pension wealth on the current job. Less than one third of the wealth difference could not be explained by gender differences in education, demographics, or job characteristics. The less-advantaged employment situation of working women currently in midlife carries over into worse retirement income prospects. However, the gender gap in pensions is likely to narrow in the future as married women's employment experiences increasingly resemble those of men.

Female↗