Optimal investment for the defined-contribution pension with stochastic salary under a CEV model

In this paper, we study the optimal investment strategy of defined-contribution pension with the stochastic salary. The investor is allowed to invest in a risk-free asset and a risky asset whose price process follows a constant elasticity of variance model. The stochastic salary follows a stochastic differential equation, whose instantaneous volatility changes with the risky asset price all the time. The HJB equation associated with the optimal investment problem is established, and the explicit solution of the corresponding optimization problem for the CARA utility function is obtained by applying power transform and variable change technique. Finally, we present a numerical analysis.

Analysis and Research on Information Design of the Smart Community Pension Service

In the research on the smart community pension service,it is found that the problems encountered in the promotion of the smart pension can not be solved in the short term because of the lack of information and the acceptance of the intelligent products by the elderly. This paper puts forward the research ideas based on the cognitive characteristics and demand prediction of the specific population. Focusing on the research on the pension needs of people born in the 1960 s or 1970 s,it provides support for the solution of smart pension services in the peak period of aging population in the future.

Study on Reasonable Premium Rate of Pension Insurance in China

By analyzing the cause of too high premium rate of pension insurance at present and discussing the current practice of Chinese Pension Insurance System, three models to determine the reasonable paying level of premium, returning level of retirement pay and premium rate are established. Comparatively speaking, these models solve the problem of the determination of the premium rate more scientifically and offer an effective analyzing means to the improvement of the Chinese Pension Insurance System.

Study on Improving Development Strategies of New Rural Social Pension Insurance System in Heilongjiang Province

Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems. Therefore, in order to guarantee the smooth implementation of new rural social pension insurance work in Heilongjiang Province, this paper combined with the reality to provide several suggestions for improving the new rural social pension insurance system in Heilongjiang Province.

Sensitivity of Personal Account Accumulated Value of New Rural Social Pension Insurance to Variation of Uncertainties

The personal account of new rural social pension insurance raises funds in the form of individual premium-paying,collectively pooled subsidy and government subsidy.The personal account accumulated value has a decisive influence on the payment level of personal account pension.The personal account accumulated value has a direct or indirect relationship with the income level of farmers,premium-paying level,the insured period,investment return rate of funds and other factors.Analysing the impact of infinitesimal variation of these factors on accumulated value of personal account pension,is of great significance to improving and consolidating personal account,and achieving sustainable development of new rural social pension insurance.

The factors that affect the participation of social organizations in pension service are analyzed

At present, the aging situation of China＇s population is becoming more and more serious. By the end of 2016, there were 231 million people over the age of 60 in China, accounting for 16.7% of the total population. About 150 million people aged 65 and over make up 10.8 percent of the total population. China is expected to enter the peak period of population aging by 2035. Therefore, the government as a single pension service main body management pattern already can not adapt to our country entered the aging society, mobilize and fostering social organizations to participate in the pension services is to build perfect endowment service system, satisfy people pension service demand model of a kind of indispensable. In view of the development of social organizations has just started in our country, there exist many problems and difficulties, so this article USES the ISM method, for social organizations to participate in research and analyze influence factors of pension services, and then find out the social organization in the process of participation in pension service problems, put forward effective solutions.

Distinguish between Defined-benefit and Defined-contribution Pension Schemes

According to the data from IFSL(International Financial Services, London), Pension funds increased rapidly in recent year. Pension funds always have different ways to build up. One form always from the institutional investment and the funds will build up during the working life by the worker's company and then workers use the funds as the retirement income during workers retired. Alternatively some employees invest in a fund of their choosing and the money can be used to buy an annuity to obtain the pension funds. For this form, one of the important forms of stock market investments of pension funds is shares and bonds.

Net Pension Liability Impact on School Districts after Incorporation of Governmental Accounting Standards Boards (GASB) Statement Number 68

This paper analyzes twenty school districts in the state of Pennsylvania and applies ratio analysis to understand the potential effect of GASB number 68 on the financial statements of these entities.The financial statements were picked on a random basis from the Electronic Municipal Market Access[1]database.EMMA is a research and data retrieval system of the Municipal Securities Rulemaking Board(MSRB).The MSRB provides resources to trade municipal bonds and access to the financial statements of entities selling these securities.The paper was developed as a result of the requirement by GASB to“recognize their long-term obligation for pension benefits as a liability for the first time,and to more comprehensively and comparably measure the annual costs of pension benefits”[2].The public schools in Pennsylvania incorporated GASB number 68 for the fiscal year ended June 30,2015 and restated the financial statements for the fiscal year ended June 30,2014.The effects of these restatements created a situation where most of these districts now show a negative fund balance caused by an increase of liabilities of over one hundred percent.Many of the decision makers are uncertain of the long-term changes that this recognition will have on the operations of the school district.Bond ratings have suffered because of the volatility and uncertainty causing negative effects on the balance sheet,increased current recognition of pension expenses,and a possible interest rate increase.All of these effects are illustrated in this paper.This is at a time where many people are questioning the performance of many of the school districts.

Planning and Layout Strategies of Urban Institution Pension Service Facilities under the Background of Aging Society: A Case Study of the Main Urban District of Xuzhou City

China has entered an aging society, and the contradiction between the social pension needs rapidly growing in the dty and the lagged pension business is increasingly outstanding. By analyzing the amount, development level, type, sttucture, and space distribution of the institutional pension facilityin main urban district of Xuzhou Qty, this paper has summed up the main problems. Combining the estimation on the number of the elders and pension bed, coordination and planning of institutionalpension facility in the research zone are conducted from three aspects： distribution guidance, ptindple of locating and differentiation configufation, to promote tiie construction of pension agenqr and impel the development of pension business in Xuzhou Qty.

Optimization of Actuarial Model for Individual Account of Rural Social Pension Insurance

This paper firstly analyzes different payment methods of individual account and the pension replacement rate under the pension payment method.Results show that it will be more scientific and reasonable for the individual account of new rural social pension insurance to adopt the actuarial model of payment according to proportion of income and periodic prestation at variable amount.The Guiding Opinions on New Rural Social Pension Insurance sets forth individual account should be paid at fixed amount,and the insured voluntarily selects payment level as per criteria set by the State.The monthly calculation and distribution amount of pension is the total amount of individual account divided by139.Therefore,it should start from continuation of policies and make adjustment of payment level in accordance with growth of per capita net income of rural residents.When condition permits,it is expected to realize transition to payment as per income proportion and periodic prestation at variable amount.

Analysis of the Difference of the Basic Pension by Regions

Nowadays, the disparity of the basic pension in local regions of China can be described as follows: the low level of the unification of the basic pension systems, the large disparity of the level of the basic pension, and unfairness of the enterprises’ payment for the basic pension in different local regions in China. These have already brought many negative influences, which have greatly held back the development of the society and national economy. We should build the basic pension system in all local regions of China as a whole, which can cover all people and decrease the disparity in different local regions in China.

Analysis of the Development of China＇s Pension Industry

This document explains and demonstrates the current situation and some problems of China＇s pension industry, also, offer some advises to its development. China is the world＇s most populous developing country, with large population basement and the rapidly aging population. Traditional model of family pension is in decline, thus social security system is a general tendency. Social supporting is facing tremendous pressure. In China＇s pension services, the market development is not perfect, and government responsibility is not in place, also, the pension service is at a low level as a result, aged care industry developed slowly, but social care service demand is increasingly strong, so there is a serious contradiction between supply and demand, therefore promote the health of pension industry into a vigorous development is imminent.

Optimization of Pension Asset Portfolio in Nigeria with Contributors’ Specified Return Rate

This work focuses on the optimization of investment contributions of pension asset with a view to improving contributors’ participation in achieving better return on investment (RoI) of their funds. We viewed some new regulations on Nigeria’s Contributory Pension Scheme” (CPS) from amended legislation of 2014, some of which are yet to be implemented when their regulations are approved. A mathematical model involving 5 variables, 5 inequality constraints covering regulatory limitations and limitation on scarce resource known as Asset Under Management (AUM), suggested and mathematically shown to be possible through “maximization of return irrespective of risk” while obeying all regulatory controls as our constraints optimized. Optimized portfolio using MatLab shows that the portfolio representing AES 2013 portfolio with a deficit growth of 15.75 m representing 3.27% less than the portfolio’s full growth potential within defined assumptions would have been averted if contributors actually set their targets and investment managers optimize from forecasts of future prices using trend analysis.

Tackling China’s Pension Fund Payment Crisis:Will the “Two-Child Policy” Be the Answer?——An example with the basic pension insurance program for urban employees

Based on the reality that 29 Chinese provinces have already implemented the policy allowing a couple to raise a second child if either parent is an only child, this paper provides an empirical study on the effect of this policy on the financial status of the social pooling fund of basic pension insurance for urban employees. Our study suggests the followings. First, under the previous unchanged family planning policy, current deficits and cumulative deficits will occur in the social pooling fund in the year 2047 and 2063 respectively. Second, if lO% to 50% of qualified couples choose to raise a second child, the financial status of the social pooling fund will improve; relative to the previous unchanged family planning policy, the contribution ratio can decrease from 20% to the range between 18.06% and 19.57% without causing any changes to the original financial status of income and expenditure. Third, if the percentage of couples choosing to raise a second child rises to 60% to 100%, the contribution ratio can even decrease to the range between 16.55% and 17. 7% without causing any changes to the financial status as under the previous unchanged family planning policy. The above conclusions have all passed the sensitivity test. Therefore, the ＂two-child policy＂ for qualified couples is favorable to alleviating the payment pressures of pension insurance but the policy effectiveness is subject to fertility desire and the intensity of government implementation.

Countermeasures of China＇ s Pension Fund risk

Strengthening the management on the risk of the Pension Fund which is an important part of the social security system in our country. In recent years, with the increasing of aging population, the stock of the huge pension fund is facing tremendous pressure. To keep the security of the fund investment and operations, mechanism of risk control is becoming particularly critical. Because there are many circles in the social insurance fund operations including the collection, payment, savings and investment and many other aspects. The applications of over-all thought to the system of social insurance funds operation is very necessary,on the bases of collating the causes of risks of social insurance fund, identifying the factors of affecting social insurance funds, and then offer the corresponding countermeasures.

Analysis on the issue of migram workers pension insurance

Since the reform and opening up, an emerging force continues to promote the development of urbanization and modernization. They made a great contribution to society; it is the most urgent matter of concern by the State and Government about their pension insurance. Since the introduction of Social Insurance Law, weather it plays a role and protects a part overlooked group＇ pension insurance, we do not know the effect because of the short time. However, how to solve the problem of migrant workers pension insurance is needed to solve a major problem of our country. Therefore, this paper analyzes the current status quo and identifies the causes of the problem and puts forward reasonable suggestions.

Research on the performance of pension service issues： Performance assessment to performance management

The current Researches on performance of pension service mainly including establishing performance evaluation index system of pension service, evaluating performance of the participants＇ activities, or assessing quality of pension service. Building index system or implementing performance assessment is just a part of performance management. Performance management is not a single course of conduct, but a complex circulatory system consisted by many links and procedures. It is an important way to make the work of pension service strategical by improving research on performance of pension service from assessment to management

Research on the influence factors of China＇s pension service industry development under the background of“Internet ＋”

With Internet as the carrier, through research and analysis on the influencing factors of the elderly life in China, online interactive providing intelligence pension services for the elderly, pension services is industry development process of prime minister Li Keqiang ＂Internet ＋＂ action plan put forward by the beneficial exploration.So, in the new situation research on the influence factors of China＇ s pension service industry development under the background of＂Internet ＋＂ it becomes very important to explore research.

The new route Internet ＋ pension services

With the development of technology, the popularity of the network, as well as the aging of our population growing, the limitations of traditional home care, community care and institutional care has its own pattern, on this basis, we propose a adapt to China＇s national conditions and new pension model - Intemet ＋ pension services resources. Internet ＋ pension services resources are government-led social pension most widely resource-based, network platform as the basis of the pension for the elderly at home to provide specialized, personalized service of the new old age pension model. By building a network of pension platform to maximize the absorption, co-ordination, deployment and optimization of limited resources on community-based care services to address the problem of long-term pension savings to the extent possible.

An research on the Pension agency workers＇ professional construction under human resource management perspective

Presently, Chinese urban and rural medicare systems differ from each other in many aspects including coverage, payment, and funding patterns, etc, which accounting mainly for the serious situation of the division between urban and rural areas, among different areas and among different communities. The paper will firstly illustrate the purposes and principles of integrating urban and rural medical insurance systems. Then, with the development of socialist core value--equity, the consideration of the development of the social security system, and the consideration of the strengthening of the rural and urban economy, integrating three main basic health insurance systems is required to take place urgently. In the last part, it provides the strategic development of the integration of the dual system, so as to build a uniform social insurance system.