Browsing Waterloo Research by Author "Hardy, Mary"
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Dynamic Hedging Strategies for Cash Balance Pension Plans
Zhu, Xiaobai; Hardy, Mary; Saunders, David (Cambridge University Press, 2018-09)Cash balance pension plans with crediting rates linked to long bond yields are relatively common in the United States, but their liabilities are proving very challenging to hedge. In this paper, we consider dynamic hedge ... -
Fair Transition from Defined Benefit to Target Benefit
Zhu, Xiaobai; Hardy, Mary; Saunders, David (Cambridge University Press, 2021)Target benefit (TB) plans that incorporate intergenerational risk sharing have been demonstrated to be welfare improving over the long term. However, there has been little discussion of the short-term benefits for members ...