By Richard F. DeMong
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Additional resources for Broader Perspectives on the Interest of Pension Plan Participants
The complexity and confusion cited earlier which surrounds pension funding is one reason. T h e precautionary need for funds in the firm and firm liquidity-safety concerns are another. Third is the question of the marginal cost of pension liabilities and the marginal benefits the firm receives from these "borrowed" funds. As earlier noted, complexity and confusion exist because of measurement problems and because there are a multitude of regulators, accounting alternatives, and plan design options.
An employee can not be placed in a position of questioning whether or not he will receive his earned pension. L. J. W. Priest, T h e Financial Reality of Pension Funding Under ERISA. Homewood, 11: Dow Jones-Irwin, 1976. A. Daley, "The Valuation of Reported Pension Measures for Firms Sponsoring Defined Benefit Plans," T h e Accounting Review 1984: 177-198; Martin Feldstein, and Randall Morck, "Pension Funds and the Value of Equities," Financial Analysts Journal (September-October 1983): 29-39; Martin Feldstein, and Stephanie Seligman, "Pension Funding, Share Prices, er 801-824;M.
The Employee Retirement Income Security Act (1974) and subsequent amendments clearly establish the rights, responsibilities, and relationships of all parties. , "pension funds are entirely separate from the corporation and its shareholders and should be managed without regard to either corporate financial policy or the interests of the corporation and its shareholders. F. Sharpe, "Corporate Pension Funding Policy," Journal of Financial Economics 3 ( ~ u n e1976): 183-193; and F. Black, "The Tax Consequences of Long-Run Pension Policy," Financial Analysts Journal (July-~ugust1980): 21-28.
Broader Perspectives on the Interest of Pension Plan Participants by Richard F. DeMong