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How Will the Stock Market Crash Affect the Choice of Pension Plans?

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  • Clark, Robert L.
  • Sabelhaus, John

Abstract

For the past three decades, there has been a significant movement away from defined benefit pension plans in the private sector toward greater use of defined contribution plans, especially 401(k) plans. In contrast, retirement plans in the public sector remain primarily defined benefit plans. The stock market crash of 2008 had a dramatic effect on pension balances across all types of plans; private defined benefit, private defined contribution, and state and local plan assets all fell by more than 25 percent in 2008. This paper examines the trends in plan type up to 2008, the impact of the crash on pension holdings, and the likely responses by employers and employees to the current economic climate.

Suggested Citation

  • Clark, Robert L. & Sabelhaus, John, 2009. "How Will the Stock Market Crash Affect the Choice of Pension Plans?," National Tax Journal, National Tax Association;National Tax Journal, vol. 62(3), pages 477-496, September.
    • Handle: RePEc:ntj:journl:v:62:y:2009:i:3:p:477-96
    DOI: 10.17310/ntj.2009.3.08
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    Cited by:

    1. Robert L. Clark & Lee A. Craig & John Sabelhaus, 2011. "State and Local Retirement Plans in the United States," Books, Edward Elgar Publishing, number 13685.
    2. Sebastian Devlin-Foltz & Alice Henriques Volz & John Edward Sabelhaus, 2015. "The Evolution of Retirement Wealth," Finance and Economics Discussion Series 2015-9, Board of Governors of the Federal Reserve System (U.S.).
    3. Robert Argento & Victoria L. Bryant & John Edward Sabelhaus, 2013. "Early withdrawals from retirement accounts during the Great Recession," Finance and Economics Discussion Series 2013-22, Board of Governors of the Federal Reserve System (U.S.).
    4. Yongqing Cong & Milena I. Neshkova & Howard A. Frank, 2017. "Path Dependence in Pension Policy: The Case of Florida Local Governments," Public Budgeting & Finance, Wiley Blackwell, vol. 37(4), pages 92-110, December.

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