...income security its costs. Issues such as increasing volatility in capital markets combined with massive global demographic change force academics, financial practitioners, pension participants young and old, and policymakers "to search for innovative and creative responses" (p. 1).

After an informative "Overview" by the two editors, there follow thirteen papers organized under two headings: Plan Sponsors and Retirement Income Risk covers six papers by Bodie, Mitchell, and Utkus; Ramaswamy, Doyle, and Piggott; Gold, and Palacios. Global Developments in Retirement Risk Transfers contains seven papers by Lachance and Mitchell, Maurer and Schlag; Forsyth, Vetzal, and Windcliff; Walliser, Turner, and Rajnes, Cummins and Lewis; and Fliegelman, Milevsky, and Robinson.

II.

In the following review, I shall comment on only a few of these papers, according to my personal interest in evaluating the costs of the implied risk transfer.

Increasingly, the traditional defined benefit (DB) model has been substituted with defined contribution (DC) plans. Yet, many of the challenges for DB plans, either centralized public funds or private sector plans,...

NOTE: All illustrations and photos have been removed from this article.




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