What are Corporate Pension Liabilities?

Jeremy I. Bulow

The Quarterly Journal of Economics, 1982, vol. 97, issue 3, 435-452

Abstract: Analyses of corporate pension plans often make unstated assumptions about an implicit labor contract. An example of the effect of such an assumption is that many mistakenly believe that if a worker's benefits are tied to final salary, he is protected against inflation until retirement. Also, the value of a worker's claims is often considered to be independent of the status of the firm's pension fund. These “implicit contract†assumptions are examined and questioned. The implications of analyzed pension liabilities in a manner consistent with the analysis of other corporate liabilities are explored.

Date: 1982
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