Cash-balance plan conversions : evidence on excise taxes and implicit contracts

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      <subfield code="a">Cash-balance plan conversions : evidence on excise taxes and implicit contracts</subfield>
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      <subfield code="a">Firms that wish to switch from a traditional defined-benefit pension plan to a defined-contribution-type plan have a choice between coverting to a cash-balance plan or replacing the defined-benefit plan with a full-fledged defined-contribution plan. According to Ippolito and Thompson's (1999; industrial relations, 39 : 228-245) excise tax avoidance hypothesis, a number of firms have switched to cash-balance plans because conversion allows the firm to avoid excise taxes on its excess pension assets. In contrast to existing studies, our evidence supports the excise tax avoidance hypothesis</subfield>
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      <subfield code="g">Volume 72, number 2, June 2005 ;  p. 321-352</subfield>
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