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Economic Consequences of Pension Bailouts: Evidence from the American Rescue Plan
Michael Dambra, Phillip J. Quinn, and John Wertz, via SSRN Link to more items from this source
Apr. 20, 2023

56 pages. "Consistent with the [American Rescue Plan] inducing moral hazard, [the authors] find that [multiemployer pension plans (MEPPs)] increase risk taking in investment allocations, increase benefit payments, and increase administrative fees relative to single-employer pension plans which did not receive bailout funds. The economic magnitudes ... are significant, with MEPPs collectively increasing their holdings of high-risk assets by at least $10.1 billion. [The authors find] evidence consistent with MEPPs deploying opportunistic actuarial assumptions to increase the likelihood of qualifying for bailout relief."

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