Pension Reversions and Worker-Stockholder Wealth Transfers
研究企业终止超额注资的固定收益养老金计划时，工人向股东的财富转移的相对重要性，发现企业为摆脱对工人的隐性薪酬承诺而终止计划，融资和税收因素也影响决策，1986年的消费税使逆转换减少36%。
This paper examines the relative importance of transfers from workers to shareholders in the firm's decision to terminate their overfunded defined benefit pension plans. In contrast to earlier studies, I find evidence that firms terminate their pension plans to relieve themselves of implicit promises to workers of future compensation. In addition, financing and tax considerations influence the reversion decision. The results suggest that the 1986 excise tax on asset reversions reduced termination for reversion by 36 percent in 1986.