The Tax Cuts and Jobs Act (2017) Has Long-Term Effects on Corporate Pension Risk
研究了2017年减税法案如何促使企业向养老金计划大额缴款，进而转向更安全的资产配置或转移养老金义务，对雇主、员工和养老金担保机构产生长期影响。
The Tax Cut and Jobs Act of 2017 generated a spurt in tax-deductible contributions to corporate defined benefit pension plans. We examine how pension risk altered as a result. We document that sponsors making large voluntary contributions before lower tax rates take effect also (i) make economically significant shifts in asset allocation toward safer investments and (ii) transfer obligations to insurance companies or beneficiaries. We identify the TCJA as a driver of pension derisking, with long-term implications for sponsors, employees, and the PBGC; and particularly of the propensity to transfer pensions to insurance companies or beneficiaries, permanently changing the regulatory status and guaranties associated with them.