Mark J. Warshawsky

Towers Watson

Director of Retirement Research

Arlington, VA

United States

Mercatus Center at George Mason University

3434 Washington Blvd., 4th Floor

Arlington, VA 22201

United States

SCHOLARLY PAPERS

34

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234

Scholarly Papers (34)

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1.

Comparing Strategies for Retirement Wealth Management: Mutual Funds and Annuities

Journal of Financial Planning,Vol. 22, No. 8, pp. 36-47, August 2009
Number of pages: 19 Posted: 27 Oct 2008 Last Revised: 29 Sep 2009
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 1,069 (20,279)

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Mutual Fund, Annuity, Guaranteed Minimum Withdrawal Benefit (GMWB), Asset Allocation, Defined Contribution Plan

2.

The Retirement Decision: Current Influences on the Timing of Retirement among Older Workers

PENSION FUND RISK MANAGEMENT: FINANCIAL AND ACTUARIAL MODELING, Ch. 13, M. Micocci, G. Gregoriou, G. Masala, Chapman and Hall, January 2010
Number of pages: 34 Posted: 20 Dec 2007 Last Revised: 29 Sep 2009
Gaobo Pang, Mark J. Warshawsky and Ben Weitzer
Northern Trust Asset Management, Towers Watson and Willis Towers Watson
Downloads 454 (64,608)

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Retirement, Social Security, Defined Benefit and Defined Contribution Plans, Health Insurance, Business Cycle

3.

Comparing Costs and Risks of Retirement Plans for Sponsors

Downloads 415 ( 72,059)

Comparing Costs and Risks of Retirement Plans for Sponsors

Number of pages: 24 Posted: 18 Jun 2010 Last Revised: 22 Sep 2012
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 414 (71,583)

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defined benefit, defined contribution, pension equity, cash balance

Comparing Costs and Risks of Retirement Plans for Sponsors

Risk Management and Insurance Review, Vol. 16, Issue 2, pp. 195-217, 2013
Number of pages: 23 Posted: 16 Nov 2013
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 1 (703,477)
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4.

Optimizing the Equity-Bond-Annuity Portfolio in Retirement: The Impact of Uncertain Health Expenses

Insurance: Mathematics and Economics, 2009
Number of pages: 38 Posted: 20 Dec 2007 Last Revised: 28 Sep 2009
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 404 (74,601)
Citation 7

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annuity, asset allocation, health expense, precautionary savings, Social Security, pension, lifecycle

5.

Does Freezing a Defined-Benefit Pension Plan Increase Company Value? Empirical Evidence

Financial Analysts Journal, Vol. 65, No.4, pp. 47-59, July/August 2009
Number of pages: 19 Posted: 22 Jan 2009 Last Revised: 29 Sep 2009
Clifton B. McFarland, Gaobo Pang and Mark J. Warshawsky
Willis Towers Watson, Northern Trust Asset Management and Towers Watson
Downloads 297 (105,252)

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Firm Value, Defined Benefit Pensions, Pension Freeze, Event Study

6.

Asset Allocations and Risk-Return Tradeoffs of Target-Date Funds

Number of pages: 17 Posted: 12 Jul 2009 Last Revised: 18 Oct 2009
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 288 (108,805)
Citation 3

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target-date fund, asset allocation, retirement accounts

7.

Calculating Savings Rates in Working Years Needed to Maintain Living Standards in Retirement

Benefits Quarterly, Vol. 25, No. 3, pp. 31-42, 2009
Number of pages: 16 Posted: 18 Dec 2008 Last Revised: 29 Sep 2009
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 287 (109,222)

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Defined Contribution (DC), Defined Benefit (DB), Savings and Replacement Rates, Living Standard

8.

Default Investment Options in Defined Contribution Plans: A Quantitative Comparison

Pensions: an International Journal, Vol. 13, No. 4, pp. 221-226, October 2008
Number of pages: 12 Posted: 14 Apr 2008 Last Revised: 29 Sep 2009
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 214 (146,965)

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Balanced and Lifecycle Funds, Qualified Default Investment Alternatives (QDIAs), Defined Contribution Plans, Pension Protection Act

9.

Erisa after 25 Years: A Framework for Evaluation Pension Reform

Benefits Quarterly, Vol. 15, Iss. 4, pp. 73-81, Fourth Quarter, 1999
Number of pages: 9 Posted: 18 Sep 2001
William G. Gale, John B. Shoven and Mark J. Warshawsky
Brookings Institution, Stanford University - Department of Economics and Towers Watson
Downloads 212 (148,337)

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10.

Retirement Savings Adequacy of U.S. Workers

Number of pages: 13 Posted: 11 May 2013
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 162 (188,888)
Citation 9

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11.

Taxing Retirement Income: Nonqualified Annuities and Distributions from Qualified Accounts

NBER Working Paper No. w7268
Number of pages: 47 Posted: 20 Mar 2000 Last Revised: 07 May 2000
Jeffrey R. Brown, Olivia S. Mitchell, James M. Poterba and Mark J. Warshawsky
University of Illinois at Urbana-Champaign - Department of Finance, University of Pennsylvania - The Wharton School, National Bureau of Economic Research (NBER) and Towers Watson
Downloads 153 (198,344)

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12.

Good Strategies for Wealth Distribution in Retirement

Number of pages: 13 Posted: 10 Jun 2010
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 138 (215,775)
Citation 1

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Mutual Fund, Annuity, Asset Allocation, Defined Contribution Plan, Retirement Income

13.

Longevity-Insured Retirement Distributions from Pension Plans: Market and Regulatory Issues

NBER Working Paper No. w8064
Number of pages: 57 Posted: 05 Jan 2001 Last Revised: 20 Oct 2010
Jeffrey R. Brown and Mark J. Warshawsky
University of Illinois at Urbana-Champaign - Department of Finance and Towers Watson
Downloads 109 (257,518)
Citation 1

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14.

New Evidence on the Money's Worth of Individual Annuities

NBER Working Paper No. w6002
Number of pages: 47 Posted: 20 Jul 2000 Last Revised: 21 Apr 2008
Olivia S. Mitchell, James M. Poterba and Mark J. Warshawsky
University of Pennsylvania - The Wharton School, National Bureau of Economic Research (NBER) and Towers Watson
Downloads 107 (260,889)
Citation 9

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15.

Can the Rapid Growth in the Cost of Employer-Provided Health Benefits Explain the Observed Increase in Earnings Inequality?

Number of pages: 25 Posted: 24 Sep 2011 Last Revised: 10 Oct 2011
Mark J. Warshawsky
Towers Watson
Downloads 98 (276,983)
Citation 1

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Earnings inequality, health insurance, Social Security, employee benefits, compensation

16.

Regulating Single Employer Defined Benefit Pension Plans: A Modern Approach

Pension Research Council WP2005-12
Number of pages: 30 Posted: 02 Nov 2005
Mark J. Warshawsky
Towers Watson
Downloads 97 (278,852)

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17.

Comparing the Economic and Conventional Approaches to Financial Planning

NBER Working Paper No. w7321
Number of pages: 72 Posted: 30 Mar 2000 Last Revised: 13 Oct 2010
Jagadeesh Gokhale, Laurence J. Kotlikoff and Mark J. Warshawsky
Cato Institute, Boston University - Department of Economics and Towers Watson
Downloads 97 (278,852)

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18.

Reform of the Tax on Reversions of Excess Pension Assets

Journal of Pension Economics and Finance, Vol. 8, No. 1, pp. 107-130, January 2009
Number of pages: 42 Posted: 27 Jun 2007 Last Revised: 29 Sep 2009
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 92 (288,581)

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excess asset reversion, excise tax, defined benefit pensions, Pension Protection Act

19.

Implications of Some Deficit Reduction Proposals for Retirement Savings

Number of pages: 11 Posted: 11 Jul 2011 Last Revised: 26 Aug 2011
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 76 (324,054)

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defined contribution (DC), health reform, Social Security, Medicare, retirement

20.

The Cost of Annuities: Implications for Saving Behavior and Bequests

NBER Working Paper No. w1682
Number of pages: 35 Posted: 06 Jul 2004 Last Revised: 08 Aug 2010
Benjamin M. Friedman and Mark J. Warshawsky
Harvard University - Department of Economics and Towers Watson
Downloads 70 (339,449)
Citation 6

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21.

The Costs of Annuitizing Retirement Payouts from Individual Accounts

NBER Working Paper No. w6918
Number of pages: 37 Posted: 12 Mar 1999 Last Revised: 16 May 2000
James M. Poterba and Mark J. Warshawsky
National Bureau of Economic Research (NBER) and Towers Watson
Downloads 70 (339,449)

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22.

The Employer’s Decision to Provide Health Insurance under the Health Reform Law

Number of pages: 15 Posted: 08 Jul 2011 Last Revised: 21 Sep 2012
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 57 (377,000)
Citation 1

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Defined Contribution (DC), Health Reform, Savings and Replacement Rates, Living Standard, Retirement

23.

Annuity Prices and Saving Behavior in the United States

NBER Working Paper No. w1683
Number of pages: 45 Posted: 15 Mar 2004 Last Revised: 09 Aug 2010
Benjamin M. Friedman and Mark J. Warshawsky
Harvard University - Department of Economics and Towers Watson
Downloads 45 (417,986)

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24.

Life-Cycle Saving, Limits on Contributions to Dc Pension Plans, and Lifetime Tax Benefits

NBER Working Paper No. w8170
Number of pages: 46 Posted: 16 Mar 2001 Last Revised: 12 Feb 2010
Jagadeesh Gokhale, Laurence J. Kotlikoff and Mark J. Warshawsky
Cato Institute, Boston University - Department of Economics and Towers Watson
Downloads 43 (425,572)

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25.

Life Insurance Savings and the After-Tax Life Insurance Rate of Return

NBER Working Paper No. w1040
Number of pages: 47 Posted: 09 Jun 2004
Mark J. Warshawsky
Towers Watson
Downloads 42 (429,433)

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26.

Implications of Proposed Tax Increases for Retirement Savings

Tax Notes, Vol. 125, No. 12, pp. 1349-1352, December 2009
Number of pages: 4 Posted: 09 Jan 2010 Last Revised: 24 Jan 2010
Gaobo Pang and Mark J. Warshawsky
Northern Trust Asset Management and Towers Watson
Downloads 38 (445,797)

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tax, retirement savings, replacement rate, living standard

27.

Specification of the Joy of Giving: Insights from Altruism

NBER Working Paper No. w2154
Number of pages: 23 Posted: 21 Mar 2007
Andrew B. Abel and Mark J. Warshawsky
University of Pennsylvania - Finance Department and Towers Watson
Downloads 25 (508,453)

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28.

Retire on the House: The Possible Use of Reverse Mortgages to Enhance Retirement Security

Mercatus Research Paper No. 2993445, https://doi.org/10.3905/jor.2018.5.3.010
Posted: 21 May 2019
Mark J. Warshawsky
Towers Watson

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reverse mortgage, home equity conversion mortgage, HECM, retirement, mortgage, retirement funding gap, credit, housing, annuity income, savings

29.

The Life Care Annuity: A New Empirical Examination of an Insurance Innovation that Addresses Problems in the Markets for Life Annuities and Long‐Term Care Insurance

Journal of Risk and Insurance, Vol. 80, Issue 3, pp. 677-704, 2013
Number of pages: 28 Posted: 30 Aug 2013
Jason Brown and Mark J. Warshawsky
Government of the United States of America - Department of the Treasury and Towers Watson
Downloads 0 (687,442)
Citation 3
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30.

Does Freezing a Defined-Benefit Pension Plan Increase Company Value? Empirical Evidence

Financial Analysts Journal, Vol. 65, No. 4, 2009
Posted: 23 Sep 2009
Brendan McFarland, Gaobo Pang and Mark J. Warshawsky
Willis Towers Watson, Northern Trust Asset Management and Towers Watson

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Equity Investments, Research Sources, Corporate Finance, Long- and Short-Term Financing Decisions, Risk Measurement and Management, Firm/Enterprise Risk, Business Strategy, Long-Term Strategic Planning

31.

A Comparative Analysis of Limits on Qualified Retirement Plans

Tax Notes, Vol. 115, No. 3, April 16, 2007
Posted: 13 Apr 2007
Ben Weitzer and Mark J. Warshawsky
Willis Towers Watson and Towers Watson

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32.

The Market for Individual Life Annuities and the Reform of Social Security: An Update and Further Analysis

TIAA-CREF Working Paper
Posted: 28 Nov 2001
Mark J. Warshawsky
Towers Watson

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33.

Making Retirement Income Last a Lifetime

Downloads 0 (687,442)

Making Retirement Income Last a Lifetime

Journal of Financial Planning, December 2001
Posted: 03 Jan 2002
John Ameriks, Robert Veres and Mark J. Warshawsky
The Vanguard Group, Inc., Inside Information and Towers Watson

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Making Retirement Income Last a Lifetime

TIAA-CREF Working Paper
Posted: 28 Nov 2001
John Ameriks, Robert Veres and Mark J. Warshawsky
The Vanguard Group, Inc., Inside Information and Towers Watson

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34.

Further Reform of Minimum Distribution Requirements for Retirement Plans

Tax Notes, Vol. 91, Issue 2, April 9, 2001
Posted: 04 Apr 2001
Mark J. Warshawsky
Towers Watson

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