Contents

1. Introduction

Yasuyuki Fuchita, Richard J. Herring, and Robert E. Litan

2. Trends in Pension System Reform in Asia: Japan, Korea, and China

Akiko Nomura

3. The Crisis in Local Government Pensions in the United States

Robert Novy-Marx and Joshua Rauh

4. Managing Risks in Defined Contribution Plans: What Does the Future Hold?

Olivia Mitchell

5. Asset Allocation by Institutional Investors after the Recent Financial Crisis

Betsy Palmer, Robert Pozen, and Natalie Shapiro