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Taxation and Corporate Pension Policy

Irwin Tepper
Journal of Finance 1981
As a result of rapid growth in the post—war period, pension plans have become a major component of the financial structure of large corporations. A recent survey [5] of 475 of the Fortune 500 companies revealed that pension cost in 1978 averaged 12.5 % of pretax profits and 7.2 % of

Taxation and Corporate Pension Policy

Irwin Tepper
Journal of Finance 1981 36(1), 1-13 open access
ABSTRACT This paper focuses on the impact of taxes on optimal corporate pension policy. The analysis is based upon an integration of corporate and individual shareholder considerations. The major conclusions are that a company should fully fund its pension plan and should invest the pension fund totally in bonds.