| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21854 |
| 来源ID | Working Paper 21854 |
| Simplifying Choices in Defined Contribution Retirement Plan Design | |
| Donald B. Keim; Olivia S. Mitchell | |
| 发表日期 | 2016-01-11 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | In view of the growth and popularity of defined contribution pensions, along with the government’s growing attention to retirement plan costs and investment choices provided, it is important to understand how people select their retirement plan investments. This paper shows how employees in a large firm altered their fund allocations when the employer streamlined its pension fund menu and deleted nearly half of the offered funds. Using administrative data, we examine the changes in plan participant investment choices that resulted from the streamlining and how these changes might affect participants’ eventual retirement wellbeing. We show that streamlined participants’ new allocations exhibited significantly lower within-fund turnover rates and expense ratios, and we estimate this could lead to aggregate savings for these participants over a 20-year period of $20.2M, or in excess of $9,400 per participant. Moreover, after the reform, streamlined participants’ portfolios held significantly less equity and exhibited significantly lower risks by way of reduced exposures to most systematic risk factors, compared to their non-streamlined counterparts. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing ; Labor Economics ; Labor Compensation |
| URL | https://www.nber.org/papers/w21854 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579528 |
| 推荐引用方式 GB/T 7714 | Donald B. Keim,Olivia S. Mitchell. Simplifying Choices in Defined Contribution Retirement Plan Design. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w21854.pdf（229KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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