The widespread movement from defined benefit (DB) plans to defined contribution (DC) plans over the past few decades has transferred much of the retirement savings risk from the institution to the individual, particularly in the private sector. This study uses the Retirement Confidence Survey of...

This paper provides new insights into the effect of the widespread transition from defined benefit (DB) to defined contribution (DC) pension plans on employee mobility. Pension plans may affect employee mobility both through an “incentive effect,” where the bundle of benefit characteristics,...

Recent findings on limited financial literacy and exponential growth bias suggest saving decisions may not be optimal because such decisions require an accurate understanding of how current contributions can translate into income in retirement. This study uses a large-scale field experiment to...

Many investment companies have begun providing their defined-contribution pension participants with individualized, retirement income projections. The U.S. Congress is currently considering whether to require them all to do so. Evidence on the potential impact is scant, though a large body of...