Organizing individual retirement accounts through the institutional market and with constrained choice could substantially lower administrative costs. The tradeoff: rebidding problems, weaker performance incentives, inflexibility in the face of unforeseen contingencies, and an increased...

April 1999 - Among three options for constructing funded social security pillars, one system - individual accounts invested in the institutional market, with constrained choice among investment companies - appears to offer reduced administrative and marketing costs, significant worker choice,...

Preliminary result of a continuing research project that analyzes annuity markets in various countries. The projects focussed on understanding whether annuity makerts can be relied upon to provide reliable retirement income at reasonable prices

The provision of annuities and other benefits during the decumulation phase of defined contribution (DC) pension plans raises major policy issues. Because private markets for annuities and disability benefits are not well developed even in the most advanced OECD countries, the resolution of...