Private pension plans have been growing in importance in recent years as pension reforms all over the world have reduced public pension entitlements. The aim of the research study was to analyze the payments from private pension schemes in OECD countries. On the basis of studies it was found...

This paper analyses a model in which employees are biased in their perception of their optimal contribution rates or asset allocations in defined contribution pension plans. The optimal default is characterised as a function of the parameters. It is shown that, for some values of the parameters,...

In light of the declining pension coverage of low-income workers, policy makers have discussed requiring all employers to offer individual retirement accounts, similar to defined contribution plans. How likely to participate are workers who currently do not have access to a pension plan? We...

This paper examines how workers allocated their contributions and assets in their employer-sponsored retirement savings plans within the TIAA system over the 2012 to 2018 period. Consistent with previous research, we find that Lifecycle funds, an auto-diversified target-date fund with an...

This article describes the open private pension plans offered in Brazil, which is one of the four pillars of the Brazilian retirement system. A framework is created to describe and analyze the impact of the transaction costs and tax advantages one can obtain from these financial products. This...

We examine the investment performance of over 160 thousand U.S. private pension plans. We find significant economies of scale in performance and administrative expenses, which are more prominent for defined benefit (DB) plans than for defined contribution (DC) plans. DC plans outperform...

This paper examines the allocation of market risk in a general class of collective pension arrangements: Collective Defined Contribution (CDC) schemes. In a CDC scheme participants collectively share funding risk through benefit level adjustments. There is a concern that, if not well designed,...

We use a historical experiment to test whether U.S. corporate defined benefit pension plans strategically use regulatory freedom to lower the reported value of pension liabilities, and hence required cash contributions. For some years, pension plans were required to estimate two liabilities -...