| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12842 |
| 来源ID | Working Paper 12842 |
| Who Chooses Defined Contribution Plans? | |
| Jeffrey R. Brown; Scott J. Weisbenner | |
| 发表日期 | 2007-01-19 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper provides new evidence on what types of individuals are most likely to choose a defined contribution (DC) plan over a defined benefit (DB) plan. Making use of administrative data from the State Universities Retirement System (SURS) of Illinois, we study the decisions of nearly 50,000 new employees who make a one-time, irrevocable choice between a traditional DB plan, a portable DB plan, and an entirely self-managed DC plan. Because the SURS-covered earnings of these employees are not covered under the Social Security system, their choices provides insight into the DB vs. DC preferences of individuals with regard to a primary source of their retirement income. We find that a majority of participants fail to make an active decision and are thus defaulted into the traditional DB plan after 6 months. We also find that those individuals who are most likely to be financially sophisticated are most likely to choose the self-managed DC plan, despite the fact that, given plan parameters, the DC plan is inferior to the portable DB plan under reasonable assumptions about future financial market returns. We discuss both rational and behavioral reasons that might explain this finding. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w12842 |
| 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/570508 |
| 推荐引用方式 GB/T 7714 | Jeffrey R. Brown,Scott J. Weisbenner. Who Chooses Defined Contribution Plans?. 2007. |
| 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 | ||
| w12842.pdf（238KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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