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Tag: employer responsibility as substitute


Defined Contribution Plans and the Challenge of Financial Illiteracy

 Jill E. Fisch, University of Pennsylvania Law School; Annamaria Lusardi, The George Washington University;  & Andrea Hasler, The George Washington University School of Business

Retirement investing in the United States has changed dramatically. The classic defined benefit (DB) plan has largely been replaced by the defined contribution (DC) plan. With the latter, individual employees’ decisions about how much to save for retirement and how to invest those savings determine the benefits available upon retirement.  We analyze data from the…

Mar 2020