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Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities
Most defined contribution pension plans pay benefits as lump sums, yet the US Treasury has recently encouraged firms to protect retirees from outliving their assets by converting a portion of their plan balances into ...
Implications of Money-Back Guarantees for Individual Retirement Accounts: Protection Then and Now
In the wake of the financial crisis and continued volatility in international capital markets, there is growing interest in mechanisms that can protect people against retirement account volatility. This paper explores the ...