Wharton Pension Research Council Working Papers

Document Type

Working Paper

Date of this Version



Retirement 20/20 is the Society of Actuaries initiative to find new retirement systems (focusing on tier II) that meet the needs of stakeholders better than the existing DB/DC models. The first steps in the initiative were to identify characteristics of a successful new retirement system, by identifying the needs and risks of stakeholders in the system. What has emerged is an understanding of the tension that exists today between investment and insurance, choice and default (including how choices are structured). In addition, the Retirement 20/20 initiative has constructed a Measurement Framework that can be used to analyze how well plan designs meet the needs and risks of stakeholders in the system; in the analysis of several plans, we have brought out other features that lead to successful retirement systems. This paper summarizes what we’ve learned to date about the balance between investment and insurance, choice and default, highlight roles for stakeholders and suggest new ways of bringing people together to prepare for their retirement.

Working Paper Number


Copyright/Permission Statement

Opinions and conclusions are solely those of the author(s) and do not reflect views of the institutions supporting the research, with whom the authors are affiliated, or the Pension Research Council. Copyright 2009 © Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.

Included in

Economics Commons



Date Posted: 23 August 2019