Wharton Pension Research Council Working Papers

Document Type

Working Paper

Date of this Version



In light of the challenges and complexity of managing income for retirees, and the lack of overall financial literacy of our workforce, advice and financial planning services must be effectively delivered to help more participants achieve financial security, today and in retirement. A challenge that emerged in the wake of the Pension Protection Act of 2006 is how to deliver such advice without compromising plan sponsors’ fiduciary responsibilities, and without relying on participants to indirectly fund the cost of advice programs through their purchase of ancillary financial products.


The published version of this Working Paper may be found in the 2010 publication: Reorienting Retirement Risk Management.

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.

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Economics Commons



Date Posted: 23 August 2019