Wharton Pension Research Council Working Papers

Document Type

Working Paper

Date of this Version


Working Paper Number


Copyright/Permission Statement

©2005 Pension Research Council of the Wharton School of the University of Pennsylvania. All Rights Reserved.


The author would like to thank Ruth Falck, Chris Falzini, Greg Frese, Trish Geyer, Lisa Korst, Rachel Lakofka, Amy Litten, Rich Luss, Brendan McFarland, Janemarie Mulvey, Brian Paulson, Nancy Pokorny, Denise Reynolds, Syl Schieber, Adam Swain and Mike Tyukodi of Watson Wyatt and Nancy Campbell of Docu-Mentor, Inc. The opinions and conclusions stated here are the author’s and should not be construed to be those of Watson Wyatt Worldwide or any of its other associates.

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Economics Commons



Date Posted: 30 August 2019