Wharton Pension Research Council Working Papers

Document Type

Working Paper

Date of this Version



The published version of this Working Paper may be found in the 2002 publication: Innovations in Retirement Financing.

Working Paper Number


Copyright/Permission Statement

© 2000 Pension Research Council of the Wharton School of the University of Pennsylvania. All Rights reserved.


We thank Gordon Goodfellow, Tomeka Hill, and Lex Miller for their help with statistical analysis. We also thank Kyle Brown, Dick Joss, Eric Lofgren, Richard Luss, and Janemarie Mulvey for helpful comments on earlier drafts. Opinions and conclusions are solely the authors'. Robert Clark's research was supported by the American Compensation Association and the Shannon J. Schieber Retirement Policy Institute of the Association of Private Pension and Welfare Plans.

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Economics Commons



Date Posted: 13 September 2019