Wharton Pension Research Council Working Papers

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Working Paper

Date of this Version



The published version of this Working Paper may be found in the 1998 publication: Living with Defined Contribution Pensions.

Working Paper Number


Copyright/Permission Statement

All findings, interpretations, and conclusions of this paper represent the views of the author(s) and not those of the Wharton School or the Pension Research Council. © 1998 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.


The authors wish to acknowledge the contributions of WeiKe Hai and Gordon Goodfellow of Watson Wyatt Worldwide for preparing the data and developing the statistical analyses that are included in this chapter. The opinions stated in this chapter are the authors', as is the responsibility for any errors in the analyses.

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Date Posted: 25 February 2020