Wharton Pension Research Council Working Papers

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Working Papers from 2012

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How Financial Advisers and Defined Contribution Plan Providers Educate Clients and Participants about Social Security, Mathew Greenwald, Andrew Biggs, and Lisa Schneider

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How to Make the Market for Financial Advice Work, Andreas Hackenthal and Roman Inderst

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Explaining Risk to Clients: An Advisory Perspective, Paula H. Hogan and Rick Miller

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When, Why, and How Do Mutual Fund Investors Use Financial Advisers?, Sarah A. Holden

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The Role of Guidance in the Annuity Decision-Making Process, Kelli Hueler and Anna Rappaport

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Asking For Help: Survey and Experimental Evidence on Financial Advice and Behavior Change, Angela A. Hung and Joanne K. Yoong

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Semiparametric Bayesian Modeling of Income Volatility Heterogeneity, Shane T. Jensen and Stephen H. Shore

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The Evolution of Workplace Advice, Christopher L. Jones and Jason S. Scott

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Harmonizing the Regulation of Financial Advisers, Arthur B. Laby

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Financial Sophistication in the Older Population, Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto

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Participating Payout Life Annuities: Lessons from Germany, Raimond Maurer, Ralph Rogalla, and Ivonne Siegelin

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The Market for Retirement Financial Advice: An Introduction, Olivia S. Mitchell and Kent Smetters

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Target-Date Funds in 401(k) Retirement Plans, Olivia S. Mitchell and Stephen P. Utkus

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How Important Is Asset Allocation To Americans’ Financial Retirement Security?, Alicia H. Munnell, Natalia Orlova, and Anthony Webb

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Health Expenditure Risk and Annuitization: Evidence from Medigap Coverage, Daniel W. Sacks

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Identifying Idiosyncratic Career Taste and Skill with Income Risk, Stephen H. Shore, Daniel Barth, and Shane T. Jensen

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Valuing Variable Annuities with Guaranteed Minimum Lifetime Withdrawal Benefits, Petra Steinorth and Olivia S. Mitchell

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The Market for Financial Advisers, John A. Turner and Dana M. Muir

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Evaluating the Impact of Financial Planners, Cathleen D. Zick and Robert N. Mayer

Working Papers from 2011

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First-Round Impacts of the 2008 Chilean Pension System Reform, Jere R. Berhman, Maria Cecilia Calderon, Olivia S. Mitchell, Javiera Vasquez, and David Bravo

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How Have Public Sector Pensions Responded to the Financial Crisis?, Andrew J. Biggs

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Collective Pensions and the Global Financial Crisis: The Case of the Netherlands, Lans Bovenberg and Theo Nijman

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Qualified Retirement Plans: Analysis of Distribution and Rollover Activity, Victoria L. Bryant, Sarah Holden, and John Sabelhaus

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Potential Impacts of the Great Recession on Future Retirement Incomes, Barbara A. Butrica, Richard W. Johnson, and Karen E. Smith

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Life Cycle Impacts of the Financial Crisis on Optimal Consumption—Portfolio Choices and Labor Supply, Jingjing Chai, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

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Adopting Hybrid Pension Plans: Effects of Economic Crisis and Regulatory Reform, Robert L. Clark, Alan Glickstein, and Tomeka Hill

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Changing Retirement Behavior in the Wake of the Financial Crisis, Julia Coronado and Karen Dynan

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Retirement Behavior and the Global Financial Crisis, Jason J. Fichtner, John WR Phillips, and Barbara A. Smith

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Beyond Age and Sex: Enhancing Annuity Pricing, Joelle HY Fong

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Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests, and Retirement Responded to Market Shocks, Michael Hurd and Susann Rohwedder

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Costly Portfolio Adjustment and the Delegation of Money Management, Hugh Hoikwang Kim

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Americans’ Financial Capability, Annamaria Lusardi

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Optimal Financial Literacy and Saving for Retirement, Annamaria Lusardi, Pierre-Carl Michaud, and Olivia S. Mitchell

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Retirement Security and the Financial and Economic Crisis: An Overview, Raimond Maurer, Olivia S. Mitchell, and Mark Warshawsky

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Multiemployer Pension Plans Respond to the Financial Crisis, Judith F. Mazo and Eli Greenblum

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Public Pension Pressures in the United States, Olivia S. Mitchell

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Trading in 401(k) Plans during the Financial Crisis, Ning Tang, Olivia S. Mitchell, and Stephen P. Utkus

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Defined Benefit Pension Plans and the Financial Crisis: Impact and Sponsors and Government Reactions, Mark J. Warshawsky

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A Stress Test for the Private Employer Defined Contribution System, David Wray

Working Papers from 2010

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Financial Counseling, Financial Literacy, and Household Decision Making, Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas D. Evanoff

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Annuities, Financial Literacy and Information Overload, Julie Agnew and Lisa Szykman

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The Impact of Shrouded Fees: Evidence from a Natural Experiment, Santosh Anagol and Hugh Kim

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Market Structure and Challenges for Annuities in India, Mukul G. Asher and Deepa Vasudevan

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Too Much Risk to Insure? The Australian (non-) Market for Annuities, Hazel Bateman and John Piggott

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Financial Literacy, Schooling, and Wealth Accumulation, Jere R. Behrman, Olivia S. Mitchell, Cindy K. Soo, and David Bravo

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Framing Effects and Expected Social Security Claiming Behavior, Jeffrey R. Brown, Arie Kapteyn, and Olivia S. Mitchell

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Payouts in Switzerland: Explaining Developments in Annuitization, Monika Bütler and Stefan Staubli

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Compulsory and Voluntary Annuity Markets in the United Kingdom, Edmund Cannon and Ian Tonks

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Pecuniary Mistakes? Payday Borrowing by Credit Union Members, Susan P. Carter, Paige M. Skiba, and Jeremy Tobacman

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Pension Plan Distributions: The Importance of Financial Literacy, Robert L. Clark, Melinda S. Morrill, and Steven G. Allen

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Improving Financial Literacy: The Role of Nonprofit Providers, J. Michael Collins

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How to Improve Financial Literacy: Some Successful Strategies, Diana Crossan

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Longevity Risk Management in Singapore’s National Pension System, Joelle HY Fong, Benedict SK Koh, and Olivia S. Mitchell

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Fees, Framing, and Financial Literacy in the Choice of Pension Manager, Justine Hastings, Olivia S. Mitchell, and Eric Chyn

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Bringing Financial Literacy and Education to Low- and Middle-Income Countries, Robert Holzmann

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Investor Knowledge and Experience with Investment Advisers and Broker-Dealers, Angela A. Hung, Noreen Clancy, and Jeff Dominitz

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The Private Life Annuity Market in Germany: Products and Money’s Worth Ratios, Barbara Kaschützke and Raimond Maurer

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Making Savers Winners: An Overview of Prize-Linked Saving Products, Melissa S. Kearney, Peter Tufano, Jonathan Guryan, and Erik Hurst

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What’s on the Menu? Included versus Excluded Investment Funds for Singapore’s Central Provident Fund Investors, Benedict SK Koh and Olivia S. Mitchell

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Collective Investments for Pension Saving: Lessons from Singapore’s Central Provident Fund Scheme, Benedict SK Koh, Olivia S. Mitchell, and Joelle HY Fong

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Financial Literacy and Planning: Implications for Retirement Well-Being, Annamaria Lusardi and Olivia S. Mitchell

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The Outlook for Financial Literacy, Annamaria Lusardi and Olivia S. Mitchell

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An Empirical Analysis of 401(k) Loan Defaults, Timothy (Jun) Lu, Olivia S. Mitchell, and Stephen P. Utkus

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Annuities and their Derivatives: The Recent Canadian Experience, Moshe A. Milevsky and Ling-wu Shao

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Implications of the Financial Crisis for Long Run Retirement Security, Olivia S. Mitchell

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Turning Wealth into Lifetime Income: The Challenge Ahead, Olivia S. Mitchell and John Piggott

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The Swedish Annuity Market: Where It Is and Where It’s Headed, Edward Palmer and Bo Larsson

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Health Cost Risk and Optimal Retirement Provision: A Simple Rule for Annuity Demand, Kim Peijnenburg, Theo Nijman, and Bas JM Werker

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Low Life Expectancy in the United States: Is the Health Care System at Fault?, Samuel HY Preston and Jessica Y. Ho

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Pension Payouts in Chile: Past, Present, and Future Prospects, Jose Ruiz and Olivia S. Mitchell

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Annuity Markets in Japan, Junichi Sakamoto

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Optimal Portfolio Choice over the Life Cycle with Social Security, Kent A. Smetters and Ying Chen

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Ricardian Equivalence Under Asymmetric Information, Kent A. Smetters and Shinici Nishiyama

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A Matter Of Trust: Understanding Worldwide Public Pension Conversions, Kent A. Smetters and Walter Theseira

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Rating Retirement Advice: A Critical Assessment of Retirement Planning Software, John A. Turner

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Why Don’t People Annuitize? The Role of Advice Provided by Retirement Planning Software, John A. Turner

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Financial Literacy and 401(k) Loans, Stephen P. Utkus and Jean A. Young

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The United States Longevity Insurance Market, Anthony Webb

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Financial Illiteracy and Stock Market Participation: Evidence from the RAND American Life Panel, Joanne Yoong

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Time Perception and Retirement Saving: Lessons from Behavioral Decision Research, Gal Zauberman and B. Kyu Kim

Working Papers from 2009

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Comparing Spending Approaches in Retirement, John Ameriks, Michael Hess, and Liqian Ren

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Outsourcing Pension Longevity Protection, Igor Balevich

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Can VEBAs Alleviate Retiree Health Care Problems?, Aaron Bernstein

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Can 401(k) Plans Provide Adequate Retirement Resources?, Peter J. Brady

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Extending Life Cycle Models of Optimal Portfolio Choice: Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts, Jingjing Chai, Wolfram J. Horneff, Raimond Maurer, and Olivia S. Mitchell

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The Evolution of Retirement Risk Management, Robert L. Clark and Olivia S. Mitchell

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Improving Workers’ Financial Literacy: A Symposium Summary, Robert L. Clark and Melinda S. Morrill

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Employer-Provided Retirement Planning Programs, Robert L. Clark, Melinda S. Morrill, and Steven G. Allen

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The Declining Role of Private Defined Benefit Pension Plans: Who is Affected, and How, Craig Copeland and Jack VanDerhei

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Longevity Risk and Annuities in Singapore, Joelle HY Fong, Olivia S. Mitchell, and Benedict SK Koh

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Risk Budgeting for the Canadian Pension Plan Investment Board, Sterling Gunn and Tracy Livingstone

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Retirement Saving Adequacy and Individual Investment Risk Management Using the Asset/Salary Ratio, P. Brett Hammond and David P. Richardson

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Constructing New Retirement Systems: Choosing between Insurance and Investment, Choice and Default, Emily K. Kessler

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Financial Literacy among the Young: Evidence and Implications for Consumer Policy, Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto

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Financial Literacy and Financial Sophistication Among Older Americans, Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto

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The Effect of Uncertain Labor Income and Social Security on Life-cycle Portfolios, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

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Default, Framing and Spillover Effects: The Case of Lifecycle Funds in 401(k) Plans, Olivia S. Mitchell, Gary R. Mottola, Stephen P. Utkus, and Takeshi Yamaguchi

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Labor Market Uncertainty and Pension System Performance, Olivia S. Mitchell and John A. Turner

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Impact of the Pension Protection Act on Financial Advice: What Works and What Remains to be Done?, Lynn Pettus and R. Hall Kesmodel Jr.

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How Does Retirement Planning Software Handle Postretirement Realities?, Anna M. Rappaport and John A. Turner