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Pension Design and Structure$
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Olivia S. Mitchell and Stephen P. Utkus

Print publication date: 2004

Print ISBN-13: 9780199273393

Published to Oxford Scholarship Online: January 2005

DOI: 10.1093/0199273391.001.0001

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How Much Choice is Too Much? Contributions to 401(k) Retirement Plans

Chapter:
(p.83) Chapter 5 How Much Choice is Too Much? Contributions to 401(k) Retirement Plans
Source:
Pension Design and Structure
Author(s):

Sheena Sethi-Iyengar

Gur Huberman

Gur Jiang

Publisher:
Oxford University Press
DOI:10.1093/0199273391.003.0005

The wide range of 401(k) plans offered to employees has raised the question of whether there is such as thing as too much choice. The 401(k) participation rates among clients of the Vanguard Group were studied to verify the assumption that more choice is more desirable and intrinsically motivating. It was found that 401(k) plans that offered more funds had lower probability of employee participation.

Keywords:   401(k) retirement plans, plan contributions, pension plans, choice, investment, motivation

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