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Reinventing the Retirement Paradigm$
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Robert L. Clark and Olivia S. Mitchell

Print publication date: 2005

Print ISBN-13: 9780199284603

Published to Oxford Scholarship Online: February 2006

DOI: 10.1093/0199284601.001.0001

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Chapter Chapter Educating Pension Plan Participants

Chapter Chapter Educating Pension Plan Participants

(p.163) Chapter 9 Educating Pension Plan Participants
Reinventing the Retirement Paradigm

William J. Arnone

Oxford University Press

This chapter argues that firms and plan sponsors have an obligation to provide financial education in conjunction with their retirement plans. A practical definition of employer-sponsored participant education is a program that helps employees develop skills to make informed decisions and take action to improve their financial well-being in retirement. This definition incorporates the following: helping individuals based on their status as employees of an organization; providing recipients with skill development, which may include either new competencies or the enhancement of existing competencies; enabling participants to make decisions about issues; providing a basis of accurate, unbiased information for such decisions; taking an action-oriented stance and thereby attempting to affect behaviour; and seeking the long-term result of improved financial well-being.

Keywords:   retirement plans, employer-sponsored education, financial education, plan participants, investment behaviour

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