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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

Chapter:
(p.163) Chapter 9 Educating Pension Plan Participants
Source:
Reinventing the Retirement Paradigm
Author(s):

William J. Arnone

Publisher:
Oxford University Press
DOI:10.1093/0199284601.003.0009

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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