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Restructuring Retirement Risks$
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David Blitzstein, Olivia S. Mitchell, and Stephen P. Utkus

Print publication date: 2006

Print ISBN-13: 9780199204656

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0199204659.001.0001

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Chapter Chapter Changing Risks Confronting Pension Participants

Chapter Chapter Changing Risks Confronting Pension Participants

Chapter:
(p.52) Chapter 4 Changing Risks Confronting Pension Participants
Source:
Restructuring Retirement Risks
Author(s):

Phyllis C. Borzi

Publisher:
Oxford University Press
DOI:10.1093/0199204659.003.0004

The shift from traditional employer-sponsored defined benefit pensions towards individual-account defined contribution plans involves a reallocation of risks and rewards from plan sponsors to employees. While much has been written about the transfer of investment risk and the potential consequences of bad investment choices, less attention has been focused on other potential hazards to retirement security such as the effect of job change and other labour market factors on contribution patterns, the chance of outliving one’s accumulated assets, and the tension between encouraging participants to save for retirement while allowing access to those assets for a variety of other pressing financial needs. This chapter examines these challenges to retirement income security, and identifies several legal and policy changes that might enable participants to cope better with such changes.

Keywords:   labour mobility, job change, mortality risk, legal environment, retirement insecurity

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