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The Pension ChallengeRisk Transfers and Retirement Income Security$
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Olivia S. Mitchell and Kent Smetters

Print publication date: 2003

Print ISBN-13: 9780199266913

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199266913.001.0001

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Company Stock and Pension Plan Diversification

Company Stock and Pension Plan Diversification

Chapter:
(p.71) Chapter 4 Company Stock and Pension Plan Diversification
Source:
The Pension Challenge
Author(s):

Olivia S. Mitchell (Contributor Webpage)

Kent Smetters (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199266913.003.0004

This chapter proposes a measure of the diversification level in defined contribution (DC) plans, and explains how plan participants can insure themselves against a decline in wealth due to an undiversified position with the DC plan. The measure shows the investor how efficiently his 401(k) portfolio is chosen. The insurance takes the form of an option contract that gives the recipient the higher of the return to company stock or diversified portfolio over a given future term.

Keywords:   defined contribution plan, retirement plan, pension plan, retirement income, portfolio diversification, investment efficiency, insurance

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