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The Market for Retirement Financial Advice$
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Olivia S. Mitchell and Kent Smetters

Print publication date: 2013

Print ISBN-13: 9780199683772

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199683772.001.0001

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The Evolution of Workplace Advice

The Evolution of Workplace Advice

Chapter:
(p.107) Chapter 6 The Evolution of Workplace Advice
Source:
The Market for Retirement Financial Advice
Author(s):

Christopher L. Jones

Jason S. Scott

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199683772.003.0006

Defined contribution (DC) pension plans have helped many individuals accumulate assets for retirement. However, DC plans do not typically offer retirement income options. We first consider the question of whether DC plans offer retirement income advantages compared to retail options. We find that DC plans advantages include costs, access, and efficacy. However, successfully extending DC plans into the income phase of retirement requires recognizing the importance of choice. Companies choose what features to offer in their 401(k) plan, and individuals choose whether to avail themselves of available options. The remainder of the chapter explores some of the key aspects of company and individual preferences that must be recognized if successful policies and income options are to be developed for DC plans and participants.

Keywords:   investment decision-making, defined contribution, plan sponsor, Employee Retirement Income Security Act (ERISA), financial advice, workplace advice

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