Lachance, Marie-Eve; Mitchell, Olivia S.; Smetters, Kent - In: Journal of Risk & Insurance 70 (2003) 1, pp. 1-16
After a long commitment to defined benefit (DB) pension plans for U.S. public sector employees, many state legislatures have introduced defined contribution (DC) plans for their public employees. In this process, investment risk that was previously borne by state DB plans has now devolved to...