Defaults often have a large influence on consumer decisions. We identify anoverlooked but practical alternative to defaults: requiring individuals to make explicitchoices for themselves. We study such ?active decisions? in the context of401(k) saving. We find that compelling new hires to make...

We assess the impact on savings behavior of several different 401(k) plan features, including automatic enrollment, automatic cash distributions, employer matching provisions, eligibility requirements, investment options, and financial education. We also present new survey evidence on individual...