Many investment companies have begun providing their defined-contribution pension participants with individualized, retirement income projections. The U.S. Congress is currently considering whether to require them all to do so. Evidence on the potential impact is scant, though a large body of...

Recent findings on limited financial literacy and exponential growth bias suggest saving decisions may not be optimal because such decisions require an accurate understanding of how current contributions can translate into income in retirement. This study uses a large-scale field experiment to...

Americans’ retirement security increasingly depends on how much they save during their working years. One impediment to making good saving decisions may be a lack of knowledge on how saving translates into income in retirement. To address this issue, the U.S. Congress has considered whether to...

Employer-provided pension plans may affect employee mobility both through an "incentive effect," where the bundle of benefit characteristics such as vesting rules, pension wealth accrual, risk, and liquidity affect turnover directly, and a "selection effect," where employees with different...

This paper provides new insights into the effect of the widespread transition from defined benefit (DB) to defined contribution (DC) pension plans on employee mobility. Pension plans may affect employee mobility both through an “incentive effect,” where the bundle of benefit characteristics,...

We study the effect of incorporating heterogeneity into default rules by examining the choice between retirement plans at a firm which transitioned from a defined benefit (DB) to a defined contribution (DC) plan. The default plan for existing employees varied discontinuously depending on their...

This paper examines the effect of incorporating individual-level heterogeneity into default rules for retirement plan selection. We use data from a large employer that transitioned from a defined benefit (DB) plan to a defined contribution (DC) plan, offering existing employees a choice of...

Using a longitudinal administrative dataset from a large research university, we empirically evaluate the consequences of using stop the clock (STC) polices for the career success of tenure-track faculty. STC policies were introduced approximately 40 years ago, yet surprisingly little is known...

Using a longitudinal administrative dataset from a large research university, we empirically evaluate the consequences of using stop the clock (STC) polices for the career success of tenure-track faculty. STC policies were introduced approximately 40 years ago, yet surprisingly little is known...

This paper empirically decomposes the costs of welfare participation using a model of labor supply and participation in multiple welfare programs. Prior estimates of the cost of welfare participation have not differentiated psychological costs, or stigma, from the effort required to become...