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Primary Article

Wake Up and Smell the Coffee! DC Plans Aren't Working

Here's How to Fix Them

M. Barton Waring and Laurence B. Siegel
The Journal of Investing Winter 2007, 16 (4) 81-99; DOI: https://doi.org/10.3905/joi.2007.698967
M. Barton Waring
CIO for investment policies and strategies, at Barclays Global Investors in San Francisco, CA.
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  • For correspondence: barton.waring@barclaysglobal.com
Laurence B. Siegel
Director of policy research, investment division, at The Ford Foundation in New York,NY.
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  • For correspondence: l.siegel@fordfound.org
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Abstract

Defined-contribution plans are not meeting the goal of enabling employees to save enough to retire. Improving them involves a savings component, an investment component, and a payout component. To encourage savings, employers can use behavioral strategies such as a high default savings rate and auto-escalation. The investment component should center on pre-mixed asset allocation funds built of index funds and carefully selected active funds. Payout options should include annuities, which enable the employee to convert savings to a guaranteed lifetime income as in a defined benefit plan.

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The Journal of Investing
Vol. 16, Issue 4
Winter 2007
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Wake Up and Smell the Coffee! DC Plans Aren't Working
M. Barton Waring, Laurence B. Siegel
The Journal of Investing Nov 2007, 16 (4) 81-99; DOI: 10.3905/joi.2007.698967

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Wake Up and Smell the Coffee! DC Plans Aren't Working
M. Barton Waring, Laurence B. Siegel
The Journal of Investing Nov 2007, 16 (4) 81-99; DOI: 10.3905/joi.2007.698967
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