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Abstract This paper uses the 1995 Survey of Consumer Finances to show that 401(k) participants with an underlying defined benefit plan are more likely to invest in equities than are participants whose 401(k) is their primary plan, suggesting that workers with a guaranteed source of retirement income are more likely to invest their other retirement…
Introduction In 1998, the Swedish Parliament passed pension legislation that transformed Sweden’s Social Security system to a Notional Defined Contribution (NDC) plan ¾ that is, a defined contribution plan financed on a pay-as-you-go basis. In addition, the legislature established a second tier of funded benefits. This Issue in Brief describes the evolution of the new…
