Tag: welfare gain
![Senior man calculating finances](https://crr.bc.edu/wp-content/uploads/2022/11/financing_retirement_1-1536x1024.jpg)
Abstract 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 plans. Employees who did not make a choice were defaulted to…