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Contributions to Defined Contribution Pension Plans

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  • James J. Choi

Abstract

Defined contribution (DC) pensions are an increasingly important means of financing retirement consumption. Because individuals often have substantial discretion over how much is contributed to their DC pension, studying DC contribution choices provides general insights into the determinants of individual economic decision-making. The literature has found strong deviations from many predictions of classical frictionless optimizing models. I provide an overview of the U.S. DC pension system and review the literature on the effect of matching contributions, automatic enrollment, active choice deadlines, choice overload, financial literacy, peer effects, mental accounting, and personal experience on individuals’ DC contributions.

Suggested Citation

  • James J. Choi, 2015. "Contributions to Defined Contribution Pension Plans," NBER Working Papers 21467, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:21467
    Note: AG PE
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    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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