The Efficiency of Sponsor and Participant Portfolio Choices in 401(k) Plans
NBER Working Paper No. 15317
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This research is part of the NBER programs on Aging and Labor Economics and was undertaken pursuant to a grant from the US Social Security Administration (SSA) to the Michigan Retirement Research Center (MRRC). This research support is gratefully acknowledged along with that of the Pension Research Council at The Wharton School and Vanguard. The authors also acknowledge Vanguard's efforts in the provision of recordkeeping data under restricted access conditions. The authors thank Raimond Maurer, Theo Nijman, Susan Thorp, and Takeshi Yamaguchi for helpful comments. Opinions expressed herein are those of the authors alone, and not those of The Wharton School, Vanguard, the National Bureau of Economic Research, or any other institution with which the authors may be affiliated.