The authors are grateful to Kari Hall, Catherine Harvey, Sarah Holmes Berk, Natalya Shnitser, Christine Jolls, Kurt Lawson, Will Sandbrook, Matthew Blakstad, and Jo Phillips for their helpful input; to Victoria Beecroft for assistance with manuscript preparation; to William Gale, Hilary Gelfond, Delaney Parrish, and the Brookings Institution for organizing a public release event in October 2017 for an earlier draft of this paper; and to Diane Garnick and David Newville for participating in the event. Beshears, Choi, Laibson, and Madrian gratefully acknowledge financial support from the National Institute on Aging (grants #P01AG005842 and #P30AG034532) and the Pershing Square Fund for Research on the Foundations of Human Behavior. The views expressed in this paper are solely those of the authors and do not represent those of their employers, the NBER, any agency of the federal government, the Pershing Square Fund, or any other organization. Nothing in this paper purports to be or should in any way be treated as either legal or tax advice. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
John Beshears
I have received grant support from the National Employment Savings Trust (NEST), the National Institutes of Health, the Pershing Square Fund for Research on the Foundations of Human Behavior, the Smith Richardson Foundation, the TIAA Institute, and the U.S. Social Security Administration (grant RRC0809840007), funded as part of the Retirement Research Consortium.
I have received research data from Alight Solutions, the Commonwealth Bank of Australia, and Voya Financial.
I am an advisor to and equity holder in Nutmeg Saving and Investment, a robo-advice asset management company. I am a TIAA Institute Fellow.
Please see my website for a complete list of outside activities.
Mark Iwry
During the past three years, Iwry has --
• made compensated presentations at meetings hosted by various financial institutions regarding retirement savings that have touched on emergency savings accounts,
• consulted on a compensated basis for a major plan sponsor regarding its 401(k) plan, including on occasion the possibility of adding an emergency saving arrangement, and
• been compensated by a nonprofit organization for co-authorship of an article on emergency saving that was issued by the nonprofit organization.
During the past three years, on an uncompensated basis, Iwry has --
• advised state government officials on state facilitated retirement programs using Roth IRAs that are intended to retirement saving but that also lend themselves to use as emergency saving accounts,
• advised congressional staff on the development of proposed federal legislation that would encourage and facilitate emergency saving, and.
• discussed with Treasury and IRS personnel the possibility of issuing guidance relating to the plan qualification rules that would facilitate emergency saving.
In addition, Iwry served between 2009 and January 2017 in the US Department of the Treasury (as Senior Advisor to the Secretary and Deputy Assistant Secretary for Retirement and Health Policy) where consideration was given to a number of the policy, legal, and regulatory issues relating to emergency saving that are discussed in this paper.
David John
In addition to my position with the AARP Public Policy Institute, I am also a Non-Resident Senior Fellow at the Brookings Institution.
Brigitte C. Madrian
Outside Professional Activities For Brigitte Madrian:
In addition to my position as a faculty member and Dean at Brigham Young University, I am occasionally compensated for my participation in outside activities, such as speaking, reviewing, writing/editing articles or reports, consulting, and serving on panels/advisory boards.
In the past few years, I have received compensation in excess of $500 from the following organizations:
2019
FINRA
2018
National Bureau of Economic Research, FINRA, Brigham Young University, Tor Financial
2017
National Bureau of Economic Research, FINRA, Connect Financial, NAGDCA, Florida Atlantic University Center for Economic Education, Cornell University, Summit Consulting, TIAA
2016
National Bureau of Economic Research, FINRA, State Street Global Advisors, Urban Institute, Journal of Investment Management, Connect Financial, National Council of State Legislatures (NCSL), Boston Research Technologies, Reverse Mortgage Funding, RAND Corporation, Florida Atlantic University, Swarthmore College, UC Berkeley
2015
National Bureau of Economic Research, FINRA, Investment Company Institute, Brigham Young University, State Street Global Advisors, TIAA-CREF, BNY Mellon, Institutional Investor Forums
2014
National Bureau of Economic Research, FINRA, State Street Global Advisors, AARP, Brigham Young University
2013
National Bureau of Economic Research, State Street Global Advisors, TIAA-CREF, Brigham Young University, Stanford University, Government of Canada
2012
National Bureau of Economic Research, State Street Global Advisors, PIMCO, American Bankers Association, The World Bank, Dartmouth College, University of Wisconsin
2011
National Bureau of Economic Research, Social Security Advisory Board, Brigham Young University, The World Bank, TIAA-CREF, State Street Global Advisors
2010
National Bureau of Economic Research, Social Security Advisory Board, Mathematica Policy Research, Columbia University, American Economic Association, University of Washington, Brookings Institution Press, Harding House Publishers, University of Wisconsin, Diversified Investment Advisors, Brigham Young University, National Institutes of Health
2009
National Bureau of Economic Research, Fidelity Investments, Prudential, Wellesley College, University of Michigan, University of Wisconsin, Georgia State University, Professional Insurance Marketing Association, National Institutes of Health
2008
National Bureau of Economic Research, Fidelity Investments, Alliance Bernstein, University of Wisconsin, Austrian National Bank, Institute for Quantitative Research in Finance, Behavioral Finance Forum, Netspar,
2007
National Bureau of Economic Research, Fidelity Investments, Callan Associates, TIAA-CREF, University of Wisconsin, Brigham Young University, University of Michigan, National Institutes of Health
