The Design and Production of New Retirement Savings Products
研究了在养老金从固定收益转向固定缴费的背景下，如何设计新型投资产品帮助员工管理投资风险，模拟显示五年期保底产品比标准指数投资更能实现退休收入目标。
As pension plans in the United States and other countries shift from defined-benefit to defined-contribution plans, employees are being asked to bear investment risk formally borne by employers and/or governments. Using a simulation model, the authors examine the performance of alternative investment strategies and products over the working life of a hypothetical employee. The results illustrate the uncertainty inherent in standard investment products and suggest the need for new products that would help employees manage investment risk. The authors explore the performance of investment products that provide a floor on the value of the worker's investment over some period of time, say, five years, and also provide some share of the upside of the equity market. These products appear to work well; for example, workers who invest their annual retirement contributions in a series of five-year insured products appear to have a higher chance of achieving their retirement income target than if they were to invest the same amount in the S&P 500 index.