Registered index‐linked annuities in qualified retirement plans
提出目标日期注册指数连结年金作为退休计划默认投资选项，通过理论分析和实验发现其透明度高、成本低，能替代目标日期基金。
Abstract Many Americans remain financially underprepared for retirement. While automatic enrollment in employer‐sponsored retirement plans has helped, target‐date funds (TDFs) used as default investments have limitations. We propose target‐date registered index‐linked annuities (TD‐RILAs) as a transparent, cost‐effective alternative providing decreasing equity exposure over time. A theoretical analysis explores TD‐RILAs' optimal structure and compares them to TDFs. A lab experiment examines investors' preferences, product transparency, default choices, and the role of information. We find that TD‐RILAs are a suitable addition to retirement plans, potentially rivaling TDFs.