Employee savings in defined contribution plans: Evidence from age‐based policies in employer plans
研究了雇主在员工达到特定年龄后增加缴费的政策是否会被员工减少自身缴费所抵消，发现该政策不会挤出员工缴费，从而增加了总退休储蓄，有助于降低老年财务风险。
Abstract Retirement saving is a critical form of self‐insurance at older ages, but ensuring that such savings are adequate remains a challenge in the United States. This is especially true for those who save through defined contribution (DC) plans, in which participants are responsible for setting both the amount and the investment strategy. In some plans, employers increase their contributions after employees reach a certain age. Whether these policies increase total retirement savings depends on whether employees offset the increases by reducing their own contributions at the designated age thresholds. Analyzing individual‐level administrative data and plans with varied age‐based employer contribution rules, we find that these age‐based employer contribution increases do not crowd out employees' own contributions and that total retirement savings increase. Our research thus offers an example of an employer‐initiated policy that can reduce employees' financial risk at older ages.