Towards Replacing the Defined Benefit Plan: Assured Retirement Income Provided by a Liquid Investment Fund
Vol. 18, No. 4, 2020 Miguel Palacios, Hayne Leland and Sasha Karimi Traditional corporate defined benefit (DB) plans provided retirees with constant retirement income, butDB plans have now all but disappeared. While defined contribution (DC) plans now permit low-fee wealth accumulation, the conversion of wealth to predictable nominal or real income during retirement remains opaque
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