Default contribution rates and participation in automatic IRAs by uncovered workers

<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/MARC21/slim http://www.loc.gov/standards/marcxml/schema/MARC21slim.xsd">
  <record>
    <leader>00000cab a2200000   4500</leader>
    <controlfield tag="001">MAP20170026877</controlfield>
    <controlfield tag="003">MAP</controlfield>
    <controlfield tag="005">20220911192349.0</controlfield>
    <controlfield tag="008">170818e20170621che|||p      |0|||b|eng d</controlfield>
    <datafield tag="040" ind1=" " ind2=" ">
      <subfield code="a">MAP</subfield>
      <subfield code="b">spa</subfield>
      <subfield code="d">MAP</subfield>
    </datafield>
    <datafield tag="084" ind1=" " ind2=" ">
      <subfield code="a">44</subfield>
    </datafield>
    <datafield tag="100" ind1=" " ind2=" ">
      <subfield code="0">MAPA20170010623</subfield>
      <subfield code="a">Belbase, Anek</subfield>
    </datafield>
    <datafield tag="245" ind1="1" ind2="0">
      <subfield code="a">Default contribution rates and participation in automatic IRAs by uncovered workers</subfield>
      <subfield code="c">Anek Belbase, Geoffrey T. Sanzenbacher</subfield>
    </datafield>
    <datafield tag="300" ind1=" " ind2=" ">
      <subfield code="a">13 p.</subfield>
    </datafield>
    <datafield tag="520" ind1=" " ind2=" ">
      <subfield code="a">About half of workers are not covered by a retirement plan at work and these workers are unlikely to save for retirement. For this reason, a number of states have passed legislation that will require employers to automatically enroll their employees into an IRA sponsored by the state (an "auto-IRA") and administered by a third party. An extensive literature suggests that automatic enrollment will lead to high rates of participation in auto-IRAs. But this literature is based on auto-enrolled 401 (k) participants who are likely different from uncovered workers in observable and unobservable ways. This paper instead conducts a national survey of uncovered workers to determine how likely they are to participate in a state-sponsored IRA. The results are encouraging and suggest than uncovered workers are likely to participate at rates similar to those in 401 (k) plans at default contribution rates of up to 6 per cent. However, regression analysis suggests that auto-escalation of the default above 6 per cent may result in increased opt-out.</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080568009</subfield>
      <subfield code="a">Automatización</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080564445</subfield>
      <subfield code="a">Trabajadores</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20090039612</subfield>
      <subfield code="a">Planes de jubilación</subfield>
    </datafield>
    <datafield tag="700" ind1="1" ind2=" ">
      <subfield code="0">MAPA20170010630</subfield>
      <subfield code="a">Sanzenbacher, Geoffrey T.</subfield>
    </datafield>
    <datafield tag="773" ind1="0" ind2=" ">
      <subfield code="w">MAP20077100215</subfield>
      <subfield code="t">Geneva papers on risk and insurance : issues and practice</subfield>
      <subfield code="d">Geneva : The Geneva Association, 1976-</subfield>
      <subfield code="x">1018-5895</subfield>
      <subfield code="g">03/07/2017 Volumen 42 Número 3 - julio 2017 , p. 376-388</subfield>
    </datafield>
  </record>
</collection>