LESSONS FROM BEHAVIORAL ECONOMICS FOR PUBLIC PENSION PLANS. Brigitte Madrian Harvard University
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1 LESSONS FROM BEHAVIORAL ECONOMICS FOR PUBLIC PENSION PLANS Brigitte Madrian Harvard University April 17, 2018
2 Being Financially Prepared for Retirement is Hard Complicated Problem Lots of choices to make Uncertainty about the future Limits to learning from experience Limited Financial Literacy Hard for the experts Even harder for the novices Behavioral Biases Present bias Inattention Heuristic thinking
3 Public Sector Employee Pension Plan Changes Introduce Primary DC Plan as Additional Choice Introduce Hybrid DB/DC Plan as Additional Choice Switch from DB or DC to Cash Balance Plan North Dakota (1999) Ohio (2002) Nebraska (2003) Florida (2000) Washington (2002) Kentucky (2018) South Carolina (2002) Montana (2002) Switch from DB to Hybrid DB/DC Plan Ohio (2002) Indiana (1997) Kansas 2015) Switch from DB to DC plan Colorado (2004) Oregon (2004) Washington, DC (1987) Utah (2004) Georgia (2009) Michigan (1997) Indiana (2004) Utah (2011) Alaska (2006) Michigan (2012) Rhode Island (2012) Arkansas (2014) Kentucky (2018) Tennessee (2014) Oklahoma (2015) Virginia (2014) Puerto Rico (2018)
4 Decisions, decisions, decisions,.. 4 In jurisdictions with plan choice: DB vs. DC vs. hybrid Supplemental DC? If many, which one(s)? Auto enrollment? Roth vs. pre-tax? How much to save? Asset allocation?
5 Choice Architecture Choice architecture The design of environment and context in which choices are made
6 Plan Choice
7 Plan Choice: DB vs. DC vs. Hybrid Pension Plan Choice Defined Benefit Plan Defined Contribution Plan Hybrid DB/DC Plan
8 Choice Architecture of Plan Choice: Importance of the Default Option 100% 80% 21% 7% 6% 15% 42% 60% 40% 79% 87% 85% DC Hybrid DB 58% 20% 0% Florida Ohio South Carolina Washington 79%-87% of employees are in the plan designated as the default plan (default options have thick darker border).
9 Plan Choice with a Differentiated Default Default is the DC plan Default is the DB plan Source: Goda and Manchester (2010)
10 DC Plan Choice/Design
11 Number of Plans 11 Neoclassic model More plans higher participation Greater likelihood that there is a plan that participants like Behavioral model Choice overload: More plans more complicated choice procrastination lower participation Inattention: More plans more advertising higher participation
12 DC Plan Choice and Plan Participation in the Public Sector Source: NAGDCA Perspectives in Practice Survey Report, 2017
13 Plan Design: Automatic Enrollment in the Public Sector Source: NAGDCA Perspectives in Practice Survey Report, 2017
14 14 Automatic Enrollment is Dramatically Increasing UK Savings Plan Participation Mandatory automatic enrollment being phased in from by firm size To date, opt-out rate of only 9-10% ~20 percentage point increase in workplace savings plan participation from
15 OregonSaves Auto-IRA Program Mandatory automatic enrollment being phased in from by firm size Pilot started July 2017 To date, opt-out rate of only 23%
16 Implications for Public Sector Retirement Plans Defined contribution plan design Simpler Automatic enrollment with non-contingent employer contribution Target date fund default More complicated Choice of providers Primary vs. supplemental DC plans Choice of supplemental DC plans Lack of consistency across different DC options
17 Reducing Complexity and Improving Choice Architecture in Public Plans DB/Hybrid/DC Plan Choice Differentiated default Encourage thoughtful active choice Preference checklist Intuitive and user-friendly decision aids
18 Reducing Complexity and Improving Choice Architecture in Public Plans Supplemental DC Plan Choice Simplify choice menu Number of plans Number of overall investment options If multiple plans/providers Consolidated/centralized enrollment process Increase consistency/comparability across plans Designate sensible default option Automatic enrollment into most appropriate plan.at appropriate contribution rate..with appropriate tax treatment (pre-tax vs. Roth).with target date/risk fund default asset allocation
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