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21st Century Retirement Act, The, 193n8 401(k) plans: annuities and, 344, 360–61; assets and asset choices, 291, 360; automatic enrollment, 60–61, 141–42, 364; benefits, 238, 243, 245, 332, 349; as a cash or deferred arrangement plan, 261–62; contributions, 4, 146, 149, 150–51, 152, 183, 238, 262; effects of, 138, 185; employer and employee participation in, 152, 153, 227; financial education and, 127, 128–29, 141–42; investments, 245; life annuity options, 8; move toward, 2, 11, 126, 183, 216; nondiscrimination rules, 263, 282, 284; participation in, 284–85, 290, 360; payroll deductions , 214; as a profit-sharing plan, 344; risk of, 216–17; Roth 401(k)s, 7, 221, 222, 226–27, 230; tax benefits, 4–5, 6–7, 221. See also Pensions— defined contribution plans 402(g) limits, 151n8 403(b) plans, 149, 150–51, 152, 261n8 457 plans, 152, 261 501(c)(18) trusts, 151 529 tuition savings plans, 173n28 Aaron, Henry J., 194, 195 Accounting issues, 15–16, 17b, 18 ACLI. See American Council of Life Insurers Actual deferral percentage (ADP), 262 ADP. See Actual deferral percentage Advisory Council on Social Security (1994–96), 9, 189 Advisory Council Working Group (Department of Labor), 363 AEW. See Annuity equivalent wealth AFDC. See Aid to Families with Dependent Children Affiliated Fund, 302 Aid to Families with Dependent Children (AFDC), 246, 247 AIME. See Average indexed monthly earnings Alternative minimum tax (AMT), 232. See also Taxation and taxes American Council of Life Insurers (ACLI), 343, 353 Ameriks, John, 147, 353 AMT. See Alternative minimum tax Annuities: administrative costs, 336, 337, 340, 344, 345, 358, 363–64, 365; 397 Index 14-0238 index.qxd 3/9/04 4:03 PM Page 397 398 Index annuitization of current retirement assets, 350–51; availability of alternative payout options, 347–50; consumer understanding and choice, 343–44, 346, 373–74; defined benefit plans and, 2, 8, 13, 332–33, 347–48, 350–51, 356–58, 366, 377; defined contribution plans and, 13, 333–34, 344, 349–50, 351–58, 364–65, 366, 376–77; early retirement and, 23; economic factors, 334–36, 338–41, 366, 377; future trends, 358–61, 377–78; health and health care, 341–42; individual versus group markets, 334; interest rates and, 373; joint-andsurvivor annuities, 338, 344–45, 365; legal issues and institutional barriers, 344–46; longevity risk, 8, 13, 334–35, 343, 349–50, 361, 366; market imperfections of, 340; mortality rates, 356–57, 373; options to encourage annuitization, 361–67; payout options, 347–50; prices for, 336–37; qualified pre-retirement survivor annuity, 344; rates of annuitization, 8–9, 343, 351–55; reasons for limited annuitization , 336–46; regulatory options, 334; risk and, 334, 335–36, 337, 338, 339, 340–42; Social Security reforms and, 210; taxes and, 364, 365, 367; value and welfare benefits of, 334–36, 371–74. See also Benefits; Pensions Annuity equivalent wealth (AEW), 335, 336, 338, 339t, 340–41, 367–69 Antitrust issues, 245–46 Arnott, Robert D., 292 AT&T, 246 Average indexed monthly earnings (AIME), 61, 112, 119, 178, 194, 197 Baby boomers, 41–42, 126, 193 BankAmerica, 11 Bayer, Patrick J., 127, 128, 138 Becker, Gary, 247 Behavioral analysis, 102–03 Benefits. See Annuities; Pensions; Social Security Bequests and bequest motives, 337–38 Bergstresser, Daniel, 292 Berkin, Andrew L., 292 Bernheim, B. Douglas, 60, 126, 127, 128, 129, 132, 138, 141, 142, 147 Black, Fischer, 256, 291, 326–27 Bodie, Zvi, 206 Boehner, John (R-Ohio), 58 Brown, Jeffrey R., 338, 339, 351, 361, 370 Bureau of Labor Statistics, 47 Bush, George W., 196, 247–48 Bush (George W.) administration, 221 Carhart, Mark M., 296 Carrington, William J., 203 Carroll Christopher D., 162, 199 Cash or deferred arrangement (CODA) plans, 261–62 CBO. See Congressional Budget Office Children: child tax credit, 176; costs of raising, 148, 153, 155, 159–60, 162, 163, 167–68; saving and, 184, 185; Social Security benefits, 179–80 Chile, 243 Civil Service Retirement System, 51n21, 242 Clark, Robert L., 128 Clinton, Bill, 196, 242, 243, 248 Clinton (Bill) administration, 197, 243 CODA. See Cash or deferred arrangement plans Cohen, Marc A., 342 Cohen, Wilbur, 246 Coile, Courtney, 375 COLA. See Cost-of-living adjustment Congressional Budget Office (CBO), 241, 248 Consumer Price Index (CPI). See Economic issues Conventional savings accounts (CSAs). See Investment issues—asset location Cost-of-living adjustment (COLA), 209, 210 CPI (Consumer Price Index). See Economic issues CPS. See Current Population Survey CSAs (conventional savings accounts). See...

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