Designing pension plans for the twenty-first century.

• Position: Conferences

The NBER held a conference on "Retirement Benefits for State and Local Employees: Designing Pension Plans for the Twenty-First Century" at the Jackson Lake Lodge on August 17 and 18, 2012. NBER Research Associates Robert Clark, North Carolina State University, and Joshua Rauh, Stanford University, organized the meeting. These papers were discussed:

* Jeffrey Brown and Scott Weisbenner, University of Illinois and NBER, "Why Do Individuals Choose Defined Contribution Plans? Evidence from Participants in a Large Public Plan"

* Robert Novy-Marx, University of Rochester and NBER, and Joshua Rauh, "Linking Benefits to Investment Performance in US Public Pension Systems"

* John Chalmers, University of Oregon; Woodrow Johnson, U.S. Securities and Exchange Commission; and Jonathan Reuter, Boston College and NBER, "Pension Costs and Retirement Decisions in Plans that Combine DB and DC Elements: Evidence from Oregon"

* John Beshears, Stanford University and NBER; James Choi, Yale University and NBER; David Laibson and Brigitte Madrian, Harvard University and NBER; and Stephen Zeldes, Columbia University and NBER, "What Kind of Guaranteed Income Do Retirees Want?"

* Robert Clark, and Melinda Morrill, North Carolina State University, "The Reverse Annuity Puzzle: The Choice of Lump Sum Distributions among Separating Public Sector Workers"

* Julie Agnew, College of William and Mary, and Joshua Hurwitz, Boston College, "Financial Education and Choice in State Public Pension...