MIT Center launches contest to develop new type of retirement plan for the public sector
The MIT Golub Center for Finance and Policy will distribute a prize pool of $20,000 to the winners
The Golub Center for Finance and Policy (GCFP) at the Massachusetts Institute of Technology (MIT) is launching a contest to generate strategic proposals aimed at enhancing retirement plans covering millions of public sector workers across the US. A prize pool of $20,000 will be distributed to the winners who propose the most well-reasoned, prudent and implementable strategies. Everyone is eligible to participate. Submissions from students, academics, investment advisory professionals, pension fund managers, as well as from experts in asset-liability management are particularly welcome.
The US has experienced a sharp decline in the number and size of defined benefit (DB) pensions in the private sector as firms have increasingly offered defined contribution (DC) plans, such as the popular 401(k), to their employees. That shift is due to a variety of factors including high costs to firms of DB plans, tightened disclosure requirements and a decline in unionization. By contrast, DB plans remain prevalent in the public sector with almost all states and cities continuing to sponsor such plans.
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