Defined Contribution Plans Emerging in the Public Sector: The Manifestation of Defined Contributions and the Effects of Workplace Financial Literacy Education

Review of Public Personnel Administration

Volumn 28, Issue 4, 2008, Pages 367-384

  Holland, Joseph H ^a   Goodman, Doug ^a   Stich, Bethany ^a  

^a MISSISSIPPI STATE UNIVERSITY   (United States)

Author keywords

defined contributions; employee assistance; human resource management; retirement planning; workplace financial literacy

Indexed keywords

EID: 69849128717     PISSN: 0734371X     EISSN: None     Source Type: Journal    
DOI: 10.1177/0734371X08323818     Document Type: Article

References (35)

1. Bayer, P., Bernheim, B., & Scholz, J. (1996). The effects of financial education in the workplace: Evidence from a survey of employees (NBER Working Paper No. 5655, NSF, SBR 94-09043 and SBR 95-11321). Cambridge, MA: National Bureau of Economic Research.
2. Bernheim, B., & Garrett, D. (1996). The determinants and consequences of financial education in the workplace: Evidence from a survey of households (NBER Working Paper No. 5667, NSF, SBR-94-09043). Cambridge, MA: National Bureau of Economic Research.
3. Coolidge, C. (1999). Rollover rules. Forbes, 164(15), 198.
4. Dickemper, J., & Yakoboski, P. (1997, November). Increased saving but little planning: Results of the 1997 Retirement Confidence Survey (Issue Brief No. 191). Washington, DC: Employee Benefit Research Institute.
5. Fore, D. (2001). Going private in the public sector: The transition from defined benefit to defined contribution pension plans. In O. S. Mitchell & E. C. Hustead (Eds.), Pensions in the public sector (pp. 267-287). Philadelphia: University of Pennsylvania Press.
6. Garman, T. (2005). Employer's return-on-investment model for workplace financial education and assistance programs. Retrieved March 25, 2008, from http://www.ethomasgarman.net
7. Government Accounting Standards Board. (1994 ). Summaries/status: Summary of Statement No. 25 Retrieved July 1, 2008, from http://www.gasb.org/st/summary/gstsm25.html
8. Grable, J. (2000). Financial risk tolerance and additional factors that affect risk taking in everyday money matters. Journal of Business and Psychology, 14(4), 625-630.
9. Hira, T., & Loibl, C. (2005). Understanding the impact of employer-provided financial education and assistance program. Journal of Consumer Affairs, 39(1), 173-194.
10. Holland, J., & Goodman, D. (2008). Transitioning to defined contribution retirement plans: The importance of financial literacy development in the workplace. In C. Reddick & J. Coggburn (Eds.), Handbook of employee benefits and administration (pp. 359-378). Boca Raton, FL: Taylor & Francis.
11. Joo, S., & Garman, T. (1998). Workers want more than retirement education at their workplace: A report of research findings. Personal Finances and Worker Productivity, 2(2), 156-161.
12. Kim, J., & Garman, T. (2004). Financial stress, pay satisfaction and workplace performance. Compensation and Benefits Review, 36, 69-76.
13. Kraft, M., & Furlong, S. (2007). Public policy: Politics, analysis, and alternatives. Washington, DC: CQ Press.
14. Lachnit, C. (2004). The 401(k) gamble. Workforce Management, 83(6), 10.
15. Light, P. (1999). The new public service. Washington, DC: Brookings Institution Press.
16. Loibl, C., & Hira, T. (2005). Self-directed financial learning and financial satisfaction. Financial Counseling and Planning, 16(1), 11-21.
17. McCarthy, D., & Turner, J. (2000). Pension education: Does it work? Does it matter? Benefits Quarterly, 16(1), 64-72.
18. Milne, D., VanDerhei, J., & Yakoboski, P. (1996). Participant education: Actions and outcomes (Issue Brief No. 169). Washington, DC : Employee Benefit Research Institute.
19. Moore, D. (2003). Survey of financial literacy in Washington state: Knowledge, behavior, attitudes and experiences. Olympia : Washington State University.
20. Muller, L. (2003). Investment choice in defined contributions plans: The effects of retirement education on asset allocation. Benefits Quarterly, 19(2), 76-94.
21. On the march. (2005). The Economist, 374(8708), 34.
22. O'Sullivan, E., Rassell, G., & Berner, M. (2002). Research methods for public administrators. San Francisco: Longman.
23. Papke, L. (2002). Individual financial decisions in retirement saving plans: The role of participant-direction. Journal of Public Economics, 88, 36-61.
24. Personal Finance Employee Education Foundation. ( 2008). PFW scale information. Retrieved April 13, 2008, from http://personalfinancefoundation.org/index.html
25. Prawitz, A., Garman, T., Sorhaindo, B., O'Neil, B., Kim, J., & Drentea, P. (2006). InCharge financial distress/financial well-being scale: Development, administration, and score interpretation. Financial Counseling and Planning, 17(1), 34-50.
26. Purcell, P. (2002, June). Employer stock in retirement plans: Investment risk and retirement security (Report No. RL 31507). Washington, DC: Congressional Research Service.
27. Quinn, J. (2000). Mainstreaming financial education as an employee benefit. Journal of Financial Planning, 13(5), 70-79.
28. Samwick, A.A., & Skinner, J. (1996, May). Abandoning the nest egg? 401(k) plans and inadequate pension saving (Working Paper No. 5568). Cambridge, MA: National Bureau of Economic Research.
29. State of Alaska. (2007). Alaska retirement and benefits. Retrieved March 25, 2007, from http://www.state.ak.us/drb/employer/hr_dcrplaninformation.shtml
30. Stone, D. (2002). Policy paradox: The art of political decision making. New York: Norton.
31. U.S. Department of Labor. (2006). Retirement plans, benefits and savings. Retrieved February 18, 2008, from www.dol.gov/dol/topic/retirement/typesofplans.htm and http://www.dol.gov/dol/topic/retirement/erisa.htm
32. U.S. Department of Labor. (2007). Report of working group studying the trend in the defined benefit market to hybrid plans. Retrieved March 25, 2008, from https://www.dol.gov/ebsa/publications/cbalinfo.htm
33. U.S. Department of Labor Bureau of Labor Statistics. (2008). National compensation survey: Employee benefits in state and local governments in the United States, September 2007. Retrieved April 1, 2008, from http://www.bls.gov/ncs/ebs/sp/ebsm0007.pdf
34. U.S. Department of Labor Employee Benefits Security Administration. (2006). Reporting and disclosure guide for employee benefit plans. Retrieved March 29, 2008, from http://www.dol.gov/ebsa/pdf/rdguide.pdf
35. Wooten, J. (2005). Employees Retirement Income Security Act of 1974: A political history. Berkeley: University of California Press.