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Pension cognoscenti have frequently remarked on the stagnation of defined benefit pensions and the concomitant rise of defined contribution plans. I suggest that, over the last generation, something even more fundamental has occurred, something that can justly be called a paradigm shift. Americans today primarily conceive of and implement retirement savings in the form of individual accounts. Such accounts have become primary instruments of public policy, not just for retirement savings, but increasingly for health care and education as well.

Publication Date

12-2004

Volume

114

Publisher

Yale Law Journal

First Page

451

Disciplines

Banking and Finance Law | Labor and Employment Law | Law

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