The long-term shift in the US retirement system from defined benefit pension (DB) plans to retirement saving accounts such as 401(k) plans and IRAs has transferred significant financial risks to workers, many of whom are ill-equipped to handle the contingencies. Collective defined contribution (CDC

The existence of small and inactive accounts is a largely inevitable feature of the US retirement saving system, which features employer-based retirement plans, individually managed accounts, and automatic enrollment. We consider the issues raised by these accounts, including the corrosive effects