Abstract
<h3>Practical Applications Summary</h3> Defined contribution (DC) retirement plans have largely replaced defined benefit (DB) pension plans, but DC plans, which were designed to be supplements to pensions, aren’t currently positioned to solve the looming retirement crisis in the United States. In <b>Defined Contribution Retirement Plans Should Look and Feel More Like Defined Benefit Plans</b>, <b>Antti Ilmanen, David Kabiller</b>, and <b>Rodney Sullivan</b> of <b>AQR</b> and <b>Laurence Siegel</b> of the <b>CFA Institute Research Foundation</b> show that DC retirement plans, as they currently stand, are inadequate to meet the challenges of our looming retirement crisis. They describe how the addition of features borrowed from DB plans can help DC plans improve retirement outcomes through better risk management and improved diversification of portfolios.
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