An Effective DC Plan for Uncovered Workers  The Flex MMM Model   PLANSPONSOR.pdf

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    Prof. Robert Merton and Dr. Arun Muralidhar propose an effective DC Pension Plan that combines three innovations: (a) Merton's retirement income approach; (b) Modigliani's innovative approach to allow short term borrowing from retirement accounts to meet life-cycle needs; and (c) Muralidhar's innovative new bond that governments or the World Bank could issue to improve retirement security and fund infrastructure.