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53 Am. Bus. L.J. 315 (2016)
Lessons from Efforts to Manage the Shift of Pensions to Defined Contribution Plans in the United States, Australia, and the United Kingdom

handle is hein.journals/ambuslj53 and id is 315 raw text is: American Business Law Journal Volume 53, Issue 2, 315-382, Summer 2016 Lessons from Efforts to Manage the Shift of Pensions to Defined Contribution Plans in the United States, Australia, and the United Kingdom Elizabeth F Brown* INTRODUCTION Pensions have played an important role in the financial sectors of the United States, Australia, and the United Kingdom. Assets held in pen- sions were roughly equivalent to two-thirds or more of their annual gross domestic product (GDP), as illustrated in Figure 1.1 In addition, the United States, Australia, and the United Kingdom held over eighty percent of the total financial assets invested in funded pensions among the Organisation for Economic Co-operation and Development (OECD) countries.2 *Associate Professor of Business Law, College of Business Administration, University of Wisconsin-La Crosse; J.D., 1994, University of Chicago School of Law; M.A., 1987, Johns Hopkins University Nitze School of Advanced International Studies; B.A., 1985, College of William and Mary. Research stipends from the J. Mack Robinson College of Business at Georgia State University were of assistance in the preparation of this article. The author would also like to gratefully acknowledge the research assistance of Georgia State Univer- sity graduate students Matt Horvath, Michael Magnan, Matt Cantor, and Kimberly Rho- des. This article reflects the information available on this topic as of Dec. 12, 2015. 'Funded Pensions Indicators, OECD.STFAT, http://stats.oecd.org/Index.aspx?DatasetCode= PNNINEW (last visited Dec. 12, 2015). 2See John Broadbent et al., The Shift from Defined Benefit to Defined Contribution Pen- sion Plans-Implications for Asset Allocation and Risk Management 49 app.1 (Dec. 2006), http://www.bis.org/publ/wgpapers/cgfs27broadbent3.pdf. © 2016 The Author American Business Law Journal © 2016 Academy of Legal Studies in Business 315