%0 Journal Article %A Youngkyun Park %T Variation of Retirement Income from 401(k) Plan Sponsors’ Target-Date Fund Choices? %D 2016 %R 10.3905/jor.2016.3.3.020 %J The Journal of Retirement %P 20-34 %V 3 %N 3 %X This article examines how the variability of target-date fund (TDF) participants’ retirement income resulting from plan sponsors’ TDF choices can be reduced by a qualified automatic contribution arrangement (QACA) that reflects plan demographics. Using Monte Carlo simulations, the article finds that a QACA where a maximum employee contribution rate is based on plan demographics can not only increase participant retirement income (measured as a success rate or probability of achieving a target replacement rate), but also reduce its variability.TOPICS: Retirement, simulations %U https://jor.pm-research.com/content/iijretire/3/3/20.full.pdf