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RRC Conference Paper: $100 Bills on the Sidewalk -- Suboptimal Saving in 401(k) Plans (PDF)
Center for Retirement Research [CRR] at Boston College 
Aug. 22, 2005
27 pages. Excerpt: In this paper, we identify a sizeable group of employees whose observable choice set in an important retirement savings vehicle, the 401(k), includes actions that are clearly precluded by normative economic theory. These individuals, who are over 59½ years old, have their 401(k) contributions matched by their employer; that is, for every dollar they contribute up to a certain threshold, their employer will make an additional proportional contribution.
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