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Research

The Center delivers its findings and analyses through several different mediums, including in-depth reports, white papers, issue briefs, and comment letters to regulators. These letters leverage our research in the service of helping improve public policy for ordinary investors.

Featured Research

Analyzing the Value of Managed Accounts

 



Spencer Look and Jack VanDerhei, Center for Retirement & Policy Studies; Michael Levine, Morningstar Retirement

 



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WISH Granted: How a National Long-Term Services and Supports Insurance Program Could Boost Retirement Outcomes

 



Spencer Look and Jack VanDerhei, Center for Retirement & Policy Studies


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The Overlooked Cost: How Long-Term Services and Supports Impact Retirement-Income Adequacy



Spencer Look and Jack VanDerhei, Center for Retirement & Policy Studies


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2025 Retirement Plan Landscape Report



Lia Mitchell, Morningstar, Inc.


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The Impact of the Saver's Match on Retirement Wealth



Spencer Look and Jack VanDerhei, Center for Retirement & Policy Studies


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Private Equity and Private-Market Funds in Managed Defined-Contribution Plans



Hal Ratner, Morningstar Retirement


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The Retirement Savings for Americans Act: Increased Access, Worse Retirement Outcomes Overall



Spencer Look and Jack VanDerhei, Center for Retirement & Policy Studies


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The Evolution of Retirement-Income Adequacy Under ERISA With a Focus on Defined-Contribution Plans: A Review of the Status Quo, Counterfactual Evidence, and an Analysis of Changes for the Future



Jack VanDerhei and Spencer Look, Center for Retirement & Policy Studies


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Beyond the Retirement Crisis Headlines: Why Employer-Sponsored Plans Are the Key to Retirement Adequacy for Today's Workers

Spencer Look and Jack VanDerhei, Center for Retirement & Policy Studies
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Evaluating Retirement Plan Lifetime Income Solutions

Spencer Look, Center for Retirement & Policy Studies
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How Effective Might the Saver’s Match Be in Mitigating Race/Gender Disparities in 401(k) Plans: Evidence From the Collaborative for Equitable Retirement Savings Project

Jack VanDerhei, Center for Retirement & Policy Studies
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How Large are Racial and Gender Disparities in 401(k) Account Balances and What is Causing Them:

Initial Findings from the Collaborative for Equitable Retirement Savings

Jack VanDerhei, Center for Retirement & Policy Studies
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White Papers

2025 Retirement Plan Landscape Report

Lia Mitchell, Morningstar, Inc.
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Private Equity and Private-Market Funds in Managed Defined-Contribution Plans

Hal Ratner, Morningstar Retirement
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Evaluating Retirement Plan Lifetime Income Solutions

Spencer Look, Center for Retirement & Policy Studies
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How Effective Might the Saver’s Match Be in Mitigating Race/Gender Disparities in 401(k) Plans

Jack VanDerhei, Center for Retirement & Policy Studies
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How Large are Racial and Gender Disparities in 401(k) Account Balances and What is Causing Them: Initial Findings from the Collaborative for Equitable Retirement Savings

Jack VanDerhei, Morningstar Center for Retirement & Policy Studies


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Does Private Equity Enhance Retirement Investment Outcomes?
Evidence from the Experience of Pension Plans

Lia Mitchell, Center for Retirement & Policy Studies
Jasmin Sethi, Morningstar, Inc.


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The Quest for Lifetime Income
Will the Bridge Strategy Weather the Approaching Storm of Social Security Reform?

Spencer Look and Aron Szapiro, Center for Retirement & Policy Studies


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Right on Target?
Plan Sponsors May Not Always Consider Participants’ Behavior or Needs When Selecting Target-Date Glide Paths

Lia Mitchell and Aron Szapiro, Center for Retirement & Policy Studies


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Should We Have More Annuities? Tackling Obstacles on the Path to Retirement Security

Jasmin Sethi, Morningstar Inc.


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Expanding the Savers Credit




Lia Mitchell, Center for Retirement & Policy Studies


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Baby Bond: Income-Based Program Designs Show Promise for Closing the Racial Wealth Gap

Lia Mitchell and Aron Szapiro, Center for Retirement & Policy Studies


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Paperwork or Panacea: As PEPs Come of Age, What Can Their Forebearers Tell us About how They Will Work?

Lia Mitchell, Center for Retirement & Policy Studies



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CITs: A Welcome Addition to 403(b) Plans


Jasim Sethi, Morningstar Inc.
Lia Mitchell and Aron Szapiro, Center for Retirement & Policy Studies

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Bridging the Investing Gap: Why Refreshing Policy Can Help All Americans Build Their Financial Futures

Aron Szapiro, Center for Retirement & Policy Studies



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Retirement Plan Transparency: Opaque Data Hinders Best-Interest Advice


Aron Szapiro and Lia Mitchell, Center for Retirement & Policy Studies


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Small Employers, Big Responsibilities

Aron Szapiro, Center for Retirement & Policy Studies
John Rekenthaler and Jake Spiegel, Morningstar Inc.

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Background on Recent State Efforts to Cover Private-Sector Workers



Aron Szapiro, Center for Retirement & Policy Studies


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Issue Briefs


Under the Microscope: Fixed-Indexed Annuities With Guaranteed Lifetime Withdrawal Benefits


Spencer Look, Center for Retirement & Policy Studies


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The Retirement Plan Lifetime Income Strategies Assessment



Aron Szapiro and Spencer Look, Center for Retirement & Policy Studies


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Comment Letters

Title
Date
Agency
Effectiveness and Efficiency of its Requirements Relating to Day Trading
January 28, 2025
Financial Industry Regulatory Authority
Download
Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector
August 12, 2024
Department of Treasury
Download
Definition of Fiduciary
January 2, 2024
Employee Benefits Security Administration, Department of Labor
Download
Conflicts of Interest Associated with the Use of Predictive Data Analytics by Broker Dealers and Investment Advisers
October 10, 2023
Securities and Exchange Commission
Download
AI Accountability Policy Request for Comment
June 10, 2023
Department of Commerce, National Telecommunications and Information Administration
Download
Enhanced Disclosures by Certain Investment Advisers and Investment Companies About Environmental, Social, and Governance Investment Practices
August 16, 2022
Securities and Exchange Commission
Download
Comments on Request for Comment on Certain Information Providers Acting as Investment Advisers
August 16, 2022
Securities and Exchange Commission
Download
The Enhancement and Standardization of Climate-Related Disclosures for Investors
June 17, 2022
Securities and Exchange Commission
Download
Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews
April 25, 2022
Securities and Exchange Commission
Download
Improving Retirement Security and Access to Mental Health Benefits
March 1, 2022
Health, Employment, Labor, and Pensions Subcommittee
Watch
Reporting of Securities Loans
January 7, 2022
Securities and Exchange Commission
Download
Proposed Revision of Annual Information Return/Reports
November 1, 2021
Employee Benefits Security Administration, Department of Labor
Download
Broker-Dealer and Investment Adviser Digital Engagement Practices, Related Tools and Methods, and Regulatory Considerations and Potential Approaches; Investment Adviser Use of Technology to Develop and Provide Investment Advice
October 1, 2021
Securities and Exchange Commission
Download
Public Input Welcomed on Climate Change Disclosures
June 9, 2021
Securities and Exchange Commission
Download
Tailored Shareholder Reports, Treatment of Annual Prospectus Updates for Existing Investors, and Improved Fee and Risk Disclosure for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements
January 4, 2021
Securities and Exchange Commission
Download
Listing Rules Related to Board Diversity
December 22, 2020
Securities and Exchange Commission
Download
Fiduciary Duties Regarding Proxy Voting and Shareholder Rights
October 2, 2020
Employee Benefits Security Administration, Department of Labor
Download
Reporting Threshold for Institutional Investment Managers
Setember 29, 2020
Securities and Exchange Commission
Download
Improving Investment Advice for Workers & Retirees
August 6, 2020
Employee Benefits Security Administration, Department of Labor
Download
Financial Factors in Selecting Plan
July 30, 2020
Employee Benefits Security Administration, Department of Labor
Download
Prohibited Transactions Involving Pooled Employer Plans Under the SECURE Act and Other Multiple Employer Plans
July 20, 2020
Employee Benefits Security Administration, Department of Labor
Download
Failing Retirement Savers: Examining Three Recent Labor Department Actions
July 16, 2020
Education & Labor Committee
Watch
Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets
June 1, 2020
Securities and Exchange Commission
Download
Eliminating Misleading Fund Names
May 5, 2020
Securities and Exchange Commission
Download
Use of Derivatives by Registered Investment Companies and Business Development Companies
March 24, 2020
Securities and Exchange Commission
Download
Amending the "Accredited Investor" Definition
March 16, 2020
Securities and Exchange Commission
Download
Procedural Requirements and Resubmission Thresholds under Exchange Act Rule 14a-8
February 3, 2020
Securities and Exchange Commission
Download
Concept Release on Harmonization of Securities Offering Exemptions
September 24, 2019
Securities and Exchange Commission
Download
Fund of Funds Arrangements
May 2, 2019
Securities and Exchange Commission
Download
Earnings Releases and Quarterly Reports
March 21, 2019
Securities and Exchange Commission
Download
Competition and Consumer Protection in the 21st Century (Common Ownership)
January 15, 2019
Federal Trade Commission
Download
SEC Staff Roundtable on the Proxy Process
December 17, 2018
Securities and Exchange Commission
Download
Exchange-Traded Funds Proposal
October 1, 2018
Securities and Exchange Commission
Download
Regulation Best Interest
August 7, 2018
Securities and Exchange Commission
Download
Form CRS Relationship Summary; Amendments to the Form ADV; Required Disclosures in Retail communications and Restrictions on the use of Certain Names or Titles
August 7, 2018
Securities and Exchange Commission
Download
FAST Act Modernization and Simplification of Regulation S-K
December 27, 2017
Securities and Exchange Commission
Download
Request for Information Regarding the Fiduciary Rule and Prohibited Transaction Exemptions (RIN 1210-AB82)
August 3, 2017
Employee Benefits Security Administration, Department of Labor
Download
XBRL Filing of Tagged Data
May 6, 2017
Securities and Exchange Commission
Download
Fiduciary Rule Examination (RIN 1210-AB79)
April 13, 2017
Employee Benefits Security Administration, Department of Labor
Download
Proposed Revision of Annual Information Return/Reports (Form 5500; RIN 1210-AB63)
December 2, 2016
Employee Benefits Security Administration, Department of Labor
Download
Closing the Gap: Innovations to Promote Americans’ Financial Security
June 15, 2016
United States Senate: Subcommittee on Aging
Watch
Transfer Agent Regulations (File No. S7-27-15)
April 14, 2016
Securities and Exchange Commission
Download
Open-End Fund Liquidity Risk Management Programs (File No. S7-16-15)
January 13, 2016
Securities and Exchange Commission
Download
Investment Company Reporting Modernization (Release No. IA-4091; File No. S7-09-15)
August 21, 2015
Securities and Exchange Commission
Download
Investment Advisers Act Rules (RIN 3235-AL75)
August 12, 2015
Securities and Exchange Commission
Download
Use of Derivatives by Registered Investment Companies and Business Development Companies (Release No. IC-31933; File No. S7-24-15)
March 28, 2015
Securities and Exchange Commission
Download
Title
Date
Agency
Australian Taxonomy Second Consultation
November 29, 2024
Australian Sustainable Finance Institute
Download
Annual Superannuation Performance Test
April 19, 2024
The Treasury
Download
Australian Taxonomy
February 15, 2023
Australian Sustainable Finance Institute
Download
Superannuation Data Transformation Project Minor Amendments
December 2, 2022
Australian Prudential Regulatory Authority
Download
Response to ASX Consultation Paper: Enhancing the ASX Investment Products Offering
June 23, 2022
Australian Securities Exchange
Download
APRA's Superannuation Data Transformation
December 21, 2020
Cross-Industry Insights and Data Division, Australian Prudential Regulatory Authority
Download
Development of the Framework for Comprehensive Income Products for Retirement (CIPR)
June 22, 2017
Retirement Income Policy Division, The Treasury
Download
Financial System Inquiry, Interim Report
August 26, 2014
The Treasury
Download
Title
Date
Agency
Applicability of Canadian Securities Laws and the use of Artificial Intelligence Systems in Capital Markets
March 31, 2025
Canadian Securities Administrators
Download
Non-tailored Advice in the Order Execution Only Channel
February 26, 2025
Canadian Sustainability Standards Board
Download
Canadian Sustainability Disclosure Standards 1 & 2
May 24, 2024
Canadian Investment Regulatory Organization
Download
Proposed Amendments to Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 Disclosure of Corporate Governance Practices and Proposed Changes to National Policy 58-201 Corporate Governance Guidelines
September 29, 2023
Canadian Securities Administrators
Download
Consultation Climate-related Disclosure Update and CSA Notice and Request for Comment Proposed National Instrument 51-107 Disclosure of Climate-related Matters
February 14, 2022
Canadian Securities Administartor
Download
CFR conforming changes to MSN-0069 (Suitability)
August 20, 2021
Mutual Fund Dealers Association of Canada
Download
Know-your-client and suitability determination for retail clients
August 20, 2021
Investment Industry Regulatory Organization of Canada
Download
Consultation on Modernizing Ontario's Capital Markets
September 7, 2020
Ontario Securities Commission, Capital Markets Modernization Taskforce
Download
Restrictions on the use of the deferred sales charge option for mutual funds
June 1, 2020
Ontario Securities Commission
Download
Consultation on the Option of Discontinuing Embedded Commissions
June 5, 2017
Canadian Securities Administrators
Download
CSA Mutual Fund Risk Classification Methodology for Use in Fund Facts and ETF Facts
March 12, 2014
Canadian Securities Administrators
Download
CSA Mutual Fund Fees
April 12, 2013
Canadian Securities Administrators
Download
Title
Date
Agency
Draft technical Advice on the amendments to the research provisions in the MiFID II
January 28, 2025
European Securities and Market Authority
Download
Review of SFDR Delegated Regulation regarding PAI and financial product disclosures
July 4, 2023
European Supervisory Authorities
Download
French SRI Label Review
May 25, 2023
SRI Committee
Download
EU Taxonomy additional criteria
May 3, 2023
European Commission
Download
Guidelines for the use of ESG or sustainability-related terms in funds’ names
February 20, 2023
European Securities and Market Authority
Download
Call for Evidence on the implementation of SRD2 provisions on proxy advisors and the investment chain
November 28, 2022
European Securities and Market Authority
Download
Draft Report on Minimum Safeguards (Taxonomy)
September 2, 2022
Platform on Sustainable Finance
Download
EFRAG draft EU Sustainability Reporting Standards
August 8, 2022
European Financial Reporting Advisory Group
Download
Targeted consultation on the functioning of the ESG ratings market in the European Union and on the consideration of ESG factors in credit ratings
June 10, 2022
European Commission
Download
Guidelines on MiFID II Suitability Requirements
April 27, 2022
European Securities and Market Authority
Download
Call for Evidence on Market Characteristics for ESG Rating Providers in the EU
March 11, 2022
European Securities and Market Authority
Download
EC Platform on Sustainable Finance: Taxonomy Report
September 24, 2021
European Commission
Download
Taxonomy Draft Delegated Regulation
June 2, 2021
European Commission
Download
Advice to European Commission Under Article 8 of the Taxonomy Regulation
December 4, 2020
European Securities and Market Authority
Download
Targeted consultation on the establishment of an EU Green Bond Standard
October 2, 2020
European Commission, Financial Stability, Financial Services and Capital Markets Union
Download
Joint Consultation Paper Concerning ESG Disclosures
September 1, 2020
European Supervisory Authorities
Download
Consultation on the Renewed Sustainable Finance Strategy
July 15, 2020
European Commission, Financial Stability, Financial Services and Capital Markets Union
Download
Revision of the Non-Financial Reporting Directive
June 10, 2020
European Commission, Banking and Finance
Download
Title
Date
Agency
ESG Ratings and Data Product Providers
September 6, 2021
IOSCO
Download
Recommendations on Sustainability practices, policies, procedures and disclosure in Asset Mgt
August 15, 2021
IOSCO
Download
Consultation on Proposed Climate-related Metrics, Targets, and Transition Plan Guidance
July 16, 2021
Task Force on Climate-Related Financial Disclosures
Download
Standards-Setting of Sustainability Reporting
December 22, 2020
IFRS Foundation
Download
Title
Date
Agency
Management and Disclosure of Climate Risks by Fund Managers
January 15, 2021
Securities and Futures Commission
Download
Proposed Amendments to the Code on Unit Trusts and Mutual Funds
March 7, 2018
Securities and Futures Commission
Download
Proposed Guidelines on Online Distribution and Advisory Platforms
August 4, 2017
Securities and Futures Commission
Download
MFP Investment Solutions Consultation
November 26, 2014
MPF Schemes Authority
Download
Title
Date
Agency
SEBI Investment Advisors Regulation, SEBI Research Analysts Regulation
July 31, 2017
Securities and Exchange Board of India
Download
Title
Date
Agency
Driving Value for Money in Defined Contribution Pensions
December 20, 2021
Financial Conduct Authority and The Pensions Regulator
Download
Enhancing climate-related disclosures by asset managers, life insurers, and FCA-regulated pension providers
September 10, 2021
Financial Conduct Authority
Download
Enhancing climate-related disclosures by standard listed companies and views on Green Bonds and ESG Ratings Providers
September 10, 2021
Financial Conduct Authority
Download
Changes to UK MIFID’s conduct and organisational requirements for Independent Equity Research
June 23, 2021
Financial Conduct Authority
Download
Accessing and Using Wholesale Data
January 7, 2021
Financial Conduct Authority
Download
PRIIPS Regulation Call for Information
September 28, 2018
Financial Conduct Authority
Download
Further Remedies - Asset Management Study
July 5, 2018
Financial Conduct Authority
Download

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