R. Douglas Arnold is professor of politics and public affairs at Princeton University. Michael J. Graetz is Justus S. Hotchkiss Professor of Law at Yale Law School. He served in the U.S. Department of Treasury from 1990 to 1992. His most recent book is Death by a Thousand Cuts (Princeton, 2005). Alicia H. Munnell is the Peter F. Drucker Professor of Management Sciences at Boston College's Carroll School of Management and director of the Center for Retirement Research at Boston College. A former member of the president's Council of Economic Advisers, she has written or edited numerous books, including Coming Up Short:The Challenge of 401(k) Plans, with Annika Sundén (Brookings, 2004).