Wednesday, April 01, 2009
“Turmoil Spurs Target-Date Evolution”
Employee Benefit Adviser (4/09) - “Turmoil Spurs Target-Date Evolution”
Thursday, March 26, 2009
Monday, March 16, 2009
“EBRI Examines Factors Determining Impact of Market Losses on Individual 401(k) Balances”
Pension Plan Guide (3/16/09) – “EBRI Examines Factors Determining Impact of Market Losses on Individual 401(k) Balances”
Sunday, March 08, 2009
Wednesday, February 25, 2009
Monday, February 23, 2009
Sunday, February 22, 2009
Senate Weighing New Rules for Retirement Funds
Senate Weighing New Rules for Retirement FundsThe Washington Post, February 22, 2009
Friday, February 20, 2009
The Impact of the Recent Financial Crisis on 401(k) Account Balances
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1350568
Abstract:
During 2008, major U.S. equity indexes were sharply negative, with the S&P 500 Index losing 37.0 percent for the year, which translated into corresponding losses in 401(k) retirement plan assets. But how individual 401(k) participants are affected by the crisis is largely determined by their account balance, age, and job tenure. This paper estimates changes in average 401(k) balances from Jan. 1, 2008, to Jan. 20, 2009, using the EBRI/ICI 401(k) database of more than 21 million participants. Not surprisingly, how the recent financial market losses affect individual 401(k) account balances is strongly affected by the size of a participant's account balance. Those with low account balances relative to contributions experienced minimal investment losses that were typically more than made up by contributions: Those with less than $10,000 in account balances had an average growth of 40 percent during 2008, since contributions had a bigger impact than investment losses. However, those with more than $200,000 in account balances had an average loss of more than 25 percent. This analysis also calculates how long it might take for end-of-year 2008 401(k) balances to recover to their beginning-of-year 2008 levels, before the sharp stock market declines. Because future performance is unknown, this analysis provides a range of equity returns: At a 5 percent equity rate-of-return assumption, those with longest tenure with their current employer would need nearly two years at the median to recover, but approximately five years at the 90th percentile. If the equity rate of return is assumed to drop to zero for the next few years, this recovery time increases to approximately 2.5 years at the median and nine to 10 years at the 90th percentile.
Abstract:
During 2008, major U.S. equity indexes were sharply negative, with the S&P 500 Index losing 37.0 percent for the year, which translated into corresponding losses in 401(k) retirement plan assets. But how individual 401(k) participants are affected by the crisis is largely determined by their account balance, age, and job tenure. This paper estimates changes in average 401(k) balances from Jan. 1, 2008, to Jan. 20, 2009, using the EBRI/ICI 401(k) database of more than 21 million participants. Not surprisingly, how the recent financial market losses affect individual 401(k) account balances is strongly affected by the size of a participant's account balance. Those with low account balances relative to contributions experienced minimal investment losses that were typically more than made up by contributions: Those with less than $10,000 in account balances had an average growth of 40 percent during 2008, since contributions had a bigger impact than investment losses. However, those with more than $200,000 in account balances had an average loss of more than 25 percent. This analysis also calculates how long it might take for end-of-year 2008 401(k) balances to recover to their beginning-of-year 2008 levels, before the sharp stock market declines. Because future performance is unknown, this analysis provides a range of equity returns: At a 5 percent equity rate-of-return assumption, those with longest tenure with their current employer would need nearly two years at the median to recover, but approximately five years at the 90th percentile. If the equity rate of return is assumed to drop to zero for the next few years, this recovery time increases to approximately 2.5 years at the median and nine to 10 years at the 90th percentile.
Keywords: 401(k) plans, Asset allocation, Employment-based benefits, Pension plan assets, Self-directed investments
JEL Classifications: D31, G11, G12, J26
Thursday, February 12, 2009
Tuesday, February 10, 2009
Sunday, February 08, 2009
Four ways you can shore up your retirement nest egg
Four ways you can shore up your retirement nest egg
MarketWatch, Feb. 8, 2009
MarketWatch, Feb. 8, 2009
Friday, February 06, 2009
Keeping Your Financial Plans Afloat
Keeping Your Financial Plans Afloat
U.S. News & World Report - Feb. 6, 2009
U.S. News & World Report - Feb. 6, 2009
Tuesday, February 03, 2009
Wednesday, January 28, 2009
401(k)s still lure cash despite big losses Los Angeles Times, CA - Jan 28, 2009
401(k)s still lure cash despite big losses Los Angeles Times, CA - Jan 28, 2009
Monday, January 12, 2009
401(k) was never meant to be end-all, and now we see why St. Louis Post-Dispatch - St. Louis,MO,USA
401(k) was never meant to be end-all, and now we see why St. Louis Post-Dispatch - St. Louis,MO,USA
Thursday, January 08, 2009
3 Ways Baby Boomers and Seniors are Coping with the Recession U.S. News & World Report, DC - Jan 8, 2009
3 Ways Baby Boomers and Seniors are Coping with the Recession U.S. News & World Report, DC -
Thursday, January 01, 2009
Thursday, December 25, 2008
Monday, December 22, 2008
401(K) Plan Asset Allocation, Account Balances, and Loan Activity in 2007
Abstract:
Over the past two decades, 401(k) plans have grown to be the most widespread private-sector employer-sponsored retirement plan in the United States, and now serve as the most popular defined contribution (DC) plan, representing the largest number of participants and assets. In 2007, 48.5 million American workers were active 401(k) plan participants. By year-end 2007, 401(k) plan assets had grown to represent 17 percent of all retirement assets, with $3.0 trillion in assets. In an ongoing collaborative effort, the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) collect annual data on millions of 401(k) plan participants as a means to accurately portray how these participants manage their accounts. This paper serves as an update of EBRI and ICI's ongoing research into 401(k) plan participants' activity through year-end 2007. The report is divided into four sections: The first describes the EBRI/ICI 401(k) database; the second presents a snapshot of participant account balances at year-end 2007; the third looks at participants' asset allocations, including a new analysis of 401(k) participants' use of lifecycle funds; the fourth focuses on participants' 401(k) loan activity.
As with previous EBRI/ICI updates, analysis of a consistent sample of 401(k) participants (those that have been in the same plan since 1999) is planned; this additional analysis is expected to be published early in 2009. It should be noted that the year-end 2007 401(k) data reported in this analysis, by definition, do not reflect market losses or participant account activity in 2008. The impact of the 2008 financial market performance on average 401(k) balances is strongly affected by age and tenure of the individual participant, and it would be inaccurate to make a single estimate of an average 401(k) account outcome for 2008.
Keywords: 401(k) plans, Asset allocation, Employment-based benefits, Pension plan assets, Pension plan loans, Retirement plans, Self-directed investments
JEL Classifications: D31, G11, J26
Accepted Paper Series
Thursday, December 18, 2008
Thursday, December 11, 2008
Monday, December 08, 2008
Bechtel settles 401(k) plan lawsuit
Bechtel settles 401(k) plan lawsuit Pensions and Investments, December 8, 2008,
Bechtel settles 401(k) plan lawsuit
Bechtel settles 401(k) plan lawsuit Pensions and Investments, December 8, 2008,
Saturday, December 06, 2008
Monday, December 01, 2008
Washington Post |"How much longer would typical workers have to work to recoup their losses?"|December 6, 2008
Washington Post |"How much longer would typical workers have to work to recoup their losses?"|December 6, 2008
That's a difficult question to answer, and it depends on many factors, such as how much people save each year, how quickly the money grows and how long a person has been working. We asked Jack L. VanDerhei, research director for the D.C.-based Employee Benefit Research Institute (EBRI), to try to help us calculate an answer. First, consider that total retirement wealth lost from a year ago is nearly $4 trillion. We're talking about $2.0 trillion in lost income in 401(k)s and Individual Retirement Accounts (IRAs), and $1.9 trillion in traditional defined-benefit plans.
http://www.washingtonpost.com/wp-dyn/content/graphic/2008/12/06/GR2008120600089.html?hpid=topnews
Saturday, November 29, 2008
Newark Star-Ledger|" Who else will pull out of their 401(k)s?: As economy slides, more employees give up on retirement plans"|November 29, 2008
Newark Star-Ledger" Who else will pull out of their 401(k)s?: As economy slides, more employees give up on retirement plans"November 29, 2008
http://www.nj.com/business/index.ssf/2008/11/who_else_will_pull_out_of_thei.html
http://www.nj.com/business/index.ssf/2008/11/who_else_will_pull_out_of_thei.html
Monday, November 10, 2008
Advisers fret that clients will trim 401(k) participation if matches are cut; Will G.M.'s elimination of contributions have a domino effect?
Investment News, November 10, 2008, NEWS; Pg. 15, 987 words, Lisa Shidler
Sunday, November 09, 2008
Thursday, November 06, 2008
Wednesday, November 05, 2008
Some companies trimming, halting their 401(k) matches
Some companies trimming, halting their 401(k) matches
By David Pitt
The Associated Press
By David Pitt
The Associated Press
Tuesday, November 04, 2008
Friday, October 31, 2008
Older savers dire straits
USA TODAY, October 31, 2008 Friday, MONEY; Pg. 3B, 1437 words, Christine Dugas
Thursday, October 30, 2008
Wednesday, October 29, 2008
More firms may end 401(k) match; GM's move is the latest, but probably not the last
USA TODAY, October 29, 2008 Wednesday, MONEY; Pg. 1B, 412 words, Chris Woodyard
Thursday, October 23, 2008
Working Longer As Jobs Contract
The New York Times, October 23, 2008 Thursday, Section F; Column 0; Retirement; Pg. 8, 2042 words, By STEVEN GREENHOUSE
Saturday, October 11, 2008
Wednesday, October 08, 2008
Retirement Savings Lose $2 Trillion in 15 Months
The Washington Post, October 8, 2008 Wednesday, A-SECTION; Pg. A01, 1019 words, Nancy Trejos; Washington Post Staff Writer
Tuesday, October 07, 2008
"The Impact of the Financial Crisis on Workers' Retirement Security"
"The Impact of the Financial Crisis on Workers' Retirement Security"
House Education and Labor Committee
Tuesday, August 12, 2008
Monday, August 04, 2008
(k)Plans: Miss Match?
With automatic enrollment an increasingly prevalent tool for boosting participation in 401(k) plans, some retirement savings experts are asking whether plans should consider eliminating their employer match.
http://www.plansponsor.com/magazine_type3/?RECORD_ID=42450
http://www.plansponsor.com/magazine_type3/?RECORD_ID=42450
Friday, August 01, 2008
August 2008 articles
NPR “All Things Considered,” “Economic Woes Force Many To Postpone Retirement”|August 3, 2008
Older workers are more concerned about their retirement than ever before. “Last year in 2007, 27 percent of active workers were very confident. That dropped all the way down to 18 percent this year, and that’s the single largest decline we’ve ever had,” said Jack VanDerhei, a professor at Temple University, and researcher at the Employee Benefit Research Institute in Washington, D.C.
http://www.npr.org/templates/story/story.php?storyId=93241950
August 11, 2008 | BusinessWeek
Many studies have shown that women lag behind men in saving for retirement. The savings gap is expected to persist for the next 40 years or so, projects researcher Jack VanDerhei, a Temple professor at the Fox School of Business.
Allentown Morning Call|"A moving target"|July 27, 2008
Writes Gail MarksJarvis: "Baby boomers who never got around to saving as much as they hoped promised to keep working past retirement age. The joke in the generation has been: 'I'll just work forever.' And the intent has shown up repeatedly in research. But now along comes an economic downturn, and people are losing jobs. It looks as though Plan B, a lifetime of working, might not be an option to rescue undersavers after all. 'It's a perfect storm,' said Jack VanDerhei, a Temple University professor and fellow at the Employee Benefit Research Institute."
http://www.mcall.com/business/local/all-yourmoney.6518405jul27,0,7066579.story
Chicago Tribune|"Chasing down retirement"|July 27, 2008
Jack VanDerhei had the lead quote in an article on retirement for Baby Boomers. "It's a perfect storm," said Jack VanDerhei, a Temple University professor and fellow at the Employee Benefit Research Institute. Too many people approaching retirement age have saved too little, accumulated too much debt, stretched too far on homes that have lost value and never made good on the promise to save more tomorrow, he said.
Consuelo Mack WealthTrack|July 26, 2008
Jack VanDerhei, RIHM professor, was a featured guest on last weekend's Consuelo Mack WealthTrack on public television. Host Consuelo and VanDerhei discussed the financial plight of retiring baby boomers and how, even at this late date, they can increase their retirement income. He was joined by Barclays Global Investors' Matt Scanlan, co-author of "The Future Shock of Retirement," (a new study warning how much Americans are underestimating their retirement needs), and investment strategist Jason Trennert, founder of Strategas Research Partners. WealthTrack, which Money Magazine recently named the best financial show on television, is the only investment program devoted to long-term, diversified investing. Its format provides guests with sufficient time to have a real discussion, an increasingly rare experience. It airs weekends on some 195 public television channels around the country, including two in New York. On Friday evenings it is shown at 7:30PM on WLIW, channel 21 and on Saturday mornings at 8AM on WNET, channel 13.
October 2008 articles
USA Today|"401(k) losses: Older investors' retirement funds hit hard"|October 31, 2008
Jack VanDerhei, RIHM professor, was recently quoted in USA Today. If they don't have a pension plan and are relying only on a 401(k), the bear market will cut their retirement income by 13.4% to 17.7%, according to analysis by Jack VanDerhei, research director of the Employee Benefit Research Institute.
http://www.usatoday.com/money/perfi/retirement/2008-10-30-retirement-401k-funds-stocks-savings_N.htm
LA Times|"Market downturn shatters faith in stocks"|October 22, 2008
Jack VanDerhei, RIHM professor, was quoted in an article in the LA Times about the stock market.
Sun-Sentinel.com, FL |"The Savings Game: Your investment strategies must evolve"|October 26, 2008
Jack VanDerhei, RIHM professor, was quoted in an article dealing with retirement and savings. While such high allocations to stocks can be OK for younger workers, "it is less certain that those approaching retirement would receive similar recommendations," Jack VanDerhei, EBRI research director, told the House Education and Labor committee this month.
http://www.sun-sentinel.com/business/sfl-flzsave1027sboct27,0,7811576.story
Poughkeepsie Journal, NY|"To ease pain, plan to invest for the long haul"|October 26, 2008
Jack VanDerhei, RIHM professor, was recently quoted in an article that discussed retirement. The only prediction Jack VanDerhei, research director of the nonpartisan Employee Benefit Research Institute, would make about a stock rebound is this: It always has eventually. There are "no guarantees that we are going to have something within a person's life span that will get back to levels it had been," he said. "But if you look at 10-year intervals over the past, typically that's always been the situation."
http://www.poughkeepsiejournal.com/article/20081026/NEWS01/810260345
USA Today|"More companies may end 401(k) match"|October 29, 2008
RIHM professor, Jack VanDerhei, talked about companies ending their 401(k) match plans for employees in a USA Today article. The match is easy to junk because it is essentially a form of profit-sharing by a company, says Jack VanDerhei, research director of the Employee Benefit Research Institute, a Washington think tank.
http://www.usatoday.com/money/perfi/retirement/2008-10-28-pension-401k-match-ending_N.htm?csp=34
WUSA|"More Companies May Drop 401(k) Matches"|October 29, 2008
RIHM professor, Jack VanDerhei, appeared on a TV program to discuss 401(k) plans.
http://www.wusa9.com/news/local/story.aspx?storyid=77726&catid=187
Forbes|"Should a demand for change include 401(k) plans?"|October 30, 2008
Forbes magazine quoted Jack VanDerhei in a story about 401(K) plans.
http://www.forbes.com/feeds/ap/2008/10/30/ap5627671.html
New York Times|"Working Longer as Jobs Contract"|October 22, 2008
Jack VanDerhei, RIHM professor, was quoted in an article in the New York Times that discussed retirement. Jack L. VanDerhei, research director of the Employee Benefit Research Institute, said workers would be making a big mistake if they became so frightened of 401(k)’s that they did not take full advantage of their employer’s 401(k) match. “That,” he said, “would be leaving money on the table.”
USA TODAY|"Social Security recipients to get a raise in 2009"|October 17, 2008
Jack VanDerhei, RIHM professor, was quoted in an article in USA Today that discussed some long awaited good news for retirees. While the increase looks dramatic, "They're going to give retirees just enough to compensate for what inflation is doing to them anyway," says Jack VanDerhei, a fellow at the Employee Benefit Research Institute.
Washington Post|"Retirement Savings Lose $2 Trillion in 15 Months"|October 8, 2008
Americans' retirement plans have lost $2 trillion in the last 15 months. Employees between the ages of 56 and 65 who had the fewest years on the job were the least affected, while those 36 to 45 years old with the longest tenures suffered the steepest declines, said Jack L. VanDerhei of Temple's Fox School of Business.
Recent media hits for EBRI's national 401(k) projection model
Newspapers:
Washington Post (10/8/08) - "Retirement Savings Lose $2 Trillion in 15 Months"
Wichita Eagle (10/8/08) - "401(k)s, Pension Funds Lose $2 Trillion"
Seattle Times (10/8/08) - "Market Losses Take $2 Trillion Out of Retirement Savings"
San Diego Union Tribune (10/10/08) - "Retirement Hopes Deflate in Tumble"
Wall Street Journal (10/11/08) - "Crisis on Wall Street: Statement Shock Hits 401(k)s"
Washington Post (10/12/08) - "Retirement Wreck: Are 401(k)s Still Viable for Saving?"
Charleston Daily Mail (10/13/08) - "Market Swings Affect 401(k)s"
Boston Herald (10/19/08) - "Baby Boomers Go Bust As Retirement Savings Tank"
Providence Journal (10/22/08) - "Slide in Stocks Means Baby Boomers Have Lost a Big Chunk of Their Nest Egg"
Austin American-Statesman (10/26/08) - "Financial Chaos Undermines Security of 401(k) Plans"
Wall Street Journal (11/3/08) - "Investing in Funds: A Monthly Analysis - Financial Crisis Highlights Shortcomings of 401(k) Plans"
The Memphis Daily News (11/4/08) - "Meltdown Highlights Shortcomings of 401(k) Plans"
Fort Worth Star Telegram (11/9/08) - "Is the 401(k) a Failed Experiment?"
Los Angeles Times (11/16/08) - "Calls Grow to Overhaul 401(k) Retirement Plans"
Harrisonburg Daily News Record (12/29/08) - "401(k) Holders Advised to Sit Tight, Hold On"
Wall Street Journal (1/8/09) - "Big Slide in 401(k)s Spurs Calls for Change"
The Oregonian (1/10/09) - "What To Do When the Nest Egg Cracks"
News Service:
Reuters (1/22/09) - "US Lawmakers to Mull Reforms for Shrunken 401(k)s": This article appeared in guardian.co.uk (1/22/09); Alibaba.com
Periodicals:
U.S. News & World Report (10/8/08) - "Retirement Savers Lost $2 Trillion in the Stock Market"
Forbes (10/15/08) - "Rebuilding a Scrambled Nest Egg"
Global Pensions (10/20/08) - "DC to Remain Dominant Despite Downturn"
Plan Adviser (12/2/08) - "Younger 401(k) Participants Saw Account Balance Hike in Downturn"
Web Sites:
OpEdNews.com (10/15/08) - "The Approaching 401(k) Tsunami Following the Stock Quake"
ConsumerAffairs.com (10/16/08) - "Retirement Postponed for More Americans"
CNBC.com (10/22/08) - "Managing Retirement Savings in Volatile Markets"
Bankrate.com (10/22/08) - "Managing Retirement Savings in Down Markets"
MidwestBusiness.com (11/5/08) - "Older Workers Rethinking Retirement Plans; How to Find, Keep a Job Today"
Financial News USA (11/14/08) - "Multiple Crises Sabotage Retirement Plans"
Tampabay.com (1/8/09) - "After Market Drubbing, 401(k) Reconsidered"
Wednesday, July 09, 2008
The Expected Impact of Automatic Escalation of 401(k) Contributions on Retirement Income
Abstract: The Pension Protection Act (PPA) of 2006 allows employers to automatically enroll workers in the company's 401(k) plan and to automatically increase a worker's 401(k) contribution to coincide with a raise or a work anniversary -- though the employee can decline both enrollment and the increase. To qualify for nondiscrimination protections, automatic (or default) contributions must be at least 3 percent in the first year and increase regularly. The provision was added in an attempt to boost 401(k) accounts, the primary vehicle for worker retirement savings. This paper uses data from the 2007 Retirement Confidence Survey (RCS), fielded several months after the enactment of PPA, which asked workers how high they would allow their default 401(k) contributions to go. The result is a first approximation for the expected impact of automatic escalation under the PPA safe harbors for a number of different assumptions about worker and employer reactions.
Keywords: 401(k) plans, Employment-based benefits, Pension plan contributions, Retirement income
JEL Classifications: D91, J26, J33
Accepted Paper Series
Suggested Citation
VanDerhei, Jack, "The Expected Impact of Automatic Escalation of 401(k) Contributions on Retirement Income" . EBRI Notes, Vol. 28, No. 9, September 2007 Available at SSRN: http://ssrn.com/abstract=1015547
Keywords: 401(k) plans, Employment-based benefits, Pension plan contributions, Retirement income
JEL Classifications: D91, J26, J33
Accepted Paper Series
Suggested Citation
VanDerhei, Jack, "The Expected Impact of Automatic Escalation of 401(k) Contributions on Retirement Income" . EBRI Notes, Vol. 28, No. 9, September 2007 Available at SSRN: http://ssrn.com/abstract=1015547
The Impact of PPA on Retirement Savings for 401(K) Participants
Abstract: This paper simulates (under several assumptions) the likely impact of 401(k) plan sponsors switching from voluntary enrollment systems to automatic enrollment designs with automatic escalation of contributions for a significant portion of workers (not just current 401(k) participants or those eligible to participate). This analysis indicates that even under the most conservative assumptions for auto-escalation of contributions, switching 401(k) plans to auto-enrollment is likely to have a very significant positive impact in generating additional retirement savings for many workers, especially for low-income workers. When results are aggregated across all income categories, the increase in the value of 401(k) accumulations at age 65 as a multiple of final earnings for those currently ages 25-29 would be approximately 2.4 to 2.6 times final salary by switching from voluntary enrollment to automatic enrollment. Although the aggregate results favor automatic enrollment, distributional analysis of the differences between the two systems indicates that the higher paid are not likely to benefit as much from such a change. The median 401(k) accumulations for the lowest-income quartile of these workers (assuming all 401(k) plans were voluntary enrollment) would only be 0.1 times final earnings at age 65 (this is largely due to the fact that 41 percent of workers - as opposed to participants - were assumed to have zero balances at age 65). However, if all 401(k) plans are assumed to be using the auto-enrollment provisions under PPA, the median 401(k) accumulations for the lowest-income quartile jumps to 2.5 times final earnings under the most conservative assumptions and 4.5 times final earnings under the most beneficial assumptions. Even for the top 25 percent of these workers (when ranked by 401(k) accumulations as a multiple of final earnings), there are large increases: the multiple under a voluntary enrollment scenario is 1.8 times final earnings, whereas auto-enrollment provides multiples ranging from 6.5 to 10.4, depending on auto-escalation of contributions. Comparing income replacement targets generated in previous EBRI work with these simulated 401(k) accumulations shows that, even with the large increases that can be expected for many workers under the safe harbor auto-enrollment plans introduced by PPA, and with current-law Social Security benefits, additional resources will still be needed for some of them.
Keywords: Employment-based benefits, Pension plan coverage, Pension plan design, Retirement income, Savings
JEL Classifications: J26, J33
Accepted Paper Series
Suggested Citation
VanDerhei, Jack and Copeland, Craig, "The Impact of PPA on Retirement Savings for 401(K) Participants" . EBRI Issue Brief No. 318 Available at SSRN: http://ssrn.com/abstract=1152392
Keywords: Employment-based benefits, Pension plan coverage, Pension plan design, Retirement income, Savings
JEL Classifications: J26, J33
Accepted Paper Series
Suggested Citation
VanDerhei, Jack and Copeland, Craig, "The Impact of PPA on Retirement Savings for 401(K) Participants" . EBRI Issue Brief No. 318 Available at SSRN: http://ssrn.com/abstract=1152392
Sunday, June 15, 2008
Retirement confidence dropping dramatically: Workers finally may be waking up to retirement's realities, but they still aren't taking action to ensure
Benefit News, June 15, 2008, 664 words, Lynn Gresham
Wednesday, June 04, 2008
June 2008 articles
U.S. News & World Report"Health costs after 65: ouch, even with Medicare"June 4, 2008
Sunday, June 01, 2008
Monday, April 14, 2008
Wednesday, April 09, 2008
Tuesday, February 12, 2008
401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2006
Abstract: Over the past two decades, 401(k) plans have grown to be the most widespread private-sector employer-sponsored retirement plan in the United States, and now serve as the most popular defined contribution (DC) plan, representing the largest number of participants and assets. In 2006, 50 million American workers were active 401(k) plan participants. By year-end 2006, 401(k) plan assets had grown to represent 16 percent of all retirement assets, with $2.7 trillion in assets. In an ongoing collaborative effort, the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) collect annual data on millions of 401(k) plan participants as a means to accurately portray how these participants manage their accounts. This paper serves as an update of EBRI and ICI's ongoing research into 401(k) plan participants' activity through year-end 2006. The report is divided into five sections: The first describes the EBRI/ICI 401(k) database; the second focuses on changes in participant account balances over time, analyzing a group of consistent 401(k) participants; the third presents a snapshot of participant account balances at year-end 2006; the fourth looks at participants' asset allocations; and the fifth looks at participants' 401(k) loan activity.
Keywords: 401(k) plans, Asset allocation, Employment-based benefits, Pension plan assets, Pension plan loans, Retirement plans, Self-directed investments
JEL Classifications: D31, G11, J26
Accepted Paper Series
Suggested Citation
VanDerhei, Jack, Holden, Sarah, Copeland, Craig and Alonso, Luis, "401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2006" . EBRI Issue Brief, No. 308, August 2007 Available at SSRN: http://ssrn.com/abstract=1005379
Keywords: 401(k) plans, Asset allocation, Employment-based benefits, Pension plan assets, Pension plan loans, Retirement plans, Self-directed investments
JEL Classifications: D31, G11, J26
Accepted Paper Series
Suggested Citation
VanDerhei, Jack, Holden, Sarah, Copeland, Craig and Alonso, Luis, "401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2006" . EBRI Issue Brief, No. 308, August 2007 Available at SSRN: http://ssrn.com/abstract=1005379
Who is Ready for Retirement, How Ready, and How Can We Know?
Research Report
Sophie Korczyk, Ph.D
January 2008
Monday, January 28, 2008
Friday, January 25, 2008
Thursday, January 17, 2008
Wednesday, January 09, 2008
DREAMS ABOUT RETIRING WITHER
St. Petersburg Times (Florida), April 9, 2008 Wednesday, BUSINESS; Pg. 1D, 642 words, HELEN HUNTLEY, Personal Finance Editor
Friday, December 14, 2007
Monday, December 10, 2007
REDRAWING THE ROUTE TO RETIREMENT
Business Week, December 10, 2007, Personal Business -- Retirement Plans; Pg. 78, 1650 words, By Anne Tergesen
Wednesday, November 28, 2007
Thursday, November 22, 2007
An Alternative to Annuities For Retirees Seeking Income
The New York Times, November 22, 2007 Thursday, Section C; Column 0; Business/Financial Desk; Pg. 3, 1284 words, By JANE BIRNBAUM
Friday, October 12, 2007
Monday, October 01, 2007
Thursday, September 27, 2007
Monday, September 24, 2007
Six steps you can take to financial prosperity
USA TODAY, September 24, 2007 Monday, MONEY; Pg. 7B, 1674 words
Monday, September 17, 2007
Automatic contribution increases to benefit poorest
Pensions and Investments, September 17, 2007, DEFINED CONTRIBUTION; Pg. 53, 385 words, Doug Halonen
Wednesday, September 12, 2007
Friday, September 07, 2007
When the markets are volatile, your 401(k) plan can be a loyal friend
The Boston Globe, September 7, 2007 Friday, BUSINESS; Pg. C6, 639 words, Humberto Cruz - Humberto Cruz is a columnist for the South Florida Sun-Sentinel. He can be reached at AskHumberto@aol.com
Saturday, September 01, 2007
DB plan freezes lose momentum, while DC saving rates rise
Employee Benefit News, September 1, 2007, 371 words, Editorial Staff
On the bandwagon: Auto-enrollment, Roth 401(k)s gain momentum with employersEmployee
Benefit News, September 1, 2007, 689 words, Lydell C. Bridgeford
Monday, August 06, 2007
Thrift Savings Plan Looks Good at 20
The Washington Post, August 6, 2007 Monday, FINANCIAL; Pg. D01, 900 words, Stephen Barr
Wednesday, August 01, 2007
Friday, July 13, 2007
These five mistakes can cost you in the 401(k) game
USA TODAY, July 13, 2007 Friday, MONEY; Pg. 3B, 1452 words, Christine Dugas
Friday, June 01, 2007
tbf 1990- june 2007
2. Pension plan lowers costs for employersThe Washington Times, February 23, 1990, Friday, Final Edition, Part C; MONEY; Pg. C1, 1117 words, Stephen Goldstein; THE WASHINGTON TIMES
5. Airline Troubles Pinch Pension Insurance FundChristian Science Monitor (Boston, MA), March 1, 1991, Friday, ECONOMY; Pg. 8, 792 words, Mark Trumbull, Staff writer of The Christian Science Monitor
7. Do You Know Where Your Nest Egg Is?The Washington Times, April 19, 1993, Monday, Final Edition, Part COVER STORY; Pg. 06, 3370 words, Tom Dunkel; INSIGHT
9. Special Tax Breaks Enrich Savings Of Many in the Ranks of ManagementThe New York Times, October 13, 1996, Sunday, Late Edition - Final, Section 1; Page 1; Column 1; Business/Financial Desk , 6131 words, By CHRISTOPHER DREW and DAVID CAY JOHNSTON
10. MANY DECRY PROPOSED SOCIAL SECURITY SHIFTS / LETTING WORKERS INVEST SOME TAX DOLLARS IN STOCKS AND BONDS COULD RAISE RETURNS - OR SPELL RUIN.The Philadelphia Inquirer, APRIL 6, 1998 Monday SF EDITION, NATIONAL; Pg. A01, 1367 words, R.A. Zaldivar, INQUIRER WASHINGTON BUREAU
14. MONEY MATTERS / ECONOMIC PRINCIPALS / DAVID WARSH; HIGH NOONThe Boston Globe, April 9, 2000, Sunday, 1061 words, By David Warsh
15. Redefined Retirements; Today's Plans Put Workers on the Hook for Their BenefitsThe Washington Post, January 28, 2001 Sunday, FINANCIAL; Pg. H2, 1047 words, Albert B. Crenshaw, Washington Post Staff Writer
17. Sinking stocks scramble nest eggsUSA TODAY, March 26, 2001, Monday,, 1730 words, Christine Dugas
19. Enron retirees tell how savings melted; A Senate panel looks at ways to protect workers and investors holding company stock in 401(k)s.The Philadelphia Inquirer, December 19, 2001 Wednesday CITY-D EDITION, BUSINESS; Pg. D06, 573 words, Ken Moritsugu INQUIRER WASHINGTON BUREAU
20. 401(k) Changes Go Unheeded The New York Times, December 19, 2001 Wednesday, Section C; Column 2; Business/Financial Desk; Pg. 18, 245 words, By DAVIDCAY JOHNSTON
21. Enron's Creative ObscurityThe Washington Post, December 19, 2001 Wednesday, EDITORIAL; Pg. A39, 1018 words, Robert J. Samuelson
22. Shaky 401(k) plans need shoring upUSA TODAY, December 28, 2001, Friday,, 1725 words, Christine Dugas
23. More 401(k) debacles are a real worry; To avoid Enron-type disasters, experts stress diversifying.The Philadelphia Inquirer, January 18, 2002 Friday CITY-D EDITION, NATIONAL; Pg. A01, 858 words, Tony Pugh INQUIRER WASHINGTON BUREAU
24. ECONOMIC VIEW; Sweetening Pensions At a Cost To WorkersThe New York Times, February 17, 2002 Sunday, Section 3; Column 5; Money and Business/Financial Desk; Pg. 4, 725 words, By DAVID LEONHARDT
25. SAVING; Socking It Away Amid Red TapeThe New York Times, March 12, 2002 Tuesday, Section G; Column 1; Retirement; Pg. 4, 1385 words, By DAVID CAY JOHNSTON
26. Pension Change Puts the Burden On the Worker The New York Times, April 5, 2002 Friday, Section A; Column 1; Business/Financial Desk; Pg. 1, 1782 words, By EDWARD WYATT
27. Pension Changes Pose ChallengesThe Washington Post, May 5, 2002 Sunday, FINANCIAL; Pg. H01, 2033 words, Albert B. Crenshaw, Washington Post Staff Writer
28. Lovely Parting Gifts; As Executives' Severance Packages Grow, So Does CriticismThe Washington Post, June 5, 2002 Wednesday, FINANCIAL; Pg. E01, 1129 words, a Washington Post Staff Writer
29. Unlimited options: 401(k) plan investment choices continue to proliferate, yet too few participants take advantage of their options for optimum asset managementEmployee Benefit News, July 1, 2002, 1095 words, Craig Gunsauley
30. Salary freezes have long-term consequencesUSA TODAY, July 19, 2002, Friday,, 603 words, Anne Tergesen; BusinessWeek
31. Retirement crisis looms as many come up shortUSA TODAY, July 19, 2002, Friday,, 2360 words, Christine Dugas
32. Playing Catch-Up When Your Salary StallsBusiness Week, July 29, 2002, BUSINESSWEEK INVESTOR; Retirement Guide: USA Today; Number 3793; Pg. 92, 777 words, By Anne Tergesen
33. Burned!Newsweek, August 19, 2002,, BUSINESS; Pg. 24, 3195 words, By Jane Bryant Quinn; Reported by Temma Ehrenfeld, Joan Raymond, Debra Rosenberg, Tamara Lipper, Karen Springen and Ana Figueroa
34. The Most Important Thing About 401(k)s Is Having One in the First PlaceThe Washington Post, November 10, 2002 Sunday, FINANCIAL; CASH FLOW ALBERT B. CRENSHAW; Pg. H04, 1125 words, Albert B. Crenshaw
35. Pension backer has $3.6B shortfallUSA TODAY, January 31, 2003, Friday,, 480 words, Christine Dugas
36. U.S. Pension Agency Goes $11 Billion in Red; PBGC Hurt by Failing Plans Acquired in '02The Washington Post, January 31, 2003 Friday Correction Appended, FINANCIAL; Pg. E01, 1006 words, Albert B. Crenshaw, Washington Post Staff Writer
37. Savings plans still have legsPhiladelphia Inquirer, March 18, 2003 Tuesday CITY-D EDITION, BUSINESS; Pg. E01, 1110 words, By Wendy Tanaka; Inquirer Staff Writer
38. Savings plans still have legs; Hold on to 401(k)s, experts tell investorsThe Philadelphia Inquirer, MARCH 18, 2003 Tuesday CITY-D EDITION, BUSINESS; Pg. E01, 1192 words, Wendy Tanaka INQUIRER STAFF WRITER
39. DECISIONS; Do You Want Your Money All at Once or Bit by Bit Forever?The New York Times, March 18, 2003 Tuesday, Section G; Column 1; Retirement; Pg. 12, 1083 words, By STEPHANIE MENCIMER
40. Americans are managing, despite weaker portfoliosThe Philadelphia Inquirer, MAY 12, 2003 Monday ADVANCE EDITION, BUSINESS-RETIREMENT GUIDE; Pg. F01, 1376 words, Todd Mason INQUIRER STAFF WRITER
41. Not too young to start planning; Workers in their 20s need to set up accounts for retirement as soon as they can, experts warn.The Philadelphia Inquirer, MAY 12, 2003 Monday ADVANCE EDITION, BUSINESS-RETIREMENT GUIDE; Pg. F05, 1079 words, Wendy Tanaka INQUIRER STAFF WRITER
42. Easing up on company stock; Surveys show more firms are teaching retirement savers dangers of relying too heavily on one asset. Firms changing how they match pension fundsThe Philadelphia Inquirer, JULY 8, 2003 Tuesday CITY-D EDITION, BUSINESS; Pg. E01, 1097 words, Todd Mason INQUIRER STAFF WRITER
43. Low interest rates can translate into higher lump-sum paymentsUSA TODAY, August 8, 2003, Friday,, 344 words, Christine Dugas
44. Many retirees select lump sumUSA TODAY, August 8, 2003, Friday,, 913 words, Christine Dugas
45. Switching for Good ReasonThe Washington Post, September 4, 2003 Thursday, EDITORIAL; Pg. A20, 202 words
46. Feeding the 401(k), Even in Bad TimesThe Washington Post, September 14, 2003 Sunday, FINANCIAL; CASH FLOW ALBERT B. CRENSHAW; Pg. F04, 962 words, Albert B. Crenshaw
47. Fighting 401(k) phobia; Workers need expert advice, but firms fear offering it.The Philadelphia Inquirer, NOVEMBER 10, 2003 Monday CITY-D EDITION, BUSINESS-RETIREMENT GUIDE; Pg. C01, 1456 words, Todd Mason INQUIRER STAFF WRITER
48. A Lost Retirement Dream for Boomers?The Washington Post, December 7, 2003 Sunday, Financial; F04 , CASH FLOW Albert B. Crenshaw, 1151 words, Albert B. Crenshaw
49. Retirement needs outpace Americans' savings habitsEmployee Benefit News, February 1, 2004, 930 words, Jill Elswick
50. Getting a leg up on long-term careEmployee Benefit News, February 1, 2004, 398 words, David Albertson, Editor
51. Mr. 401(k) returns to his roots; Father of 401(k) has new business Ted Benna spawned a $1.5 trillion market. His new firm runs plans for small businesses.The Philadelphia Inquirer, MARCH 19, 2004 Friday CITY-D EDITION, BUSINESS; Pg. C01, 592 words, Todd Mason INQUIRER STAFF WRITER
52. Corning Shows Risk of Betting Fortune on EmployerThe New York Times, April 11, 2004 Sunday, Section 1; Column 2; Metropolitan Desk; Second Front; Pg. 29; All the Nest Eggs in One Company Basket, 1535 words, By JOHN LELAND
53. On Their Own, in the Same BoatThe New York Times, April 13, 2004 Tuesday, Section G; Column 1; Retirement; Pg. 1; LOOKING AHEAD, 1898 words, By MARY DUENWALD and BERNARD STAMLER
54. Benefits Bust; No Job-Paid Health, No Pension and More Time to Miss ThemThe Washington Post, May 2, 2004 Sunday, Financial; F01, 1987 words, Albert B. Crenshaw, Washington Post Staff Writer
55. ERISA is having growing pains at 30Employee Benefit News, June 15, 2004, 845 words, Tom Anderson
56. Panicked? Not You, Not NowKiplinger's Personal Finance, November, 2004, 1521 words, James K. Glassman
57. Investmentreturns are down: Now what ?; Financial advisers say we have to increase our savings for retirement. Some firms are helping workers to do it.The Philadelphia Inquirer, NOVEMBER 8, 2004 Monday CITY-D EDITION, BUSINESS-RETIREMENT GUIDE; Pg. D01, 791 words, Todd Mason INQUIRER STAFF WRITER
58. Saving early for retirementUSA TODAY, February 11, 2005, Friday,, 1134 words, John Waggoner
59. Are you saving too much for retirement?Christian Science Monitor (Boston, MA), July 18, 2005, Monday, FEATURES; WORK & MONEY; Pg. 14, 695 words, By Randy Dotinga Correspondent of The Christian Science Monitor
60. Looking to Locate The Comfort ZoneThe Washington Post, July 24, 2005 Sunday, Financial; F01, 1991 words, Albert B. Crenshaw, Washington Post Staff Writer
61. Bankrupt Bosses Can't Touch 401(k)sKiplinger.com, August 15, 2005, 300 words, Kimberly Lankford, Kiplinger Washington Editors
62. Bankrupt Bosses Can't Touch 401(k)sKiplinger.com, August 15, 2005, 300 words, Kimberly Lankford, Kiplinger Washington Editors
63. Rule would encourage automatic 401(k) enrollmentUSA TODAY, August 22, 2005, Monday,, 480 words, Kathy Chu
64. Automatic enrollment in a 401(k) plan doesn't mean workers can ignore their savingsUSA TODAY, August 22, 2005, Monday,, 627 words, Kathy Chu
65. How Secure is My 401(k)?Kiplinger.com, September 1, 2005, 1033 words, Kimberly Lankford, Kiplinger Washington Editors
66. How Secure is My 401(k)?Kiplinger's Personal Finance, September, 2005, 1070 words, Kimberly Lankford
67. Taxed Beyond ReliefPhiladelphia Inquirer, October 4, 2005 Tuesday CITY-D EDITION, NATIONAL; BRIEF; Pg. A01, 1732 words, By Rita Giordano and Lini S. Kadaba; Inquirer Staff Writers
68. Putnam finds 401(k) savings rate key to growth; Urges a focus on getting employees to contributeInvestment News, October 10, 2005, NEWS; Pg. 24, 723 words, Rick Miller
69. More Companies Ending Promises For RetirementThe New York Times, January 9, 2006 Monday Correction Appended, Section A; Column 6; National Desk; Pg. 1, 1665 words, By MARY WILLIAMS WALSH
70. With pensions waning, workers save. Is it enough?Christian Science Monitor, January 19, 2006, Thursday, USA; Pg. 1, 920 words, Mark Trumbull Staff writer of The Christian Science Monitor
71. When Your Pension Is Frozen . . .The New York Times, January 22, 2006 Sunday, Section 4; Column 1; Week in Review Desk; THE NATION; Pg. 3, 901 words, By MARY WILLIAMS WALSH
72. Do the Math For Lost PensionsThe Washington Post, March 12, 2006 Sunday, Financial; F01 , CASH FLOW Albert B. Crenshaw, 1434 words, Albert B. Crenshaw
73. Older workers take the brunt of a DB freeze; EBRI finds yearly contributions would have to jump to as much as 18.6% to offset lossesPensions and Investments, March 20, 2006, NEWS; Pg. 39, 1076 words, Nicholas Braude
74. WAKE UP AND GET READY ! retirement requires planningDaily News (New York), April 4, 2006 Tuesday, BUSINESS; Pg. 49, 726 words, BY LORE CROGHAN DAILY NEWS BUSINESS WRITER
75. Optimism about pension prospects may not be realisticUSA TODAY, April 4, 2006 Tuesday, MONEY; Pg. 2B, 793 words, Sandra Block
76. BIZ BABBLEDaily News (New York), April 8, 2006 Saturday, BUSINESS; Pg. 67, 376 words
77. Save YourselfThe New York Times, April 11, 2006 Tuesday, Section G; Column 1; Retirement; ON THEIR OWN: ESSAY; Pg. 1, 1500 words, By DAVID LEONHARDT; Suzanne MacNeille wrote the profiles and contributed reporting for the main article.. David Leonhardt writes an economics column that appears on Wednesdays in the Business Day section of The Times.
78. Workers are underfunded, unprepared for retirement; Their assumptions are "not particularly realistic," survey showsInvestment News, April 24, 2006, NEWS; Pg. 34, 680 words, Charles Paikert
79. There's been a change of plans: Employees must alter retirement planning course to recoup frozen DB accrualsEmployee Benefit News, May 1, 2006, 670 words, Kelley M. Butler
80. Shift from DB: Will smaller advisers fit in?; Smaller firms consider advising plan participants time consuming, expensiveInvestment News, May 8, 2006, NEWS; Pg. 2, 1034 words, Lisa Shidler
81. Hedge Your Bets; The collapse of Enron shows the perils of putting your nest egg into just one basket.Newsweek, June 5, 2006, JANE BRYANT QUINN; Pg. 31, 826 words, By Jane Bryant Quinn; Reporter Associate: Temma Ehrenfeld
82. Study: 43% not saving enough to retire wellUSA TODAY, June 7, 2006 Wednesday, MONEY; Pg. 2B, 471 words, Kathy Chu
83. Retirement calculators can help you prepare for the future; They can be complex, though, and results varyUSA TODAY, June 30, 2006 Friday, MONEY; Pg. 3B, 1143 words, Christine Dugas
84. A Requiem For Pensions; I want to speak up for the value of corporate pension plans, which are slowly slipping away. The country hardly seems to care.Newsweek, July 3, 2006, JANE BRYANT QUINN; Pg. 53, 826 words, Jane Bryant Quinn; Reporter Associate: Temma Ehrenfeld
85. Tax breaks: Removing uncertainty may expand money-saving offerings by companiesUSA TODAY, August 7, 2006 Monday, MONEY; Pg. 4B, 404 words, Kathy Chu
86. Bill would affect many savings plans; Providers: Plan operators could gain edge over competitorsThe Philadelphia Inquirer, August 8, 2006 Tuesday, BUSINESS; Pg. D01, 80 words, Benjamin Y. Lowe, Inquirer Staff Writer
87. Bill would affect many savings plans; Providers: Plan operators could gain edge over competitorsThe Philadelphia Inquirer, August 8, 2006 Tuesday, BUSINESS; Pg. D01, 80 words, Benjamin Y. Lowe, Inquirer Staff Writer
88. Retirement, SqueezedTechNews, 2202 words, Kathleen Day; Washington Post Staff Writer
89. Retirement, Squeezed; As Traditional Plans Decline, Workers Face a Less Certain FutureThe Washington Post, September 17, 2006 Sunday Correction Appended, Financial; F01, 2187 words, Kathleen Day, Washington Post Staff Writer
90. Retirement, Squeezed; As Traditional Plans Decline, Workers Face a Less Certain FutureTechNews, September 17, 2006 Sunday 3:55 AM GMT, BUSINESS; Personalfinance; Pg. F01, 2169 words, By Kathleen Day, Washington Post Staff Writer
91. VISIONS OF THE GOLDEN YEARS DIM AS PENSION PROMISES FADEThe Boston Globe, September 17, 2006 Sunday, METRO/REGION; Pg. A1, 4297 words, BY ROBERT GAVIN, GLOBE STAFF
92. Plan to live a little longer within your retirement means; Rising life expectancy and health care costs are causing retirees to reassess how much they'll need, JILIAN MINCER writesThe Globe and Mail (Canada), September 30, 2006 Saturday, REPORT ON BUSINESS: GLOBE INVESTOR PERSONAL; Pg. B13, 1030 words, JILIAN MINCER, Dow Jones Newswires
93. HANDLE WITH CARE. Loan from retirement savings may keep you working longerDaily News (New York), December 29, 2006 Friday, BUSINESS; Pg. 47, 624 words, BY LORE CROGHAN DAILY NEWS BUSINESS WRITER
94. RETIREMENT STRATEGIES DON'T ADD UPSt. Petersburg Times (Florida), April 11, 2007 Wednesday Correction Appended, BUSINESS; Pg. 1D, 833 words, HELEN HUNTLEY, Times Personal Finance Editor
5. Airline Troubles Pinch Pension Insurance FundChristian Science Monitor (Boston, MA), March 1, 1991, Friday, ECONOMY; Pg. 8, 792 words, Mark Trumbull, Staff writer of The Christian Science Monitor
7. Do You Know Where Your Nest Egg Is?The Washington Times, April 19, 1993, Monday, Final Edition, Part COVER STORY; Pg. 06, 3370 words, Tom Dunkel; INSIGHT
9. Special Tax Breaks Enrich Savings Of Many in the Ranks of ManagementThe New York Times, October 13, 1996, Sunday, Late Edition - Final, Section 1; Page 1; Column 1; Business/Financial Desk , 6131 words, By CHRISTOPHER DREW and DAVID CAY JOHNSTON
10. MANY DECRY PROPOSED SOCIAL SECURITY SHIFTS / LETTING WORKERS INVEST SOME TAX DOLLARS IN STOCKS AND BONDS COULD RAISE RETURNS - OR SPELL RUIN.The Philadelphia Inquirer, APRIL 6, 1998 Monday SF EDITION, NATIONAL; Pg. A01, 1367 words, R.A. Zaldivar, INQUIRER WASHINGTON BUREAU
14. MONEY MATTERS / ECONOMIC PRINCIPALS / DAVID WARSH; HIGH NOONThe Boston Globe, April 9, 2000, Sunday, 1061 words, By David Warsh
15. Redefined Retirements; Today's Plans Put Workers on the Hook for Their BenefitsThe Washington Post, January 28, 2001 Sunday, FINANCIAL; Pg. H2, 1047 words, Albert B. Crenshaw, Washington Post Staff Writer
17. Sinking stocks scramble nest eggsUSA TODAY, March 26, 2001, Monday,, 1730 words, Christine Dugas
19. Enron retirees tell how savings melted; A Senate panel looks at ways to protect workers and investors holding company stock in 401(k)s.The Philadelphia Inquirer, December 19, 2001 Wednesday CITY-D EDITION, BUSINESS; Pg. D06, 573 words, Ken Moritsugu INQUIRER WASHINGTON BUREAU
20. 401(k) Changes Go Unheeded The New York Times, December 19, 2001 Wednesday, Section C; Column 2; Business/Financial Desk; Pg. 18, 245 words, By DAVIDCAY JOHNSTON
21. Enron's Creative ObscurityThe Washington Post, December 19, 2001 Wednesday, EDITORIAL; Pg. A39, 1018 words, Robert J. Samuelson
22. Shaky 401(k) plans need shoring upUSA TODAY, December 28, 2001, Friday,, 1725 words, Christine Dugas
23. More 401(k) debacles are a real worry; To avoid Enron-type disasters, experts stress diversifying.The Philadelphia Inquirer, January 18, 2002 Friday CITY-D EDITION, NATIONAL; Pg. A01, 858 words, Tony Pugh INQUIRER WASHINGTON BUREAU
24. ECONOMIC VIEW; Sweetening Pensions At a Cost To WorkersThe New York Times, February 17, 2002 Sunday, Section 3; Column 5; Money and Business/Financial Desk; Pg. 4, 725 words, By DAVID LEONHARDT
25. SAVING; Socking It Away Amid Red TapeThe New York Times, March 12, 2002 Tuesday, Section G; Column 1; Retirement; Pg. 4, 1385 words, By DAVID CAY JOHNSTON
26. Pension Change Puts the Burden On the Worker The New York Times, April 5, 2002 Friday, Section A; Column 1; Business/Financial Desk; Pg. 1, 1782 words, By EDWARD WYATT
27. Pension Changes Pose ChallengesThe Washington Post, May 5, 2002 Sunday, FINANCIAL; Pg. H01, 2033 words, Albert B. Crenshaw, Washington Post Staff Writer
28. Lovely Parting Gifts; As Executives' Severance Packages Grow, So Does CriticismThe Washington Post, June 5, 2002 Wednesday, FINANCIAL; Pg. E01, 1129 words, a Washington Post Staff Writer
29. Unlimited options: 401(k) plan investment choices continue to proliferate, yet too few participants take advantage of their options for optimum asset managementEmployee Benefit News, July 1, 2002, 1095 words, Craig Gunsauley
30. Salary freezes have long-term consequencesUSA TODAY, July 19, 2002, Friday,, 603 words, Anne Tergesen; BusinessWeek
31. Retirement crisis looms as many come up shortUSA TODAY, July 19, 2002, Friday,, 2360 words, Christine Dugas
32. Playing Catch-Up When Your Salary StallsBusiness Week, July 29, 2002, BUSINESSWEEK INVESTOR; Retirement Guide: USA Today; Number 3793; Pg. 92, 777 words, By Anne Tergesen
33. Burned!Newsweek, August 19, 2002,, BUSINESS; Pg. 24, 3195 words, By Jane Bryant Quinn; Reported by Temma Ehrenfeld, Joan Raymond, Debra Rosenberg, Tamara Lipper, Karen Springen and Ana Figueroa
34. The Most Important Thing About 401(k)s Is Having One in the First PlaceThe Washington Post, November 10, 2002 Sunday, FINANCIAL; CASH FLOW ALBERT B. CRENSHAW; Pg. H04, 1125 words, Albert B. Crenshaw
35. Pension backer has $3.6B shortfallUSA TODAY, January 31, 2003, Friday,, 480 words, Christine Dugas
36. U.S. Pension Agency Goes $11 Billion in Red; PBGC Hurt by Failing Plans Acquired in '02The Washington Post, January 31, 2003 Friday Correction Appended, FINANCIAL; Pg. E01, 1006 words, Albert B. Crenshaw, Washington Post Staff Writer
37. Savings plans still have legsPhiladelphia Inquirer, March 18, 2003 Tuesday CITY-D EDITION, BUSINESS; Pg. E01, 1110 words, By Wendy Tanaka; Inquirer Staff Writer
38. Savings plans still have legs; Hold on to 401(k)s, experts tell investorsThe Philadelphia Inquirer, MARCH 18, 2003 Tuesday CITY-D EDITION, BUSINESS; Pg. E01, 1192 words, Wendy Tanaka INQUIRER STAFF WRITER
39. DECISIONS; Do You Want Your Money All at Once or Bit by Bit Forever?The New York Times, March 18, 2003 Tuesday, Section G; Column 1; Retirement; Pg. 12, 1083 words, By STEPHANIE MENCIMER
40. Americans are managing, despite weaker portfoliosThe Philadelphia Inquirer, MAY 12, 2003 Monday ADVANCE EDITION, BUSINESS-RETIREMENT GUIDE; Pg. F01, 1376 words, Todd Mason INQUIRER STAFF WRITER
41. Not too young to start planning; Workers in their 20s need to set up accounts for retirement as soon as they can, experts warn.The Philadelphia Inquirer, MAY 12, 2003 Monday ADVANCE EDITION, BUSINESS-RETIREMENT GUIDE; Pg. F05, 1079 words, Wendy Tanaka INQUIRER STAFF WRITER
42. Easing up on company stock; Surveys show more firms are teaching retirement savers dangers of relying too heavily on one asset. Firms changing how they match pension fundsThe Philadelphia Inquirer, JULY 8, 2003 Tuesday CITY-D EDITION, BUSINESS; Pg. E01, 1097 words, Todd Mason INQUIRER STAFF WRITER
43. Low interest rates can translate into higher lump-sum paymentsUSA TODAY, August 8, 2003, Friday,, 344 words, Christine Dugas
44. Many retirees select lump sumUSA TODAY, August 8, 2003, Friday,, 913 words, Christine Dugas
45. Switching for Good ReasonThe Washington Post, September 4, 2003 Thursday, EDITORIAL; Pg. A20, 202 words
46. Feeding the 401(k), Even in Bad TimesThe Washington Post, September 14, 2003 Sunday, FINANCIAL; CASH FLOW ALBERT B. CRENSHAW; Pg. F04, 962 words, Albert B. Crenshaw
47. Fighting 401(k) phobia; Workers need expert advice, but firms fear offering it.The Philadelphia Inquirer, NOVEMBER 10, 2003 Monday CITY-D EDITION, BUSINESS-RETIREMENT GUIDE; Pg. C01, 1456 words, Todd Mason INQUIRER STAFF WRITER
48. A Lost Retirement Dream for Boomers?The Washington Post, December 7, 2003 Sunday, Financial; F04 , CASH FLOW Albert B. Crenshaw, 1151 words, Albert B. Crenshaw
49. Retirement needs outpace Americans' savings habitsEmployee Benefit News, February 1, 2004, 930 words, Jill Elswick
50. Getting a leg up on long-term careEmployee Benefit News, February 1, 2004, 398 words, David Albertson, Editor
51. Mr. 401(k) returns to his roots; Father of 401(k) has new business Ted Benna spawned a $1.5 trillion market. His new firm runs plans for small businesses.The Philadelphia Inquirer, MARCH 19, 2004 Friday CITY-D EDITION, BUSINESS; Pg. C01, 592 words, Todd Mason INQUIRER STAFF WRITER
52. Corning Shows Risk of Betting Fortune on EmployerThe New York Times, April 11, 2004 Sunday, Section 1; Column 2; Metropolitan Desk; Second Front; Pg. 29; All the Nest Eggs in One Company Basket, 1535 words, By JOHN LELAND
53. On Their Own, in the Same BoatThe New York Times, April 13, 2004 Tuesday, Section G; Column 1; Retirement; Pg. 1; LOOKING AHEAD, 1898 words, By MARY DUENWALD and BERNARD STAMLER
54. Benefits Bust; No Job-Paid Health, No Pension and More Time to Miss ThemThe Washington Post, May 2, 2004 Sunday, Financial; F01, 1987 words, Albert B. Crenshaw, Washington Post Staff Writer
55. ERISA is having growing pains at 30Employee Benefit News, June 15, 2004, 845 words, Tom Anderson
56. Panicked? Not You, Not NowKiplinger's Personal Finance, November, 2004, 1521 words, James K. Glassman
57. Investmentreturns are down: Now what ?; Financial advisers say we have to increase our savings for retirement. Some firms are helping workers to do it.The Philadelphia Inquirer, NOVEMBER 8, 2004 Monday CITY-D EDITION, BUSINESS-RETIREMENT GUIDE; Pg. D01, 791 words, Todd Mason INQUIRER STAFF WRITER
58. Saving early for retirementUSA TODAY, February 11, 2005, Friday,, 1134 words, John Waggoner
59. Are you saving too much for retirement?Christian Science Monitor (Boston, MA), July 18, 2005, Monday, FEATURES; WORK & MONEY; Pg. 14, 695 words, By Randy Dotinga Correspondent of The Christian Science Monitor
60. Looking to Locate The Comfort ZoneThe Washington Post, July 24, 2005 Sunday, Financial; F01, 1991 words, Albert B. Crenshaw, Washington Post Staff Writer
61. Bankrupt Bosses Can't Touch 401(k)sKiplinger.com, August 15, 2005, 300 words, Kimberly Lankford, Kiplinger Washington Editors
62. Bankrupt Bosses Can't Touch 401(k)sKiplinger.com, August 15, 2005, 300 words, Kimberly Lankford, Kiplinger Washington Editors
63. Rule would encourage automatic 401(k) enrollmentUSA TODAY, August 22, 2005, Monday,, 480 words, Kathy Chu
64. Automatic enrollment in a 401(k) plan doesn't mean workers can ignore their savingsUSA TODAY, August 22, 2005, Monday,, 627 words, Kathy Chu
65. How Secure is My 401(k)?Kiplinger.com, September 1, 2005, 1033 words, Kimberly Lankford, Kiplinger Washington Editors
66. How Secure is My 401(k)?Kiplinger's Personal Finance, September, 2005, 1070 words, Kimberly Lankford
67. Taxed Beyond ReliefPhiladelphia Inquirer, October 4, 2005 Tuesday CITY-D EDITION, NATIONAL; BRIEF; Pg. A01, 1732 words, By Rita Giordano and Lini S. Kadaba; Inquirer Staff Writers
68. Putnam finds 401(k) savings rate key to growth; Urges a focus on getting employees to contributeInvestment News, October 10, 2005, NEWS; Pg. 24, 723 words, Rick Miller
69. More Companies Ending Promises For RetirementThe New York Times, January 9, 2006 Monday Correction Appended, Section A; Column 6; National Desk; Pg. 1, 1665 words, By MARY WILLIAMS WALSH
70. With pensions waning, workers save. Is it enough?Christian Science Monitor, January 19, 2006, Thursday, USA; Pg. 1, 920 words, Mark Trumbull Staff writer of The Christian Science Monitor
71. When Your Pension Is Frozen . . .The New York Times, January 22, 2006 Sunday, Section 4; Column 1; Week in Review Desk; THE NATION; Pg. 3, 901 words, By MARY WILLIAMS WALSH
72. Do the Math For Lost PensionsThe Washington Post, March 12, 2006 Sunday, Financial; F01 , CASH FLOW Albert B. Crenshaw, 1434 words, Albert B. Crenshaw
73. Older workers take the brunt of a DB freeze; EBRI finds yearly contributions would have to jump to as much as 18.6% to offset lossesPensions and Investments, March 20, 2006, NEWS; Pg. 39, 1076 words, Nicholas Braude
74. WAKE UP AND GET READY ! retirement requires planningDaily News (New York), April 4, 2006 Tuesday, BUSINESS; Pg. 49, 726 words, BY LORE CROGHAN DAILY NEWS BUSINESS WRITER
75. Optimism about pension prospects may not be realisticUSA TODAY, April 4, 2006 Tuesday, MONEY; Pg. 2B, 793 words, Sandra Block
76. BIZ BABBLEDaily News (New York), April 8, 2006 Saturday, BUSINESS; Pg. 67, 376 words
77. Save YourselfThe New York Times, April 11, 2006 Tuesday, Section G; Column 1; Retirement; ON THEIR OWN: ESSAY; Pg. 1, 1500 words, By DAVID LEONHARDT; Suzanne MacNeille wrote the profiles and contributed reporting for the main article.. David Leonhardt writes an economics column that appears on Wednesdays in the Business Day section of The Times.
78. Workers are underfunded, unprepared for retirement; Their assumptions are "not particularly realistic," survey showsInvestment News, April 24, 2006, NEWS; Pg. 34, 680 words, Charles Paikert
79. There's been a change of plans: Employees must alter retirement planning course to recoup frozen DB accrualsEmployee Benefit News, May 1, 2006, 670 words, Kelley M. Butler
80. Shift from DB: Will smaller advisers fit in?; Smaller firms consider advising plan participants time consuming, expensiveInvestment News, May 8, 2006, NEWS; Pg. 2, 1034 words, Lisa Shidler
81. Hedge Your Bets; The collapse of Enron shows the perils of putting your nest egg into just one basket.Newsweek, June 5, 2006, JANE BRYANT QUINN; Pg. 31, 826 words, By Jane Bryant Quinn; Reporter Associate: Temma Ehrenfeld
82. Study: 43% not saving enough to retire wellUSA TODAY, June 7, 2006 Wednesday, MONEY; Pg. 2B, 471 words, Kathy Chu
83. Retirement calculators can help you prepare for the future; They can be complex, though, and results varyUSA TODAY, June 30, 2006 Friday, MONEY; Pg. 3B, 1143 words, Christine Dugas
84. A Requiem For Pensions; I want to speak up for the value of corporate pension plans, which are slowly slipping away. The country hardly seems to care.Newsweek, July 3, 2006, JANE BRYANT QUINN; Pg. 53, 826 words, Jane Bryant Quinn; Reporter Associate: Temma Ehrenfeld
85. Tax breaks: Removing uncertainty may expand money-saving offerings by companiesUSA TODAY, August 7, 2006 Monday, MONEY; Pg. 4B, 404 words, Kathy Chu
86. Bill would affect many savings plans; Providers: Plan operators could gain edge over competitorsThe Philadelphia Inquirer, August 8, 2006 Tuesday, BUSINESS; Pg. D01, 80 words, Benjamin Y. Lowe, Inquirer Staff Writer
87. Bill would affect many savings plans; Providers: Plan operators could gain edge over competitorsThe Philadelphia Inquirer, August 8, 2006 Tuesday, BUSINESS; Pg. D01, 80 words, Benjamin Y. Lowe, Inquirer Staff Writer
88. Retirement, SqueezedTechNews, 2202 words, Kathleen Day; Washington Post Staff Writer
89. Retirement, Squeezed; As Traditional Plans Decline, Workers Face a Less Certain FutureThe Washington Post, September 17, 2006 Sunday Correction Appended, Financial; F01, 2187 words, Kathleen Day, Washington Post Staff Writer
90. Retirement, Squeezed; As Traditional Plans Decline, Workers Face a Less Certain FutureTechNews, September 17, 2006 Sunday 3:55 AM GMT, BUSINESS; Personalfinance; Pg. F01, 2169 words, By Kathleen Day, Washington Post Staff Writer
91. VISIONS OF THE GOLDEN YEARS DIM AS PENSION PROMISES FADEThe Boston Globe, September 17, 2006 Sunday, METRO/REGION; Pg. A1, 4297 words, BY ROBERT GAVIN, GLOBE STAFF
92. Plan to live a little longer within your retirement means; Rising life expectancy and health care costs are causing retirees to reassess how much they'll need, JILIAN MINCER writesThe Globe and Mail (Canada), September 30, 2006 Saturday, REPORT ON BUSINESS: GLOBE INVESTOR PERSONAL; Pg. B13, 1030 words, JILIAN MINCER, Dow Jones Newswires
93. HANDLE WITH CARE. Loan from retirement savings may keep you working longerDaily News (New York), December 29, 2006 Friday, BUSINESS; Pg. 47, 624 words, BY LORE CROGHAN DAILY NEWS BUSINESS WRITER
94. RETIREMENT STRATEGIES DON'T ADD UPSt. Petersburg Times (Florida), April 11, 2007 Wednesday Correction Appended, BUSINESS; Pg. 1D, 833 words, HELEN HUNTLEY, Times Personal Finance Editor
Wednesday, April 11, 2007
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Thursday, March 16, 2006
Recent Changes in U.S. Family Finances: Evidence from the 2001 and 2004 Survey of Consumer Finances (444 KB PDF)Reviews changes in the income and wealth of U.S. families between 2001 and 2004. The discussion draws on data from the Federal Reserve Board's triennial Survey of Consumer Finances for those years and also uses evidence from earlier years of the survey to place the 2001-04 changes in a broader context.
March 2006 #291 - "Defined Benefit Plan Freezes: Who's Affected, How Much, and Replacing Lost Accurals"
July 2005 #283 - "The Influence of Automatic Enrollment, Catch-Up, and IRA Contributions on 401(k) Accumulations at Retirement"
Do the Math For Lost Pensions (The Washington Post)By Albert B. Crenshaw, Page F08, March 12, 2006As company after company across the country freezes or terminates traditional pensions, typically at the same time shifting to new or sweetened......
Sunday, April 03, 2005
Tuesday, August 10, 2004
Sunday, April 11, 2004
Wednesday, January 28, 2004
Thursday, December 18, 2003
Thursday, June 12, 2003
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