With millions of US households personally directing their retirement savings, the Investment
Company Institute (ICI) has sought to track retirement savers’ actions1 and sentiment.
This report, the 10th in this series, summarizes results from a survey of American adults,
weighted to be representative of US households by age, income, region, and education level.
The survey was designed by ICI research staff and administered by the GfK Group using the
KnowledgePanel®, a proprietary, probability-based web panel.2 This report presents survey
results that reflect households’ responses collected during December 2017.3
The survey polled respondents about their views on defined contribution (DC) retirement
account saving and their confidence in 401(k) and other DC plan accounts. Survey responses
indicated that households value the discipline and investment opportunity that 401(k) plans
represent and that households were largely opposed to changing the tax preferences or
investment control in those accounts. A majority of households also affirmed a preference for
control of their retirement accounts and opposed proposals to require retirement accounts to be
converted into a fair contract promising them income for life from either the government or an
insurance company
This document is the 2006 annual report for Fannie Mae. It includes a letter to shareholders from the CEO, Daniel H. Mudd, summarizing the company's financial performance for 2005-2006. Key points include net income of $6.3 billion in 2005 and $4.1 billion in 2006, earnings per share of $6.01 in 2005 and $3.65 in 2006, and a mortgage credit book of business that grew 7% to $2.5 trillion in 2006. The report discusses challenges from restating past financials and rebuilding internal controls and governance.
This document is the quarterly report filed by the Federal National Mortgage Association (Fannie Mae) with the United States Securities and Exchange Commission for the quarterly period ended March 31, 2007. It includes Fannie Mae's unaudited condensed consolidated financial statements and notes, as well as management's discussion and analysis of financial condition and results of operations. The report provides information on Fannie Mae's business segments, financial position and performance, liquidity and capital resources, risk management, and accounting policies.
plains all american pipeline 2007 10-K Part 2finance13
- The company maintains various types of insurance that it considers adequate to cover its operations and properties, though insurance does not cover every potential risk and is subject to deductibles.
- The overall trend in the environmental insurance industry has been a contraction in available coverage while costs, deductibles, and retention levels have increased. As a result, the company anticipates it will elect to self-insure more activities or incorporate higher retentions.
- The occurrence of a significant uninsured or underinsured event, or a party failing to meet indemnification obligations, could materially and adversely affect operations and financial condition.
This document is a financial supplement from Genworth Financial for the fourth quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $13.3 billion as of December 31, 2006.
- Book value per common share of $30.09 as of the end of the fourth quarter.
- Return on equity (ROE) of 11% for full year 2006 on a GAAP basis.
The supplement also provides detailed segment financial results, investment portfolio information, and other selected financial data for Genworth.
This document is Fannie Mae's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2008. It includes Fannie Mae's unaudited condensed consolidated financial statements and notes, as well as management's discussion and analysis of financial condition and results of operations. Some key details include:
- Fannie Mae reported a net loss of $1.5 billion for the first quarter of 2008, compared to net income of $1.6 billion for the same period in 2007.
- Net interest income decreased by $0.4 billion compared to the first quarter of 2007, primarily due to higher debt funding costs and lower yields on mortgage loans and investments.
- Credit-
The City of Alamo Heights is considering issuing $5 million in General Obligation Refunding Bonds to refund $4.9 million of outstanding General Obligation Bonds from 2012 in order to achieve debt service savings. The refunding bonds would have similar interest rates and maturity dates as the outstanding 2012 bonds. The City Council will vote on an ordinance authorizing the refunding bonds and delegating authority to certain officials to finalize the bond sale terms and achieve at least 3.5% net present value savings from the refunding.
goldman sachs Second Quarter 2008 Form 10-Q finance2
The document is Goldman Sachs' quarterly report filed with the SEC for the fiscal quarter ended May 30, 2008. It includes Goldman Sachs' condensed consolidated financial statements such as statements of earnings, financial condition, changes in shareholders' equity, and cash flows for the relevant periods. The report also provides details on Goldman Sachs' business segments, revenues, expenses, assets, liabilities, and shareholder information for the quarter.
- The document is a quarterly report filed by the Federal National Mortgage Association (Fannie Mae) with the United States Securities and Exchange Commission for the quarterly period ended September 30, 2007.
- It includes Fannie Mae's condensed consolidated financial statements and notes for the period, as well as management's discussion and analysis of financial condition and results of operations.
- The report provides information on Fannie Mae's business segments, financial position and performance for the period in compliance with SEC reporting requirements.
This document is the 2006 annual report for Fannie Mae. It includes a letter to shareholders from the CEO, Daniel H. Mudd, summarizing the company's financial performance for 2005-2006. Key points include net income of $6.3 billion in 2005 and $4.1 billion in 2006, earnings per share of $6.01 in 2005 and $3.65 in 2006, and a mortgage credit book of business that grew 7% to $2.5 trillion in 2006. The report discusses challenges from restating past financials and rebuilding internal controls and governance.
This document is the quarterly report filed by the Federal National Mortgage Association (Fannie Mae) with the United States Securities and Exchange Commission for the quarterly period ended March 31, 2007. It includes Fannie Mae's unaudited condensed consolidated financial statements and notes, as well as management's discussion and analysis of financial condition and results of operations. The report provides information on Fannie Mae's business segments, financial position and performance, liquidity and capital resources, risk management, and accounting policies.
plains all american pipeline 2007 10-K Part 2finance13
- The company maintains various types of insurance that it considers adequate to cover its operations and properties, though insurance does not cover every potential risk and is subject to deductibles.
- The overall trend in the environmental insurance industry has been a contraction in available coverage while costs, deductibles, and retention levels have increased. As a result, the company anticipates it will elect to self-insure more activities or incorporate higher retentions.
- The occurrence of a significant uninsured or underinsured event, or a party failing to meet indemnification obligations, could materially and adversely affect operations and financial condition.
This document is a financial supplement from Genworth Financial for the fourth quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $13.3 billion as of December 31, 2006.
- Book value per common share of $30.09 as of the end of the fourth quarter.
- Return on equity (ROE) of 11% for full year 2006 on a GAAP basis.
The supplement also provides detailed segment financial results, investment portfolio information, and other selected financial data for Genworth.
This document is Fannie Mae's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2008. It includes Fannie Mae's unaudited condensed consolidated financial statements and notes, as well as management's discussion and analysis of financial condition and results of operations. Some key details include:
- Fannie Mae reported a net loss of $1.5 billion for the first quarter of 2008, compared to net income of $1.6 billion for the same period in 2007.
- Net interest income decreased by $0.4 billion compared to the first quarter of 2007, primarily due to higher debt funding costs and lower yields on mortgage loans and investments.
- Credit-
The City of Alamo Heights is considering issuing $5 million in General Obligation Refunding Bonds to refund $4.9 million of outstanding General Obligation Bonds from 2012 in order to achieve debt service savings. The refunding bonds would have similar interest rates and maturity dates as the outstanding 2012 bonds. The City Council will vote on an ordinance authorizing the refunding bonds and delegating authority to certain officials to finalize the bond sale terms and achieve at least 3.5% net present value savings from the refunding.
goldman sachs Second Quarter 2008 Form 10-Q finance2
The document is Goldman Sachs' quarterly report filed with the SEC for the fiscal quarter ended May 30, 2008. It includes Goldman Sachs' condensed consolidated financial statements such as statements of earnings, financial condition, changes in shareholders' equity, and cash flows for the relevant periods. The report also provides details on Goldman Sachs' business segments, revenues, expenses, assets, liabilities, and shareholder information for the quarter.
- The document is a quarterly report filed by the Federal National Mortgage Association (Fannie Mae) with the United States Securities and Exchange Commission for the quarterly period ended September 30, 2007.
- It includes Fannie Mae's condensed consolidated financial statements and notes for the period, as well as management's discussion and analysis of financial condition and results of operations.
- The report provides information on Fannie Mae's business segments, financial position and performance for the period in compliance with SEC reporting requirements.
This document provides information about payout annuities. Payout annuities allow individuals to convert savings into a guaranteed stream of retirement income. There are various types of annuities that offer lifetime payments, joint lifetime payments, or guaranteed payments for a set period. The payments can be customized in terms of amount, frequency, inflation protection, and beneficiary benefits. The document also outlines the tax treatment of annuity payments and death benefits. Payout annuities can provide individuals with secure retirement income and protection against market risks.
This letter summarizes a document that is a notice for Baxter International Inc.'s 2002 Annual Meeting of Stockholders. The meeting will be held on May 7, 2002 at the Drury Lane Theatre in Oakbrook Terrace, Illinois. The meeting will begin at 10:30am and registration will start at 9:00am. Stockholders will vote on electing four directors, ratifying the appointment of the independent accountants, approving an increase in authorized shares of common stock, approving Baxter's Officer Incentive Compensation Plan, and a stockholder proposal regarding cumulative voting. Stockholders are encouraged to vote by proxy even if planning to attend.
This report analyzes data from a national survey of human service nonprofits regarding their contracts and grants with government agencies. It finds that government agencies have approximately 200,000 formal agreements with about 33,000 human service nonprofits. On average each nonprofit has six contracts or grants, though the median is three. Government funding accounts for over 65% of total revenue for these nonprofits. The report also finds that many nonprofits faced problems in their relationships with government funders, such as contracts not covering full costs, complex reporting requirements, and late payments, which were exacerbated by the recession and led nonprofits to cut salaries, lay off employees, and draw down reserves.
This document provides an overview of equity markets and the equity issuance process. It discusses the primary market where companies issue new shares to raise capital. When a company conducts its initial public offering of shares, it is issuing shares in the primary market for the first time to list on an exchange and become public. The document outlines the various parties involved in an IPO, such as investment bankers who help structure and market the offering. It also describes the book building and fixed price methods for conducting an offering. Overall, the primary market allows companies to raise funds by issuing new shares and list on an exchange, while the secondary market provides liquidity for existing shareholders.
The document provides an overview of the Home Buyers' Plan (HBP) which allows eligible individuals to withdraw up to $20,000 from their registered retirement savings plans to purchase or construct a qualifying home. Key conditions for participating in the HBP include entering into an agreement to buy or build a home, intending to occupy the home as your principal residence, and repaying withdrawals within 15 years. The document outlines the eligibility rules and repayment requirements in detail.
This document is a financial supplement providing quarterly financial results for Genworth Financial, Inc. for 3Q 2008. It includes sections on net income, net operating income by business segment, balance sheets, investment portfolio details, and non-GAAP financial measures reconciliations. New metrics were added this quarter to provide more transparency into financial trends for the International and U.S. Mortgage Insurance segments.
- The document is a letter inviting shareholders to Rockwell Automation's 2008 Annual Meeting. It provides details on the date, time, and location of the meeting, and informs shareholders that they will be voting on electing two directors, selecting an independent accounting firm, and approving a long-term incentives plan. Shareholders are encouraged to vote by proxy, either electronically or by mail, and must own shares as of the record date to attend and vote at the meeting.
Cambridge O level
Accounting
Principles of Accounting
7110
7707
Correction of Errors
Correction of Accounting errors
with Past papers and model papers
by
Sanjaya Jayasundara
Wtzapp: +94712545001
The document is the proxy statement for L-3 Communications Holdings, Inc.'s 2007 Annual Meeting of Stockholders. It provides information on the meeting such as the date, time, and location. It invites stockholders to attend and notifies them that proposals up for vote include the election of directors and ratification of the independent accounting firm. The proxy statement also provides details on director nominations, executive compensation, audit committee matters, and other standard annual meeting business. Stockholders are encouraged to vote by proxy.
This document provides a summary of contents and overview of a manual about the laws, regulations, and contracts related to the financial crisis. It contains 9 chapters that describe the various government interventions and programs implemented in response to the crisis. These include the Federal Reserve's emergency lending powers, the Emergency Economic Stabilization Act, the Capital Purchase Program for injecting capital into banks, and oversight bodies like the Special Inspector General for TARP. The manual aims to explain the legal frameworks and technical details behind the unprecedented measures taken during the financial crisis.
Jeffrey Allen is requesting a $21,577 loan to pay off two existing 401(k) loans. Paying off these loans would allow him to take out a new $35,000 401(k) loan. He would use these funds to repay the $21,577 loan, install a new roof for $8,000, and invest $2,000 and $1,500 in a new business and music recording. Any remaining funds would cover lost income until he teaches again in the winter. Allen believes paying existing loans and taking a new 401(k) loan carries risks but leaves him able to repay the requested loan and fund home and business investments.
The banking sector in Botswana has evolved significantly over time. Historically, it was dominated by Barclays and Standard Chartered banks. In the 1980s, reforms aimed to encourage competition by liberalizing bank licensing and introducing market-based monetary policy. This led to the entry of several new banks in the early 1990s, doubling the number of commercial banks. Meanwhile, several government-owned financial institutions played an important role in development lending. Overall, reforms have increased competition and efficiency in the banking sector.
This document provides an overview of Botswana's financial sector as of 2009/2010. It discusses the evolution and structure of the banking sector, which has grown significantly over the past few decades to become an important part of the economy. The regulatory framework and key institutions governing the financial sector are also outlined. The report examines trends in the banking industry as well as the development of Botswana's non-bank financial sector, including capital markets, pensions, insurance, and other lenders. It concludes by identifying several important issues facing the future of Botswana's financial system.
This document is Agilent Technologies' notice of its 2005 annual meeting of stockholders, which includes the proxy statement and annual report. The annual meeting will be held on March 1, 2005 to elect directors, ratify the appointment of PricewaterhouseCoopers LLP as the independent auditor, and approve amendments to Agilent's performance-based compensation plan for employees. Stockholders as of January 3, 2005 are entitled to vote. Admission to the annual meeting requires an admission ticket and photo ID.
This document is a notice and proxy statement for Foot Locker's 2008 annual meeting. It notifies shareholders that the meeting will be held on May 21, 2008 at 9:00 AM at Foot Locker's headquarters in New York. Shareholders as of March 28, 2008 can vote. Items to be voted on include electing two directors, ratifying the appointment of the accounting firm KPMG LLP, and approving an incentive compensation plan. Shareholders are encouraged to vote in advance through proxy voting.
The document is a letter from the President and CEO of Agilent Technologies inviting shareholders to attend the company's annual meeting on February 27, 2007. It provides details on admission to the meeting, how to participate virtually, how to vote, and encourages shareholders to vote. It also includes the notice of annual meeting and proxy statement which lists the proposals to be voted on, provides information on the board, executive compensation, and other matters related to the annual meeting.
- MetLife's 2008 Annual Meeting will be held on April 22, 2008 at the St. Regis Hotel in New York City.
- Shareholders will vote on electing five Class III Directors and ratifying the appointment of Deloitte & Touche LLP as the independent auditor for 2008.
- Shareholders can vote by proxy, mail, internet, telephone or in person at the meeting. Instructions for voting are included on the proxy card.
Analysis of International Funding to Tackle IWThasita
This document analyzes international funding to tackle illegal wildlife trade from 2010-2016. It finds that total commitments increased from $100 million to over $500 million annually in that period. Major donors include the US, UK, EU, Germany, and Norway. Funding was allocated across Africa and Asia, with top recipient countries including Tanzania, Kenya, Nepal, and Vietnam. Funding supported interventions like anti-poaching, alternative livelihoods, and demand reduction campaigns. The report provides recommendations to strengthen coordination and targeting of funding.
This document is a financial supplement from Genworth Financial for the second quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $12.21 billion as of June 30, 2006.
- Book value per common share of $26.84 as of June 30, 2006.
- Return on equity of 10.8% for the twelve months ended June 30, 2006 on a GAAP basis and 11.1% on an operating basis.
- Weighted average shares used in basic EPS calculations was 455.8 million for the second quarter of 2006.
This document is a financial supplement from Genworth Financial for the second quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $12.21 billion as of June 30, 2006.
- Book value per common share of $26.84 as of June 30, 2006.
- Return on equity of 10.8% for the twelve months ended June 30, 2006 on a GAAP basis and 11.1% on an operating basis.
- Weighted average shares used in basic EPS calculations was 455.8 million for the second quarter of 2006.
This document contains Metso's annual financial statements and Board of Directors' report for 2017. It includes four sections - the Board of Directors' report, consolidated financial statements, parent company financial statements under Finnish accounting standards, and investor information.
The Board report indicates orders and sales grew in 2017 but profitability declined due to challenges in mining projects and ramping up services. A new organizational structure with 7 business areas was implemented.
The consolidated financial statements provide details on Metso's financial performance for 2017 including segment reporting, income statements, balance sheets, cash flows, and notes on accounting policies.
The parent company financial statements are prepared according to Finnish accounting standards.
The investor information section covers risks, governance
This document is a financial supplement from Genworth Financial for the fourth quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $13.3 billion as of December 31, 2006.
- Book value per common share of $30.09 as of the end of the fourth quarter.
- Return on equity (ROE) of 11% for full year 2006 on a GAAP basis.
The supplement also provides detailed segment financial results, investment portfolio information, and other selected financial data for Genworth.
This document provides information about payout annuities. Payout annuities allow individuals to convert savings into a guaranteed stream of retirement income. There are various types of annuities that offer lifetime payments, joint lifetime payments, or guaranteed payments for a set period. The payments can be customized in terms of amount, frequency, inflation protection, and beneficiary benefits. The document also outlines the tax treatment of annuity payments and death benefits. Payout annuities can provide individuals with secure retirement income and protection against market risks.
This letter summarizes a document that is a notice for Baxter International Inc.'s 2002 Annual Meeting of Stockholders. The meeting will be held on May 7, 2002 at the Drury Lane Theatre in Oakbrook Terrace, Illinois. The meeting will begin at 10:30am and registration will start at 9:00am. Stockholders will vote on electing four directors, ratifying the appointment of the independent accountants, approving an increase in authorized shares of common stock, approving Baxter's Officer Incentive Compensation Plan, and a stockholder proposal regarding cumulative voting. Stockholders are encouraged to vote by proxy even if planning to attend.
This report analyzes data from a national survey of human service nonprofits regarding their contracts and grants with government agencies. It finds that government agencies have approximately 200,000 formal agreements with about 33,000 human service nonprofits. On average each nonprofit has six contracts or grants, though the median is three. Government funding accounts for over 65% of total revenue for these nonprofits. The report also finds that many nonprofits faced problems in their relationships with government funders, such as contracts not covering full costs, complex reporting requirements, and late payments, which were exacerbated by the recession and led nonprofits to cut salaries, lay off employees, and draw down reserves.
This document provides an overview of equity markets and the equity issuance process. It discusses the primary market where companies issue new shares to raise capital. When a company conducts its initial public offering of shares, it is issuing shares in the primary market for the first time to list on an exchange and become public. The document outlines the various parties involved in an IPO, such as investment bankers who help structure and market the offering. It also describes the book building and fixed price methods for conducting an offering. Overall, the primary market allows companies to raise funds by issuing new shares and list on an exchange, while the secondary market provides liquidity for existing shareholders.
The document provides an overview of the Home Buyers' Plan (HBP) which allows eligible individuals to withdraw up to $20,000 from their registered retirement savings plans to purchase or construct a qualifying home. Key conditions for participating in the HBP include entering into an agreement to buy or build a home, intending to occupy the home as your principal residence, and repaying withdrawals within 15 years. The document outlines the eligibility rules and repayment requirements in detail.
This document is a financial supplement providing quarterly financial results for Genworth Financial, Inc. for 3Q 2008. It includes sections on net income, net operating income by business segment, balance sheets, investment portfolio details, and non-GAAP financial measures reconciliations. New metrics were added this quarter to provide more transparency into financial trends for the International and U.S. Mortgage Insurance segments.
- The document is a letter inviting shareholders to Rockwell Automation's 2008 Annual Meeting. It provides details on the date, time, and location of the meeting, and informs shareholders that they will be voting on electing two directors, selecting an independent accounting firm, and approving a long-term incentives plan. Shareholders are encouraged to vote by proxy, either electronically or by mail, and must own shares as of the record date to attend and vote at the meeting.
Cambridge O level
Accounting
Principles of Accounting
7110
7707
Correction of Errors
Correction of Accounting errors
with Past papers and model papers
by
Sanjaya Jayasundara
Wtzapp: +94712545001
The document is the proxy statement for L-3 Communications Holdings, Inc.'s 2007 Annual Meeting of Stockholders. It provides information on the meeting such as the date, time, and location. It invites stockholders to attend and notifies them that proposals up for vote include the election of directors and ratification of the independent accounting firm. The proxy statement also provides details on director nominations, executive compensation, audit committee matters, and other standard annual meeting business. Stockholders are encouraged to vote by proxy.
This document provides a summary of contents and overview of a manual about the laws, regulations, and contracts related to the financial crisis. It contains 9 chapters that describe the various government interventions and programs implemented in response to the crisis. These include the Federal Reserve's emergency lending powers, the Emergency Economic Stabilization Act, the Capital Purchase Program for injecting capital into banks, and oversight bodies like the Special Inspector General for TARP. The manual aims to explain the legal frameworks and technical details behind the unprecedented measures taken during the financial crisis.
Jeffrey Allen is requesting a $21,577 loan to pay off two existing 401(k) loans. Paying off these loans would allow him to take out a new $35,000 401(k) loan. He would use these funds to repay the $21,577 loan, install a new roof for $8,000, and invest $2,000 and $1,500 in a new business and music recording. Any remaining funds would cover lost income until he teaches again in the winter. Allen believes paying existing loans and taking a new 401(k) loan carries risks but leaves him able to repay the requested loan and fund home and business investments.
The banking sector in Botswana has evolved significantly over time. Historically, it was dominated by Barclays and Standard Chartered banks. In the 1980s, reforms aimed to encourage competition by liberalizing bank licensing and introducing market-based monetary policy. This led to the entry of several new banks in the early 1990s, doubling the number of commercial banks. Meanwhile, several government-owned financial institutions played an important role in development lending. Overall, reforms have increased competition and efficiency in the banking sector.
This document provides an overview of Botswana's financial sector as of 2009/2010. It discusses the evolution and structure of the banking sector, which has grown significantly over the past few decades to become an important part of the economy. The regulatory framework and key institutions governing the financial sector are also outlined. The report examines trends in the banking industry as well as the development of Botswana's non-bank financial sector, including capital markets, pensions, insurance, and other lenders. It concludes by identifying several important issues facing the future of Botswana's financial system.
This document is Agilent Technologies' notice of its 2005 annual meeting of stockholders, which includes the proxy statement and annual report. The annual meeting will be held on March 1, 2005 to elect directors, ratify the appointment of PricewaterhouseCoopers LLP as the independent auditor, and approve amendments to Agilent's performance-based compensation plan for employees. Stockholders as of January 3, 2005 are entitled to vote. Admission to the annual meeting requires an admission ticket and photo ID.
This document is a notice and proxy statement for Foot Locker's 2008 annual meeting. It notifies shareholders that the meeting will be held on May 21, 2008 at 9:00 AM at Foot Locker's headquarters in New York. Shareholders as of March 28, 2008 can vote. Items to be voted on include electing two directors, ratifying the appointment of the accounting firm KPMG LLP, and approving an incentive compensation plan. Shareholders are encouraged to vote in advance through proxy voting.
The document is a letter from the President and CEO of Agilent Technologies inviting shareholders to attend the company's annual meeting on February 27, 2007. It provides details on admission to the meeting, how to participate virtually, how to vote, and encourages shareholders to vote. It also includes the notice of annual meeting and proxy statement which lists the proposals to be voted on, provides information on the board, executive compensation, and other matters related to the annual meeting.
- MetLife's 2008 Annual Meeting will be held on April 22, 2008 at the St. Regis Hotel in New York City.
- Shareholders will vote on electing five Class III Directors and ratifying the appointment of Deloitte & Touche LLP as the independent auditor for 2008.
- Shareholders can vote by proxy, mail, internet, telephone or in person at the meeting. Instructions for voting are included on the proxy card.
Analysis of International Funding to Tackle IWThasita
This document analyzes international funding to tackle illegal wildlife trade from 2010-2016. It finds that total commitments increased from $100 million to over $500 million annually in that period. Major donors include the US, UK, EU, Germany, and Norway. Funding was allocated across Africa and Asia, with top recipient countries including Tanzania, Kenya, Nepal, and Vietnam. Funding supported interventions like anti-poaching, alternative livelihoods, and demand reduction campaigns. The report provides recommendations to strengthen coordination and targeting of funding.
This document is a financial supplement from Genworth Financial for the second quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $12.21 billion as of June 30, 2006.
- Book value per common share of $26.84 as of June 30, 2006.
- Return on equity of 10.8% for the twelve months ended June 30, 2006 on a GAAP basis and 11.1% on an operating basis.
- Weighted average shares used in basic EPS calculations was 455.8 million for the second quarter of 2006.
This document is a financial supplement from Genworth Financial for the second quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $12.21 billion as of June 30, 2006.
- Book value per common share of $26.84 as of June 30, 2006.
- Return on equity of 10.8% for the twelve months ended June 30, 2006 on a GAAP basis and 11.1% on an operating basis.
- Weighted average shares used in basic EPS calculations was 455.8 million for the second quarter of 2006.
This document contains Metso's annual financial statements and Board of Directors' report for 2017. It includes four sections - the Board of Directors' report, consolidated financial statements, parent company financial statements under Finnish accounting standards, and investor information.
The Board report indicates orders and sales grew in 2017 but profitability declined due to challenges in mining projects and ramping up services. A new organizational structure with 7 business areas was implemented.
The consolidated financial statements provide details on Metso's financial performance for 2017 including segment reporting, income statements, balance sheets, cash flows, and notes on accounting policies.
The parent company financial statements are prepared according to Finnish accounting standards.
The investor information section covers risks, governance
This document is a financial supplement from Genworth Financial for the fourth quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $13.3 billion as of December 31, 2006.
- Book value per common share of $30.09 as of the end of the fourth quarter.
- Return on equity (ROE) of 11% for full year 2006 on a GAAP basis.
The supplement also provides detailed segment financial results, investment portfolio information, and other selected financial data for Genworth.
Sgi U.S. Low Volatility Equity Fund Final Prospectus 2 29 12bsutton1
The document is a prospectus that summarizes the Summit Global Investments U.S. Low Volatility Equity Fund. It outlines the Fund's investment objective of outperforming the S&P 500 Index while reducing overall volatility. It describes the Fund's expenses and fees, including annual operating expenses of 1.93% for Class A shares that are reduced to 1.23% through March 2013 due to fee waivers. It also provides brief details on the Fund's investment strategies, risks, management and policies for purchasing and redeeming shares.
This document is Owens & Minor's 2008 proxy statement. It provides notice of the company's upcoming annual shareholder meeting to be held on April 25, 2008. The primary business of the meeting will be to elect six directors, approve amendments to declassify the board of directors, approve amendments to eliminate provisions authorizing a preferred stock series that is no longer outstanding, and ratify the appointment of KPMG LLP as the independent registered public accounting firm for 2008.
The document is a proxy statement from Weyerhaeuser Company announcing their 2008 annual meeting of shareholders. It provides details on the meeting such as date, time, location, agenda items which include electing directors and a shareholder proposal, as well as information for shareholders on attending and voting. The proxy statement includes sections on nominating directors, executive compensation, auditors, and procedures for future shareholder proposals. Shareholders are encouraged to vote by proxy prior to the meeting.
This document is Owens & Minor's 2007 proxy statement for its annual shareholder meeting. It provides information on the meeting such as the date, time, location and items to be voted on including electing two directors, approving a stock purchase plan, and ratifying an independent accounting firm. It gives details on corporate governance policies, executive compensation, stock ownership and other standard annual meeting topics. The primary purpose is to provide shareholders information to vote on matters related to the company.
This document is the 83rd Annual Report of the Bank for International Settlements (BIS) covering the period from 1 April 2012 to 31 March 2013. It contains six chapters that analyze the global economic and financial environment during that time period. The report finds that global economic growth remained weak during 2012-13. Central banks took actions like quantitative easing that boosted financial markets but long-term challenges remain regarding fiscal sustainability, structural rigidities in economies, and ensuring resilience in the banking sector. The report provides an overview of these issues and discusses policy approaches to addressing ongoing risks and roadblocks to stronger growth.
This document is the annual Global Venture Capital and Private Equity Country Attractiveness Index for 2009/2010 published by Alexander Groh and Heinrich Liechtenstein. It measures and ranks countries based on their attractiveness for venture capital and private equity investments. The index analyzes over 300 data points for many countries and calculates scores based on factors like market size, economic activity, capital market development, taxation, and legal protections. It finds the United States to be the most attractive country, followed by Canada, the UK, Israel, and India. The report also includes analysis of VC/PE activity and conditions in different global regions.
This document is a financial supplement from Genworth Financial for the fourth quarter of 2006. It includes sections on financial highlights, results by business segment, investments, and other financial data. Some key details include:
- Total stockholders' equity was $13.3 billion as of December 31, 2006. Book value per common share was $30.09.
- Return on equity was 11.1% for 2006 on a GAAP basis and 11.0% on an operating basis.
- Net income and various performance metrics are provided by segment, including Retirement and Protection, International, and U.S. Mortgage Insurance.
- Additional data on investments, deferred acquisition costs, and non-GA
This document is a financial supplement from Genworth Financial for the fourth quarter of 2006. It includes sections on financial highlights, results by business segment, investments, and other financial data. Some key details include:
- Total stockholders' equity was $13.3 billion as of December 31, 2006. Book value per common share was $30.09.
- Return on equity was 11.1% for 2006 on a GAAP basis and 11.0% on an operating basis.
- Net income and various performance metrics are provided by segment, including Retirement and Protection, International, and U.S. Mortgage Insurance.
- Additional data on investments, deferred acquisition costs, and non-GA
This document is an investor guide published by Entergy Corporation that provides statistics and financial information for the years 2001-2005 to support analysis of the company's performance. Entergy is an integrated energy company involved in electric power production and distribution with over $10 billion in annual revenues and approximately 14,500 employees across operations in several states. The guide includes select financial data, metrics, plant statistics, and other information for both Entergy Corporation as a whole and its individual business segments to help investors understand and evaluate the company's operations and results.
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4. Figures
FIGURE 1 Household Opinions of 401(k) and Similar Retirement Plan Accounts . . . . . . . . . . . . 5
FIGURE 2 Defined Contribution Account–Owning Households’ Views on the
Defined Contribution Savings Vehicle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
FIGURE 3 Household Opinions of Suggested Changes to Retirement Accounts . . . . . . . . . . . . . 9
FIGURE 4 Household Opinions of Suggested Changes to Retirement Accounts
Vary Somewhat with Age and Household Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
FIGURE 5 Households Agreeing with the Statement: Retirees should be able to
make their own decisions about how to manage their own retirement
assets and income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
FIGURE 6 Households Disagreeing with the Statement: The government should
require retirees to trade a portion of their retirement plan accounts for a
fair contract that promises to pay them income for life from an
insurance company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
FIGURE 7 Households Disagreeing with the Statement: The government should
require retirees to trade a portion of their retirement plan accounts for a
fair contract that promises to pay them income for life from the government. . . . . 15
FIGURE 8 Confidence That Defined Contribution Plan Accounts Can Help Individuals
Meet Retirement Goals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
FIGURE A1 Defined Contribution Account–Owning Households’ Views on the Defined
Contribution Savings Vehicle by Generation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
FIGURE A2 Household Opinions of Suggested Changes to Retirement Accounts
Vary Somewhat with Generation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
FIGURE A3 Primary Reason for Household Saving Varies with Generation, Age,
and Household Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
5. ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017 1
American Views on Defined
Contribution Plan Saving, 2017
Sarah Holden, ICI Senior Director of Retirement and Investor Research; Daniel Schrass, ICI
Associate Economist; Jason Seligman, ICI Senior Economist; and Michael Bogdan, ICI Associate
Economist; prepared this report.
Executive Summary
With millions of US households personally directing their retirement savings, the Investment
Company Institute (ICI) has sought to track retirement savers’ actions1 and sentiment.
This report, the 10th in this series, summarizes results from a survey of American adults,
weighted to be representative of US households by age, income, region, and education level.
The survey was designed by ICI research staff and administered by the GfK Group using the
KnowledgePanel®, a proprietary, probability-based web panel.2 This report presents survey
results that reflect households’ responses collected during December 2017.3
The survey polled respondents about their views on defined contribution (DC) retirement
account saving and their confidence in 401(k) and other DC plan accounts. Survey responses
indicated that households value the discipline and investment opportunity that 401(k) plans
represent and that households were largely opposed to changing the tax preferences or
investment control in those accounts. A majority of households also affirmed a preference for
control of their retirement accounts and opposed proposals to require retirement accounts to be
converted into a fair contract promising them income for life from either the government or an
insurance company.
6. 2 ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017
Views on Defined Contribution Plan Accounts
Households expressed favorable impressions of DC plan accounts in fall 2017:
»» Seventy-four percent of US households had favorable impressions of 401(k) and similar
retirement plan accounts in fall 2017, up from 70 percent in fall 2016, and similar to the
72 percent reporting a favorable impression in fall 2015.
»» Among households expressing an opinion, 93 percent had favorable impressions of
401(k) plans, with 48 percent agreeing that they had a “very favorable” impression.
Views on Features of Defined Contribution Plan Saving
Survey responses in fall 2017 indicated that households appreciate key features of DC plans, an
outcome that is similar to the previous survey results.
»» Nine out of 10 households with DC accounts agreed that these plans helped them
think about the long term and made it easier to save. Forty-eight percent of DC-owning
households indicated they probably would not be saving for retirement if not for
their DC plans. In addition, saving paycheck-by-paycheck made 83 percent of DC-
owning households surveyed less worried about the short-term performance of their
investments.4
»» More than eight in 10 DC-owning households said the tax treatment of their retirement
plans was a big incentive to contribute.
»» Nearly all households with DC accounts agreed that it was important to have choice in,
and control of, the investments in their DC plans. Eighty-three percent indicated that
their DC plan offered a good lineup of investment options.
Views on Proposed Changes to Defined Contribution Plan Accounts
In addition, households’ views on policy changes revealed a strong preference for preserving
retirement account features and flexibility.
»» A strong majority of US households disagreed with proposals to remove or reduce tax
incentives for retirement savings.
»» In fall 2017, 91 percent of households disagreed that the government should take away
the tax advantages of DC accounts, and 91 percent disagreed with reducing the amount
that individuals can contribute to DC accounts.
7. ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017 3
»» Support for DC account tax treatment also was widespread even among households not
owning DC accounts or individual retirement accounts (IRAs). In fall 2017, 85 percent
of households without DC accounts or IRAs rejected the idea of taking away the tax
treatment of DC accounts.
»» Nearly nine out of 10 households disagreed with the idea of not allowing individuals
to make investment decisions in their DC accounts, and 85 percent disagreed with
investing all retirement accounts in an investment option selected by a government-
appointed board of experts.
»» More than nine out of 10 households agreed that retirees should be able to make their
own decisions about how to manage their own retirement assets and income and more
than eight out of 10 households disagreed that retirees should be required to trade a
portion of their retirement accounts for a fair contract promising them income for life.
Confidence in Defined Contribution Plan Accounts
Households—whether they had retirement accounts or not—were confident in DC plans’ ability
to help individuals meet their retirement goals.
»» Among households owning DC accounts or IRAs, 84 percent indicated they were
confident that DC plan accounts could help people meet their retirement goals.
»» Among households not owning DC accounts or IRAs, 63 percent expressed confidence
that DC plan accounts can help people meet their retirement goals.
Introduction
IRAs and DC plan accounts5 have become a common feature of the US retirement landscape.
More than half of total US retirement assets are held in such accounts,6 and a majority of US
households have a portion of their assets invested in them.7 Given the rising importance of
retirement accounts, ICI conducted this survey to find out Americans’ views on their 401(k)
plans and their opinions on some proposed policy changes.
This is the 10th annual update of a survey research effort started in 2008–2009.8 This year’s
survey consists of answers to questions included in a series of national surveys that the GfK
Group fielded using the KnowledgePanel® in December 2017, covering a total sample of 2,009
adults in the United States. Survey results are weighted to be representative of US households
by age, income, region, and education level. The standard error for the 2016 sample is
± 2.2 percentage points at the 95 percent confidence level.
8. 4 ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017
This report sheds light on households’ views of 401(k) and similar DC plan accounts by
analyzing survey responses across four different areas of questioning:
»» whether respondents had favorable, unfavorable, or no opinions of DC plan accounts;
»» asking respondents to agree or disagree with statements evaluating the features of DC
account saving;
»» asking respondents to agree or disagree with some proposed changes to several key
features of DC accounts; and
»» asking respondents about their degree of confidence in DC accounts to help individuals
meet their retirement goals.
Views on Defined Contribution Plan Accounts
A majority of US households have favorable impressions of 401(k) and similar retirement
accounts. In fall 2017, 74 percent of US households had “very” or “somewhat” favorable
impressions of DC plan accounts—the highest proportion yet recorded—up from 70 percent
in fall 2016 and 72 percent in fall 2015 (Figure 1). Among households expressing an opinion,
93 percent had favorable impressions of 401(k) plans, with 48 percent expressing the strongest
positive response—a “very favorable” impression. Households owning DC accounts or IRAs
were more likely to express an opinion of DC account investing—86 percent of these households
indicated a favorable impression of such saving. Nevertheless, even among the non-owning
respondents, 86 percent of those who expressed an opinion had a favorable view (compared
with 93 percent with favorable opinions among account owners with opinions).
Views on Features of Defined Contribution Plan Saving
To understand the views that households with DC accounts have of 401(k) and other
participant-directed retirement plans, the survey explored a variety of characteristics of these
plans. Most DC account–owning households agreed that employer-sponsored retirement
accounts helped them “think about the long term, not just my current needs” (91 percent),
and that payroll deduction “makes it easier for me to save” (92 percent) (Figure 2). These
topline results were similar to the prior nine years of survey results.9 In addition, there was little
variation in responses across age and income groups.10
9. ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017 5
FIGURE 1
Household Opinions of 401(k) and Similar Retirement Plan Accounts
Percentage of US households by ownership status; fall, 2009–2011; November 2012–January 2013; fall, 2013–2017
Note: In 2009, the sample includes 1,976 DC- or IRA-owning households and 1,017 households not owning DC accounts or IRAs. In 2010, the
sample includes 1,977 DC- or IRA-owning households and 1,026 households not owning DC accounts or IRAs. In 2011, the sample includes 1,965
DC- or IRA-owning households and 1,022 households not owning DC accounts or IRAs. In 2012/2013, the sample includes 2,417 DC- or IRA-
owning households and 1,575 households not owning DC accounts or IRAs. In 2013, the sample includes 1,802 DC- or IRA-owning households and
1,189 households not owning DC accounts or IRAs. In 2014, the sample includes 1,855 DC- or IRA-owning households and 1,191 households not
owning DC accounts or IRAs. In 2015, the sample includes 1,915 DC- or IRA-owning households and 1,161 households not owning DC accounts or
IRAs. In 2016, the sample includes 1,299 DC- or IRA-owning households and 728 households not owning DC accounts or IRAs. In 2017, the sample
includes 1,302 DC- or IRA-owning households and 707 households not owning DC accounts or IRAs. The fall 2014, fall 2015, fall 2016, and fall
2017 surveys were online surveys; the prior surveys were conducted over the phone.
Source: ICI tabulation of GfK OmniTel survey data (fall, 2009–2011; November 2012–January 2013; fall 2013) and GfK KnowledgePanel®
OmniWeb survey data (fall, 2014–2017)
10. 6 ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017
Saving in employer-sponsored retirement plans (and IRAs) has certain tax advantages. For
example, the contributions that a worker makes to these plans typically reduce current taxable
income by the amount of the contribution. In addition, most types of retirement accounts
benefit from tax-deferred growth because taxes are not due until the individual withdraws
money from the account.11 Overall, 82 percent of DC-owning households agreed that the “tax
treatment of my retirement plan is a big incentive to contribute” (Figure 2). Agreement was high
across all age and income groups, although it tended to increase with age and was a bit higher
for households with incomes of $50,000 or more (84 percent), compared with households with
incomes below $50,000 (79 percent).
Saving from each paycheck into a retirement plan helps workers to continue investing in down
markets, dollar-cost average their investments, and benefit when stock and bond markets
recover. Respondents were asked whether “knowing that I’m saving from every paycheck
makes me less worried about the short-term performance of my investments.”12 A majority
(83 percent) agreed with that statement; ranging from 75 percent of households with incomes
of less than $30,000 to 86 percent of households with incomes of $100,000 or more (Figure 2).
Availability of a retirement plan at work facilitates saving. Nearly half (48 percent) of
households with DC accounts agreed with the statement: “I probably wouldn’t save for
retirement if I didn’t have a retirement plan at work” (Figure 2). Agreement was the highest
(59 percent) among households with incomes of less than $50,000, fell to 54 percent for
households with incomes between $50,000 and $99,999, and was the lowest (36 percent)
among households with incomes of $100,000 or more. These data do not suggest that higher-
income workers do not find their plans valuable—indeed, more than 90 percent of those making
$50,000 or more agreed with the sentiment, “my employer-sponsored retirement account
helps me think about the long term, not just my current needs.” The fact that higher-income
respondents were more likely to expect to save outside of a work plan offering is consistent
with other household survey information finding that this group typically lists retirement as
its most important savings goal.13 Because Social Security does not replace as much income
in retirement for higher-income households as it does for lower-income households, it is
necessary for middle- and upper-income households to have retirement savings to supplement
their Social Security benefits.14, 15
Households viewed the lineup of options in their DC plans favorably, with 83 percent of DC
account–owning households agreeing that their plans offer a good lineup of investment options
(Figure 2).16 Satisfaction with the lineup of investment options was high across all age and
income groups, although it was somewhat higher for households with incomes of $100,000
or more (88 percent) and somewhat lower for households with incomes of less than $50,000
(79 percent). Regardless of age or income, a vast majority of DC account–owning households
agreed that it was important for them to have choice in, and control of, their retirement plan
investments.
11. ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017 7
FIGURE 2
Defined Contribution Account–Owning Households’ Views on the Defined Contribution
Savings Vehicle
Percentage of DC-owning households agreeing with each statement by age or household income, fall 2017
All
DC-owning
households
Age of household survey respondent
Younger
than 35 35 to 49 50 to 64 65 or older
It is important to have choice in, and control of,
the investments in my retirement plan account.
94 92 92 95 96
My employer-sponsored retirement account helps me
think about the long term, not just my current needs.
91 88 91 92 94
Payroll deduction makes it easier for me to save. 92 87 92 94 94
The tax treatment of my retirement plan is a big incentive
to contribute.
82 75 81 85 90
My employer-sponsored retirement plan offers me a
good lineup of investment options.
83 76 81 86 87
Knowing that I’m saving from every paycheck makes me
less worried about the short-term performance of my
investments.
83 84 79 86 84
I probably wouldn’t save for retirement if I didn’t have a
retirement plan at work.
48 51 48 47 47
Number of respondents 1,077
All
DC-owning
households
Household income
Less than
$30,000
$30,000 to
$49,999
$50,000 to
$99,999
$100,000
or more
It is important to have choice in, and control of,
the investments in my retirement plan account.
94 90 92 94 95
My employer-sponsored retirement account helps me
think about the long term, not just my current needs.
91 87 88 91 94
Payroll deduction makes it easier for me to save. 92 85 91 92 94
The tax treatment of my retirement plan is a big incentive
to contribute.
82 76 81 79 87
My employer-sponsored retirement plan offers me a
good lineup of investment options.
83 79 79 81 88
Knowing that I’m saving from every paycheck makes me
less worried about the short-term performance of my
investments.
83 75 80 82 86
I probably wouldn’t save for retirement if I didn’t have a
retirement plan at work.
48 59 60 54 36
Number of respondents 1,077
Note: The figure reports the percentage of DC-owning households who “strongly agreed” or “somewhat agreed” with the statement. The
remaining households “somewhat disagreed” or “strongly disagreed.”
Source: ICI tabulation of GfK KnowledgePanel® OmniWeb survey data (fall 2017)
12. 8 ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017
Views on Proposed Changes to Defined Contribution Plan Accounts
Survey respondents also were asked their views on changing three key DC plan account
features: tax deferral, investment control, and control of the accounts.17
Views on Tax Deferral
Some opinion leaders and policymakers have questioned the public value of the tax deferral
that 401(k) plans (and IRAs) receive. Survey respondents were asked whether the government
should take away these tax incentives. A very large majority, 91 percent, disagreed that the
tax incentives of DC plans should be removed (Figure 3). Opposition to elimination of the tax
advantages was the strongest among households with DC accounts or IRAs, with 93 percent
opposing the removal of the tax advantages. Additionally, even 85 percent of households
without DC accounts or IRAs opposed eliminating the incentives. In fall 2017, higher-income
households (95 percent) and older households (94 percent) were more likely to oppose removal
of the tax advantages compared with lower-income households (84 percent) and younger
households (86 percent) (Figure 4).18
The survey also asked whether the limits on individual contributions to DC accounts should
be reduced.19 An overwhelming majority of all households (91 percent) oppose reducing the
individual contribution limits (Figure 3). Among households with DC accounts or IRAs in fall
2017, 93 percent disagreed with reducing the contribution limits, and even among households
without retirement accounts, 86 percent disagreed.
The survey also asked households about employer contributions to DC plan accounts.20 In fall
2017, 91 percent of US households opposed reducing the amount that employers can contribute
to DC plan accounts for their employees (Figure 3). Among households with DC accounts or
IRAs in fall 2017, 94 percent disagreed with reducing the employer contribution limits; among
households without retirement accounts, 86 percent disagreed.
Views on Investment Control
Households also resisted suggestions to change individual investment control in DC
accounts. When respondents were asked if they agreed or disagreed with the statement:
“The government should not allow individuals to make their own investment decisions in DC
accounts,” nearly nine out of 10 disagreed (Figure 3). The degree of opposition was similar
among households with DC accounts or IRAs and for those without retirement accounts.
13. ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017 9
FIGURE 3
Household Opinions of Suggested Changes to Retirement Accounts
Percentage of US households agreeing or disagreeing with each statement by ownership status, fall 2017
Note: The figure plots in the “agree” column the percentage of households that “strongly agreed” or “somewhat agreed” with the statement, and
plots the percentage of households who “somewhat disagreed” or “strongly disagreed” in the “disagree” column.
Source: ICI tabulation of GfK KnowledgePanel® OmniWeb survey data (fall 2017)
14. 10 ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017
In a similar vein, respondents were asked how they viewed a proposal for the government to
“invest all retirement accounts in an investment option selected by a government-appointed
board of experts.”21 Despite the historically large stock market downturn from late 2007
through early 2009 and the possibility of stock market volatility, government control of
workers’ savings is not a popular remedy. In fall 2017, 85 percent of respondents disagreed
with this proposal (Figure 3), with the opposition rising with household age (Figure 4). Among
households with retirement accounts, 88 percent opposed this proposal, compared with
79 percent of households without retirement accounts (Figure 3).22
Views on Control of Retirement Account Balances
In 2017, ICI again asked three questions from the 2009, 2012/2013, 2014, 2015, and 2016
surveys investigating household sentiment on possible policy changes affecting control
of DC account and IRA balances.23 Though some research has suggested that individuals
should annuitize more of their retirement account balances as a means to eliminate the risk
of outliving their resources,24 whether and how much a household should annuitize is broadly
debated.25 In fact, most US households already have a significant share of their wealth in
the form of an annuity through Social Security, or alternative public-sector pension plans.26
Surveying consumer preferences regarding annuitization is difficult because the subject matter
is complicated27 and may not be salient at the current time for many households. In addition,
academic research has shown that word choice in surveys on annuities has a dramatic impact
on the perceived desirability of the annuity option.28
15. ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017 11
FIGURE 4
Household Opinions of Suggested Changes to Retirement Accounts Vary Somewhat with
Age and Household Income
Percentage of US households disagreeing with each statement by age or household income, fall 2017
Disagreeing that the government should:
All
households
Age of household survey respondent
Younger
than 35 35 to 49 50 to 64 65 or older
Take away the tax advantages of DC accounts 91 86 88 93 94
Reduce the amount that individuals can contribute to
DC accounts
91 86 89 93 94
Reduce the amount that employers can contribute to
DC accounts for their employees
91 87 91 94 92
Not allow individuals to make their own investment
decisions in DC accounts
89 85 87 91 92
Invest all retirement accounts in an investment option
selected by a government-appointed board of experts
85 79 82 88 90
Number of respondents 2,009
Disagreeing that the government should:
All
households
Household income
Less than
$30,000
$30,000 to
$49,999
$50,000 to
$99,999
$100,000
or more
Take away the tax advantages of DC accounts 91 84 91 92 95
Reduce the amount that individuals can contribute to
DC accounts
91 85 92 91 95
Reduce the amount that employers can contribute to
DC accounts for their employees
91 85 91 93 94
Not allow individuals to make their own investment
decisions in DC accounts
89 85 91 90 92
Invest all retirement accounts in an investment option
selected by a government-appointed board of experts
85 80 88 84 88
Number of respondents 2,009
Note: The figure reports the percentage of households that “strongly disagreed” or “somewhat disagreed” with the statement. The remaining
households “somewhat agreed” or “strongly agreed.”
Source: ICI tabulation of GfK KnowledgePanel® OmniWeb survey data (fall 2017)
16. 12 ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017
With these difficulties in mind, ICI asked three questions regarding the control of retirement
account balances. In the first question, respondents were asked to react to a simple
statement: “Retirees should be able to make their own decisions about how to manage their
own retirement assets and income.” In fall 2017, 92 percent of respondents either “strongly”
or “somewhat” agreed with that statement (Figure 5). Agreement was slightly higher for
households with retirement accounts (93 percent) than for households without retirement
accounts (89 percent). In addition, agreement with the statement was generally higher for older
households.
The second and third questions about control of retirement accounts were focused on
sentiment regarding more-specific annuitization policy options. The second statement read:
“The government should require retirees to trade a portion of their retirement plan accounts for
a fair contract that promises to pay them income for life from an insurance company.” The third
statement replaced “from an insurance company” with “from the government.” The distinction
between insurance company and government as annuity provider had only a small effect on
household sentiment, so the results for the second and third retirement account disposition
questions were very similar.
Overall, more than 80 percent of respondents either “somewhat disagreed” or “strongly
disagreed” with the proposed change in control of account disposition (Figures 6 and 7). The
overall disapproval rate occurred though the question was worded to eliminate bias toward
disagreement; the proposal indicated that the retiree trade only “a portion” of their assets under
a “fair” contract giving them “income for life.”
At more than 80 percent, the disapproval rates for the proposed annuitization requirements
are slightly higher for those owning DC accounts or IRAs (Figures 6 and 7). Disapproval also
tends to increase with both age and household income. For example, the disapproval rates for
respondents younger than 50 in households with incomes of less than $30,000 are 71 percent
for income for life from an insurance company and 67 percent for income for life from the
government. Nearly 90 percent of respondents aged 50 or older in households with incomes of
$50,000 or more disapproved of either proposal.
17. ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017 13
FIGURE 5
Households Agreeing with the Statement: Retirees should be able to make their own
decisions about how to manage their own retirement assets and income
Percent; fall 2009; November 2012–January 2013; fall 2014–2017
Household income
Household income
2009
2012/2013
2014
2015
2016
2017
Household survey respondent younger than 50
Percentage of US households agreeing by age and household income
All households
Percentage of US households agreeing by ownership status
Household survey respondent aged 50 or older
Percentage of US households agreeing by age and household income
Households not owning DC accounts or IRAsDC- or IRA-owning householdsAll households
$50,000 or more$30,000 to $49,999Less than $30,000
$50,000 or more$30,000 to $49,999Less than $30,000
96 93 91 89 92 92
92 92
92
9397 95 94 92 95 94 90 86 84 86
96 91
81 77
87 85
97 97
87 87
93 96 95 90 90 9091
94 90 91 91 90
97
91 93 92 93 97 94 95 93 94 94
89
Note: The figure reports the percentage of households that “strongly agreed” or “somewhat agreed” with the statement. The remaining
households “somewhat disagreed” or “strongly disagreed.” The samples include 3,000 respondents in 2009, 3,407 respondents in 2012–2013,
3,046 respondents in 2014, 3,076 respondents in 2015, 2,027 respondents in 2016, and 2,009 respondents in 2017. The 2009 and 2012/2013
surveys were phone surveys; the 2014, 2015, 2016, and 2017 surveys were online surveys.
Source: ICI tabulation of GfK OmniTel survey data (fall 2009 and November 2012–January 2013) and GfK KnowledgePanel® OmniWeb survey
data (fall 2014–2017)
18. 14 ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017
FIGURE 6
Households Disagreeing with the Statement: The government should require retirees to
trade a portion of their retirement plan accounts for a fair contract that promises to pay
them income for life from an insurance company
Percent; fall 2009; November 2012–January 2013; fall 2014–2017
Household income
Household income
Household survey respondent younger than 50
Percentage of US households disagreeing by age and household income
All households
Percentage of US households disagreeing by ownership status
Household survey respondent aged 50 or older
Percentage of US households disagreeing by age and household income
Households not owning DC accounts or IRAsDC- or IRA-owning householdsAll households
$50,000 or more$30,000 to $49,999Less than $30,000
$50,000 or more$30,000 to $49,999Less than $30,000
75 70
82 81 79 77 73
86 86 81
81
80
71 66
75 73 76
62 57
74 75
66 70
62
77 73 70
76 7171
84 85
85
78
68 70 74 75 77 81
74
84 79
79
84 83
83
83
77
8989 888686 87
2009
2012/2013
2014
2015
2016
2017
Note: The figure reports the percentage of households that “strongly disagreed” or “somewhat disagreed” with the statement. The remaining
households “somewhat agreed” or “strongly agreed.” The samples include 3,000 respondents in 2009, 3,407 respondents in 2012–2013, 3,046
respondents in 2014, 3,076 respondents in 2015, 2,027 respondents in 2016, and 2,009 respondents in 2017. The 2009 and 2012/2013
surveys were phone surveys; the 2014, 2015, 2016, and 2017 surveys were online surveys.
Source: ICI tabulation of GfK OmniTel survey data (fall 2009 and November 2012–January 2013) and GfK KnowledgePanel® OmniWeb survey
data (fall 2014–2017)
19. ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017 15
FIGURE 7
Households Disagreeing with the Statement: The government should require retirees to
trade a portion of their retirement plan accounts for a fair contract that promises to pay
them income for life from the government
Percent; fall 2009; November 2012–January 2013; fall 2014–2017
Household income
Household income
Household survey respondent younger than 50
Percentage of US households disagreeing by age and household income
All households
Percentage of US households disagreeing by ownership status
Household survey respondent aged 50 or older
Percentage of US households disagreeing by age and household income
Households not owning DC accounts or IRAsDC- or IRA-owning householdsAll households
$50,000 or more$30,000 to $49,999Less than $30,000
$50,000 or more$30,000 to $49,999Less than $30,000
74 70
80 80 77 77 74
85 8583 78
67 63
73 73 76 76
76
52 54
71 71
60
6767 62
76 73 68
7979 74
83 82
76
68 66
74 75
83 79
73
82
82
82
80 79 81 78
8686 86 84 88
2009
2012/2013
2014
2015
2016
2017
Note: The figure reports the percentage of households that “strongly disagreed” or “somewhat disagreed” with the statement. The remaining
households “somewhat agreed” or “strongly agreed.” The samples include 3,000 respondents in 2009, 3,407 respondents in 2012–2013, 3,046
respondents in 2014, 3,076 respondents in 2015, 2,027 respondents in 2016, and 2,009 respondents in 2017. The 2009 and 2012/2013
surveys were phone surveys; the 2014, 2015, 2016, and 2017 surveys were online surveys.
Source: ICI tabulation of GfK OmniTel survey data (fall 2009 and November 2012–January 2013) and GfK KnowledgePanel® OmniWeb survey
data (fall 2014–2017)
20. 16 ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017
Confidence in Defined Contribution Plan Accounts
The survey also asked respondents to indicate their confidence in the ability of the 401(k)
system to help individuals meet their retirement goals. In fall 2017, 77 percent of US households
indicated that they were either “somewhat” or “very” confident that 401(k) and other employer-
sponsored retirement plan accounts can help people meet their retirement goals, similar to the
confidence levels expressed in prior years (Figure 8). At 84 percent, that confidence was higher
among those who currently owned DC accounts or IRAs in fall 2017, but even 63 percent of
non-owners expressed confidence in the retirement plan account approach.
Conclusion
In late fall 2017, households expressed favorable impressions of DC plans. These plans have
become a common feature of the US retirement landscape with millions of US households now
holding a portion of their assets in them. As such, it is important to know what these plans are
doing well and whether policy proposals are likely to increase or decrease the value of these
plans for households looking to save for retirement during their working years. Households
valued current plan design features, and their views on policy changes revealed a strong
preference for preserving retirement account features and flexibility. This was especially true
for households that use the plans, and for those most in need of them to supplement Social
Security. In addition, households not currently using the plans were still strongly in favor of
them, suggesting a value for their place in household planning over a longer time span.
Additional Reading
»» What Does Consistent Participation in 401(k) Plans Generate? Changes in 401(k) Account Balances, 2010–2015
www.ici.org/pdf/per23-09.pdf
»» 401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2015
www.ici.org/pdf/per23-06.pdf
»» The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at 401(k) Plans, 2014
www.ici.org/pdf/ppr_16_dcplan_profile_401k.pdf
»» The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at ERISA 403(b) Plans 2013
www.ici.org/pdf/ppr_16_dcplan_profile_403b.pdf
»» The US Retirement Market, Third Quarter 2017
www.ici.org/info/ret_17_q3_data.xls
»» Defined Contribution Plan Participants’ Activities, First Half 2017
www.ici.org/pdf/ppr_17_rec_survey_q2.pdf
21. ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017 17
FIGURE 8
Confidence That Defined Contribution Plan Accounts Can Help Individuals Meet
Retirement Goals
Percentage of US households by ownership status; fall, 2009–2011; November 2012–January 2013; fall, 2013–2017
Note: In 2009, the sample includes 1,976 DC- or IRA-owning households and 1,017 households not owning DC accounts or IRAs. In 2010, the
sample includes 1,977 DC- or IRA-owning households and 1,026 households not owning DC accounts or IRAs. In 2011, the sample includes
1,965 DC- or IRA-owning households and 1,022 households not owning DC accounts or IRAs. In 2012/2013, the sample includes 2,417 DC-
or IRA-owning households and 1,575 households not owning DC accounts or IRAs. In 2013, the sample includes 1,802 DC- or IRA-owning
households and 1,189 households not owning DC accounts or IRAs. In 2014, the sample includes 1,855 DC- or IRA-owning households and
1,191 households not owning DC accounts or IRAs. In 2015, the sample includes 1,915 DC- or IRA-owning households and 1,161 households not
owning DC accounts or IRAs. In 2016, the sample includes 1,299 DC- or IRA-owning households and 728 households not owning DC accounts or
IRAs. In 2017, the sample includes 1,302 DC- or IRA-owning households and 707 households not owning DC accounts or IRAs. The fall 2014, fall
2015, fall 2016, and fall 2017 surveys were online surveys; the prior surveys were conducted over the phone.
Source: ICI tabulation of GfK OmniTel survey data (fall, 2009–2011; November 2012–January 2013; fall 2013) and GfK KnowledgePanel®
OmniWeb survey data (fall, 2014–2017)
22. 18 ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017
FIGURE A1
Defined Contribution Account–Owning Households’ Views on the Defined Contribution
Savings Vehicle by Generation
Percentage of DC-owning households agreeing with each statement by generation, fall 2017
All DC-
owning
households
Generation of household survey respondent
Millennials
(younger
than 37)
Generation X
(aged 37 to
52)
Late Baby
Boom (aged
53 to 61)
Early Baby
Boom (aged
62 to 71)
Silent or GI
(aged 72 or
older)
It is important to have choice in, and control of,
the investments in my retirement plan account.
94 92 92 95 100 91
My employer-sponsored retirement account helps
me think about the long term, not just my current
needs.
91 88 91 92 94 96
Payroll deduction makes it easier for me to save. 92 88 92 94 98 90
The tax treatment of my retirement plan is a big
incentive to contribute.
82 75 83 84 92 87
My employer-sponsored retirement plan offers
me a good lineup of investment options.
83 78 82 86 88 86
Knowing that I’m saving from every paycheck
makes me less worried about the short-term
performance of my investments.
83 83 81 84 86 84
I probably wouldn’t save for retirement if I didn’t
have a retirement plan at work.
48 50 47 48 53 41
Number of respondents 1,077
Note: The figure reports the percentage of DC-owning households that “strongly agreed” or “somewhat agreed” with the statement. The remaining
households “somewhat disagreed” or “strongly disagreed.”
Source: ICI tabulation of GfK KnowledgePanel® OmniWeb survey data (fall 2017)
Appendix: Additional Data on American Views on Defined
Contribution Plan Saving by Generation
Figure A1 presents the data displayed in Figure 2 regarding views on the DC plan savings vehicle
by generation of the household head.
23. ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017 19
FIGURE A2
Household Opinions of Suggested Changes to Retirement Accounts Vary Somewhat with
Generation
Percentage of US households disagreeing with each statement by generation, fall 2017
Disagreeing that the government should:
All
households
Generation of household survey respondent
Millennials
(younger
than 37)
Generation X
(aged 37 to
52)
Late Baby
Boom (aged
53 to 61)
Early Baby
Boom (aged
62 to 71)
Silent or GI
(aged 72 or
older)
Take away the tax advantages of DC accounts 91 87 89 93 94 94
Reduce the amount that individuals can
contribute to DC accounts
91 86 90 93 91 96
Reduce the amount that employers can
contribute to DC accounts for their employees
91 88 91 96 89 95
Not allow individuals to make their own
investment decisions in DC accounts
89 85 88 93 89 94
Invest all retirement accounts in an investment
option selected by a government-appointed
board of experts
85 79 84 87 87 92
Number of respondents 2,009
Note: The figure reports the percentage of households that “strongly disagreed” or “somewhat disagreed” with the statement. The remaining
households “somewhat agreed” or “strongly agreed.”
Source: ICI tabulation of GfK KnowledgePanel® OmniWeb survey data (fall 2017)
Figure A2 presents the data displayed in Figure 4 regarding opinions on suggested changes to
DC plans by generation of the household head.
Figure A3 reports primary savings goals among US households by generation, age, or household
income.
24. 20 ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017
FIGURE A3
Primary Reason for Household Saving Varies with Generation, Age, and Household
Income
Percentage of households by generation, age of head of household, or household income, 2016
Millennials (younger than 37)
Generation X (aged 37 to 52)
Late Baby Boom (aged 53 to 61)
Early Baby Boom (aged 62 to 71)
Silent or GI (aged 72 or older)
Younger than 35
35 to 49
50 to 64
65 or older
Less than $30,000
$30,000 to $49,999
$50,000 to $99,999
$100,000 or more
Head of household generation
Head of household age
Household income
32
23
10 10
8
15
47
Home purchase, for the family, or education Retirement
Home purchase, for the family, or education Retirement
31
27
23
44
30
15
9
11
24
32
Retirement
18
24
33
47
Home purchase, for the family, or education
1416
2122
38
Primary reason for saving
Primary reason for saving
Primary reason for saving
Note: Other reasons for household saving include liquidity, investment, and purchases.
Source: Investment Company Institute tabulations of the 2016 Federal Reserve Board Survey of Consumer Finances
25. ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017 21
Notes
1 ICI conducts a separate survey of DC plan recordkeepers on a cumulative quarterly basis. For the
most recent annual results from that survey, see Holden and Schrass 2017a; for results for the first
half of 2017, see Holden and Schrass 2017b.
2 The survey was conducted using the web-enabled KnowledgePanel®, a probability-based panel
designed to be representative of the US population. Initially, participants are chosen scientifically by
a random selection of telephone numbers and residential addresses. Persons in selected households
are then invited by telephone or by mail to participate in the web-enabled KnowledgePanel®. For
those who agree to participate, but do not already have internet access, GfK provides a laptop and
ISP connection at no cost. People who already have computers and internet service are permitted to
participate using their own equipment. Panelists then receive unique log-in information for accessing
surveys online, and are sent emails throughout each month inviting them to participate in research.
The Federal Reserve also has used the KnowledgePanel®; see US Federal Reserve Board 2014, 2015,
2016, and 2017.
3 For the earlier reports, see Reid and Holden 2008; Holden, Sabelhaus, and Reid 2010; Holden,
Bass, and Reid 2011; Holden and Bass 2012; Holden and Bass 2013; Burham, Bogdan, and Schrass
2014; Schrass, Holden, and Bogdan 2015; Holden, Burham, Bogdan, and Schrass 2016, and Holden,
Schrass, and Bogdan 2017a. The fall 2014, 2015, 2016, and 2017 surveys were online surveys; the
prior surveys were conducted over the phone.
4 The wording of this question was changed in the 2017 survey to read: “Knowing that I’m saving from
every paycheck makes me less worried about the short-term performance of my investments.” In
prior years, the statement in question was: “Knowing that I’m saving from every paycheck makes me
less worried about the stock market’s performance.” See note 12 and Holden, Schrass, and Bogdan
2017a.
5 DC plan accounts include 401(k), 403(b), 457, and other DC plans without 401(k) features.
6 At the end of the third quarter of 2017, total retirement assets were $27.2 trillion, with $7.7 trillion
in DC plans and $8.6 trillion in IRAs. See Investment Company Institute 2017b for the most recent
estimates of total US retirement market assets.
7 Forty-eight percent of US households had DC accounts, 35 percent had IRAs, and on net, 56 percent
held DC accounts or IRAs. These data were tabulated from ICI’s Annual Mutual Fund Shareholder
Tracking Survey fielded from May to July 2017 (sample of 5,000 US households). See Holden and
Schrass 2017c; and Holden, Schrass, and Bogdan 2017b for additional details.
8 For the earlier reports, see Reid and Holden 2008; Holden, Sabelhaus, and Reid 2010; Holden,
Bass, and Reid 2011; Holden and Bass 2012; Holden and Bass 2013; Burham, Bogdan, and Schrass
2014; Schrass, Holden and Bogdan 2015; Holden, Burham, Bogdan, and Schrass 2016; and Holden,
Schrass, and Bogdan 2017a. The fall 2014, 2015, 2016, and 2017 surveys were online surveys; the
prior surveys were conducted over the phone.
9 For the earlier reports, see Reid and Holden 2008; Holden, Sabelhaus, and Reid 2010; Holden,
Bass, and Reid 2011; Holden and Bass 2012; Holden and Bass 2013; Burham, Bogdan, and Schrass
2014; Schrass, Holden and Bogdan 2015; Holden, Burham, Bogdan, and Schrass 2016; and Holden,
Schrass, and Bogdan 2017a. The fall 2014, 2015, 2016, and 2017 surveys were online surveys; the
prior surveys were conducted over the phone.
10 Figure A1 in the appendix presents these results by generation of the head of household.
26. 22 ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017
11 The benefit of tax deferral is not the up-front tax deduction. Indeed, in many cases the benefits of
tax deferral are equivalent to the tax benefits of Roth treatment, in which contributions are taxed but
investment earnings and distributions are untaxed. Although not immediately obvious, if tax rates
are the same at the time of contribution and the time of distribution, the tax treatment of a Roth
contribution provides the same tax benefits as tax deferral. For this reason, tax economists often
equate the benefit of tax deferral to earning investment returns—interest, dividends, and capital
gains—that are free from tax. For extensive discussion of the tax benefits and revenue costs of tax
deferral, see Brady 2012. For an analysis of the benefits of the US retirement system—including
Social Security and tax deferral—see Brady 2016.
12 The wording of this question was changed in 2017 (see note 4), which may have contributed to
the increase in the percentage of DC-owning households agreeing with the statement. In fall 2017,
83 percent of DC-owning households agreed that “knowing that I’m saving from every paycheck
makes me less worried about the short-term performance of my investments” (see Figure 2). In
fall 2016, 68 percent of DC-owning households agreed that “knowing that I’m saving from every
paycheck makes me less worried about the stock market’s performance” (see Holden, Schrass, and
Bogdan 2017a).
13 The Federal Reserve Board’s Survey of Consumer Finances includes questions asking households to
give their reasons for saving and to rank the most important reason for saving. Overall, 30 percent
of US households in 2016 reported that saving for retirement was their household’s primary reason
for saving (for a discussion of the Survey of Consumer Finances, see Bricker et al. 2017). Prime
working‑age and middle- to upper-income households were much more likely to indicate that
retirement saving was their household’s primary savings goal (see Figure A3 in the appendix). For
additional discussion of savings goals and the US retirement system, see Investment Company
Institute 2017a; Brady 2016 and 2017; and Brady, Burham, and Holden 2012.
14 An individual’s Social Security benefit (called the primary insurance amount, or PIA) is derived using
a formula applied to their monthly earnings, averaged over their lifetime, after adjusting for inflation
and real wage growth (called the average indexed monthly earnings, or AIME). The PIA for newly
eligible retirees in 2018 is equal to 90 percent of the first $895 of AIME; plus 32 percent of AIME
from more than $895 through $5,397; and 15 percent of any AIME more than $5,397. The decline
in the benefit formula percentages—from 90 percent to 32 percent, and then to 15 percent—is the
reason why lower earners get a higher benefit relative to their pre-retirement earnings. See US Social
Security Administration 2017 for more details about benefit formulas and parameters.
15 For example, the first-year replacement rate (mean scheduled Social Security first-year benefits
as a percentage of average inflation-indexed career earnings for retired workers in the 1960–1969
birth cohort [individuals aged 48 to 57 in 2017]) decreased as income increased. The mean
replacement rate for the lowest lifetime household earnings quintile was 83 percent; for the middle
quintile, the mean Social Security replacement rate was 54 percent; and for the highest quintile, it
was 33 percent. See Congressional Budget Office 2017. For additional discussion, see Investment
Company Institute 2017a; Brady and Bogdan 2014; and Brady, Burham, and Holden 2012.
27. ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017 23
16 For a comprehensive analysis of the asset allocation of 401(k) accounts, see Holden et al. 2017. For
insight into the rebalancing activities of 401(k) plan participants in their accounts or contribution
allocations, see Holden and Schrass 2017a and 2017b. For an analysis of the number and types
of investment options included in 401(k) plan lineups, see BrightScope and Investment Company
Institute 2016.
17 To reduce respondent burden, a question asking about views on a proposal to require workers
to participate in a new government-sponsored pension plan was dropped. For the 2015 survey
responses to that question, see Holden, Burham, Bogdan, and Schrass 2016.
18 Figure A2 in the appendix presents these results by generation of the head of household.
19 The 2009, 2010, 2011, 2012/2013, 2013, 2014, 2015, and 2016 surveys had the same question.
The 2008 survey asked a more general question regarding reducing the tax advantages of such
retirement accounts, which is not directly comparable.
20 This question was first introduced in the 2011 survey.
21 The wording of this statement was revised slightly in the fall 2014 survey to reflect the direction of
recent policy proposals. In prior years, respondents were asked about the statement: “replace all
retirement accounts with a government bond.” With the fall 2014 survey, the statement was revised
to “an investment option selected by a government-appointed board of experts,” rather than a
government bond. Survey respondents’ reactions to the new statement in fall 2014 are similar to the
reactions to the earlier statements in the earlier surveys (see Schrass, Holden, and Bogdan 2015 and
Burham, Bogdan, and Schrass 2014). The 2014 question was repeated in 2015, 2016, and 2017 with
similar results.
22 The greater level of opposition to the government investing all retirement accounts in an investment
option selected by a government-appointed board of experts among individuals with 401(k)-type
plans and IRAs likely is driven, in part, by the fact that the proposal directly affects their investment
of their retirement accounts.
23 A revised weighting methodology implemented in 2013 resulted in slight revisions to data for years
before 2014. Figures 5, 6, and 7 reflect the updated results. For the earlier survey results, see
Holden, Sabelhaus, and Reid 2010 and Holden and Bass 2013.
24 See Mitchell et al. 1999, Beshears et al. 2012, Brown and Weisbenner 2014, and Brown et al. 2014.
25 See Pashchenko 2013; Ameriks et al. 2014; and Chen, Haberman, and Thomas 2016.
26 See Brady, Burham, and Holden 2012.
27 See Shu, Zeithammer, and Payne 2016.
28 See Brown et al. 2008 and Beshears et al. 2012.
28. 24 ICI RESEARCH REPORT: AMERICAN VIEWS ON DEFINED CONTRIBUTION PLAN SAVING, 2017
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ppr_12_tax_benefits.pdf.
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on Who Benefits. Washington, DC: Investment Company Institute. Available at www.ici.org/
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32. 1401 H Street, NW
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www.ici.org
Sarah Holden
Sarah Holden, ICI senior director of retirement and investor research, leads the Institute’s research efforts
on investor demographics and behavior and retirement and tax policy. Holden, who joined ICI in 1999,
heads efforts to track trends in household retirement saving activity and ownership of funds as well as
other investments inside and outside retirement accounts. She is responsible for analysis of 401(k) plan
participant activity using data collected in a collaborative effort with the Employee Benefit Research
Institute (EBRI), known as the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project.
In addition, she oversees The IRA Investor Database™, which contains data on nearly 17 million IRA
investors and allows analysis of IRA investors’ contribution, rollover, conversion, and withdrawal activity,
and asset allocation. Before joining ICI, Holden served as an economist at the Federal Reserve Board of
Governors. She has a PhD in economics from the University of Michigan and a BA in mathematics and
economics from Smith College.
Daniel Schrass
Daniel Schrass is an associate economist in the retirement and investor research division at ICI. At the
Institute, he focuses on investor demographics and behavior as well as trends in household retirement
saving activity, including detailed research into IRA-owning households and individual IRA investors.
Before joining ICI in 2007, he served as an economist at the US Bureau of Labor Statistics. He has an MA
in applied economics from the Johns Hopkins University and a BS in economics from the Pennsylvania
State University.
Jason Seligman
Jason Seligman is senior economist for retirement and investor research at ICI. He works on investor
behavior and retirement policy issues. Before joining ICI in 2017, Seligman served in the federal
government as an economist for the US Treasury Office of Economic Policy and at the President’s Council
of Economic Advisers. He also has academic experience as a faculty member at The Ohio State University
and University of Georgia. Seligman holds a PhD in economics from the University of California, Berkeley,
and a BA in economics from the University of California, Santa Cruz.
Michael Bogdan
Michael Bogdan, associate economist, retirement and investor research, joined ICI in 1997. Bogdan
conducts research concerning the Institute’s household surveys. His areas of expertise include
households’ ownership of mutual funds and other investments, retirement plans, and individual
retirement accounts (IRAs). Bogdan also conducts research with government surveys such as the Survey
of Consumer Finances and the Current Population Survey. Before joining ICI, Bogdan worked for the
chemical engineering department at Michigan State University as a technology transfer specialist for the
Composite Materials and Structures Center. He has an MA and a BS in economics from Miami University
in Oxford, Ohio.