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
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
Behavioral Effects & Indexing in DC Participant Accounts 2004-2012The 401k Study Group ®
This weeks white paper is provided by Vanguard. The 12 page paper discusses the index exposure among participants in Vanguard-administered DC plans. The exposure rose sharply form 2004-2012.
Enabling Poor Rural People to Overcome Poverty Dr Lendy Spires
Agriculture can provide a robust pathway out of poverty, today and in the future, for many smallholder farmers and livestock producers. IFAD’s strategic framework for 2011-2015 is guiding our efforts towards realizing that future. IFAD prepared its fourth strategic framework in response to a global context characterized by persistent challenges and major changes. The challenges include massive rural poverty, and a high prevalence of food insecurity and hunger in some regions.
The changes include increasingly diverse rural livelihoods;
accelerating natural resource degradation and climate change;
growing economic importance of agriculture and rising demand for food, biofuels and other agricultural goods and services;
higher and more volatile food prices; and growing private-sector investment in agriculture.
As we move towards 2015, we continue to build on what we have learned about small-scale agriculture and rural poverty reduction in more than 30 years. At the programme and project level, this involves stepped-up efforts to:
• enhance environmental sustainability and resilience in small-scale agriculture
• promote win-win contractual arrangements to help small agricultural producers seize opportunities in agricultural value chains at lower risk
• support the development of technologies for sustainable intensification of small-scale agriculture
• increase the capacity of financial institutions to provide a broad range of inclusive services to poor rural people
• promote the capabilities of rural women and men, including young people
• capitalize on opportunities to use renewable energy sources, and promote low-cost technologies using local resources to provide energy. In terms of thematic engagement, IFAD continues to focus on:
• natural resources – land, water, energy and biodiversity .
• climate change adaptation
• improved agricultural technologies and effective production services
• a broad range of inclusive financial services
• integration of poor rural people within value chains
• rural enterprise development and non-farm employment opportunities
• technical and vocational skills development
• support to rural producers’ organizations.
Each of these areas addresses gender equality and social inclusion as cross-cutting themes, as well as household strategies to improve food security and nutrition. In delivering on strategic framework objectives, we continue to strive to improve quality and efficiency, strengthen our ability to work effectively with the private sector, step up our advocacy, and amplify the voices of poor rural women and men in decisions that affect their lives. IFAD Strategic Framework 2011-2015:
January 2014 real estate securities funds monitorConsiliacapital
Monthly performance stats on listed real estate, infrastructure and real asset funds. Special feature on the impact of including global listed to an unlisted real estate allocation for a DC fund.
RESEARCH II Grade Sheet Agency Assessment Paper Part I D.docxverad6
RESEARCH II Grade Sheet
Agency Assessment Paper Part I Description of the Program
Name of Student _________________________________________________
1.An overview of the program (Heading)
2. History of the organization?
3. Mission statement in the organization
4. Organization Structure
5. History of the program within the organization
6. Program’s rationale /
definition. General purpose of the program
7..Social problems addressed by the Program (Explain in full detail with statistics) (Heading)- 1pg.
8.Intervention Methods (Heading)
9. Methods proposed to achieve the
program’s results
10. Theories that underlie the proposed
Interventions
11.Logic within the program in using these
interventions to achieve its goals
12 Describe the length of services
13.Program Funding and Cost –cost per day in hospice in New Jersey.
(Subheadings)
14. Method for Program Funding
(Public, private, state, federal, or
Local money? Public or private
Organization/) This is a private company
15.Characteristics of the staff providing services –(Heading)
16.Professional and non-professional
staff Role and credentials
(What are professional and non-
professional staff background? Are
they trained in the type of
intervention being utilized by the
program? What are the
professionals’ perspectives on
the model of intervention being
utilized?
17.What standardized method is used to
evaluate the staff performance and
client satisfaction? (Provide
SAMPLEs)
Implementation issues –(Heading)
(Subheadings)
18. Successes and Challenges in the program?
19.Do the intervention methods seem
appropriate?
20. Are people coming for services?
21.Are they the types of clients expected to come?
22.Has the amount of outreach work been underestimated and has this delayed program implementation?
Conclusion: The students demonstrate knowledge and skills by writing a summary of the evaluation process. Describe the successes and limitations of the program and the difficulties you encountered in writing this paper? What do they think needs to be changed in order to enhance this program? How would implement these changes? How does this program evaluation paper relate to social work policy, practice and research?
What Constitutes Graduate Level Writing.pdf
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Running Head The National Flood Insurance Program1The Natio.docxtoltonkendal
Running Head: The National Flood Insurance Program
1
The National Flood Insurance Program
3
The National Flood Insurance Program
Kevin Brown
American Public University
The National Flood Insurance Program (NFIP) was commenced voluntarily, which was set up in 1968 by Congress under the National Flood Insurance Act and was further supported by the Flood Insurance. NFIP was created because it can help make it affordable for homeowners or business
owners to pay for the damage to their property.
According to (Kiefer, 2013), I believe it is a good program at the federal level. It has contributed more than only paying individuals who have undergone damages as a result of floods. The NFIP is provided to a community the moment they want to contribute towards the flood reduction risk and the destruction caused by floods among the community members
. Within the communities impacted by floods and intended to provide insurance to their residents, they were required to establish different laws to control how the floodplains could have the potential to be developed.
The program was also established to address the raising taxpayer-funded costs of disaster relief and damage among victims of a flood. The NFIP program is meant to address issues that are affecting the long-term financial solvency; the report prepared by the program also has a number of approaches that can be used to manage and finance issues arising from the floods (Coppola, 2014). The program also describes unattended issues on legislation
. Some of the methods used to mitigate floods include elevation and relocation. In contrast, these strategies are impractical; thus, proofing of floods could just be the option
. From this point, flood proofing or construction of dwellings could not achieve federal standards. In addition, it is difficult for federal level emergency managers to overlook what is about to occur in local and state levels of government; therefore, in my personal opinion, the National Flood Insurance Program is not believed to be a good program at the federal level for emergency managers.
References
Haddow, G., Bullock, J. & Coppola, D. (2014). Introduction to emergency management. Waltham, MA: Butterworth-Heinemann, an imprint of Elsevier.
Jerolleman, A. & Kiefer, J. (2013). Natural hazard mitigation. Boca Raton: CRC Press
.
�Left justify
�What are you referring to?
�What is the definition of an “unattended legislative issue”?
�What does this mean?
�This paper is unclear. What is about to occur in local and state levels of government?
�Do not underline.
�I am extremely confused. These references are totally different from your citations.
StatementsWidgit Corporation's December 31 Balance SheetsAssets20122011Cash$ 72,000$ 65,000Accounts receivable439,000328,000Inventories894,000813,000 Total current assets$ 1,405,000$ 1,206,000Land and building238,000271,000Machinery132,000133,000Other fixed assets61,00057,000Total assets$ 1,836,000$ 1,667,000 ...
What’s on the minds of larger defined contribution (DC) plan sponsors? According to a recently released Callan Associates study conducted in late 2015 with almost 150 employers, fees, investments and compliance top the list. With more resources devoted to running this DC plan, what happens in the larger market usually trickles down market.
Though the number one action taken to reduce fiduciary liability was updating or reviewing their investment policy statement, followed by reviewing fees, the number one priority in 2016 will be compliance.
Other key findings from the Callan DC study include:
*61% use auto-enrollment with 1 in 5 employing re-enrollment for current employees
*88% of plans offer financial advice to employees
*75% benchmark their fees as part of fee calculation and 53% rebate revenue sharing
*86% use TDFs (target date funds) as their default option of QDIA – usage of the proprietary funds of the record keeper as their QDIA is down to 32% from 70% in 2011
*15% of plans increased the number of funds while 11% decreased the number
The DOL’s 2012 fee disclosure regs and the 2006 Pension Protection Act (PPA) were cited as the most important events affecting DC plans showing that fees and auto features paved by the PPA are keys drivers for lawmakers and plan sponsors.
Though there is a lot of noise about the pending DOL conflict of interest rule aimed at increasing oversight of DC plans as well as IRAs, most affected will be advisors, especially those selling proprietary products, and broker dealers that will have to impose greater scrutiny over their advisors that manage DC plans and IRAs.
The DOL rule could limit plan participants access to advisors and advice as well as education especially when they separate from employment but will have little impact on employers running their plan.
3 Simple Steps To Buy Verified Payoneer Account In 2024SEOSMMEARTH
Buy Verified Payoneer Account: Quick and Secure Way to Receive Payments
Buy Verified Payoneer Account With 100% secure documents, [ USA, UK, CA ]. Are you looking for a reliable and safe way to receive payments online? Then you need buy verified Payoneer account ! Payoneer is a global payment platform that allows businesses and individuals to send and receive money in over 200 countries.
If You Want To More Information just Contact Now:
Skype: SEOSMMEARTH
Telegram: @seosmmearth
Gmail: seosmmearth@gmail.com
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Behavioral Effects & Indexing in DC Participant Accounts 2004-2012The 401k Study Group ®
This weeks white paper is provided by Vanguard. The 12 page paper discusses the index exposure among participants in Vanguard-administered DC plans. The exposure rose sharply form 2004-2012.
Enabling Poor Rural People to Overcome Poverty Dr Lendy Spires
Agriculture can provide a robust pathway out of poverty, today and in the future, for many smallholder farmers and livestock producers. IFAD’s strategic framework for 2011-2015 is guiding our efforts towards realizing that future. IFAD prepared its fourth strategic framework in response to a global context characterized by persistent challenges and major changes. The challenges include massive rural poverty, and a high prevalence of food insecurity and hunger in some regions.
The changes include increasingly diverse rural livelihoods;
accelerating natural resource degradation and climate change;
growing economic importance of agriculture and rising demand for food, biofuels and other agricultural goods and services;
higher and more volatile food prices; and growing private-sector investment in agriculture.
As we move towards 2015, we continue to build on what we have learned about small-scale agriculture and rural poverty reduction in more than 30 years. At the programme and project level, this involves stepped-up efforts to:
• enhance environmental sustainability and resilience in small-scale agriculture
• promote win-win contractual arrangements to help small agricultural producers seize opportunities in agricultural value chains at lower risk
• support the development of technologies for sustainable intensification of small-scale agriculture
• increase the capacity of financial institutions to provide a broad range of inclusive services to poor rural people
• promote the capabilities of rural women and men, including young people
• capitalize on opportunities to use renewable energy sources, and promote low-cost technologies using local resources to provide energy. In terms of thematic engagement, IFAD continues to focus on:
• natural resources – land, water, energy and biodiversity .
• climate change adaptation
• improved agricultural technologies and effective production services
• a broad range of inclusive financial services
• integration of poor rural people within value chains
• rural enterprise development and non-farm employment opportunities
• technical and vocational skills development
• support to rural producers’ organizations.
Each of these areas addresses gender equality and social inclusion as cross-cutting themes, as well as household strategies to improve food security and nutrition. In delivering on strategic framework objectives, we continue to strive to improve quality and efficiency, strengthen our ability to work effectively with the private sector, step up our advocacy, and amplify the voices of poor rural women and men in decisions that affect their lives. IFAD Strategic Framework 2011-2015:
January 2014 real estate securities funds monitorConsiliacapital
Monthly performance stats on listed real estate, infrastructure and real asset funds. Special feature on the impact of including global listed to an unlisted real estate allocation for a DC fund.
RESEARCH II Grade Sheet Agency Assessment Paper Part I D.docxverad6
RESEARCH II Grade Sheet
Agency Assessment Paper Part I Description of the Program
Name of Student _________________________________________________
1.An overview of the program (Heading)
2. History of the organization?
3. Mission statement in the organization
4. Organization Structure
5. History of the program within the organization
6. Program’s rationale /
definition. General purpose of the program
7..Social problems addressed by the Program (Explain in full detail with statistics) (Heading)- 1pg.
8.Intervention Methods (Heading)
9. Methods proposed to achieve the
program’s results
10. Theories that underlie the proposed
Interventions
11.Logic within the program in using these
interventions to achieve its goals
12 Describe the length of services
13.Program Funding and Cost –cost per day in hospice in New Jersey.
(Subheadings)
14. Method for Program Funding
(Public, private, state, federal, or
Local money? Public or private
Organization/) This is a private company
15.Characteristics of the staff providing services –(Heading)
16.Professional and non-professional
staff Role and credentials
(What are professional and non-
professional staff background? Are
they trained in the type of
intervention being utilized by the
program? What are the
professionals’ perspectives on
the model of intervention being
utilized?
17.What standardized method is used to
evaluate the staff performance and
client satisfaction? (Provide
SAMPLEs)
Implementation issues –(Heading)
(Subheadings)
18. Successes and Challenges in the program?
19.Do the intervention methods seem
appropriate?
20. Are people coming for services?
21.Are they the types of clients expected to come?
22.Has the amount of outreach work been underestimated and has this delayed program implementation?
Conclusion: The students demonstrate knowledge and skills by writing a summary of the evaluation process. Describe the successes and limitations of the program and the difficulties you encountered in writing this paper? What do they think needs to be changed in order to enhance this program? How would implement these changes? How does this program evaluation paper relate to social work policy, practice and research?
What Constitutes Graduate Level Writing.pdf
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Dy.
Running Head The National Flood Insurance Program1The Natio.docxtoltonkendal
Running Head: The National Flood Insurance Program
1
The National Flood Insurance Program
3
The National Flood Insurance Program
Kevin Brown
American Public University
The National Flood Insurance Program (NFIP) was commenced voluntarily, which was set up in 1968 by Congress under the National Flood Insurance Act and was further supported by the Flood Insurance. NFIP was created because it can help make it affordable for homeowners or business
owners to pay for the damage to their property.
According to (Kiefer, 2013), I believe it is a good program at the federal level. It has contributed more than only paying individuals who have undergone damages as a result of floods. The NFIP is provided to a community the moment they want to contribute towards the flood reduction risk and the destruction caused by floods among the community members
. Within the communities impacted by floods and intended to provide insurance to their residents, they were required to establish different laws to control how the floodplains could have the potential to be developed.
The program was also established to address the raising taxpayer-funded costs of disaster relief and damage among victims of a flood. The NFIP program is meant to address issues that are affecting the long-term financial solvency; the report prepared by the program also has a number of approaches that can be used to manage and finance issues arising from the floods (Coppola, 2014). The program also describes unattended issues on legislation
. Some of the methods used to mitigate floods include elevation and relocation. In contrast, these strategies are impractical; thus, proofing of floods could just be the option
. From this point, flood proofing or construction of dwellings could not achieve federal standards. In addition, it is difficult for federal level emergency managers to overlook what is about to occur in local and state levels of government; therefore, in my personal opinion, the National Flood Insurance Program is not believed to be a good program at the federal level for emergency managers.
References
Haddow, G., Bullock, J. & Coppola, D. (2014). Introduction to emergency management. Waltham, MA: Butterworth-Heinemann, an imprint of Elsevier.
Jerolleman, A. & Kiefer, J. (2013). Natural hazard mitigation. Boca Raton: CRC Press
.
�Left justify
�What are you referring to?
�What is the definition of an “unattended legislative issue”?
�What does this mean?
�This paper is unclear. What is about to occur in local and state levels of government?
�Do not underline.
�I am extremely confused. These references are totally different from your citations.
StatementsWidgit Corporation's December 31 Balance SheetsAssets20122011Cash$ 72,000$ 65,000Accounts receivable439,000328,000Inventories894,000813,000 Total current assets$ 1,405,000$ 1,206,000Land and building238,000271,000Machinery132,000133,000Other fixed assets61,00057,000Total assets$ 1,836,000$ 1,667,000 ...
What’s on the minds of larger defined contribution (DC) plan sponsors? According to a recently released Callan Associates study conducted in late 2015 with almost 150 employers, fees, investments and compliance top the list. With more resources devoted to running this DC plan, what happens in the larger market usually trickles down market.
Though the number one action taken to reduce fiduciary liability was updating or reviewing their investment policy statement, followed by reviewing fees, the number one priority in 2016 will be compliance.
Other key findings from the Callan DC study include:
*61% use auto-enrollment with 1 in 5 employing re-enrollment for current employees
*88% of plans offer financial advice to employees
*75% benchmark their fees as part of fee calculation and 53% rebate revenue sharing
*86% use TDFs (target date funds) as their default option of QDIA – usage of the proprietary funds of the record keeper as their QDIA is down to 32% from 70% in 2011
*15% of plans increased the number of funds while 11% decreased the number
The DOL’s 2012 fee disclosure regs and the 2006 Pension Protection Act (PPA) were cited as the most important events affecting DC plans showing that fees and auto features paved by the PPA are keys drivers for lawmakers and plan sponsors.
Though there is a lot of noise about the pending DOL conflict of interest rule aimed at increasing oversight of DC plans as well as IRAs, most affected will be advisors, especially those selling proprietary products, and broker dealers that will have to impose greater scrutiny over their advisors that manage DC plans and IRAs.
The DOL rule could limit plan participants access to advisors and advice as well as education especially when they separate from employment but will have little impact on employers running their plan.
3 Simple Steps To Buy Verified Payoneer Account In 2024SEOSMMEARTH
Buy Verified Payoneer Account: Quick and Secure Way to Receive Payments
Buy Verified Payoneer Account With 100% secure documents, [ USA, UK, CA ]. Are you looking for a reliable and safe way to receive payments online? Then you need buy verified Payoneer account ! Payoneer is a global payment platform that allows businesses and individuals to send and receive money in over 200 countries.
If You Want To More Information just Contact Now:
Skype: SEOSMMEARTH
Telegram: @seosmmearth
Gmail: seosmmearth@gmail.com
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
An introduction to the cryptocurrency investment platform Binance Savings.Any kyc Account
Learn how to use Binance Savings to expand your bitcoin holdings. Discover how to maximize your earnings on one of the most reliable cryptocurrency exchange platforms, as well as how to earn interest on your cryptocurrency holdings and the various savings choices available.
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
5. 1ICI RESEARCH REPORT: DEFINED CONTRIBUTION PLAN PARTICIPANTS’ ACTIVITIES, 2013
Defined Contribution Plan Participants’
Activities, 2013
Sarah Holden, ICI Senior Director of Retirement and Investor Research, and Daniel Schrass,
ICI Associate Economist, prepared this report.
Key Findings
Defined contribution (DC) plan withdrawal activity in 2013 remained low and was similar to
the prior year’s activity. In 2013, 3.5 percent of DC plan participants took withdrawals, compared
with 3.4 percent in 2012. Levels of hardship withdrawal activity also remained low. Only 1.7 percent
of DC plan participants took hardship withdrawals during 2013, the same share as in 2012.
The vast majority of DC plan participants continued contributing to their plans in 2013.
In 2013, 2.7 percent of DC plan participants stopped contributing, compared with 2.6 percent
during 2012.
Most DC plan participants stayed the course with their asset allocations as stock values
generally rose throughout the year. In 2013, 10.7 percent of DC plan participants changed the
asset allocation of their account balances and 7.4 percent changed the asset allocation of their
contributions. These levels of reallocation activity are in line with the activity observed a year
earlier.
DC plan participants’ loan activity remained about the same throughout 2013, and continues
to remain elevated compared with five years ago. At the end of December 2013, 18.2 percent
of DC plan participants had loans outstanding, compared with 18.2 percent at year-end 2012,
18.5 percent at year-end 2011, and 15.3 percent at year-end 2008.
6. 2 ICI RESEARCH REPORT: DEFINED CONTRIBUTION PLAN PARTICIPANTS’ ACTIVITIES, 2013
Introduction
Defined contribution (DC) plan assets are a significant component of Americans’ retirement
assets, representing more than one-quarter of the total retirement market (Figure 1) and
almost one-tenth of U.S. households’ aggregate financial assets at year-end 2013.1 To measure
participant-directed changes in DC plans, ICI has been tracking participant activity through
recordkeeper surveys since 2008. This report updates results from ICI’s survey of a cross section
of recordkeeping firms representing a broad range of DC plans and covering nearly 24 million
FIGURE 1
26 Percent of U.S. Retirement Assets Were Defined Contribution Plan Assets
Trillions of dollars; end-of-period, selected periods
Annuities1
Federal, state, and local pension plans2
Private defined benefit plans
IRAs
Other defined contribution plans3
401(k) plans
26%
2.82.7
2.52.5
2.2
2.0
2.6
1.9
1.8
1.71.7
1.5
1.4
1.7
21.0
19.9
18.218.2
16.4
14.2
18.0
5.2
4.9
4.54.5
4.2
3.7
4.6
5.6
3.83.53.13.12.72.23.0 4.2
1.51.51.41.41.31.2
1.4
1.7
3.0
2.0
23.0
5.2
3.7
1.5
5.9e
5.6e
5.0e5.04.5
3.7
4.7
6.5e
5.9e
2.8
1.9
20.9
2013:Q42013:Q32013:Q22013:Q1201220112010200920082007
5.4
4.0
1.6
2.9
1.9
21.9
6.2e
1 Annuities include all fixed and variable annuity reserves at life insurance companies less annuities held by IRAs, 403(b) plans, 457 plans,
and private pension funds (including 401(k) plans).
2 Federal pension plans include U.S. Treasury security holdings of the civil service retirement and disability fund, the military retirement
fund, the judicial retirement funds, the Railroad Retirement Board, and the foreign service retirement and disability fund. These plans
also include securities held in the National Railroad Retirement Investment Trust and Federal Employees Retirement System (FERS)
Thrift Savings Plan (TSP).
3 Other DC plans include 403(b) plans, 457 plans, and private employer-sponsored DC plans without 401(k) features.
e Data are estimated.
Note: Components may not add to the total because of rounding.
Sources: Investment Company Institute, Federal Reserve Board, Department of Labor, National Association of Government Defined
Contribution Administrators, American Council of Life Insurers, and Internal Revenue Service Statistics of Income Division; see
Investment Company Institute 2014
7. 3ICI RESEARCH REPORT: DEFINED CONTRIBUTION PLAN PARTICIPANTS’ ACTIVITIES, 2013
employer-based DC retirement plan participant accounts as of December 2013. The broad scope
of the recordkeeper survey provides valuable insights about recent withdrawal, contribution,
asset allocation, and loan decisions of participants in these plans. The most recent survey covered
DC plan participants’ activities in 2013. In this period, stock prices generally rose (Figure 2); on
net, the SP 500 total return index was up 32.4 percent in 2013. Stock market price movement
influences investors’ perceptions about risk and may prompt some to reevaluate their asset
allocation.2
FIGURE 2
Equity Returns
Percent change in the SP 500 total return index, 2009–2013
20132012201120102009
32.4
16.0
2.1
15.1
26.5
Note: The SP 500 total return index consists of 500 U.S. stocks chosen for market size, liquidity, and industry group representation.
Sources: Investment Company Institute, Bloomberg, and Standard Poor’s
8. 4 ICI RESEARCH REPORT: DEFINED CONTRIBUTION PLAN PARTICIPANTS’ ACTIVITIES, 2013
DC Plan Participants’ Activities in 2013
The withdrawal and contribution data indicate that essentially all DC plan participants continued
to save in their retirement plans at work. DC plan participants’ withdrawal activity3 during 2013
was in line with activity observed in the prior year, and a negligible share of participants stopped
contributing during 2013.4 In 2013, 3.5 percent of DC plan participants took withdrawals from their
DC plan accounts, with 1.7 percent taking hardship withdrawals (Figure 3).5 These levels of activity
are similar to 2012. The share of participants that stopped making contributions in 2012 also was
similar to the share that stopped contributing in 2012. In 2013, 2.7 percent of DC plan participants
stopped contributing, compared with 2.6 percent in 2012. It is possible that some of these
participants stopped contributing simply because they reached the annual contribution limit.
FIGURE 3
Defined Contribution Plan Participants’ Activities
Summary of recordkeeper data, percentage of participants
2008
2009
2010
2011
2012
2013
Stopped contributingTook hardship withdrawalTook any withdrawal
Changed asset allocation of contributionsChanged asset allocation of account balance
Withdrawal and contribution activity
Investment activity
3.9
3.1 3.5 3.4 3.4 3.5
1.3 1.6 1.7 1.7 1.7 1.7
3.7 3.4
2.4 2.8 2.6 2.7
14.4
11.8
10.3 10.5
9.7
10.7
12.4
10.5
8.0 7.7
6.6
7.4
Note: The samples include more than 22 million DC plan participants in 2008 and nearly 24 million DC plan participants in 2009–2013.
Source: ICI Survey of DC Plan Recordkeepers (2008–2013)
9. 5ICI RESEARCH REPORT: DEFINED CONTRIBUTION PLAN PARTICIPANTS’ ACTIVITIES, 2013
The survey of recordkeeping firms also gathered information about asset allocation changes in
DC account balances or contributions. During 2013, 10.7 percent of DC plan participants had
changed the asset allocation of their account balances, compared with 9.7 percent in 2012
(Figure 3).6 Reallocation activity regarding contributions was slightly higher in 2013 compared
with the prior year: 7.4 percent of DC plan participants had changed the asset allocation of their
contributions in 2013, compared with 6.6 percent in 2012.
Loan activity was unchanged in 2013, after rising from the end of 2008 through 2011.7 This pattern
of activity is similar to that observed in the wake of the bear market and recession earlier in the
decade (Figure 4).8 The sample of recordkeepers reported that as of December 2013, 18.2 percent
of DC plan participants had loans outstanding, compared with 18.2 percent at year-end 2012,
18.5 percent at year-end 2011, and 15.3 percent at year-end 2008.
FIGURE 4
401(k) Loan Activity
Percentage of 401(k) plan participants who had loans outstanding; end-of-period, 2000–2012 and 2013:Q1–2013:Q4
EBRI/ICI 401(k) Plan Database
ICI Survey of DC Plan Recordkeepers
18.1 18.317.918 1818
19
1616
15
16
17
15
14
13
15 15.3
16.5
18.2 18.5 18.2
2013:
Q4
2013:
Q3
2013:
Q2
2013:
Q1
2012201120102009200820072006200520042003200220012000
18.2
Note: The EBRI/ICI data cover 401(k) plans; the ICI Survey of DC Plan Recordkeepers covers DC plans more generally (although
401(k) plans make up the bulk of DC plans).
Sources: EBRI/ICI Participant-Directed Retirement Plan Data Collection Project (2000–2012) and ICI Survey of DC Plan Recordkeepers
(December 2008–December 2013)
10. 6 ICI RESEARCH REPORT: DEFINED CONTRIBUTION PLAN PARTICIPANTS’ ACTIVITIES, 2013
Additional Reading
»» The U.S. Retirement Market, Fourth Quarter 2013
Available at www.ici.org/info/ret_13_q4_data.xls.
»» Americans’ Views on Defined Contribution
Plan Saving
Available at www.ici.org/pdf/ppr_14_dc_
plan_saving.pdf.
»» 401(k) Plan Asset Allocation, Account Balances,
and Loan Activity in 2012
Available at www.ici.org/pdf/per19-12.pdf.
»» 401(k) Participants in the Wake of the Financial
Crisis: Changes in Account Balances, 2007–2011
Available at www.ici.org/pdf/per19-07.pdf.
»» ICI Resources on 401(k) Plans
Available at www.ici.org/401k.
»» ICI Resources on the Retirement System
Available at www.ici.org/retirement.
11. 7ICI RESEARCH REPORT: DEFINED CONTRIBUTION PLAN PARTICIPANTS’ ACTIVITIES, 2013
Notes
1 Total financial assets of U.S. households were $66.9 trillion at year-end 2013. See U.S. Federal Reserve
Board 2014.
2 For example, see Burham, Bogdan, and Schrass 2013 and Holden, Bass, and Reid 2011.
3 The withdrawal rates observed for 2013 (3.5 percent of DC plan participants with withdrawals; 1.7 percent
with hardship withdrawals) were in line with past years’ experiences among the recordkeepers and the
rate of withdrawal activity observed in the EBRI/ICI 401(k) database in 2000 (at the beginning of the
2000–2002 bear market in equities). The Employee Benefit Research Institute (EBRI) and ICI collaborate
on an annual 401(k) data collection project. Analysis of the 2000 EBRI/ICI 401(k) database found that
4.5 percent of active 401(k) plan participants had taken in-service withdrawals, including hardship
withdrawals. Withdrawal activity varied with participant age; participants younger than 60 were much
less likely to take withdrawals compared with participants in their sixties. See Holden and VanDerhei
2002.
4 The recordkeepers typically remove participants who are no longer working for the employer sponsoring
the plan. It would not be correct to include such separated, retired, or terminated participants, because
they cannot contribute. The goal of the survey is to measure the activity of active DC plan participants.
5 There are two possible types of withdrawals from DC plans: nonhardship and hardship. Generally,
withdrawals made by participants after age 59½ are categorized as nonhardship withdrawals. A
participant seeking a hardship withdrawal must demonstrate financial hardship and generally faces a
10 percent penalty on the taxable portion of the withdrawal. If a plan allows loans, participants generally
are required to take a loan before they are permitted to take a hardship withdrawal.
6 Annual rates of account balance reallocation activity observed in the ICI Survey of DC Plan Recordkeepers
for 2008–2013 are consistent with the behavior observed in earlier years in other data sources.
Historically, recordkeepers find that in any given year, DC plan participants generally do not rebalance
in their accounts (for references to this research, see note 80 in Holden, Brady, and Hadley 2006; for
discussion of changes in asset allocation, see note 32 in Holden et al. 2013).
7 The EBRI/ICI 401(k) database update reports loan activity among 401(k) participants in plans that allow
loans. At year-end 2012, 87 percent of participants in the database were in plans that offer loans; among
those participants, 21 percent had loans outstanding at year-end 2012. This translates to 18 percent of
all active 401(k) participants having loans outstanding. The year-end 2012 EBRI/ICI database includes
statistical information about 24.0 million 401(k) participants in 64,619 plans, with $1.536 trillion in assets.
See Holden et al. 2013.
8 The National Bureau of Economic Research dates the recession earlier in the decade to have occurred
between March 2001 and November 2001. The latest recession was dated to have occurred between
December 2007 and June 2009. See National Bureau of Economic Research 2010.
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Washington, DC 20005
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www.ici.org
References
Burham, Kimberly, Michael Bogdan, and Daniel Schrass. 2013. “Ownership of Mutual Funds,
Shareholder Sentiment, and Use of the Internet, 2013.” ICI Research Perspective 19, no. 9
(October). Available at www.ici.org/pdf/per19-09.pdf.
Burham, Kimberly, Michael Bogdan, and Daniel Schrass. 2014. “Americans’ Views on Defined
Contribution Plan Saving.” ICI Research Report (January). Available at www.ici.org/pdf/
ppr_14_dc_plan_saving.pdf.
Holden, Sarah, Steven Bass, and Brian Reid. 2011. Commitment to Retirement Security: Investor
Attitudes and Actions. Washington, DC: Investment Company Institute (January). Available at
www.ici.org/pdf/ppr_11_com_ret.pdf.
Holden, Sarah, Peter Brady, and Michael Hadley. 2006. “401(k) Plans: A 25-Year Retrospective.”
Investment Company Institute Perspective 12, no. 2 (November). Available at www.ici.org/pdf/
per12-02.pdf.
Holden, Sarah, and Jack VanDerhei. 2002. “Can 401(k) Accumulations Generate Significant Income
for Future Retirees?” Investment Company Institute Perspective 8, no. 3, and EBRI Issue Brief,
no. 251 (November). Washington, DC: Investment Company Institute and Employee Benefit
Research Institute. Available at www.ici.org/pdf/per08-03.pdf.
Holden, Sarah, Jack VanDerhei, Luis Alonso, and Steven Bass. 2013. “401(k) Plan Asset Allocation,
Account Balances, and Loan Activity in 2012.” ICI Research Perspective 19, no. 12, and EBRI Issue
Brief, no. 394 (December). Washington, DC: Investment Company Institute and Employee Benefit
Research Institute. Available at www.ici.org/pdf/per19-12.pdf.
Investment Company Institute. 2014. “The U.S. Retirement Market, Fourth Quarter 2013” (March).
Available at www.ici.org/info/ret_13_q4_data.xls.
National Bureau of Economic Research. 2010. “U.S. Business Cycle Expansions and Contractions”
(September 20).
SP 500. New York, NY: Standard Poor’s.
U.S. Federal Reserve Board. 2014. Financial Accounts of the United States: Flow of Funds, Balance
Sheets, and Integrated Macroeconomic Accounts, Fourth Quarter 2014, Z.1 Release (March 6).
Washington, DC: Federal Reserve Board. Available at www.federalreserve.gov/releases/z1/
Current/.