401(k) plan asset allocation, account balances, and loan activity in 2009.

EBRI issue brief Pub Date : 2010-11-01
Jack VanDerhei, Sarah Holden, Luis Alonso
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Abstract

CONSISTENT SAMPLE: Because 401(k) balances can fluctuate with market returns from year to year, meaningful analysis of 401(k) plans must examine how participants' accounts have performed over the long term. Looking at consistent participants in the EBRI/ICI 401(k) database over the six-year period from 2003 to 2009 (which included one of the worst bear markets for stocks since the Great Depression), the study found: After rising in 2003 and for the next four consecutive years, the average 401(k) retirement account fell 27.8 percent in 2008, before rising 31.9 percent in 2009. The average 401(k) account balance moved up and down with stock market performance, but over the entire six-year time period increased at an average annual growth rate of 10.5 percent, attaining $109,723 at year-end 2009. The median (or midpoint, half above and half below) 401(k) account balance increased at an average annual growth rate of 14.7 percent over the 2003-2009 period to $59,381 at year-end 2009. THE BULK OF 401(K) ASSETS CONTINUED TO BE INVESTED IN STOCKS: On average, at year-end 2009, 60 percent of 401(k) participants' assets were invested in equity securities through equity funds, the equity portion of balanced funds, and company stock. Thirty-six percent was in fixed-income securities such as stable-value investments and bond and money funds. MORE THAN THREE-QUARTERS OF 401(K) PLANS INCLUDED TARGET-DATE FUNDS IN THEIR INVESTMENT LINEUP AT YEAR-END 2009: At year-end 2009, nearly 10 percent of the assets in the EBRI/ICI 401(k) database was invested in target-date funds and 33 percent of 401(k) participants held target-date funds. Also known as lifecycle funds, they are designed to simplify investing and to automate account rebalancing. NEW EMPLOYEES CONTINUED TO USE BALANCED FUNDS, INCLUDING TARGET-DATE FUNDS: Across all but the oldest age group, more new or recent hires invested their 401(k) assets in balanced funds, including target-date funds. At year-end 2009, about 42 percent of the account balances of recently hired participants in their 20s were invested in balanced funds, compared with 36 percent in 2008, and about 7 percent in 1998. At year-end 2009, 31 percent of the account balances of recently hired participants in their 20s was invested in lifecycle funds, compared with almost 23 percent at year-end 2008. 401(K) PARTICIPANTS CONTINUED TO SEEK DIVERSIFICATION OF THEIR INVESTMENTS: The share of 401(k) accounts invested in company stock continued to shrink, falling by half of a percentage point (to 9.2 percent) in 2009. That continued a steady decline that started in 1999. Recently hired 401(k) participants contributed to this trend: They tended to be less likely to hold employer stock. PARTICIPANTS' 401(K) LOAN ACTIVITY ROSE IN 2009: In 2009, 21 percent of all 401(k) participants eligible for loans had a loan outstanding against their 401(k) account, compared with 18 percent at year-end 2008 and year-end 2007. Loans outstanding amounted to 15 percent of the remaining account balance, on average, at year-end 2009, compared with 16 percent at year-end 2008. Loan amounts remained in line with the past few years in terms of typical dollar amounts.

401(k)计划2009年的资产配置、账户余额和贷款活动。
一致的样本:由于401(k)余额每年都会随着市场回报而波动,因此对401(k)计划进行有意义的分析必须考察参与者的账户在长期内的表现。研究人员观察了EBRI/ICI 401(k)数据库在2003年至2009年的六年间(其中包括自大萧条以来股市最糟糕的熊市之一)的一贯参与者,发现:在2003年和接下来连续四年上涨之后,401(k)退休账户的平均收入在2008年下降了27.8%,而在2009年上升了31.9%。平均401(k)账户余额随着股市表现上下波动,但在整个六年期间以10.5%的平均年增长率增长,到2009年底达到109,723美元。在2003-2009年期间,401(k)账户余额的中位数(或中间值,一半高于一半低于)以14.7%的平均年增长率增长,至2009年底达到59,381美元。大部分401(K)资产继续投资于股票:平均而言,在2009年底,60%的401(K)参与者的资产通过股票基金、平衡基金的股票部分和公司股票投资于股票证券。36%是固定收益证券,如稳定价值投资、债券和货币基金。截至2009年底,超过四分之三的401(K)计划将目标日期基金纳入其投资阵容:2009年底,EBRI/ICI 401(K)数据库中近10%的资产投资于目标日期基金,33%的401(K)参与者持有目标日期基金。它们也被称为生命周期基金,旨在简化投资并自动调整账户平衡。新员工继续使用平衡基金,包括目标日期基金:除了年龄最大的年龄组,更多的新员工或新员工将他们的401(k)资产投资于平衡基金,包括目标日期基金。截至2009年底,20多岁的新雇员账户余额中约有42%投资于平衡基金,而2008年和1998年这一比例分别为36%和7%。截至2009年底,最近受雇的20多岁参与者的账户余额中有31%投资于生命周期基金,而2008年底这一比例接近23%。401(K)计划参与者继续寻求投资多样化:投资于公司股票的401(K)账户份额继续萎缩,2009年下降了0.5个百分点(至9.2%)。这延续了1999年开始的稳步下降。最近受雇参加401(k)计划的人促成了这一趋势:他们往往不太可能持有雇主的股票。参与者的401(K)贷款活动在2009年上升:2009年,所有符合贷款条件的401(K)参与者中有21%的人在他们的401(K)账户上有未偿贷款,而2008年底和2007年底这一比例为18%。2009年底,未偿还贷款平均占剩余账户余额的15%,而2008年底为16%。以典型的美元数额计算,贷款额与过去几年保持一致。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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