Target-Date Funds in 401(k) Plans

Q3 Social Sciences
O. Mitchell, Stephen Utkus
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引用次数: 0

Abstract

Individual responsibility for portfolio construction is a central theme for defined contribution pensions, yet the rise of target-date funds is shifting investment decisions from workers back to employers. A complex choice architecture including automatic enrollment, reenrollment, and fund mapping, is increasing the number of participants defaulting into employer-selected target-date funds. At the same time, portfolios of non-defaulted participants undergo sizeable changes, with equity share ratios widening by over 40 percent points between younger/older participants. Among active decision-makers, these funds act as a form of implicit employer-provided lifecycle investment advice. More broadly, our findings highlight malleable preferences among retirement investors and a demand for default-based guidance or simplified advice for households facing complex choices.
401(k)计划中的目标日期基金
个人对投资组合构建的责任,是固定缴款养老金的一个核心主题,但目标日期基金的兴起,正将投资决策权从工人手中转移回雇主手中。一个复杂的选择体系结构,包括自动登记、重新登记和基金映射,正在增加默认加入雇主选择的目标日期基金的参与者数量。与此同时,非违约参与者的投资组合发生了相当大的变化,年轻/年长参与者之间的股权份额比率扩大了40%以上。在积极的决策者中,这些基金充当雇主提供的一种隐性生命周期投资建议。更广泛地说,我们的研究结果突出了退休投资者偏好的可塑性,以及面对复杂选择的家庭对基于默认的指导或简化建议的需求。
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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来源期刊
Social Security Bulletin
Social Security Bulletin Social Sciences-Social Sciences (miscellaneous)
CiteScore
0.70
自引率
0.00%
发文量
0
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