401(k)计划中的目标日期基金

Q3 Social Sciences

Social Security Bulletin Pub Date : 2012-03-06 DOI:10.2139/ssrn.2017125

O. Mitchell, Stephen Utkus

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引用次数: 0

摘要

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。

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Target-Date Funds in 401(k) Plans

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.

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来源期刊

Social Security Bulletin Social Sciences-Social Sciences (miscellaneous)

CiteScore

0.70

自引率

0.00%

发文量