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Contribution, Asset Allocation, Loan and Withdrawal Activity Among Retirement Savers Remarks for the Dartmouth College Symposium How to Increase Effectiveness of Financial Education Sarah Holden Investment Company Institute Jack VanDerhei Temple University, EBRI Fellow October 17, 2005

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contribution asset allocation loan and withdrawal activity among retirement savers

Contribution, Asset Allocation, Loan and Withdrawal Activity Among Retirement Savers

Remarks for the

Dartmouth College Symposium

How to Increase Effectiveness of Financial Education

Sarah Holden

Investment Company Institute

Jack VanDerhei

Temple University, EBRI Fellow

October 17, 2005

overview
Overview
  • 401(k) Participants
    • The Participation Decision
    • Contributions
    • Asset Allocation
    • Loans and Withdrawals
  • What Can 401(k) Accumulations Generate at Retirement?
  • IRA Owners
    • The Participation Decision
    • Contributions
    • Asset Allocation
    • Withdrawals
  • Appendix
    • Job Change and Retirement
  • Bibliography
the 401 k participation decision
The 401(k) Participation Decision
  • Choi, Laibson, Madrian & Metrick (July 2004)
  • Fidelity Investments (2004)
  • Automatic enrollment increases participation rates, especially among lower income workers (see Holden & VanDerhei (July 2005) for discussion and references)
  • ICI (Spring 2000) 401(k) Household Survey Asked Why Participated and Why Didn’t
reasons for participating in the 401 k plan 1 2
Reasons for Participating in the 401(k) Plan1,2

3

3

3

1Percent of 401(k) plan participants indicating reason was “very important.”

2Multiple responses included. Number of respondents varies.

3Asked of those offered the feature.

Source: Investment Company Institute, 401(k) Plan Participants: Characteristics, Contributions, and Account Activity, Spring 2000

reasons for not participating in the 401 k plan 1 2
Reasons for Not Participating in the 401(k) Plan1,2

1Percent of 401(k) plan non-participants indicating reason was “very” or “somewhat” important.

2Multiple responses included. Number of respondents varies.

Source: Investment Company Institute, 401(k) Plan Participants: Characteristics, Contributions, and Account Activity, Spring 2000

401 k plan education primary purpose percent of plans
401(k) Plan Education Primary Purpose(percent of plans)

Improve Asset

Allocation

Introduce Plan

Changes

Increase Deferrals

(Employee Contributions)

Increase Employee

Appreciation for the Plan

Other

Increase

Participation

Note: Components do not add to 100 percent because of rounding.

Source: Profit Sharing/401(k) Council of America(PSCA), 48th Annual Survey of Profit Sharing and 401(k) Plans: Reflecting 2004 Plan Experience, 2005

ebri ici participant directed retirement plan data collection project
EBRI/ICI Participant-Directed Retirement Plan Data Collection Project
  • Collaborative effort of the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI)
  • Have collected annual data for 1996–2004 from a variety of recordkeepers covering a variety of plans
  • 16.3 million 401(k) participants in 2004 (38% of the 401(k) universe)
  • 45,783 plans in 2004 (10% of universe)
  • $926.2 billion in assets in 2004 (44% of universe)
  • Representative sample of the universe
  • Analyze account balances, asset allocation, and loan activity in annual updates.
  • Special Reports—contribution activity, EBRI/ICI 401(k) Accumulation Projection Model

Source: Tabulations from the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project (see Holden & VanDerhei (September 2005 and September 2005—Appendix))

401 k plan participant contribution activity
401(k) Plan Participant Contribution Activity
  • What influences 401(k) plan participants’ contribution activity?
  • 401(k) Participants Respond to “Corner” Points
    • EGTRRA Catch-Up Contributions
    • Automatic Enrollment Defaults
    • Internal Revenue Code Limit
    • Match Level for Employer Contribution
among participants making contributions percentage of participants at 402 g limit by salary 1 2
Among Participants Making Contributions, Percentage of Participants at 402(g) Limit by Salary1,2

Non-Highly Compensated Employees

Highly Compensated Employees

1Percent of participants in salary range.

2Excludes participants earning less than $40,000 a year because another IRC limit prevented them from reaching the §402(g) limit. Tabulated from a sample of 0.8 million participants.

Source: Tabulations from the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project (see Holden & VanDerhei (October 2001))

401 k participants contributing at employer contribution match level by salary 1 2
401(k) Participants Contributing at Employer Contribution Match Level by Salary1,2

Highly Compensated

Employees

Non-Highly Compensated Employees

1Percent of participants in salary range. Contributions in 1999

2Sample of nearly 1 million participants (whether contributing or not) for whom employer matching contribution information was provided or derived.

Source: Tabulations from the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project (see Holden & VanDerhei (October 2001))

401 k participants asset allocation
401(k) Participants’ Asset Allocation
  • What influences 401(k) plan participants’ asset allocations?
  • EBRI/ICI database analyses 401(k) participant asset allocation by age, tenure, salary, plan size, and investment option.
  • 401(k) plans generally have lots of investment options.

EBRI/ICI Research* finds:

      • Participants are offered 10.4 options, on average,
      • But, 2.5 options are chosen, on average.
      • Participants are not “naïve” – less than 1% had followed 1/n.
      • The more equity options, the higher the allocation to equity funds.

*See Holden & VanDerhei (May 2001).

401 k participants now more likely to choose balanced funds 1 2
401(k) Participants Now More Likely to Choose Balanced Funds1,2

3

4

4,5

1401(k) plan average asset allocation among participants with two or fewer years of tenure, percent of total. Minor investment options are not shown; therefore, column percentages do not add to 100 percent.

2Drawn from samples of 1.2 million participants with two or fewer years of tenure in 1998 and 1.8 million participants with two or fewer years of tenure in 2004.

3Fixed-Income investments include bond funds, guaranteed investment contracts (GICs) and other stable value funds, and money funds.

4“Funds” include mutual funds, bank collective trusts, life insurance separate accounts, and any pooled investment product primarily invested in the security indicated.

5Balanced funds include lifestyle and lifecycle funds.

Source: Tabulations from the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project (see Holden & VanDerhei (September 2005))

401 k loan and withdrawal activity
401(k) Loan and Withdrawal Activity
  • Loans
    • Loans widely available
    • Loan option increases employee participation and contributions
    • Loans rarely taken
  • Withdrawals
    • Safe harbor
    • Generally subject to taxes and penalty
    • Withdrawals very rarely taken

Sources: Utkus (July 2005), Holden & VanDerhei (November 2002—Appendix), Holden & VanDerhei (October 2001), ICI (Spring 2000), U.S. Government Accountability Office (October 1997)

loans are widely available but rarely taken from 401 k plans
Loans Are Widely Available…But Rarely Taken from 401(k) Plans

Have Taken Out a Loan

  • Among 401(k) participants with loans, the level of the unpaid balance represented 13 percent of the account balance (net of the unpaid loan balance) at year-end 2004.

Participants in Plans Offering Loans

Source: Tabulations from the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project (see Holden & VanDerhei (September 2005))

few 401 k participants take hardship withdrawals
Few 401(k) Participants Take Hardship Withdrawals*

*Percent of 401(k) participants whose plans allow hardship withdrawals.

Source: Investment Company Institute, 401(k) Plan Participants: Characteristics, Contributions, and Account Activity, Spring 2000 (see also Holden & VanDerhei (November 2002—Appendix))

basic elements of the ebri ici 401 k accumulation projection model
Basic Elements of the EBRI/ICI 401(k) Accumulation Projection Model
  • Start at Year-End 2000

Participant Behavior Over Working Career

Participant Activity Inside the 401(k) Plan

401(k) Account BalanceAsset AllocationLoan Balance Annual Income

  • Project for Each Participant: Account Balances and Income Until Age 65
  • At Age 65 – Calculate Median Replacement Rate

Source: EBRI/ICI 401(k) Accumulation Projection Model (see Holden & VanDerhei (July 2005, November 2002, and November 2002—Appendix))

basic model elements participant activity inside the 401 k plan
Basic Model Elements: Participant Activity Inside the 401(k) Plan

Contributions? Amount Contributed?

Loans? Amount Borrowed?

401(k) Withdrawal?Amount Withdrawn?

Asset AllocationRebalance Portfolio

Investment Returns

Source: EBRI/ICI 401(k) Accumulation Projection Model

basic model elements participant behavior over working career
Basic Model Elements: Participant Behavior Over Working Career

Change Jobs?

Leave Balance, Cash Out, or Roll Over?

Rollover IRA?Asset Allocation, Investment Returns, IRA Withdrawals?

Source: EBRI/ICI 401(k) Accumulation Projection Model

slide19
Median Replacement Rates for Participants Turning 65 Between 2030 and 2039 by Income Quartile at Age 651

2

2

1Percent of final five-year average salary.

2The 401(k) accumulation includes 401(k) balances at employer(s) and rollover IRA balances.

Source: Tabulations from the EBRI/ICI 401(k) Accumulation Projection Model (see Holden & VanDerhei (July 2005))

slide20

Change in Median Replacement Rates from 401(k) Accumulations for Participants Reaching Age 65 Between 2030 and 2039, by Income Quartile at 65

Scenario Lowest Second Third Highest

Baseline2 50.7 54.0 59.5 67.2

Change3

Always contributing +9.1 +8.9 +6.5 +4.6

Loans never taken +0.4 +0.3 +0.4 +0.3

No 401(k) withdrawals +6.7 +6.0 +6.0 +3.8

Stochastic coverage -27.5 -30.8 -34.7 -39.4

No cashouts +13.3 +9.1 +6.8 +4.7

No IRA withdrawals +11.1 +12.8 +14.8 +18.4

1The 401(k) Accumulation includes 401(k) balances at employer(s) and rollover IRA balances.

2Percent of final five-year average salary (median).

3Percentage points.

Source: EBRI/ICI 401(k) Accumulation Projection Model (see Holden & VanDerhei (November 2002))

slide21
Median Replacement Rates1 from 401(k) Accumulations2 for Workers Turning 65 Between 2030 and 2039 by Income Quartile at Age 653

1In all three simulations presented in this figure, workers experience continuous employment, continuous 401(k) plan coverage, and investment returns based on average annual returns between 1926 and 2001. While in the baseline, only 401(k) participants with account balances at year-end 2000 are considered; here, all eligible workers are considered.

2The 401(k) accumulation includes 401(k) balances at employer(s) and rollover IRA balances.

3Percent of final five-year average salary.

Source: EBRI/ICI 401(k) Accumulation Projection Model (see Holden & VanDerhei (July 2005))

history of iras
History of IRAs
  • Facilitate a Commitment to Saving
    • Tax incentives
    • Behavioral finance
  • Simplicity—Universal IRA
  • Flexibility—Rollovers and Contributions
the ira participation decision
The IRA Participation Decision
  • IRAs—Very Low Participation Rates
    • Sailer and Holden (August 2004)
    • Contribution Activity Varies with Age, Income
  • IRA Contributions at “Corner” Points
    • Internal Revenue Code Limit
    • EGTRRA Catch-Up Contributions
deductible contributions to traditional iras 1981 1 987 and 2002 billions of dollars
Deductible Contributions to Traditional IRAs,* 1981–1987 and 2002 (billions of dollars)

*Deductible IRA contributions reported on individual income tax returns (Form 1040).

Sources: IRS, Statistics of Income Division, Individual Income Tax Returns, Publication 1304, various years and SOI Bulletin, various issues (see Holden, Ireland, Leonard-Chambers, and Bogdan (February 2005))

percent of all taxpayers by eligibility for ira deductions
Percent of All Taxpayers by Eligibility for IRA Deductions

Full Roth Contribution Instead 2%

Eligible, Taking Traditional IRA Deduction 2%

Eligible, Not Taking Deduction 65%

No Taxable Compensation 12%

Covered* and Above Income Limit 17%

Older than 70 ½ 2%

*Covered by a qualified employer-sponsored plan.

Source: Matched File of Income Tax Returns, Forms 5498, and 1099-R for Tax-Year 2001 (see Sailer & Holden (August 2004))

ira contribution decision
IRA Contributions at “Corner” Points

Among those making contributions to IRAs, more than half contributed at the limit (through 2001).

EGTRRA Catch-Up Contributions

Percentage of Contributing IRA Owners Age 50 or Older

IRA Contribution Decision

2002

2002

2003

2003

Roth IRA

Traditional IRA

Source: ICI Annual Owners Survey (see Holden, Ireland, Leonard-Chambers, and Bogdan (February 2005))

traditional iras billions of dollars
Traditional IRAs(billions of dollars)

Contributions

Rollovers

Market Value of Assets

e

p

p=preliminary

e=estimate

Sources: Investment Company Institute, U.S. Internal Revenue Service Statistics of Income Division and SOI Bulletin, various issues (see ICI (August 2005—Appendix))

ira owners asset allocations
IRA Owners’ Asset Allocations
  • IRA asset allocation varies with age.
  • In 2004, 46 percent of households with traditional IRAs had rollovers in their IRAs (ICI (February 2005)).
  • IRA owners hold a variety of assets (see Holden, Ireland, Leonard-Chambers, and Bogdan (February 2005)).
  • Households with IRAs and 401(k) accounts are heavily invested in equities in both (see Copeland (January 2004)).
ira asset allocation by age of household percent of u s households
IRA Asset Allocation by Age of Household(percent of U.S. households)

How Is Your IRA or Keogh Account Invested?

20s

60s

70+

Stocks/Mutual Funds

70%

43%

32%

Bonds

4%

11%

20%

CDs/Money Market Funds

15%

28%

31%

Mixed

6%

15%

16%

Other

5%

3%

1%

100%

100%

100%

Source: ICI tabulations of the Federal Reserve Board’s 2001 Survey of Consumer Finances

ira withdrawal activity
IRA Withdrawal Activity
  • IRAs
    • Loans are not allowed
    • Withdrawals permitted; often with penalty
    • Withdrawals rarely taken
few households with iras take withdrawals
Few Households with IRAs Take Withdrawals*

*Percent of households with traditional IRAs. Withdrawal activity in any given year on average between 1999 and 2003.

Source: ICI Annual IRA Owners Surveys (see Holden, Ireland, Leonard-Chambers, and Bogdan (February 2005))

reasons for ira withdrawals when under age 59 1 2
Reasons for IRA Withdrawals When Under Age 591,2

1Percent of households taking traditional IRA withdrawals. Results pooled over 2000 through 2004 survey years covering withdrawal activity in 1999 to 2003.

2Multiple responses.

Source: ICI Annual IRA Owners Survey (see Holden, Ireland, Leonard-Chambers, and Bogdan (February 2005))

reasons for ira withdrawals when 70 or older 1 2
Reasons for IRA Withdrawals When 70 or Older1,2

1Percent of households taking traditional IRA withdrawals.

2 Multiple responses.

Source: ICI Annual IRA Owners Survey (see Holden, Ireland, Leonard-Chambers, and Bogdan (February 2005))

appendix
Appendix
  • Total Retirement Market
  • Participation Decision
  • 401(k) Asset Allocation
  • 401(k) Loans and Withdrawals
  • Job Change and Retirement
total retirement market
Total Retirement Market

Year-End 2004 Assets1 (billions of dollars)

IRAs 3,475

Defined contribution plans2 3,228

Private defined benefit plans 1,846

State and local government plans 2,585

Federal defined benefit plans3 1,024

Annuities4 1,246

Total Retirement Market 13,404

1Components do not add to total because of rounding.

2Includes private employer-sponsored defined contribution plans, 403(b) plans, and 457 plans.

3Includes 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. Also includes securities held in the National Railroad Retirement Investment Trust and the Federal Employees Retirement System (FERS) Thrift Savings Plan (TSP).

4All fixed and variable annuity reserves at life insurance companies less annuities held by IRAs, 457 plans, 403(b) plans, and private pension funds.

Sources: Investment Company Institute, Federal Reserve Board, National Association of Government Defined Contribution Administrators, American Council of Life Insurers, and Internal Revenue Service (see ICI (August 2005) and Flow of Funds Accounts, Z.1 Release (September 21, 2005))

employer changes that could improve 401 k plan participation 1 2
Employer Changes that Could Improve 401(k) Plan Participation1,2

1Percent of 401(k) plan nonparticipants “very” or “somewhat” likely to enroll if each change is made.

2Multiple responses included. Number of respondents varies.

Source: Investment Company Institute, 401(k) Plan Participants: Characteristics, Contributions, and Account Activity, Spring 2000

most common types of education 1 provided by plan sponsors 2
Most Common Types of Education1 Provided by Plan Sponsors2

1Communication techniques used to accomplish primary education goal. Multiple responses included. For other types of education mentioned, see the report.

2Percent of plans.

Source: Profit Sharing/401(k) Council of America (PSCA), 48th Annual Survey of Profit Sharing and 401(k) Plans, Reflecting 2004 Plan Experience, 2005

average asset allocation in 2004 by participant age 1
Average Asset Allocation in 2004, by Participant Age1

2

2

2

73%

55%

2

1Percent of total assets. Components may not add to 100 percent because of rounding.

2“Funds” include mutual funds, life insurance separate accounts, bank collective trusts, and any pool of assets primarily invested in the investment objective indicated.

Source: Tabulations from the EBRI/ICI Participant-Directed Plan Data Collection Project (see Holden & VanDerhei (September 2005))

percent of assets allocated to equity funds varies widely among 401 k participants 1 2
Percent of Assets Allocated to Equity Funds Varies Widely Among 401(k) Participants1,2

>60 to 80 Percent

>80 Percent

>40 to 60 Percent

>20 to 40 Percent

Zero

1 to 20 Percent

1Asset allocation distribution of 401(k) participant account balance to equity funds, percent of participants, 2004.

2Includes the 16.3 million participants in the year-end 2004 EBRI/ICI database. Components do not add to 100 percent because of rounding.

Source: Tabulations from the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project (see Holden & VanDerhei (September 2005))

distribution of 401 k plans by number of investment options offered 1 2
Distribution of 401(k) Plans by Number of Investment Options Offered1,2

8 Options

7 Options

9 Options

6 Options

2 to 5 Options

10 Options

11 or More Options

1Percent of plans.

2Sample of about 23,500 plans with 1.4 million participants drawn from the year-end 2000 EBRI/ICI database. Median number of options offered is 10; average is 10.4. Median number of options chosen is 2; average is 2.5.

Source: Tabulations from the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project (see Holden & VanDerhei (May 2001))

distribution of participants by number of investment options offered and chosen 1 2
Distribution of Participants by Number of Investment Options Offered and Chosen1,2

Number Chosen by 401(k) Participant

Number Offered

1Percent of participants in row. Row percentages may not add to 100 percent because of rounding.

2Sample of about 23,500 plans with 1.4 million participants drawn from the year-end 2000 EBRI/ICI database.

Source: Tabulations from the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project (see Holden & VanDerhei (May 2001))

reasons for taking most recent 401 k plan loan 1 2
Reasons for Taking Most Recent 401(k) Plan Loan1,2

1Percent of 401(k) plan participants who have taken a loan from current plan.

2Multiple respondents included.

Source: Investment Company Institute, 401(k) Plan Participants: Characteristics, Contributions, and Account Activity, Spring 2000

reasons for 401 k hardship withdrawals 1 2
Reasons for 401(k) Hardship Withdrawals1,2

1Percent of 401(k) plan participants who have taken a hardship withdrawal from current plan.

2Multiple responses.

Source: Investment Company Institute, 401(k) Plan Participants: Characteristics, Contributions, and Account Activity, Spring 2000

households asset allocation among households with both iras and 401 k type plans 1 2
Households’ Asset Allocation Among Households with Both IRAs and 401(k)-Type Plans1,2

Asset Class IRAs 401(k)-Type Plans

Mostly Stock 65.0% 61.1%

Mostly Interest-Earning 20.8% 7.5%

Split 13.5% 31.4%

Other 0.7%

1Percentage of assets in account type indicated.

2Some of the differences in asset type between the two account types is due to the differing format of the question asked across the two account types.

Source: EBRI Tabulations of the 2001 Survey of Consumer Finances (see Copeland (January 2004))

changing jobs tenure distribution of workers age 55 to 64
Changing Jobs—Tenure Distribution of Workers Age 55 to 64*

*Percent of workers; percentages do not add to 100 percent because of rounding.

Source: U.S. Department of Labor, Bureau of Labor Statistics, Employee Tenure in 2004, September 21, 2004

workers behavior at job change rollover of entire balance
Workers’ Behavior at Job Change—Rollover of Entire Balance*

*Percent of workers receiving lump-sum distributions.

Source: ICI Tabulations of Survey of Income and Program Participation (SIPP) 2001 Panel, Pension Module; Data for 2003

workers behavior at job change rollover of entire balance47
Workers’ Behavior at Job Change—Rollover of Entire Balance*

Size of Lump-Sum Distribution

*Percent of workers receiving lump-sum distributions.

Source: ICI Tabulations of Survey of Income and Program Participation (SIPP) 2001 Panel, Pension Module; Data for 2003

workers behavior at job change rollover of entire balance48
Workers’ Behavior at Job Change—Rollover of Entire Balance*

Age at Time of Distribution

*Percent of workers receiving lump-sum distributions.

Source: ICI Tabulations of Survey of Income and Program Participation (SIPP) 2001 Panel, Pension Module; Data for 2003

defined contribution plan distribution decision at retirement 1
Defined Contribution Plan Distribution Decision at Retirement1

Distribution Options Selected at Retirement by Retirees Having More than One Option2

1Individuals retired from a defined contribution plan between 1995 and 2000. Multiple responses included. Data as of May 2000.

2Percent of respondents who had multiple options.

Source: Investment Company Institute, “Financial Decisions at Retirement,” ICI Fundamentals, November 2000

bibliography
Bibliography

Choi, James J., David Laibson, Brigitte C. Madrian, and Andrew Metrick. “Saving for Retirement on the Path of Least Resistance,” Originally prepared for Tax policy and the Economy 2001, updated draft July 19, 2004.

Copeland, Craig. “Retirement Plan Participation and Asset Allocation,” EBRI Notes, Vol. 25, No. 1, Washington, DC: Employee Benefit Research Institute, January 2004: pp. 1-11.

Federal Reserve Board. Survey of Consumer Finances, available at: <http://www.federalreserve.gov/pubs/oss/oss2/scfindex.html>.

Federal Reserve Board. Flow of Funds Accounts of the United States, Z.1 Release. Washington, DC: Federal Reserve Board, September 21, 2005.

Fidelity Investments. Building Futures, Volume V: How Workplace Savings Are Shaping the Future of Retirement (A Report on Corporate Defined Contribution Plans). Boston, MA: Fidelity Investments, 2004.

Holden, Sarah, and Jack VanDerhei. “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2004,” ICI Perspective, Vol. 11, No. 4, and EBRI Issue Brief, No. 285, Washington, DC: Investment Company Institute and Employee Benefit Research Institute, September 2005.

Holden, Sarah, and Jack VanDerhei. “Appendix: Additional Figures for the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project for Year-End 2004,” ICI Perspective, Vol. 11, No. 4A, Washington, DC: Investment Company Institute, September 2005-Appendix.

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Holden, Sarah, and Jack VanDerhei. “Contribution Behavior of 401(k) Plan Participants,” ICI Perspective, Vol. 7, No. 4, and EBRI Issue Brief, No. 238, Washington, DC: Investment Company Institute and Employee Benefit Research Institute, October 2001.

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Investment Company Institute. “401(k) Plan Participants: Characteristics, Contributions, and Account Activity,” ICI Research Series, Washington, DC: Investment Company Institute, Spring 2000.

Profit Sharing/401(k) Council of America (PSCA). 48th Annual Survey of Profit Sharing and 401(k) Plans: Reflecting 2004 Plan Experience. Chicago, IL: Profit Sharing/401(k) Council of America, 2005.

Sailer, Peter, and Sarah Holden. “Use of Individual Retirement Arrangements to Save for Retirement-Results From a Matched file of Tax Returns and Information Documents for Tax Year 2001,” Presented at the 2004 American Statistical Association Meetings, Washington, DC: Internal Revenue Service Statistics of Income Division, August 2004 (available at: <http://www.irs.gov/pub/irs-soi/04saiasa.pdf>).

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Utkus, Stephen P., and Gary R. Mottola. Catch-Up Contributions in 2004: Plan Sponsor and Participant Adoption. Valley Forge, PA: The Vanguard Center for Retirement Research and The Vanguard Group, April 2005.