$100 BILLS ON THE SIDEWALK: SUBOPTIMAL INVESTMENT IN 401(K) PLANS

被引：143

作者：

Choi, James J. ^{[1
,2
]}

Laibson, David ^{[2
,3
]}

Madrian, Brigitte C. ^{[2
,3
]}

机构：

[1] Yale Univ, New Haven, CT 06520 USA

[2] NBER, Cambridge, MA 02138 USA

[3] Harvard Univ, Cambridge, MA 02138 USA

来源：

REVIEW OF ECONOMICS AND STATISTICS | 2011年 / 93卷 / 03期

关键词：

COMPANY STOCK; ASSET LOCATION; INFORMATION; INCENTIVES; ALLOCATION;

D O I：

10.1162/REST_a_00100

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We identify employees at seven companies whose 401(k) investment choices are dominated because they are contributing less than the employer matching contribution threshold despite being vested in their match and being able to make penalty-free 401(k) withdrawals for any reason because they are older than 59 1/2. At the average firm, 36% of match-eligible employees over age 59 1/2 forgo arbitrage profits that average 1.6% of their annual pay, or $507. A survey educating employees about the free lunch they are forgoing raised contribution rates by a statistically insignificant 0.67% of income among those completing the survey.

引用

页码：748 / 763

页数：16

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[1] The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation [J].