| $100 Bills on the Sidewalk: Suboptimal Investment in 401(k) Plans. | |
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MedLine Citation:
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PMID: 21860536 Owner: NLM Status: Publisher |
Abstract/OtherAbstract:
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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 59½. At the average firm, 36% of match-eligible employees over 59½ forego arbitrage profits that average 1.6% of their annual pay, or $507. A survey educating employees about the free lunch they are foregoing raised contribution rates by a statistically insignificant 0.67 percent of income among those completing the survey. |
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Authors:
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James J Choi; David Laibson; Brigitte C Madrian |
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Publication Detail:
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Type: JOURNAL ARTICLE |
Journal Detail:
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Title: The review of economics and statistics Volume: 93 ISSN: 0034-6535 ISO Abbreviation: - Publication Date: 2011 Aug |
Date Detail:
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Created Date: 2011-8-23 Completed Date: - Revised Date: - |
Medline Journal Info:
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Nlm Unique ID: 9877925 Medline TA: Rev Econ Stat Country: - |
Other Details:
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Languages: ENG Pagination: 748-763 Citation Subset: - |
Affiliation:
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Yale University and NBER. |
Export Citation:
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| MeSH Terms | |
Descriptor/Qualifier:
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| Grant Support | |
ID/Acronym/Agency:
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P01 AG005842-24//NIA NIH HHS; R01 AG021650-08//NIA NIH HHS |
From MEDLINE®/PubMed®, a database of the U.S. National Library of Medicine
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