“IRA Withdrawals in 2013 and Longitudinal Results 2010-2013,” and “Satisfaction With Health Coverage and Care: Findings from the 2014 EBRI/Greenwald & Associates Consumer Engagement in Health Care Survey”

IRAs: Relatively few owners of individual retirement accounts (IRAs) are withdrawing money from them, and most of those who do are those over age 70-½ who are required by law to take a distribution from their Traditional IRA, according to new research by EBRI. <A href="http://www.ebri.org/pdf/PR1132.IRAs.15July15.pdf ">Press release.</A> Satisfaction Gap: Individuals with health insurance continue to express higher satisfaction with traditional health plans compared with so-called “consumer-driven” plans, but the “satisfaction gap” appears to be narrowing, according to new research from EBRI. <A href="http://www.ebri.org/pdf/PR1133.CEHCS.16July15.pdf ">Press release </A>

IRA Withdrawals in 2013 and Longitudinal Results 2010-2013

Just over 22 percent of individuals who owned a Traditional or Roth individual retirement account (IRA) took a withdrawal in 2013. The overall IRA withdrawal percentage was largely driven by activity among individuals ages 70-½ or older owning a Traditional IRA—the group required to make withdrawals under federal required minimum distribution (RMD) rules for IRA owners beyond that age. In contrast, among individuals under age 60, 10 percent or fewer had a withdrawal.
For those at the RMD age, the withdrawal rates at the median appeared close to the amount that was required to be withdrawn, though some were significantly more. For instance, looking at the consistent sample in the EBRI IRA Database, approximately 25 percent of those 71 or older took a withdrawal amount in excess of that required by law for Traditional IRAs.
Among those ages 70 or older, withdrawal rates over a four-year period showed that most individuals were withdrawing at a rate that was likely to be able to sustain some level of post-retirement income from IRAs as the individual continued to age.

Satisfaction With Health Coverage and Care: Findings from the 2014 EBRI/Greenwald & Associates Consumer Engagement in Health Care Survey

The overall satisfaction rate among consumer-driven health plan (CDHP) enrollees increased in most years of the EBRI/Greenwald & Associates Consumer Engagement in Health Care Survey (CEHCS), while it decreased in most years among enrollees in traditional health care plans.
Differences in out-of-pocket costs may have explained some of the differences in overall satisfaction rates. In 2014, 48 percent of traditional-plan participants were extremely or very satisfied with out-of-pocket costs (for health care services other than prescription drugs), while 19 percent of high-deductible health plan (HDHP) enrollees and 26 percent of CDHP participants were extremely or very satisfied. Satisfaction with out-of-pocket health care costs has been trending upward among CDHP enrollees.
CDHP and HDHP enrollees were found to be less likely than those in a traditional plan both to recommend their health plan to friends or co-workers and to stay with their current health plan if they had the opportunity to switch plans.

Figure 4 Figure 2 Distribution of Withdrawal Amounts for Those Who Took Percentage of IRA Owners Who Took a Figure 10 Figure 2 Figure 6 Figure 4 Figure 8 Figure 8 Figure 1 The median with 0.7 percent of tax-paying owners ma S Percentage of Individual Appendix—About the 2014 EBRI/Greenwald & Associates Consumer Engagement References Whil some level atisfacti e with Quality of Car dra of withdra o w post-retir n als by w in al r eeme — dividuals youn ates decli Rece nt incom ntly, i ns Taking a Withdrawal ed as n e fro divi ger t king withdrawals from Roth IRAs. Some of duals i m account h IRAs as th an tra n ad balan CDHP itiona e individu ces increased, l we retirem re a al co se satisfied as i nt nage occur, t both inued to forn those age. they divi the data administr duals i Furt are generally t who took hermore, n a traditio withdrawals fro the i ators supplying data hnal ought nitial pla to n wit be t mh th he e IRA Withdrawals in 2013 and Longitudinal Results 2010 Satisfaction With Health Coverage and Care: Findings from ? Distribution of the Geometric Mean of Withdrawal Rates by Percentage a Withdrawal from IRAs, by Various Characteristics, 2013 Percentage Extremely Percentage Extremely Percentage Not Withdrawal, by Various Characteristics, 2013 Extremely or V T ery or oo or V Likely or ery V Not ery Satisfied With to at Satisfied With Recommend Health All Satisfied With Out-of-Pocket Ease of Plan to Distribution of Withdrawal Rates by Traditional IRA Owners to the EBRI IRA database did not provide information for individuals with a zero balance at year-end, whereas the IRS data quality result of in Health Care Survey Traditio withdrawal of c nal the rat are an nd those eed for receiv e for those ed. who money In D in ti2 ook with sthis age eith t014, ribut er abo ion of becaus drawa grou ut tw A plo-thirds s from Rot e of ap ccount peare a hardshi of O d to h w ind Ine R be o p iv As. ridua (l soss of job, W ne t In ls ho Took partic hat th either ular, th es i medical n a C W e in itdivi e medi hdr DHP bills, duals aw (66 an withdra aetc.) or wer ls perce fre om lnt) or i due to ikely to w al rate n insuf continu a tradit for ficie Tradi eional to nt ta fu tional pl nds ke an Fronstin, Paul, and Anne Elmlinger. "Findings From the 2014 EBRI/Greenwald & Associates Consumer Engagement in Respon Among dents Traditwere asked a ional IRA owners, 25.4 percent made a series of questions regarding their withdraw attitude al in 2013, toward th whereas 3 eir h .9 p ealth ercent plan of an Roth ow d their satisfact ners did ion Traditional IRA Owners Ages 70 or Older in 2010 Who Took a Withdrawal the 2014 EBRI/Greenwald & Associates Consumer 2013 in a Friend or Co-W Ov Getting Health Consistent erall Health Care Doctor Costs, Sample* Who Took a Withdraw Plan, orker Appoi by , by by nt T T men y T ype y pe pe t of Health Plan, 2005 of When Needed, 2005 of Health Plan, 2005-2014 Health Plan, al, 2005 2010 ? ? ?2014 2014 2014 ?2013 All With Withdrawal All With Traditional With Withdrawal Traditional With Roth With Roth With Withdrawal included withdrawals for taxpayers that de Traditional and R pleted their accounts during the oth Individual Retiremeyear. nt Accounts (IRAs), (68 held else IRAs was the n perce ext year, wher n 87.0 t) were e by based on perc extr in ent dividual emel for the ay or very satis ccounts wit s who resulting distribution needh to lfeied w fina ss than nce ith t of av pur $5,0 he c er quality of 00, hage ases (house, com with p care ared draw r business, etc.), with al rates ov eceive 4.2 percent for d (Fi er ti gurme giv e 3 though ). I account n e contr n t the he re a s of $250,000 initial y ssulting tax t, indivi ear duals anor d with Health Care Survey." EBRI Issue Brief no. 407 (Employee Benefit Research Institute, December 2014). w (Fi The itg h Employe ur va e 2 rio )u . s asp For e Ben Tra ectd es o itional fit Resea f the -IR ir h rch Institut A own ealth c ers ages 30 aree . Q (EBRI) and uest an iond a s we b Gr ove re ee a ,nwal sthe perc ked abo d & Associates creat enta ut overall ge who satisfa took ed th ction with t a withdra e EBRI/Gr whal increased e eenw health ald pla & n from as well July 2015 • Vol. 36, No. 7 in Each Year 2010 ?2013, Based on Initial Year’s Withdrawal Rate 90 90 90 40 % % %% 25th Prtl Median 75th Prtl Withdrawal 25th Prtl Withdrawal Median 75th Prtl Withdrawal 25th Prtl Median 75th Prtl Figure 6 90% Engagement in Health Care Survey by Various Characteristics, 2013 By Craig Copeland, Ph.D., Employee Benefit Research Institute an HDHP prematur 7 withdr more. Th awal w e m 60 e % rat wit ere eh dian e. less like draw with al pena ldra y to wlt be satisfi al rates ies impose for ed wi d a Roth IRAs th the re significa quality followed a nt. of care However, o similar rece pattern, n ivced t e an h in an t droppi dividual hose ng with reach from a tra e81.3 s retir ditio percent e nal ment a plan(for in ge, a eve ry as satisfaction with the quality of car 7.5 Associates Consumer En percent for those in their 30s gagement to 85.8 in H e re eal ceived, o percent am th Care Surv ut-of-pocket expe ong those ages ey (CEHCS) to nses, choice o 80 or examin older. e issue For Roth-IRA ow f do s surroundi ctors, and ng abil ners, the consumer-dire ity to get doct cted or All $2,631 All 37.0% $7,229 2005 2006$19,985 2007 22.1% 2008 $2,615 2009 2010$7,500 25.4% 2011 2012 $20,000 2013 3.9% 2014$1,800 $5,000 $10,633 Beginning in the year individuals turn age 70-½, owners of tax-deferred plans/accounts (e.g., 401(k)-type plans and Percentage of Individuals From a Consistent Sample* of IRA Owners Who Took a 25th Percentile Median 75th Percentile Where the world turns for the facts on U.S. employee benefits. 10th Percentile 25th Percentile Taylor, Humphrey. "Does Internet Rese 20arch ‘ 05 20 W 06ork’? Comp 2007 2008aring Onl 2009 20 ine Sur 10 2011 vey R 2012 esults W 2013 ith 2014 Telephone Surveys." year of the su withdr accounts w awal to ith rvey. In cover expenses in ret less than 2014, $5,0 56 percent 00) to 5.0 ireme pe of HDHP nt rcent is the (amon enroll expect gees wer ae ccounts of d resu e lt from extremely or v $250,0 an IRA 00 or mor an ery s d is, ae tisfied with in ). fact, maquality of care ndatory for a Age 80% Age appointments. health percentage wi care, 80 80 80% % % inth a cludiwith ng tdrawal was he cost of insur right at ance 3 , the perc cost of ent for care thos , satisfacti e ages leson wit s than h h 60, ealth before it care, satisfact increased from ion with a 5.2 hea perlcth ent By Paul Fronstin, Ph.D., Employee Benefit Research Institute, All Wand Anne Elmlinger, ith Traditional With Gr Reenw oth With ald & Associates Traditional IRAs) are required to make an a With 77% drawal and 20 N 05 umb 20n er o 06 nual minimum 20 f Y 07ears O 2008 ndi e T 20 stribution (wi 09oo20 k a With 10 2011 thdrawal). The re draw 2012 al, b 20y 13 Ag20 e, 2010–2013 quired minimum distribution 14 Median 75th Percentile 35% Whil e the m Internatio edian na withdrawal l Journal of Mark rates ar et Researc e encouragin h 42, no. 1 (August 200 g in that they sugge 3). st many individuals would be able to maintain Less than 30 1,000 Less than 30 3,201 7,950 6.2 948 3,000 9.3 8,651 3.0 853 2,700 5,768 received. Traditional IRA after age 70 72% -½. The Took A W rate of these ithdrawal withdrawals is impo Number rtant in of Y deter ears Ta m king ining the A Withdr lik awelihood of al having 71% 71% for those care plan, ag rea es 60 sons for choos -64 to 7.6 perce ing a n plan, t for 71% an those ages d sources o All 90 80 o th Per f ch ent r older. e W alth informati ilie thdraw al on. Withdr The 2014 CEHCS aw al Withdris aw com al parable with (RMD) is calculated by dividing the end of the prior-year balance by the longevity factor published by the 71% 71% IRS. For those with 70% 70% 69% 30–39 Retirement 70% and health benefits are at the heart of w 2,500 30–395,500 12,370 7.1 2,500 6,136 orker 7.5 s’, emplo 15,000 3.5 ye 1,500 rs’, and our nation’s 4,279 8,678 68% 68% 68% 20 68% 05 2006 2007 2008 2009 2010 2011 2012 2013 2068% 14 At the IRA The distri as an 50 70 70 70 butio % % % % ongoin n of the wit g sourc hdrawal r e of income ates for throughout males an retir d females w ement, furth ere al emost identi r study is ne cal eded to for Tr see aditio ifnal th IRAs. Males’ ese in 48. divi 3% duals are Data Security Overall Satisfaction With Health Plan— 67% Traditional-plan enrollees were more likely than CDHP and HDHP sufficient funds for th Alle duration of an indivi100.0% dual’s life, cert100. ainly wher 0% 66% e these balanc 100.0% es are a primary 100.0% source 66% of post- 66% findings from the 2005–2007 EBRI/Commonwealth Fund Consumerism in Health Care surveys, and the 2008 -2013 more than one IRA, the required minimum distribution does not have to be taken from each account but can be take 65% n from 64% 64% 64% 40–49 3,000 40–49 2010 7,2232011 19,985 2012 8.22013 3,000Zero 8,500 8.6One 63% 21,730 Two 3.2 1,626Thrthee F4,838 our Least 10,0001 IRA Withdrawals in 2013 and Longitudinal Results 2010 economic security. Founded in 1978, EBRI is the most authoritative and objective source of ? 30% maintaini withdrawal Out-of-Pocket ng th rates of t ose with hose Costs— draw who took a al rates over Differe with nces in lodrawal nger out-o periods o ha f-pocket costs d a 62% distributio f time. Additio 62% may have n of 3.7 nally, the integration of I perc expl ent at ained some o the 25 perce f the R di A data ntile, 5.7 ffere wit nceh in ov pe dat rca ent erall Type 61% 61% With enrollees to respect t be extremely o the account or very satisfied balances of the Tra with tdhitio eirnal-I overR all plan A owners, the percenta in all years of the sur ge with vey. In a withdr 2014, aw61 al in perc creased ent offrom The retireme Employe nt inc eome. Given t Benefit Resea hat the rch Institut Traditio e’s nal IRA (EBRI’s is ) rwhe etirere the ment vast ma database jority of post s (the EBRI/I -rCI Partici etirement p w ant ith -Directed drawals occur, Data the All 13.1% 15.5% 16.7% 18.4% 72.9% 9.9% 4.7% 5.5% 7.0% 27.1% o CEHCS. 50–59 nly one acco 60% unt as long as t 2,685 50–59 he total minimum amo 7,700 21,547unt withdr 10.12,596awn from t 8,157 10.6 hat one account equals the total that must be 23,000 3.2 1,856 5,000 10,700 60% th 58% information on these critical, complex issues. 60 60% % 10 Endnotes Traditional 81.8 95.6 100.0 46.5 at the median, satisfaction ra This survey 2013, from employm Ag was mad p. 2 e tes among enr e and 16.7 per (int-based defi n 2012) e possib c o ned-contri ent at lllees i e with supp the 75 n tra buti dit ort from: ional on retir percplans, H entil e ment e. Th D acco HPs, an e compar unts that d CDHPs. In able is current distributio 2014, ly un n for 48 derw femal perc ay as ent o es was 3.7 perc par f traditional t of initiativ - ent, pla es n 12.1 traditional percent -pla fn enro or individu lleesals we 55% with re exbala tremely nces oless than r very satisfi $5,e 0d 00 to with t 42 h.9 eirper ovcent erall for those health plans, compared with with $250,000 or more. 46 perc For ent Collection Proj remainin 60–64 g focuect, the EBRI s of with 4,500 draw 52% 60–64 IRA Data al act 12,000 ivity w base, ill be on and the EBRI 30,000 the 18.1 Tr4,667 aditional Integrat IRA. 12,222 ed Defined Co 18.9 30,000 ntribu 5.2 tion/IRA 2,495 Data6,000 base) have 14,100 54% taken for all the accounts combined. Consequently, in this study of IRAs, not all Traditional-IRA owners over 70 years of age 53% 52% 1 52% Less than 30 4.2 4.3 52% 4.2 4.8 88.1 8.6 1.8 1.0 0.6 11.9 40% Roth 31.9 18.2 13.2 100.0 25% 48% More information about the survey can be found in the appendix and in Fronstin and Elmlinger (2014). partici associated 5.4 perc pants were extrem ent, a 50% witn hd EBRI 15.8 percent, respectivel ’s Cent ely or er for very Resea satisfied rch y. For on with out-o Retir Roth I eme Rfnt As, the -pocket Income (E costs (for withdr Bawal r RI CRI healt ate ) will hfor car all males was e o services ot w for a bett higher at her pict er tha each n ure o for f what 65–70 4,938 49% 65–7012,000 28,000 25.95,000 12,000 27.2 28,086 5.7 2,300 6,000 15,000 The Roth-IRA among 2014 CD owners with balances greater t surv HP enrollees ey was coan nd d 37 perc ucted 49% withi ent n th 49% am he Unite an $5,000, t ong HD dHP enr State he so betw perc llees (Fi enta eeng ge Au ure 1). who took a g. 7 an d Au with g. 27, drawal 2014, t also hro in ugh creased with an 11-min ute 49% 46% 46% undergone multiple inde45% pendent 48% security audits and have been certified to be fully compliant with the ISO-27002 had a withdrawal. Owners of 50 50% %30–39 45% Roth IRAs are 6.4 4.9 not required to take 4.5 5.0 a distribution. For more 85.4 10.4 2.6 inform 1.2 ation, se 0.4 e the IRS Publication 14.6 ? American E 50% xpress 44% ? Lincoln Financial Group 44% 44% EBRI focuses solel Age y on employee benefits research — no lobbying or advocacy. EBRI Employee Benefit Research Institute Notes (ISSN 1085 ?4452) is published monthly by the Employee Benefit Research 71–79 2,225 71–796,148 16,484 78.42,218 6,103 83.6 16,320 6.0 2,000 6,000 16,000 41% prescript 2 For an indivi perced ntile ana uals ion leve lysis of esta wh 40–49 dro may have ugs), l than for whi blishi fem le m 19 ng t a 7.1 ultipl perc les. he e ent o r with e 5.9 tirem fdra HD w eHP e nt acco al tr 5.5 ends nrolle unt ty an 5.9 es and d pes sustaina 85.0 do as th 26 percent of CDHP bilitey y of those 9.3 age throu 3.0 con pa ghv rticipants r erting their e 1.8 tirement. wer 0.9 I e R extremely A account 15.0 ba or very lances th Satisfaction With Health Coverage and Care: Findings from Internet account surve balance size, y. The natio as 2.n7a perc l or base sam ent of individuals ple was draw with ba n from I lances o psos’s f $5online ,000-$ pa 9,99 nel 9 to of Int ok a w ernet ithdra user ws who al compar have edagreed with Information Security Audit standard. Moreover, EBRI has obtained a legal opinion that the methodology used meets 590, online at In theory, a rhttp://www.irs andom sample .gov/publication of 2,000 yields a statistical prec s/p590/index.html ision of plus or minus 2.2 per centage points (with 95 percent Institute, 1100 13 St. NW, Suit Less than 30e 878, Washington, DC 20005- 4.7 41051, at $300 pe .3 r 0.9 year or is included as part of a membership 7.2 EBRI stands alone in employee benefits research as an independent, nonprofit, and no 32.3%npa 41% rtisan 40% 80 or older 2,084 80 or older 5,541 15,227 82.22,080 5,512 85.8 15,105 7.6 2,301 40% 7,000 23,500 50–59 7.3 6.8 7.1 7.8 84.2 8.4 3.3 2.4 1.7 15.8 39% ? Blue Cross an 20% d Blue Shield Association ? National Rural Electric Cooperative Associ 38% ation satisfied into incom (F 40e, t igure % he most sali 4). Satisfaction ent age rates is whe hav ne the o been w tren ners r din eg ach th upwar e RM d siD ncage e 20(gen 11 for erally all age three 7grou 0 ?1/ps. 2). In order to subscription. Pe 40 40% % riodicals postage rate paid in Washington, DC, and additional mailing offices. POSTMASTER 37% : Send address to partici 10.6 perce pate i nt of n th researc ose wh sur ith bal veys. Nearly ances of $2 2,000 adults ages 21 50,000 or more. There -64 w w as l hio ttl had he e differalth ence in in surance t withdraw hrou al tre gh a nd ns em byploy gende er or r. 30–39 12.3 3.9 2.9 16.8 confidence) of what the result the privacy st orga andar nization. ds of the It analyzes a Gramm s would be -Leac if the entire population ages 21– nd h-Bli repley Act. orts re18.5% sea At no tim rch Figu data e has re 1 without any non 64 with spin o private health insur pubrlic, unde persona rlying l ia ngend for anm ce coverage was ation that a. All find is ings, 36% the 2014 EBRI/Greenwald & Associates Consumer 8Unknown 60–64 2,331 Unknown 10.3 6,000 12.6 15,000 14.1 23.0 15.7 2,330 74.7 6,000 25.0 10.8 15,000 5.6 3.8 5.0 1,391 4.0 4,375 25.3 10,000 th 30% 34% Age 71 is used as a cutoff, since this is the minimum whole age where the required minimum distribution rules are in changes to: EBRI Notes, 1100 13 St. NW, Suite 878, Washington, DC 20005-4051. Copyright 2015 by Employee Benefit 32% determine how, and how rapidly, the individuals 31% in this group were withdraw TMing their money, for each individual who 30%65–70 40–49 16.0 18.4 23.7 18.6 31.1 659.2 .9 15.8 6.0 16.0% 9.6 7.4 18.18.0 27% 40.8 Account Balance who Males an purch d a fem sed h wheth ales took with ealth er on fi insur nan Account Balance ance o drawals cial data, n th at eir 26. option own 1 percent s either , or tre dir an nds, d ectly from 24. are reve 0 percent, a c aling arrier or respectively, and throu reliable g a h a m— the re ong gov 27% e Traditio rnm aso ent excha nal-IRA n EBRI informatio n ow ge,ner wer s e n is surveyed with personally identifi complete accur able, such a as cy. There ar Social Perc Secu e ri also other poss entage Ex ty number s, tremely been transferred to ible sources of error in or Very Sa or all surveys that ma shared wi tisfied With 30% th EBRI. y be more serious Longitudinal Analysis of Withdraw ? HealthEquity als from Traditional and Roth IRAs 30% 29% ? Optum 30% 26% 29% Research Institute. All rights reserved, Vol. 36, no. 7. 29% 28% 24% 30% 28% effect for every Engagement in Health Care Survey, 30% one of that age. 27% p. 14 14.5% A separate qu 30%71–79 estion on out-of-pock 43.5 e67.9 t spendin 74.3 g relatin 78.0 g specifica 15.5lly to 8.5 prescript 10.8 ion drugs was added to t 27.2 38.0 84.5 he survey in 26% 15% 50–59 24.6 11.2 26% 10.7 18.9 22% was age Less than $5,000 70 or the older in gold sta 2010 900 ndard Less than $5,000 and fo3,700 r with priva drew te analysts a money from 11,500 10.6 nd t 950 de heir cisi Traditiona on 26% 4,454 make 12.1l IRA rs, gove 12,231 in each rnme year from 5.8 nt 1,121 21% policy 2 m0 ake 13,328 0-r20 s, 13, the media, and the 8,000 25% 25% d and 4.3 rawn rand percent omly from the and 3.6 per Ipsos samp cent amon le for this g Roth-IRA base sam ownersp . le. 25% This sample 25% was stratified by gender, a 20% ge, region, than theoretical calculations of sampling e Overall Health rror. These include Plan, 25% by refusals to be Type of He interv alth iewed an Plan, d o 200 ther fo 5 ?201 rms o 4f nonresponse, the 19% 19% 19% 80 or older 63.8 78.9 79.7 79.3 23% 13.6 4.7 22% 5.1 18% 19.5 57.1 86.4 In this section, the analysis included only those individua 22% ls who had an account in the data 22% base in 21. each ye 4% ar of the 20% 17% 17% 22% 17% 17% 21% 17% 2009. Satisfaction with o 60–64 ut-of-pocket spending o 12.0n prescription 9.9 drugs has be9.8 en trending up13.6 ward since 2010, 9$5,000–$9,999 ? Healthways 439 $5,000–$9,999 2,493 7,719 12.3 396 1,906 ?15.9 Prudential 7,500 Financial, I 2.7 1,804 nc. 4,958 9,000 the public. 15% 15% geometric mean of the four years of withdrawal rates was calculated. The median o 19%f these geomet 19% ric means was The balances Unknow were the end-of-year amounts n 23.2 27.6 in the account 27.8 29.9 s, so the balances were af 62.414% 8.6 4.4 ter the withdrawals occurred. 7.2 18% 17.3 37.7 effects of ques income, and race. The tion wording a response rate was nd question order, and scree 36.3 percent n(26 percen ing. While attempts are t for the base mad sample or e to minimize these factors, it is 19.0% 18% national sample, and 20% 17% 20 90 %% 18% 17% 20 20% % analysis (2010–2013). This not only provides a focus on the activity within these accounts over a period of time, but $10,000–$24,999 65–70 804 $10,000–$24,999 2,000 8,283 12.1 16.7 771 14.2 1,585 20.8 14. 7,576 4 3.0 1,964 13.4 5,000 16% 10,000 Source: EBRI IRA Database. Introduction th The Em th ployee Benefit Research Institute (EBRI) was founded in 1978. Its mission is to regardless of plan type (Figure 5). While those wit 10%h traditional coverage were more likely to report being extremely or 5.2 percent (F 10% igure 9); the 25 and 75 percentiles were not much different at 4.1 percent and 7.6 percent, impossible to q 48 percent 10% for the uantify the oversample). errors that may re As a non-proba sult from them. bility sample, traditional survey margin-of-error estimates do not 10 Endnotes * The consistent sample has only the individuals with at least one account in each year (2010–2013) of the database. $25,000–$49,999 1,511 $25,000–$49,999 2,705 11% 8,500 20.51,500 2,500 24.6 8,000 3.2 2,000 5,200 11,017 71–79 8.3% contribute to, to encourag 9.5 e, an 33.d to enhanc 7 e the developmen 35.5 t of sound empl 8.5 14.4% oyee benefit also controlle Averag Some of this trend was due t e Withdraw d for potential c al Amounts h oanges resulti older IRA owners being f 10% 2005 ng 2006 from ch 2007anges in t ar 20 mo 08re likely to 20 h09 e data 20have larger 10 base 20due 11 to th 20 acco 12 e additio unts, 2013 particularly amo 20 n of 14 new data ng the provi ders 13.7% th very satisfied with out-of-pocket costs for prescript A T ion dr A ugs tha G L A N C n those with a E n HDHP or a CDHP, the relative EBRI explo 8%res the breadth of emplo 8% yee benefits and related issues. Individual retirement accoun 8% ts (IRAs) are a 8% 8% vital component of U.S. retirement savings, representing approximately 10% 7% respectively. 1 10% Furthermore, 7% gi 7% ven the required minimum withdrawal for these individuals, the 10 percentile was close Who we are 10% 6.3% apply. $50,000–$99,999 Howev 80%er, had th 2,735 e su$50,000–$99,999 rvey used a 4,440 programs and so probabil 10,000 ity sample, und public policy 24.12,779the mar through objective 4,268 27.8 gin of error 10,000 for th resear 3.5 ch and e natio 2,397 educati nal sam on. EBR 5,745 ple woul I is the only d 12,500 have 80 or older 4.6 17.1 18.0 2.7 See Figure A in Craig Copeland, “Individual Retirement Account Balances, Contribution 5.7% s, and Rollovers, 2013, With 5.4% into the largest accounts. database and accounts being closed or opene 1 d from continuing data providers. Consequently, the consistent 10.3% The average withdrawal amounts from Traditional IRAs increased with the age o 10.0% f the owners through age 64, from 0%EBRI studies the world of health and retirement ben th efits — issues such as 401(k)s, IRAs, retirement increase in satisfaction rates for out-of-pocket costs for prescription drugs was much greater for HDHP and CDHP one quarter of all retirement assets in the nation. A substantial portion 9.3% of these IRA assets originated in other tax- $100,000–$149,999 4,425 $100,000–$149,999 6,374 a 4.1% 12,493 28.24,576 6,500 30.6 12,624 4.9 3,300 c 6,936 20,000 to the median at 3.6 percent. At the 90 private, nonprof percentil it, nonpar e, the r tisan ates reach , Washington, DC-b a level (1ased organi 5.1 percent) that zation com wo muld itted exclusivel not likely y to 10% 5% 3.9% Unknow n 1.7 1.8 b 3.8% 1.8 0.9 been ±2.2 percent. 3.6% 11 Longitudinal Results 2010 ?201 Tradi3: The EBRI IR tiona l A Database,” EBRI Issue Brief HDHP , no. 414 (Employee Benefit Research Institu CDHP te, 7.4% 8.1% sample develo incom ped for e ade this a quacy, nalysis inclu consum ded only th er-driven b e i enefits, ndividuals o Socia w l ni Security, ng a Trad tax treatment of both retireme itional or Roth IRA with a positive nt and health IRA Withdrawals i 11 0% n 2013 and Longitu 6.6% dinal Results 2010 ?2013, by Craig Copeland, Introduction $9,227 (among those younger than age 30) to $29,687 (among 6.4% those ages 60– 6.4% 64) (Figure 3). At that point, the enrolle $150,000–$249,999 es than 0% 0% it was for 6,413 tra$150,000–$249,999 d 6.itional 1% 9,575 public -plan poli enrollees. c 16,846 y research 31.5 and 6,818education on 9,907 33.5 econo 17,127 mic securi 6.9ty4,975 and emplo10,000 yee benefit is 29,350 sues. 5.7% quali Withdrawals in the datab fied retirement Aplans ccount ,a s B se uch as al fo anc r 2013 amou e defined be nted to $81.9 billion nefit (pension) an. d 401(k) plans, and were moved to c IRAs through aaa 5.4% 5.2% b c provide a sust 70% ainable level of the similar a 4.9% mount of funds for many b more years. c 67% 15 b 4. T5% raditional 4.5% HDHP CDHP May 2015). 4.3% 4.0% T Tr radi adi66% ti tiona onall HDH HDHP P CDH CDHP P benefits, 3.6% cost management, worker and employer attitudes, policy reform proposals, and pension assets account balance in the database iEBRI’s member n each year (20 ship includes a 10–2013). cross-section of pension funds; businesses; trade associations; Ph.D., EBRI $250,000 or more Sources: EBR 3.3% I/Commonw 13,200ealth Fund C $250,000 or more 24,000 onsumerism in 46,532 Health Care 41.1 Survey 14,141 , 2005 ?2007; EBR 24,814 I/G 42.9 reenwald & Associates C 47,621 10.6 onsumer 9,600 Engagement in 26,500 Health 90,000 average withdrawal amount started to decline with age, and slipped to $16,111 for those ages 80 or older. The 64% Less than $5,000 19.1 9.2 8.3 24.5 rollovers at jo This artic b cha le nex ge. T amines satisfa h 63% us, in many ction w cases, IRAs are ith various aspects not only a of healt n indepen h cardee n by type o t retirement savin f health plgan. It s vehicl exa e, m but a ines To examine the issues mentioned above, the sample was divided into three groups: those with a consumer-driven 12 C 0% are Survey, 2008 ?2014. 62% 61% 61% and funding. There is widespread recognition that if employee benefits data exist, EBRI knows it. Gender As will be shown in the next Gender sectio 60% labor un n, while the amo ions; health car unt is e prov much higher iders and insur for males, the perc ers; government org entage of the anizations; and service firms. account balance 2 Sources: EBR Sources: EBR I/Commonw I/Commonw ealth Fund C ealth Fund C onsumerism onsumerism in Health in Health Care CSurv are Surv ey, 2005 ey, 2005 ?2007; EBR ?2007; EBR I/Greenw I/Greenw ald & ald Associates C & Associates C onsumer Engagement onsumer Engagement in Health in Health Care Access to Doct N Sources: EBR ote: survey question I/Commonw ors— changed ealth Fund C Satisfaction levels wit in 2009 from onsumerism asking about "O in Health ut-of-pocket Care h Surv getting ey health , 2005care costs doctor ?2007; EBR appoint for my I/Greenw health ald ments wer care" to "O & Associates C ut-of-pocket onsumer e hihealth care gh Engagement relative to ot costs for in Health my her aspects of $5,000–$9,999 8.4 4.7 4.4 7.9 average wit See Copeland hdrawal (2015) for results from the database for 20 amount 2010s of those who took a 2011 withdrawal 13 on balances from a Roth IRA , rollovers, and co 2012 also increased ntributions. with 2013 the age of th Also, see Craig e Taking another step in this analysis, the geometric means of these withdrawal rates from 2010-2013 were calculated satisfaction among three groups of health-pla 58% n enrollees: those with a consumer-driven health plan (CDHP), those repository for health plan 0% 60 Surv (C % C DHP), ey assets built a, 2008 re Surv ? those ey 2014. , 2008 ?2014. up in t with a hhigh-de e 57% employ ductibl ment-based re e health plan tirement (HDH system. P), and those with traditional health plan coverage. ? Just over 22 percent of individuals who owned a Traditional or Roth individual retirement account (IRA) took a other health Care Surveycare" , 2008 because ?2014. of the introduction of a question specifically asking about out-of-pocket costs for drugs. Female 2,126 Female 5,840 15,000 20.92,090 5,836 24.0 15,000 3.6 1,768 5,000 10,000 From this taken out between the two is very close to equal. con a s aistent sample, the percentage of individuals who took a withdrawal from a Traditional or Roth IRA rose a a Traditional Traditional Le = H ss th $10,000–$24, ealth plan = H an ealth plan 4.0% with w no deductible ith no deductible 999 4. or 0%- <$1,250 or <5 <$1,250 .0% 15.0 (indiv (indiv idual), idual), <$2,500 <$2,500 5.0%- (family 11. < (family 7 4 ) in 2014. .5%) in 2014. 11. 7.5%- 0 <15.0% 13.615.0% or more health care regardl T Trraditional aditional = H e = H ss of ealth plan ealth plan pla w wiin th th type. no deductible no deductible In 2014, abo or or <$1,250 <$1,250 (indiv (indiviu idual), dual), t tw <$2,500 <$2,500 o-thirds o (family (family) in 2014. ) in 2014. f plan participants were extremely or very satisfied owner, Copeland, “IRA Asset Allocation, 2012, but, in contrast to the trend oand Longitudinal Results, 2010–201 f Traditional-IRA withdrawals, con2,” tinue EBRI Notes d through ages 8 , no. 10 (Empl 0 or o olyee Ben der, from efit $5,176 b and broken ou bt based on their initial 2010 level. For those IRA owners who had a withdrawal rate of less than with a high-deducti b b HDHP = High-deduc HDHP = High-deduc ble healt tible tib health h le pl health plan an plan w(HDHP ith w deduc ith deduc tible ), and those tible $1,250+ (indiv $1,250+ (indiv idual), $2,500+ (fam wi idual), $2,500+ (fam th traditional ily), not ily), not HSA-eligible in co HSA-eligible in verage. 2014. Th 2014. e findings presented in this paper Indivi Male duals were as Source: sign 3,608 EBR ed I IR to A D Male the atabase. CDHP 10,000 and HDHP 26,340 g 22.9 roup 3,653 s if they h 10,413 a26.1 d a deducti 27,150 ble of4.3 at leas 2,000 t $1,255,392 0 for indivi12,748 dual withdrawal HDHP = High-deduc HDHP = High-deduc in 2013. tib tib Th lle e health health e ov plan plan erall I w wiith th deduc deduc RA tible tible with $1,250+ (indiv $1,250+ (indiv drawal iidual), $2,500+ (fam dual), $2,500+ (fam percentage ily ily), not ), not was lar HSA-eligible in HSA-eligible in gely dr 2014. 2014. iven by activity among individuals EBRI delivers a steady stream of invaluable research and anal EBRI’s work advances knowledge and understanding of emplo ysis. yee benefits and their from 13.1 per c c c ent in 2 $25,000–$49, 010, 15.5 p 999 ercent in 2011, 14.0 to 16.7 percent 13.0 in 2012 an 12. d 918.4 percent in 12.0 2013 (Figure 6). c 13 c CDHP = Cons CDHP = Cons umer-driv umer-driv en health en health plan plan with deduc with deduc tible tible $1,250+ (indiv $1,250+ (indiv idual), idual), $2,500+ (fam $2,500+ (fam ily), w ily ith ), w HRA, ith HRA, HSA, HSA, or HSA-eligible or HSA-eligible in 20in 14. 2014. CDHP = Cons CDHP = Cons Source:*EBR The um um I IR consistent er-driv er-driv A Database. en en sample health health plan has only plan w wiith deduc th deduc the indiv tible tible idual $1,250+ (indiv $1,250+ (indiv s with at least iidual), dual), one account $2,500+ (fam $2,500+ (fam in each ily ily), w ), w year iith th (2010 HRA, HRA, ?2013) of HSA, HSA, or or HSA-eligible HSA-eligible the database. in in 20 2014. 14. 49% with their ability to get doctor appointments (Figure 6). Satisfaction rates have been largely flat among traditional- Despite Research Institute, October 2 IRAs’ prominence in014): pp. the U.S. retir 8–26 for asset allocation in IRAs. ement system, how these funds are used at retirement is not well for those youn The withdrawger t al rate in this s han age 30 to tudy is calculated by (wit $33,229 among those hdrawal amo ages 80 or unt) ol/der. Overal (year-end acco l, thunt balance + w e average Tradiitional thdrawal amo -IRA unt) 4.0 Unknown percent i 50% n 2010, th 2,250 e meUnknown dian geometric 6,000 15,500 mean o22.2 f the 2,258 withdrawa 6,050 l25.9 rates fro15,952 m 20103.8 -201 1,418 3 for t 47% hose 4,128 in this gro 9,400 up was are derived from the 2014 Employee Ben importance to efit Research the nation’s econo Institute my (EBRI among policy )/Greenwa makers, ld & Associates Co the news media, and nsumer the public. It 47% coverage or $2,500 for family coverage. To be assigned to the CDHP group, they must also have been eligible to ages 70-½ or EBRI older ownipublications ng a Tra inclu ditiona de in-de l IRA—the pth cove grou rage p require of key issues a d to make wit nd tren hdra dw s; alsumm s under arie fes der of rese al requir arch 46% ed $50,000–$99,999 14.7 16.1 16.2 12.6 45% Furthermore, the percentage of owners ages 71–79 that took a withdrawal increased from 43.5 percent in 2010 to 44% th Source: EBRI IRA Database. plan enrollees, while they Source: EBRI IRA Database. have been trending upward among CDHP enrollees. Among HDHP enrollees, satisfaction w understoo and is presente ithdrawal amou d, asd in percentag the nt focus ha ($20,188 s bee e terms. ) exce ndoes this b ed pre ed dominantly o they ave conducting rage n th Roe accum th-IRA with and publishing policy re ulatio drawal amount ($15,530). n of funds. sear Thch, analysis, e Employe eand Benef special reports on it Research 3 4.0 percent (Figure 10). The distribution of these geometric means was tight around the median, 42% with a 10 Engagement What we do in Healt finding h Car s and e Survey policy (CEHC develo S), a pments; n online timel survey that y factsheet exa s m on ines issues s hot topics;u regula rrounding co r updansumer-direct tes on legislat eive d and contribute to an HSA or $100,000–$149, had a health 999 reimbursement 7.7 arrange 9.8 ment (HRA) with 10.0a rollover provision 6.8 that they could use Below is a comparison of the EBRI IRA Database with nu minimum distribution (RMD) rules for IRA owners beyon mbers from the Internal Reve d that age. In contrast, amon nue Serv g in ice and the Federal dividuals under age 60, 40% 78.0 percent in 2013. This pattern is the result of the increasing percentage of individuals i 39%n this sample surpassing employee benefits issues; holding educational briefings for EBRI members, congressional and th 38% with ease o 40f% getting a doctor appointment fell from 63 percent in 2013 to 54 percent in 2014. This may have been Institute (EBRI) developed the EBRI IRA Database, which includes a wealth of data both by 37% calendar year and regulatory developments; comprehensive reference resources on benefit programs and workforce percentile of 3.3 percent 14 $150,000–$249, and a 90 999 percentile o 8.0f 6.1 percent. T 11.536% he next 3 gro 11. upi 8 37%ngs also were 7.8 tight around the health care, including the cost of insurance, the cost of care, satisfacti 36% on with health care, satisfaction with 16 health to pay for medical expenses or the ability to take their account with them should they change jobs. Individuals with Reserve’s 10 perc Fina ent or ncial Acco fewer h untsad a report: withdrawal. Since the remaining life expectancy of individuals decrease 35% s as they get ol 35% der, the required minimum distribution amount federal agency staff, and the news media; and sponsoring public opinion surveys on employee 34% the required-minimum-distribution age each year due to the sample 34% size being constant from year to year. Among owners of Traditional IRAs with balances of $10,000 or more, the average withdrawal amount increased as related to the increasing number of narrow-network plans on public exchanges. However, among all groups, issue $250,000 or s; and major survey more s o 13.1 f public attitudes. 32% 24.4 25.5 15.0 longitudinally on IRAs, including withdrawals or distributions, allowing for the examination of IRA asset holdings both Figure 3 median. In fact, not until the initial withdrawal rates reached 15 percent or more did the distribution of the geometric care plans, reasons for choosing a plan, and sources of he Figure 5 alth information. This paper also presents trends in only a flexible spending account (FSA benefit issues. ) were not EBRI’s Ed included uc in ation and Re the CDHP group. search F und (EBRI-ERF) performs the charitable, increases, leading to higher withdrawal rates as individuals a 29% ge. Moreover, the likelihood of taking a withdrawal increased with age. the account 30% b alanceEBRI increased, meetings with present an the average d explore i withdrs awal sues reachi with ng thou $45, ght 36 leade 8 forrs ow from all se ners with ba ctors. lances of $250,000 Gender satisfaction levels fell between 2012 and 2013. One-fifth of the HDHP group received their coverage in the non-group at a point in time and as the individu Average Withdrawal Amounts from IRAs, al ages and either changes jobs or retires. educational, and scientific functions of the Institute. EBRI-ERF is a tax-exempt organization means rea EBRI ? For those at t lly spreah de RM out. Co D a Distribution of Withdrawal Rates for Those Who Took nseque ge, the ntly, th withdrawal e wIRA ithdra rates at wal Figure 11 r the Figure ate EBRI IRA me in the curr dian 7 appea ent year Internal R red c a lose to t ppeared to evenue he amount be a Flow good pro of that Funds was r xy efor quired what satisfaction using findings from the 2005 ?2007 EBRI/Co Figure 9 mmonwealth Fund Consumerism in Health Care surveys, and Figure 3 Figure 7 Figure 5 Figure 9 15 EBRI Fem regula ale rly provides congre 33.8 ssional testimony 32.0 , and briefs p 31.9 olicymake 31.9 rs, member organizations, or more. This sample includes 9.9 million individuals with $1.17 tril The increases in the avera supported b ge withdrawal amo y contributions unts in and g lion (2013 value rants. Roth IRAs started ). See Copeland with ba(2015) for more information lances of $5,000 or more. on market, compared with only 1 8 percent of t by Various Characteristics, 2013 hose with traditional coverage, and 7 percent of those with a CDHP. Similar Because the base sample Percentage (national sam Percentage of IRAp Ow le) i of Traditional ners ncluded onl Ages y71 29and Roth IRA or Older 4 individuals in a Who Took A Ow CDH ners P and W in a ithdraw 237 indivi al duals with an to be withdrawPercentage n, thoa Withdrawal from IRAs, by Various Characteristics, 2013 ugh some w Extremely ere signi or ficantly Very more. Likely For i to Stay nstance, With Current looking at the Health Plan consistent sample in the an IRA owner would take ou Percentage Extremely Percentage Extremely t ov Distribution er thPercentage Extremely e nextof the Geometric couple o or f ye or Ve ars. V ry e ry Satisfied With Mean of Withdraw Satisfied With or Very Satisfied Out-of-Pocket Quality al Rates of the 2008 ?2013 CEHCS. While the percentage of individuals Database 2010 who took a withdra Database 2013 wal in any one year was Service 20 less 10 D than ata 20 perc 201 ent, the percen 3 Data tage and the medi Male a on employer 40.1 benefits. 41.6 41.5 44.7 20% Males ha This artic the consistent lo d h le ex igher average withdra amines th ngitudinal sa e pemple. rcentage of wal amo Traditional unts than - female and Roth-I s: for RA exam owne ple, rs in t for hTraditi e EBRI IRA onal-IRA Databas owne ers, $2 that made a 6,763 fo r From Their IRA That Was an Amount Larger Than the Required patterns were found If Had for satisfaction with the Consistent Opportunit c Sample* Who Took hoice y to Change, of doctors (Figur by Ta ye 7). pe Withdraw of Health al, Plan, 2010 2013 2005 ?2014 All With Traditional With Roth With HDHP, an oversample of individuals Prescription Health by Traditional Care with With Choice of Doctors, Drug Costs, a CDHP or HDH Receiv IRA ed, Ow by by T ners P y T was pe ype A of Health Plan, 2005 added. g of Health Plan, 2009 es 2005 70 or The oversa ?2014 Older in 2010 mple in ?2014 ?2014 cluded 1,162 individuals with EBRI IRA Database, approximately 25 percent of those 71 or older took a withdrawal amount in excess of that All With Withdrawal Traditional With Withdrawal Roth With Withdrawal Unknow n 26.1 26.4 26.6 23.4 of this consistent sampl EBRI issu e th es at took a press rele with as drawal 12 es on ne in at wsworthy least one o developm f the four yea ents, rs wa and is 27.1 s among percent the mo (Figure st widely qu 6). This oted 25% EBRI Issue Briefs are periodicals providing expert evaluations of employee benefit issues and withdr Total Assets awal 90 in % 2013. In Minimum additi Distribution for on, the amou $1.00 tril nt an lio a d th n Consistent Sample* Withdrawal e pro $2.46 tr portion o illio Withdrawal fn the account this of IRA $5.03 tril Ow Withdrawal ners, lio withdra n 2011 wal r $6.97 tril ?2013 epresents are lion males compar 90% ed with $15,365 for females. 16 The consistent sample allowed for the determination of whether the amounts actually withdrawn by Traditional-IRA To examine trends in25th Prtl satisfaction rates, t Median Who Took a Withdraw he sampl 75th Prtle was 25th Prtl divid al e in d into t Each Year Median hree grou 75th Prtl 2010 ps: ?2013 25th Prtl Median 75th Prtl a CDHP an 90 90d 7 % % 41 individuals with an HDHP, resulting in a total sample (base plus oversample) of 1,459 for the CDHP required by law for Traditional IRAs. Minimum withdrawals (distri sou Sr oces urce: E oB nR e b I IR m utions) from a Traditional IRA mu Aployee Databasebe . nefits by all media. st commence by April 1 of the calendar year after the year 2 broke down into 9.9 percent that took trends, as well a withdrawal i as critical analy n only one year, ses of emplo 4. y7 percent ee benefit po in licies an two of the year d proposals. s studied, 5. EBRI Notes 5 is a per- 10 30% % All $20,170 $20,188 $15,530 Our 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 All investigated, by IRA type 3.7% and acco 5.7% unt balance, as 17.2% well 3.7% as by the gen 5.6% der and age o 16.2% f the accou 8.4% nt owner. 29.0% Furt65.6% hermore, owners ag 16% es 71 or older were in excess of what would be required to be taken out of Traditional IRAs under the RMD Percentage Traditional Assets 85.9% 85.3% 86.3% group and 978 for t EBRI he H direct DHPs grou membe 20 p. A 05 frter s 20a 06 fnd actoring other constit 2007 out t 2008 he 20 uen 09 bascie e 20 s 10 s a mp to 20 the informatio le 11 —the 2012 294 i 20nd 13n ividuals they need an 2014 with a CDHP d unde an rtakes d the new the individual reaches age 70- All Tradition½. This is refer al Ro monthly th period red to as required minimum distributions (RMDs). ical providing current information on a variety of employee benefit topics. Attitude Toward Health Plan cent in three of the years stu Agedied, and 7.0 percent in all four years. The IRA-owning individuals younger than age 40 80% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 15.1% However, t 80h %ere was significant variation in the amounts withdrawn from IRAs that could not be 21.5% ascertained 78% from just Age 80% 26.9% this with ? Those dra 80%w with al activity is a c 77% 76% onsumer-drive examined lon n heaglth itudina planlly over (CDHP t ).h e years 2010-2013, with a particular 77% focus on owners ages 2009 2010 2011 2012 2013 2014 76% rules. T ? Among those he balances in resea ages the rch 70 or c on a onsistent sam ol n der, wit ongoing hdra pba lew wer sis. al rates over e end-of-the a f-year our-year balances, so th period show eed that se bala most individu nces fr 76% om the als wer prior ye ear 74% EBRIef 76% is a weekly roundup of EBRI research and insights, as well as updates on surveys, 237 individuals with an HDH 75% P—there 75% were 1,450 individuals in the sample with traditional health plan coverage. publications Less than 30 8,101 26.1% 9,227 5,176 75% 74% 73% th 17 Average Rollover Amount 73% $69,012 $90,912 $68,123 Less than 300% 5.6 33.3 71.0 2.0 33.1 82.9 14.3 74% 43.9 79.5 As in had simi previous lar likelihoods years of of ta the 73% s king a urvey, in w 72% ithdra 2014 w, individu al during tho als in se four a CDHP or years, an with ov HDHP er wer 70 e percent found to be l of those who took a ess likely th 73% an t hose 72% 72% examini Demographics of Those This is calcula ng these averages. ted from Figure 6. For example, the percentage Figure 71% 71% 4 Taking Withdrawals presents the 25 percentile, taking mea withdrawal in only one year for dian (midpoint, half above and half 30 year olds below), an d b 19.8% 70% studies, litig a ation, legislation an 71% d regulati71% on affecting emplo 71% yee benefit plans, w 70% c 71% hile EBRI’s 70 or older (th e poi EBRI nt at maintains an which IRA rules d 71% analy on re zes quir the mo ed mist nimum compdistrib rehenu si tions b ve databa ecome se ef of fective 401(k) ) -in type 2010. prog rams in the withdrawing at a rate that was likely to be able to sustain some level of post-retirement income from IRAs as the divided by t 20% he RMD factors 30–39 provide Traditionad l by the U.S. In 11,908 ternal Revenue HDH Serv 13,448 70% P ice (IRS) for t 7,229 he a 69% g69% e in the 69% C DH current P year of the 14% 68% 69% 17 69% 70% 30–39 70 25 %% 12.8 37.8 68% 72.9 19.5 68% 50.0 90.2 68% 15.8 44.0 78.3 th 70% 70% 23.9% in a withdr traditio awal do nali pla ng so n both to in only rone of those years. ecommend their health Ho pla wen ver, to a frtiends or ages 40co-workers and older, t (Figur he IRe 8) a A owne nd to stay with their rs were increasingly ? Those with 70% a high-deductible Blog health pla supplements our regular pub n (HDHP). lications, offering commentary on questions received from (10.4 percent) 75Averag percentil e Accou e for divided by perc nt Balanc each facto e entage of 30 y r examined. $89,4 Te he overa ar olds taking 27 ll median $11 a withdrawal in at least on 8,18 withdra 5 wal amount $92,4 of t 0 e ye 4 hose ar (14.6 percent) equals 18.4% who took a with 66%drawal from world. Its computer simulation analy 66% ses on Social Security reform and retirement 65% income adequacy While just over 80 percent o 40–49 f the individuals exami 18,305 65% ned in the EBRI 19,739 IRA Database own 9,840 ed Traditional IRAs, 95.6 per- In addition to being s 64% tratifie 64% d, the base sample 18.0% was also weighted by gender, age, education, region, income, and owner indivi dete drmi ualned the continue re d to quirage. ed amo unt to 63% be withdrawn. When comparing the withdrawn amo 63%unt with the calculated 40–49 7.3 28.0 63% 62.7 8.9 34.0 72.6 11.9 39.0 74.8 63% 63% 62% th 61% news reporters, policymakers, and others. The EBRI Databook on Employee Benefits is a Sources: EBRI/Comm 61% onwealth Fund Consumerism in Health Care Survey, 2005 ?2007; EBRI/Greenw 6 ald & Associates Consumer Engagement in Health current likely to healt haveh taken a plan if th wit ey h hdrad th awal e o in mor pport e t unity to s han on 61%e ye witch ar, pla and, o 60% ns (Fi nce t gure he 9). Ho RMD a 61% wever, ge was thattained, e percen to ta tage of H ke them DHP a inn all d 71.2 percent. 60% are unique. 50–59 23,203 23,488 17,372 2 a Traditional IRA was $7,500, while the 75 percentile of the withdraw 59% al amounts was $20,000. This value for the 59% cent 50–59 of the individuals who 3.2 took a 14.1 withdrawal 45.4 owned a T 3.3 raditiona 59% l 16.7% 15.2 IRA 58% (Figure 48.4 1). Only 18. 7.9 2 percen 30.0 t of the 65.0 race/ethnicity to reflect the actual proportions in the population ages 21–64 with private health insurance coverage. Care Survey, 2008 ?2014. 58% 58% required amou 60 60% % nt, approximately one quarter of the IRA owners ages 71 or older 57% withdrew an amount in excess of 60% statistical reference work on emplo 57%yee benefit programs and work force-related issues. Data 12% 56% 60% th ? Those with traditional health coverage. 56% a 60–64 29,427 29,687 18,160 CDHP enrollees reportin four yea rs. g that they would be extrem 55%ely or very likely to recommend their plan to friends or co- Traditional = Health plan with no deductible or <$1,250 (individual), <$2,500 (family) in 2014. 75 60–64 percentile was roughly 3.8 $200 less than the avera 10.3 15.5% 30.9 ge withdr 4.0 awal10.6 amount from 31.8 Traditional 8.1 IRAs. Consequently 26.1 60.1 , there 18 55% individuals who took a withdrawal owned a Roth IRA. The disparity between the withdrawal rates between the IRA The CDHP an 20%d HDHP ov b ersamples were weighted by gender, age, income, and race/ethnicity. that re The re quir quired ed (Figure minimum distribution rules ap 11). In 2011, the 53% percply only to Trad entage that withdrew more t itional IRAs, not to Roth IRAs. han the required amo See Copeland (2015) for more unt was 23.9 percent, HDHP = High-deduc52% tible health plan with deductible $1,250+ (individual), $2,500+ (family), not HSA-eligible in 2014. 65–70 28,180 27,832 22,390 The above per Satisfaction With Health Coverage and Care: Findings from the 2014 centage of traditional assets is adjusted for known assets. With the unknown assets included, 50% the Traditional The EBRI 15 IRA % Database14.3% is an ongoing project that 51% collects data from multiple IRA-plan administrators. For year-end 65–70 EBRI make c s information freel 3.3 6.7 y av 18.0 ailable to al 49% 3.4 l. 6.9 18.5 6.2 18.7 47.8 workers has been trending upward, while it has been flat among individuals with traditional coverage. CDHP = Consumer-driven health plan with deductible $1,250+ (individual), $2,500+ (family), with HRA, HSA, or HSA-eligible in 2014. were some very large withdrawal amounts relative to the median withdrawal. The medians of the withdrawal amounts 50 50 50% % % 48% types was due almost entirely to the required minimum distribution (RMD) rules that apply to Traditional IRAs but not 50% 47% Contact EBRI Publications, (202) 659-0670; fax publication orders to (202) 775-6312. information. 71–79 17,110 16,748 28,41946% 46% Indivi increasin duals g to we 26.9 re as pse ign rcent 47% ed to by the 2013. CDHP and HDHP groups if they had a deductible of at least $1,250 for individual 71–79 10% 13.1% 3.4 4.0 5.9 3.5 4.1 6.0 4.8 12.6 34.1 IRA asset percentage is 82.5 Almost all of t EBRI he with assume drawal s percent. Based on this asset co activity a publicwas o service re bserved comin sponsibility gmparison, the database inclu from to make Traditi its finding onal IRAs, as s co t mpletely des he about 35 p perceacce ntage ssi ercent of the 2 of ble Roth-I at www.ebri.org RA 013 EBRI/Greenwald & Associate 2013, it contains information on 25.8 millio sn accou Consumer Engage nts owned by 20.6 m ment in Health Care Survey, illion unique in 44% dividuals, w 44% ith total assets of 7 mostly followed While panel Internet surv the same p eys are atterns as nonran the a dom, studies verages relativ have e de to the I monstrated that RA owners’ age a such surveys, when c nd account balaareful nce. ly designed, Subscriptions to EBRI Issue Briefs are included as part of EBRI membership, or as part of a 80 or older 16,390 16,111 33,229 to Roth IRAs. 41% 41% 3 80 or older 4.9 5.9 8.0 5.0 6.0 8.0 40% 4.7 10.9 27.9 coverage or 19 Orders/ $2,500 for family coverage. To be assigned to the CDHP group, they must also have been eligible to — so that all decisions that relate to employee benefits, whether made in Cong 39% ress or board rooms or assets. The number of individuals owning IRAs in the datab owners who took a withdrawal was almost constant at 2.a7 se percent represents in 2010, about one-third of 3.1 percent in all IRA o 2011, 3. wners, 3 percent accounting fo in 2012,r by Paul Fronstin, Ph.D., EBRI, and Anne Elmlinger, Greenwald & Associates $2.4 As mentioned 6 trillion. 40% For e in endnote 7, individuals ach account within the age database, 70-½ or older the followi do not have to take ng are 38% delineated: the IRA a withdrawal from every Traditional IRA type; the account balance, 40 40% % $199 annual subscription to EBRI Notes and EBRI Issue Briefs. Change of 38% Address: 38% EBRI, 40 15 %% Unknown 14,705 14,629 12,849 obtain results comparable with random-digit-dial telephone surveys. Taylor (2003), 36% for example, provides the results Unknown 3.7 5.3 9.7 3.8 5.3 9.5 4.6 17.3 53.4 35% families’ homes, are based on the highest quality, most dependable information. EBRI’s Web site posts contribute to a health savings account (HSA) or had a h 34% ealth reimbursement arrangement (HRA 35%) with a rollover growth from the 54.5 million individuals th 1100 13th St. NW, Suite 878, Washington, e Internal Revenue Service reported owning DC, 20005-4051, (202) 659-0670; fax number, 7.6% an IRA in 2010. See Victoria L. Bryant and 3.6 pe 8% rcent in 2013 (Figure 7). The percentage of Traditional-IRA 33% 34% owners in th 33% e sample who took a withdrawal any contri Conc they owlusio n in wh butions, rollovers, n ich they ha ve a Account Balance and withdra ssets, but only an amount that wals during the year; the asset allocation; satisfies the required minimum distribution. and certain demograph Therefore, ic 33% 32% Account Balance Looking at withdrawal activity by age, 64.9 percent of the individuals who took a withdrawal were ages 65 or older from a Subscriptions number of surveys that were conducted at the same time 31% 31% using the same questionnaires both via telephone 10% 30% ? The overall satisfaction rate among consumer-driven health plan (CDHP) enrollees increased in most years of the all research findings, publications, and news alerts. EBRI also extends its education and public service Overall satisfaction rates among CDHP enrollees i30% ncreased from 37 percent to 49 percent between 2006 and 2009. Withdraw 30% al Rates of Those Who Took a Withdrawal (202) 775-6312; e-mail: subscriptions@ebri.org Membership Information: Inquiries provision that they could have used to pay for medical expenses or the ability to have taken their account with them and Jon Gober, “Accumulation and Distribution 30% Less than $5,000 of Individual 15,873 Retirement Arrangements, 20 16,964 9,012 10.” 28% Statistics of Income Bulletin, increased30 ea %ch year from 14.3 percent in 2010 to 18.0 percent in 2011 to 19.8 percent in 2012 to 21.5 percent in individuals cou 30% ld take all their distribution out of on 27%e accou 27% nt and leave another one they 27% own untouched. This is why not all characteristics Less than $5,000 of the a50.0 ccount own 83.2 er (among oth 98.4 er items). In 50.0 27% this stu 87.0 dy on with 99.4 drawals, 54.8 only those individu 81.3 als o 96.6 wning Just over 22 percent of individuals who owned a Traditional or Roth IRA took a withdrawal in 2013, including and just over half (50.8 percent) were ages 71 or olde 26% r, while just 12.2 percent were younger than age 50. For and online. He role foun to improving Ameri d that the use of cdemo ans’ graph financial ic wei kng owle hting dge alone thro was ugh suffic its aiw ent ard to -win bring almost all ning public se of t rvice he rcam esults paign EBRI/Greenwald & Associate regarding s Consumer E EBRI membership an ngagement in d/or con Health Ca tributio re Sns urvey (CEHCS to EBRI-ERF), should be dir while it decr ected eased to EBRI in most 18 There was a drop in satisfacti $5,000–$9,999 on rates between 2009 8,076 and 2010. Sat 7,749 isfaction rates in 8,007 creased from 40 percent to should they have changed jobs. Individuals with only a flexible spending account (FSA) were not included in the CDHP Fall 2013, pp. 1-18 for complete IRS tabs of Another measure of the withdrawals taken considers what IRAs and see Boar percenta d of Gover ge (or nors of the Federa rate) the with l Reserve System, "Financial drawal for those taking a $5,000–$9,999 10% 5.4 ® 25.1 51.4 4.9 19.9 50.9 19.5 39.2 55.0 individuals over this age ha 2013, as the individuals inve th a withdrawal, as not all of an e sample aged. individual’s accounts are necessarily included in this database. either Tra6% ditional or Roth IRAs in the database are examined, a total of 16.9 million individuals with $2.14 trillion in 25.4 percent of Traditional-IRA own President Dallas ers. The overa Salisbur ll IRA y with at the dra above wal address, ( percenta 202) 659-0670; ge was largely e-mail: driven salisbur by act y@ebri.org ivity among Traditional-IR CA hoosetoSave owners who took and a the with co dr mpanio awal, tn he site age ww distribu w.choo tioset n followed osave.othe rg overall age distribution, with from the online survey close to the replies from the parallel telephone survey. He also found that in some cases, 20% 5.2% 13 years among enrollees in $10,000–$24,999 traditional health care pl 8,028ans. 7,704 8,896 4 $10,000–$24,999 7 percen 20 20 t % % between 204.4 10 and 2012 10.2 and have 33.5 been flat sin 4.3ce then. Ov 8.3 erall satisfactio 31.8 n rates 10.0 have been tr 23.4 ending 40.2 20% group. Accounts of the United States: Flow of Funds, Balance Shee Individuals were assigned to the HDHP group if they ts, and Integrated Macroeconomic Acc reported that they were not eligib ole for unts." Fourth Quarter an HSA. The withdrawal represents as a fraction of the year-end account balanc 8 e plus the withdrawal. The median withdrawal assets. individuals ages 70-½ or older o $25,000–$49,999 wning a Traditional 8,902 IRA ?the group r 8,767 equired to ma10,414 ke withdrawals under the RMD 68.0 percent ages 65 or older and 53.6 percent ages 71 or older. In contrast, among Roth IRA owners who took a propensity weighting (meaning the propensity for a certain type of person to be online) reduced the remaining gaps, $25,000–$49,999 4.0 6.8 4.1% 18.9 4.0 6.3 18.2 5.3 12.9 24.9 upwar For Tradit d for ional CD- HP IRA o enrol wners, t lees an he d dow distribut nwar ion d for of t tra he dwith itional dr enrolle awal rates for es. individuals who took a distribution is similar for group wit 2014 for the Fe Editorial Bo h5% tra ard: d deral Reserve itional Dallas L he . Salisbur althnumbers. coverage i y, publishern ; Stephen Blakely cluded individua , editor ls in a . Any broa views d expr range essed in this p of planublicat types, incl ion and th udi ose o ng h f th ee author alth s should rate for 19 those taking a withdrawal from Traditional IRAs was 5.6 percent, compared with 29.0 percent for those who 3.6% 10 4% % $50,000–$99,999 10,974 11,016 13,237 EBRI is supported by organizations from all industries and sectors that appreciate the value of rules. ? Diff In erenc contr es in ast, among out-of-pocket individuals u costs may have e nder age 60, xpla 10 percent ined some of or fewer had a the differences with in ov drawal. erall satisfactio 3.6% n rates. In withdr $50,000–$99,999 awal, 42.1 percent 3.7were you 5.6 nger than 12.0 age 50 and 3.8 only 11.1 5.5 percent were 12.0ages 71 3.3 or older. 7.7 15.7 but in oth 10 10 er c % % ases it did not reduce the remainin thg gaps. Perhaps the most striking difference in demographics not be ascribed to the officers, 10% trustees, members, or other sponsors of the Employee Benefit Research Institute, the EBRI Education and 3.3% 5% 3.1% 2011-2013, but in 2010, higher median and 75 percentile rates resulted (Figure 8). In each year after 2010, the maintena In Figure n 1, th ce organiz e distributio ations (HMOs), pre n of Traditional- and Roth ferred provid-IRA er orga own niz ers ations by IR (PPOs), A type, other age, a manage ccount d-c balanc are pla e, an ns, an d gen d dpl er ans is t 4ook a withdrawal from Roth I $100,000–$149,999 2.7% RAs (Figure 5). The med 13,965 ian withdraw 14,222 al rates were muc 20,503 h higher for younger owners of $100,000–$149,999 3.5 4.9 9.3 3.6 5.0 9.4 2.7 5.6 13.7 unbiased, reliable information on employee benefits. Visit www.ebri.org/about/join/ for more. The re Resear mainin ch Fund, g 1.7 percent of the or their staffs. Nothing her individual ein is to be co s had a nstrn ued as an attem unknown age. pt to aid or hinder the adoption of any pending legislation, regulation, 2014, 48 percent of traditional-plan participants were extremely or very satisfied with out-of-pocket costs (for betw Very een few tel traedphone a itional-plan nd onli enr ne surveys ollees werewa no s the u t-too or nder-r not-at epresentatio -all satisfied with their h n of minorities i ealt n h online plan sample in any year of the su s. rvey. $150,000–$249,999 17,795 18,198 29,789 median withdr 0% awal rate was right at 6.0 percent or slightly below (6.3 percent in 2011, 5.7 percent in 2012, and with a broad variety of cost-sharing arrangements. The shared characteristics of these group members were that they presente Traditio $150,000–$249,999 or interpretative nal d. IR SeAs, wher venteen rule, or as perce e th 3.3 legal, e n median acco t ofunting, the 4.6 withdr in actuarial, o diviawal r duals 7.9 r other such prof who o ate for w3.5 owne ned a essional advice. rs i Traditio n th 4.7 eir 30s nal or was Roth 8.050. IR 0 percent. A in t 2.4 he data The medi base wer 5.0 an ewith you 13.3 drawal nger For those at the RMD age, the with a drawal rates at the median appeared close to the amount that c was required to be Just over 6 0% 0% 0% 3 percent of the individuals who owned Traditional IRAs b and took a withdrawal had account balances of 2% health care services other than prescription drugs), while 19 percent of high-deductible health plan (HDHP) 5 Traditionala HDHP CDHPcc a bb c th In 2014, only 7 percent of tr $250,000 or more aditional a -plan enrollees w 45,409 ere not-too b or no 45,368 t-at-all satisfie 131,247 d with their health plan (Figure 4 Individuals could own both types of IRAs leading to a higher than 100 percent ownership when added. $250,000 or more 3.1TT T radi r radi adi titi ti ona ona ona lll 4.1 6.3 3.3 HDH HDH HDH P P P 4.2 9 6.4 CDH 2.0CDH CDH P P P 5.0 13.7 5.4 percent in 2013), but in 2010 the median withdrawal rate was 8.3 percent. Furthermore, the 25 percentile was either than a ha ge 40, d no 18.6 deductible or percent were i a deducti n their ble t 40s, 24.6 percen hat was below curre t wernt tax e in th -pr eirefere 50s, nand 38.2 perc ce thresholds fo ent r HSAs were . ages 60 or older. rate decreased for each older age group through ages 71–79, reaching 4.1 percent. There was a slight uptick in the withdrawn, though some were significantly more. In fact, from the consistent sample approximately 25 percent of $50,000 or more, and 25.5 percent had balances of $250,000 or more. Among Roth owners who took a withdrawal, 0% enrollees 0% and 26 perc Gender ent of CDHP participants were extremely or very satisfied. Satisfaction with out-of-pocket Gender 2). EBR In com I Notes pari is son, 22 percent of HDHP registered in the U.S. Patent and T an rade d 16 m thark Office. percent o ISSN: f CD 1085 HP ? enrollees report 4452 1085 ?4452/90 ed th $ .50+. at they 50 were not-too or not-at- Sources: EBRI/Commonwealth Fund Consumerism in Health Care Survey, 2005 ?2007; EBRI/Greenwald & Associates Consumer Engagement 14 in Health around 4 6 percent for eac 20 h y 10 ear, while the 75 per 2011 centile was around th 20 e 12 15-percent to 20-perc 20 e13 nt range for 2011 ? Sources: EBR Sources: EBR I/C I/C ommonw ommonw ealth Fund C ealth Fund C 2011 onsumerism onsumerism in in H H ealth ealth C C are are Surv Surv ey ey , , 2005 2005 ? 20 ? 2007; EBR 2007; EBR 12 I/G I/G reenw reenw ald ald & & Associates C Associates C onsumer onsumer Engagement Engagement 2013 in inH H ealth ealth median Looking at rate fo acco r the oldest age gro unt balance, 19.1 percent up, wher ofe it thehit indivi 6.0 per dualcent s had a for owner balancse of ages less tha 80 or o n $5, lder. 000, w hile 13.1 percent had those 71 or Bryant and G ol C Sources: EBR are Surv der took ober (2013) reported that 13.4 million taxpa ey, 2008 I/Greenw a ?2014. wit ald Female & hAssociates drawal amo Consumu er nt in Engagement exc 15,383 e in H ss of ealth y C that r ers are Surv had withd ey e, 200 qu15,365 ire 9 ?2014. drawals from a Traditional or Roth IRA that totaled by law for T11,648 raditional IRAs. 32.4 percent had balances of less than $10,000. Similar percentages of Roth and Traditional owners who took a 0% Female health care costs has bee 3.6 n trendi 5.5 ng upwar 16.7d among C 3.7DHP enro 5.4 llees. 15.8 7.9 27.1 61.8 a a C C aa re Surv re Surv ey ey , , 2008 2008 ? ? 2014. 2014. all satisfied with their heal T Tr raditional aditional = H = Health plan ealth plan th w w pla iith th no deductible no deductible n. Overa or or ll, <$1,250 <$1,250 diss (indiv (indiv atis iidual), dual), factio <$2,500 <$2,500 n amon (family (family) in 2014. ) in 2014. g CDHP and HDHP enrollees has been trending aa 201 3 and was Tr 37. aditional 10 0 th P = H perce ealth plan ercent nt i ile wn 2 ith no deductible 010. 2 5th P or e <$1,250 rcentile(individual), <$2,500 M (family edian ) in 2014. 75th Percentile 90th Percentile balances of $2 b b Traditional 50,00 = H 0ealth plan or mor Male with e. Over no deductible 80 or per <$1,250 cent of (individual), 26,740 the in <$2,500 dividuals o (family) in 2014. 26,763 wned Traditional 20,885 IRAs, while less than one-third $243.9 billion in 2010. Of the HDHP = High-deduc HDHP = High-deduc Source: EBRI IRA Database. tib tiblle e health health se taxpayers, plan plan w wiith th deduc deduc1 tible tible 3.3 million (99.3 percent) withdrew a $1,250+ (indiv $1,250+ (indiviidual), $2,500+ (fam dual), $2,500+ (family ily), not ), not HSA-eligible in HSA-eligible in total of $243.3 billion from Traditional 2014. 2014. withdr Male awal were males,3.6 with 41.5 5.8 percent for 17.4 Traditional 3.7 and 44.7 5.7 percent for 16.7 Roth (56.5 8.6 percent an 29.0 d 58.3 pe65.5 rcent, bb Source: EBRI IRA Database. c c HDHP = High-deduc HDHP = High-deduc tib tib le le health health plan plan w w ith ith deduc deduc tible tible $1,250+ (indiv $1,250+ (indiv idual), $2,500+ (fam idual), $2,500+ (fam th ily ily ), not ), not HSA-eligible in HSA-eligible in 2014. 2014. downward. CDHP = Cons CDHP = Cons 5 um umer-driv er-driven en health health plan plan w wiith deduc th deductible tible $1,250+ (indiv $1,250+ (indiviidual), dual), $2,500+ (fam $2,500+ (family ily), w ), wiith th HRA, HRA, HSA, HSA, or or HSA-eligible HSA-eligible in in 20 2014. 14. * The consistent sample has only the individuals with at least one account in each year (2010 2013) of the database. 1100 13 Street NW · Suite 878 cc Source: * The EBR consistent I IRA Dsample aUnknown tabase. has only the individuals with at least 15,616 one account in each y15,738 ear (2010 ?2013) of the database. 10,580 When withdra CDHP = Cons wal rates for umer-driv t en hhealth ose ages 70 plan with deduc or older tible $1,250+ (indiv were idual), examin $2,500+ (fam ed, ily the medi ), with HRA, HSA, an o or HSA-eligible f the average in 2014. withdrawal rates over a Unknown CDHP = Consumer-driv 3.8 en health plan 5.9 with deductible 17.4 $1,250+ (individual), 3.8 $2,500+ (family), w 5.8 ith HRA, HSA, 15.9 or HSA-eligible in 8.7 2014. 32.0 70.5 owned Roth IRAs. Male owners represented 40.1 percent of the accounts and females 33.8 percent, while the IRAs, and 0.1 million (0.7 percent) withdrew a total of $0.6 billion from Roth IRAs. This number of individuals withdrawing ? CDHP and HDHP enrollees were found to be less likely than those in a traditional plan both to recommend their respectively, for those with an identified gender). Washington, DC 20005 © 2015, Employee Benefit Research Institute ?Education and Research Fund. All rights reserved. Source: EBRI IRA Database. Source: EBRI IRA Database. four-year period also showed that most individuals were withdrawing at a rate that was likely to be able to sustain gender was not identified for the remaining 26.1 percent. from a Traditional IRA is 30.9 percent of the taxpayers with a (202) traditional account at the en 659-0670 d of the year in 2010, compared health plan to friends or co-workers and to stay with their current health plan if they had the opportunity to www.ebri.org switch plans. www.choosetosave.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org ebri.org No No No No No No No No No No No Notttttttttttte e e e e e e e e e e es s s s s s s ss s s s • July • July • July • July • July • July • July • July • July • July • July • July 20 20 20 20 20 20 20 20 20 20 20 2015 • Vol. 36, No. 7 15 • Vol. 36, No. 7 15 • Vol. 36, No. 7 15 • Vol. 36, No. 7 15 • Vol. 36, No. 7 15 • Vol. 36, No. 7 15 • Vol. 36, No. 7 15 • Vol. 36, No. 7 15 • Vol. 36, No. 7 15 • Vol. 36, No. 7 15 • Vol. 36, No. 7 15 • Vol. 36, No. 7 14 22 17 15 12 13 21 2 9 4 3 6 ebri.org Notes • July 2015 • Vol. 36, No. 7 ebri.org Notes • July 2015 • Vol. 36, No. 7 ebri.org Notes • July 2015 • Vol. 36, No. 7 ebri.org Notes • July 2015 • Vol. 36, No. 7 ebri.org Notes • July 2015 • Vol. 36, No. 7 ebri.org Notes • July 2015 • Vol. 36, No. 7 ebri.org Notes • July 2015 • Vol. 36, No. 7 ebri.org Notes • July 2015 • Vol. 36, No. 7 ebri.org Notes • July 2015 • Vol. 36, No. 7 20 10 18 16 19 11 8 5 7 A monthl y newsletter from the EBRI Education and Research Fund © 2015 Employee Benefit Research Institute