This paper provides an annual update of a longitudinal analysis of 401(k) plan participants drawn from the EBRI/ICI 401(k) database — the largest participant-level database of its kind, with 27.1 million 401(k) participants at year-end 2016.
Because the annual cross sections cover participants with a wide range of participation experience in 401(k) plans, meaningful analysis of the potential for 401(k) participants to accumulate retirement assets must examine the 401(k) plan accounts of participants who maintained accounts over all of the years being studied (consistent participants). For example, because of changing samples of providers, plans, and participants, changes in account balances for the entire database are not a reliable measure of how individual participants have fared. A consistent sample is necessary to accurately gauge changes such as growth in account balances experienced by individual 401(k) plan participants over time.
A few key insights emerge from looking at the 6.1 million consistent participants in the EBRI/ICI 401(k) database over the six-year period from year-end 2010 to year-end 2016.
- The average 401(k) plan account balance for consistent participants rose each year from 2010 through year-end 2016. Overall, the average account balance increased at a compound annual average growth rate of 14.2 percent from 2010 to 2016, to $167,330 at year-end 2016.
- The median 401(k) plan account balance for consistent participants increased at a compound annual average growth rate of 18.3 percent over the period, to $82,338 at year-end 2016.
- The growth in account balances for consistent participants greatly exceeded the growth rate for all participants in the EBRI/ICI 401(k) database.
Younger 401(k) participants or those with smaller year-end 2010 balances experienced higher percent growth in account balances compared with older participants or those with larger year-end 2010 balances. Three primary factors affect account balances: contributions, investment returns, and withdrawal and loan activity. The percent change in average 401(k) plan account balance of participants in their twenties was heavily influenced by the relative size of their contributions to their account balances and increased at a compound average growth rate of 43.5 percent per year between year-end 2010 and year-end 2016.
401(k) participants tend to concentrate their accounts in equity securities. The asset allocation of the 6.1 million 401(k) plan participants in the consistent group was broadly similar to the asset allocation of the 27.1 million participants in the entire year-end 2016 EBRI/ICI 401(k) database. On average at year-end 2016, about two-thirds of 401(k) participants’ assets were invested in equities—through equity funds, the equity portion of target-date funds, the equity portion of non-target-date balanced funds, or company stock. Younger 401(k) participants tended to have higher concentrations in equities than older 401(k) participants.
Figure 2 Figure 4 Consistent Sample Had Longer Tenure Than Participants Consistent 401(k) Participants in the EBRI/ICI 401(k) Database at Year-End 2016 Investment Company Institute. 2018. “The US Retirement Market, Second Quarter 2018” (September). Available at R 4 B m fa Fi E 0 g ndn v or ac e 1 ur ofe e r (k e k e t r h ) p 6, gr q o e a uit t n 10 to 20 nce C a o e y ha rund F s ti fun nge c s ip d s s in 401 an aac ts nd ye ten at tra o s of (rk r g d )s e t to P t-In e la dnur co a n Ac tfl ee n ue fun c c aen ount t ncing d ytra s, w ea r Bte th -a hil ela nd e n 40 c old eir a 20 es A 1(k 16 er m , c pc old o a) o r n t u g P e ic n ripa lan C ts p onsi a in nrtts w iA st c eq ipa e se n s u n rte e it t40 s t t y m s se 1( e or nde ke c ) u lik P d ra it er tly o t ies ic ha tipa o . v The int nv e s fr highe est ass o in fixed m ert 20 ba alloc 1 la0 nc -inc a teion o s t om ha ef n yo secu the un ritg iees r Accumulate Sign Fiifg icu are nt 1 A 0 ccount Balances Jack VanDerhei is direPercentage ctor of Resea of par rch a tit c itpants by he Employ years of ee Bene tenur fit Re e, sea year rc -end h Ins 2010 titute and year (EBRI). -end Sara2016 h Holden is senior What Does Consis At bout ent t Pa he ErBtR ic I/I ipa CI t 40 io 1(k n i)n Da 40 tabas 1(k e) Plans “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2016” reported year-end 2016 account balance, www.ici.org/research/stats/retirement. a ctivities between 2008 and 2017. For an analysis of contribution activity during the bear market of 2000–2002 using the su p 6.1 ac r th a m icipa ill s b ion 40 nt Thr ond s: oug T 1( fun ho k h 201 ) se d p s, m la in t n p 6 one ................................ he air ry t i tcfhir ipa unds, tie nts w s in orit g t h mor he ua rcaonsi n e................................ t e th e st a de n 10 to nt inv g eY rst ea om u rs20 p e of nt w T y en a e ure cs b a ont rs of roa ra ................................ cd tte ly s (GI nur sim eC ila ha s)r d a t o nd an a the otv ha e ess rra ................................ e st gte a a b alloc le cc-ount v aa tion o lue b fun af th lan dc s. ee 27 of ......... .1 million 11 d irector of Retire A m vee rn ag t eand Investor D o Re m se ea srti ch a c Sto t the c k Inv ae nsd tm B ent on C d om Mpa arny ke It nIst nid tut ee x e (Is CI). Luis Alonso served as director Aggregate data on 401(k) plans provide insight into the possible influence of each of the factors that cause changes in asset allocation, and loan activity results for the EBRI/ICI 401(k) database, which consists of a large cross section of The EBRI/ICI Participant-Directed Retirement Plan Data Collection Project is the largest, most representative repository Generate? Changes in 401(k) Plan Account Balances, 2010 – Figure 7 1 cross-sectional EBRI/ICI 401(k) databas 0 e to s2, see >H 2 to o 5 lden a >nd 5 to 10 VanDe >10 rhe to i 202004. > 20 Th to e 3 0analy >s 30is finds that, overall, 401(k) $ p91 art,639 icipa, nt cs in omptahe re de nt wit irh a e yn eaa rv -e end rag20 e of 16$ E 14 BRI 6,81 /IC5I fo 40 r1 p (a k Figure r )t ic da ipa tab na t11 s in t se. On heia rv si ext raie ge s w atit yh ea m ror -ee nd th20 an 10 to 20 16, about tyw eo ar -s of thirdtse nur of e Barclays Capital US Aggregate Bond Index. San Francisco: Barclays Global Investors. of a c For cIount nfor exa m b mp a atla ion Te len , caess: c o cf hD on nolog et creibu mb y ta e ions, inv nd r 131, Re 2016 sea est r,cm h D the ent a EB trae R btI/ a ur ses ICI ns, a 401( atnd EB k w ) RI d it. a hdra St tab ea vw s ee a n B l o inc a rlud ss loa e is n d a a sn e tca tti ivc siono tical ty. Sinc m inis fo te rma a y t eIa tion CrI-. eL nd oa $167, n u20 27. re 330 n Higg 10 1 , mil cont lio s, I n rib 401( Cut I ions k) 27.1 million 401 Mo (k n) th p -e la nn p d lea vr etli,cipa Decn etm s. This ber 20 0p 7a to p e Dre p ce re msen berF t2s 0 ig 1 a7 u long re 9 itudinal analysis—the analysis of 401(k) participants of information about individual 401(k) plan participant accounts. As of December 31, 2016, the EBRI/ICI 401(k) Morningstar. 2015. Morningstar Lifecycle Allocation Indexes— US Investors (June). Chicago: Morningstar, Inc. Available Average Asse 1 t Allocation of 401(k) Plan Accounts by Participant Age Fi 2 Fig na 0 ur ll1 e y , 76 loa , An o verra g weit hdr Assa ew t A al a lloc ca tiv tion o ities c f 40 an ha 1(kv ) eP la an im n Acp ca oun ct o ts b n 401( y Pakr)t ic pipa lan a nt cA cg ou e nt ................................ balances. Although in ......................... general, very fe 12 w EBRI/ICI 401(k) Database p articipants’ contribution rates wereLess little cTh hang an edO in ne 2000, -Fif 2 th 001, of aEligible nd 2002 w401(k) hen comp Plan ared to 1999. On average, 401(k) 40 (Fi1( gur k)e p 5) ar. tic Am ipong ants’ ca onsi ssest ts w ente r pe a rinv ticipa estn ed ts in t in eq he uit irie sisx— tie thr s a ot ugh yeae rq -e uit nd y 20 fun 16 ds, t , those he eq wuit ith y m por orteion o than fiv f tare g e to t-d 10 at e y efun ars of ds, t he p Re lasea n pa rc rtici h As pasnts ista , n in t, 110, prov 794 ide 4% d e mp ass loy iste arnc -sp eo . ns Thi ors ed Iss 5% 401( ue B k)r ie plfa w nsa,s w hold rit ing ten w $2.it 0h a trils lisi on stin an a cs es e frts om (s e the e 5% H I on ld st ein tut et e’a s r l. e 2018 sear)c . h Us aing nd to 401(k) plan2s 4 0have averaged $327 billion a year, and benefits paid (including rollovers) have averaged $322 billion who maintained accounts each year from 2010 through 2016—that was not included in the previous report. The database ainc t co lude rpor da st tea .m tist oric nin al i gnfor starm .ca otm io/u n a s/do bout cum 27. en 1t s/ mIill nde ion 401( xes/Ak ssetA ) plallo n p ca atrions ticipa Sum nts, in mar y 11 .p0,79 df. 4 employer-sponsored Most 401(k) Plan Participan12 ts Are in Plans W 10% ith Employer Contributions September 2010 • No. 346 Pe2rcentage of account balances, year-end 2010 and year-end 2016 November 6, 2018 • No. 464 a Bc loom tive b 40 er1( g k D )a p ta la. n p Nea wr C tY ons icor ip istk a en: n t t B Sam s t lople om akeb w erit ghdr L.P a. w als, participants in their sixties tend to have a higher propensity to make participants’ contribution behavior doesParticip not appea an r to ts ha Hav ve be eeLo n m an ates ria O lly ut ast ffean ctedi d b ng y the bear market in equities from 2000 9% e te qnur uity e p ha ord tion o a low f non er av -tearrag geet -40 da1( tek b ) apla lann b ced a lfun ancd e 10% s, or c ($101,0 om27 pa)ny th st an th ock. ose Young with mor er 401 e( tkh )a p $1 n 30 ye a 46 rt ,46 ic8 ipaant rs of s tend tenu edr e to ($ ha 33 v8, e 73 highe 5). r National Compensation Surve 13%y data and historical relationships and trends evident in the Form 5500 data, EBRI and ICI ( eFi dit gor uria e l s 8)t. aIff ns. A vestnm y evnt ie w re s e tur xns pr— ess int ed er in t est, his div ride epor nds, t ara end tho re se aliz of ed the and aut unr hoe rs, a alize nd d a sh sset ould a p not pre b ce ia taion/ scribe dep dr e to citahe tion offic —ve arrs, y By Jack VanDerhei, EBRI; Sarah Holden, ICI; Luis Alonso, EBRI; and Steven Bass, ICI longitudinal analysis tracks the account balances of 6.1 million 401(k) plan participants who had accounts in the year- 401(k) plans, 2 hold 20 ing $2.0 trillion in assets. The 2016 EBRI/ICI 401(k) database covers 49 percent of the universe of 13 Figure 8, 401(k) Plan Contributions, Benefits Disbursed, Invest Ym eae r-nt En dRe 20t1u 0rns, and Assets ......................................... 13 Percentage of active 401(k) participants in plans with 401(k) participant withdrawals Perc as the entage y approa of el ch r igi etbl ire e 401(k ment. ) plan participants with loans outstanding, year-end 2016 through 2002, whether measured in dollar amounts or percentage of salary they contributed. $135,358 P c eonc s la tim n Sp ean te tonsor r a the tion nu s in e Cmb ounc er qil of uit of ie ac A s t tiv mh e ea r401( n o ica. lde k 201 ) rp 40 a 8rticip . 1( 60 kt)a h nts pA an r t to nua ic ipa be l Su n atbs. r ovu et y55 of P mil rofit lion Sha and rthe ing nu and mb 40 er 1o (fk ) 401( Plak ns ) : pla Re nflec s tot ing be a2016 bout 555, Plan 000 trustees, or other sponsors of EBRI, EBRI-ERF, or their staffs. Neither19% EBRI nor EBRI-ERF lobbies or takes positions on significantly from year to year. For example, on net they had nearly no impact on assets in 2011 and 2015, but end 2010 EBRI/ICI 401(k) databaB se alaa nnd ced e fu ancdh sub s sequent year thraoug nalysh ye is ar-end 2016 (a six-year period). active 401(k) plan participants, 20 percent of plans, and 44 percent of 401(k) plan assets. The EBRI/ICI project is employer contributions (by plan assets, plan year 2006–2015) Brady, Peter a2nd 00 Steven Bass. 2018. “Who Participates in Retirement Plans, 2014.” ICI Research Perspective 24, no. 1 24% Experience. Chicago: Plan Sponsor Council of America. 15 23% in 2016 (see note 2 in Holden et al. 2018; and US Department of Labor, Emp 2loy , 3 ee Benefits Security Administration 2018). At $121,152 spe prov cide ific dp olic a siy g nif prop icaos nta b lsoos . EB t RI as t inv hei tst es c ocom k mm ar eknt et on rose th is sh ra ersea ply rfr ch. om 2012 through 2014. Fi g Sur eee H 9, old Most en a nd 40 1 S(ck hra ) Psla s n P 2018 ar.t icipants ArN e o nin P –targla etns - With Employer Cont GICs ribut anio d ns .................................................... 14 (April). Available at www.ici.org/pdf/per24-01.pdf. unique because of its inclusion of data provided by a wide variety of plan recordkeepers, permitting the analysis of the 30% 180 Changes in Consistent 401(k) Participants’ Account Balances Equity Target-date date Balanced Bond Money other stable- Company Memo: Wh year-ea ndt 2016 Does Co , 401(k) plan an sss etsis wet ree $4. n7t Pa trillion r (st eic e Fig ipa ure 8 t aio nd Inv n i esn tm 40 ent Com 1( pak ny) Pl Institut aen 2018 s ). The 2016 Introduction a 16ctivity of participants in 401(k) plan 1, s of 2 varying sizes—from very large corporations 2to small businesses—with a 4 variety 2006 2007 2008 2009 2 F 0i 1g 0ure 62011 2012 2013 2014 2015 Russell 2000 index. TaF cu o nm dsa, WF A u: ndFr s ank Russ Fune dll C s omp Fa un ndy s. Funds value funds Stock Other Unknow n Equities For the Age c Go romp up lete update from the year-end 2016 EBR 25% I/ICI 401(k) database, see Holden et al. 2018. 160 EB C In a ont RI/ nry ibut ICI giv d ion e an ye ta sb — aw s ae rhic , cto he h p ve rs c osi ha 49 tng iv p ee e ly rc in a a eff nt e p c oa tf r40 the tic1( ipa un kn )iv tp ’e s a la rsn e c c a ooun c f c401( oun t btk a )la b p a nla la ce n n cis pea sa rticip — cin om c alude nt bina s, 20 tbion o ot ph e erc f th m en pr t loy eoef efa prl a c ans tnd or , s: a en m dp 44 loy p ee erc ent of Fi Brg ight ureSc 10 op , e D om and est In ic v e St stom ck e nt an C dom Bond pan Ma y In rkst eitt ut Inde e. 20 xe1 s 8 ................................ . The BrightScope/ICI................................ Defined Contribution P ............................. lan Profile: A Close 15 Suggested citation: Jack VanDerhei, Sarah Holden, Luis Alonso, and Steven Bass. “What Does Consistent The EBRI/ICI 401(k) database, which is constructed from the administrative records of 401(k) plans, represents a large Generate? Changes in 401(k) Plan Account Balances, 2010 – Sample of Consistent 401(k) Part $96 icipant ,129 s, 2010–2016 20% of investment options. Changes in 401(k) Plan Account Balances Among 20s 25.1% 41.2% 8.2%22% 8.2% 1.8% 3.5% 9.2% 1.0% 1.9% 75.8% 17 23% 1 46% 401( contr kibut ) pla L ion n ook a a s, a ss 1e 4tnd 0 t s 40 . m 1(os k)t P 40 la1 n( s, k)2015 part. icSa ipa n D nts a ieg ro, e in p CA: laB ns right whe Scrop e te he a nd emW ploy ash eingt r cont on, ribut DCe : s. I Invn es2015 tment , ne Co am rly p a 9ny in I10 ns titute. The EBRI/ICI 401(k) database environment is certified to be fully compliant with the ISO-27002 Information Security Audit Participation in 401(k) Plans Generate? Changes in 401(k) Plan Account Balances, 2010–2016.” EBRI Issue Brief, no. cross section, or snapshot, of 401(k) plans at the end of each year. It is a cross section of the entire population of S&P 500. New York: Standard & Poor’s. S&P 500² 96 96 96 More than one-quarter, or 6.1 million, of the 401(k) participants with acc 95 ounts at the end of 2010 in the EBRI/ICI 201 30s 6 42.6%Cons 22i.s 8% tent 401 6.(k 7%) Parti 8c .2i% pants 2 .F 7% rom 20 4.1 1% 95 0 Thro 9u .1% gh 2011 .96 % 1.8% 75.7% 95 24% $81,020 94 94 94 Figur ?e 11 A N , v eL a w e ila ss cb ont le Th ra a ibut tn w One w ion ws b -.ic Fii.or fy th o the g/pd f El pa f/ igib rt pic ple ip r_1 a 40 nt 8_ 1( (d+ kc)) p , P la tla he n_pr n P em a of rp tile ic loy ip _4 e a01 r nt (s k + .H p ), 94 d aor fv. e b Lot oa h; ns Out standing ....................................... 16 93 participants were in 401(k) plans where the employer made contributions (Figure 9). Although this figure fell slightly in 2 standard. More 1o 2v 0er, EB $75, RI 378 has obtained 92 a legal opinion that92 the methodo$76, log293 y used meets the privacy $75, sta 358 ndards of the Gramm- 464 Sou, ra cnd es a IC n Id Re Tsea ypes rch of Da Perspe tac tive, Vol. 9124, 91no. 4 7 (November 2018). 40 1(k) plan participants, and it represents a wide ra91 nge 91 of participants—including those who are young and individuals $73,357 Because of these changes in the cross sections, comp 90 aring average account balances across different year-end cross- 40s 49.7% 14.0% 5.6% 9.0$ % 72,383 3.0% 4.7% 9.6% 2.7% 1.6% 73.6% 401(k) database are in the consistent sample. These 89 consistent participants had accounts a 89t the end of 89e89 ach year from 20% 88 89 Percent change in average 401(k) plan account balance among 88 ? Total investment return on account balances (±), which depends on the performanc 21% 87 e of fin 88 ancial markets and 87 the wake of the financial market crisis, reachi86 ng a low of 85 percent in 2010, it had generally rebounded by the end of By Jac US Leac D he -p Blak Va ilre ty m Ac ent nD t. of At erhe L no ab tim or i, , e EBRI E ha mp s loy a;ny Sa e eno B rnp a ene h H ub fit lic s Se old pere c sur n, ona ityIC l iA nf I do ;m r ma Lu inist tion isr A attha ion. lons t is 20 o, p 1e E 8 r. sBRI o Pna rivlla y ;t a e id nd P enti ens St fia ion P be leve , la suc n Ba n B h ull ass e as t in, A ,S I ocCI ia bl s S t reaccurit t of y $63,929 19%85 who are new t 1o 00their jobs, as well as older part24% icipants and those who have been with their current employers for many sectional snapshots can lead to false conclusions. For example, newly formed plans would tend to pull down the average 50s $60,329 45.6% 11.6% 5.8% 10.3% 3.7% 7.7% 10.6% 3.2% 1.5% 66.4% 20 De10 loit tth er C oug onsu h 20 lting 16; LL the P. y20 m 1a7a k$58, e. up D 991 efin a long ed Cit ont udina ribu l s tion B ample enc , w hm hic ah r rking emo Sur vev s t ey he : 20 eff 17 ec t E d of ition par. tiN cipa ewnt Ys ora knd : Dp ela loit ns te e ntering consistent 401(k) participants by age and tenure, 2010–2016 on the allocation of assets in an individual’s account; and C Se ov p ey ra rig l EB 2015 ht In RI aFor form nd m IC a 55 I ti m 0 oe 0 A n m : b nnu Thi ers p s r al Re e rov p or p ide or t is d ts c r(e op Ve co yrrrsi d ight s on on e 1. da 0) b cty . iv W te he a p sh a Eringt m tic pipa loy on, n ete D s in 401 B Ce : ne US fitD ( k Re e)p p sea ala rtns m rce h I for nt ns of wthic iL tu ab th t e or (he , EE B ym RI kp e )lo paty nd e re ec bB o ye r d tne he s fit a ts t nu he mb long er, it budina een tra l sns tudy. Re ferred to ga o rr ding sharindiv ed widua ith EB l p Ra I. r ticipants’ contribution activity, defined contribution (DC) plan 79 78 Barclays Capital US years. For example, at ye 20% ar-end 2016, 14 percent of 401(k) participants in the EBRI/ICI 401(k) database were in their accoun60s t balanc 77 e but would 39.4 % tell us 1no 2.2thing % abo6 ut .0% consiste 1ntl 2.5y % particip 5.4% ating w 1o 0rk .9% ers. Simi 8.9la %rly, the 3.4 a %ggreg1 a.te 3% avera5g 7e .1 % account Consul 80 ting LLP. Available at https://www2.deloitte.com/content/dam/Deloitte/us/Documents/human-capital/us- Compound annual and leaving the database. Initially, this group was demographically similar to the entire EBRI/ICI 401(k) database at 16 76 Figure 5 75 ? W Seit chdr urita yw Aadls ( mini -)s , tb ra or tion ( rowing Feb(r-ua ), raynd ). A loa van r ilab ele pa a yt m ents (+). A g gregate Bond Index 4 74 I ynv eae r- se tm nd ent 20 C 16 om . p These any In st pla itn r utee c (I or Cd I)k. eIe t pm er as inc y belude use d m w uit tua hout l fun pd er c m om issi pon anie but s, b ciatnk ation o s, insu f th rae n c sour e com ce p isa nie reqs, a uirend d. participants tend to contin 73ue contributing in any given 25% 72 18 All Consistent 72 22% b tw ala ent nc Aie e ge s, w w ould hil e t e T11 e nd nu p to re e 71 rb ce e nt pull w ee dr e d oin t wn he if ir a si laxt rgie e s nu (Fi mb gur er eo f 1) p;a rticip 22 pe ar nt ce s nt re tir of ep a and rtic ro ipll a nt ovs h er the ad ir twao ccor oun fet w be ar a la vy nc ee ra a eg rss of e . grow tetnur h e hc-defined-contributions-benchmarking-survey-report.pdf. Figure 8 Account balances are net of unpaid loan balances. Thus, unpaid loan balances are not included in any of the eight asset year-end 2010. 60However, by ye 4a 0r1 -e (k nd ) P 20 la 16 n, A the ccse ou pn ar tt B icia plaa nt ns h cea sd A gm row on n o g lde Co r, na scic srtue en dt longer job tenures, and www.dol.gov/sites/default/files/ebsa/re 15% searchers/statistics/retirement-bulletins/private-pension-plan-bulletins- 5 14 A T A G L A N C E Sample 44.5% 12.9% 5.8% 10.6% 4.1% 7.8% 9.8% 3.1% 1.5% 65.7% consulting firms. Although th 9% e EBRI/ICI 401(k) project has collected data from 1996 through 2016, the universe of data year G to rot uhe p ir pla (yn es. ars) 2010–2011 2011–2012 2012–2013 2013–2014 2014–2015 14% 2015–2016 2010–2016 rate, 2010–2016 at their current jobs, while 5 percent had more than 30 years of tenure (Figure 2). Participants in the consistent sample 401(k) Plan Contributions, Benefits Disbursed, 3 categories described. abstract-2015.pdf. The accum cha ula nge ted in a larg ny er indi accv ou idua nt lb p aa la rn ti4 c ce ipa 0s1 ( c nk om t’)s 401 P pa arre t(id k c )w i p pit a la h n n a p ts ac r F c tic ount ripa om n b t2 s in t a0 la1 nc 0he eT is h y r e inf o ar u lue -g end h nc 2 e 20 0 d 1 16 b6 y c the ross m sect agnit ion. ude s of these three R Ac ep co or un t a t b va ala ilnc a40 bil es it ay re : ne Thi t s r of e up np oratid is loa avn ailbaab la le nc on es.t he Internet at www.ebri.org and at www.ici.org 2010 EBRI/ICI 20s All 73.6% 60.1% 54.0% 29.2% 24.1% 27.4% 774.3% 43.5% providers varies from Cons isy ten ea t sr am tpo le y in e 20 a 1r 0. In a EB d RI d /ICI 4 ition, 01(k )t da he tab p asla e in n 20 s us 10 ing Co ans p isa ten rt t s ic am ula ple r in p 20r1ov 6 ideE rB c RIa /ICI 4 n ch 01(a k)nge datab aov se ie n 20 r t 1i 6me. Records Deloitte Consulting LLP. 2017b. Defined Contribution Benchmarking Survey Appendix: 2017 Edition. New York: Deloitte 6 a re both older and longer tenured than participants in the overall database at year-end 2016. 401(k) Database 42.0% A 11ve .1%rage 40 7.1 1% (k) plan 11 .b 6% alance 4.4 % for co In n 1v 0si .3e st %se tm nt e 4 8n 0 .0t 1 %(R k) e tu 2 .r 9 n % s , a n 2 . d 6 % A s s e 6 ts 2 . 0 % fa 19ctors relative to the starting account balance. For example, a contribution of a given dollar amount produces a larger >5 to 10 85.1% 69.1% 57.4% 31.1% 25.4% 29.8% 951.0% 48.0% Between year-end 2010 and year-end 2016, the U.S. 4 This system o 20 f classification does not consider the number of distinct investment options presented to a given participant, were encC ry onsu pted lt ing to cL on LP c. eA al th vaile a b ide le nt atit ht y tof ps:/ em /ww ploy we2.d rs e and loitteem .cp om loy/c ee ont s, b ent ut/d waem re/D ce od loit ed te s/u o s/ tha Do t c bum oth coul ents/h dum bea tnr- acca kp eit da ov l/uesr- Note: The EBRI/ICI 401(k) database contains 23.4 million 401(k) plan participants at year-end 2010 and 27.1 million at year-end 2016. The consistent sample The value of this percenta Rusg se el l i2 s0 low 00³ er than it would have been if it merely reflected employee turnover and retirement. For Thi Utks p us, aS pteerp p he rov n P ide ., s a and n a Je nnu an aAl up . Young date . of 2018 a long . How itudin Am al a erina ca ly Sa siv s of es 2 40 01 18 (k : )V p alngua an pa rd rt ic 20 ip1a7 ntD s d efin rae w dn fr Cont om ribut theion P EBRI la /I n D CI ata. participants by age and tenuY re ea,r -ye End a 2 r0 -e 16nd 2010–2016 30s A isl l 6.1 million 401 1(k 9) .9 pl% an participants 3 w 2ith .1 a% ccount balanc 3 e6 s . a8 t th % e end of eac1 h 9 ye.a 2 r f % rom 2010 thro 1u3 g.h0 2% 016. Participa2 n2 t te .4 nu % re is tenure 2 as5 o7 f . th4 e% year-end 23.6% growth rate when added to a smaller account than it would if added to a larger one. On the other hand, investment 17 st but ocra k th me ar, rk the et g ty ene per sa o lly f orp ose tion (sFi pgrur ese e nte 10d ), . w Prhic elimina h tends ry rets o earch An ana nly uza inl gf lo 1.w 4s mil re lio pn ort pa e rticip d on a nts Fo d rm raw 5 n 5fro 00 m athe nd 2000 year-e nd hc-defineind d- icc ate ont d. Com ribu ponet nions ts may - nb ot e adn d c toh 10m 0 pea rcrek nt ing beca- usu se or f ro vue ny din-ga .ppendix.pdf. multiple years. 0 For each participant, data include date of birth, from which an age group is assigned; date of hire, example, if 401(k) plan sponsors change their service providers, all participants in those plans would be excluded from the Valley Forge, PA: The Vangua Balancred d G furnoup ds , Vanguard Center for Retirement Research. Available at 401(k) database >5 — to 1t0 he lar3 T g 5 ee .n 6st u % re p articipa 44.5 n% t-level d 44 a.t 5a % base of 25 it.s k 0%ind, w1it 6h .3% 27.1 mill 26 ion .3%401(k) 4 1p 9a .8r% ticipants a 31 t .6 y% ear-end Sinc Age e 19 and T 96, the e nur Em Soup rcloy ee : T ao e bue lf ati oB C nse fro o ne mns EBRI/I fit is Re CI t Pa sea e rticnt iprac nh I t -Dir 40 en ctest 1(k d Ret itut irem e ) e n ( t P E PlaB a n RI Dat rt a) icipant Col and lectiont Pro he je cI t s nv estment Company Institute (ICI) have worked 8% returns of a given percentage produce larger dollar increases (or decreases) when compounded on a larger asset base. Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 2010 2011 2012 2013 2014 2015 2016 p EB rov RI/ ide ICI a401( boost k) d to ata 40 ba 1s (e k )s ug plagn a ests cc tha ount t th s hold e sheing er number of investment options presented does not influence participants. Figure 1 ass2e , 3ts, billions of dollars, 2000–2017 from which a tenure range is assigned; outstanding loan balance; funds in the participant’s investment portfolios; and consistent samp A >g 1 le 0 e. tG oro 20 up 1 (y 4e .1 a% rs) 2 2010 6.8% 2011 33.2% 2012 16.6% 2013 12.1% 2014 20.5% 2015 203.7% 2016 20.3% https://pressroom.vanguard.comN /n ono –tnin arged t-exed/HAS18_062018.p GICsdf. and 2016. together on collecting and analyzing annual data on millions of 401(k) plan participants’ accounts. This report reflects At year-end 2010, the consistent group was similar in age to the participants in the entire EBRI/ICI database. For I Hn o oldte he n, r Sa wor rad h, s, g and row Dta h r nie al Sc tes hr ara ess a. fun 2018 ction o . “Def t fin he ed r C ela ont tiv re ib ut size ion P of la the n P da olla rticrip aa dnt jus’ stm Acetnt ivit tie o s, the 20 si 1ze 7.” of ICtIhe Re indiv searc idua h Rl eport Consistent Sample Was Older Than Participants On average, participants have 10.4 distinct options but, on average, choose only 2.5 (see Holden and VanDerhei 2001). In equities. On average, a Eb quout ity tw Ta or- gt ehir t-dad te s of dattehe ba lanced Bond Money other stable- Company Memo: 40s All 9.3% 22.7% 30.3% 13.9% 9.2% 18.2% 156.7% 17.0% asset values attributed to those funds. An account balance for each participant is the sum of the participant’s assets in 20s All $3,998 $6,939 $11,106 $17,100 $22,100 $27,428 $34,956 5 Median Interest, 1, 2 2 4 the year-end 2016 update of these data and EBRI’s and ICI’s ongoing research into 401(k) plan participants’ activity. (May). Available at www.ici.or in th g/pd e EBRI/ICI f/ppr_17_ 401(k) rec_su Datab rvey_q ase 4.p at dfYear . -End 2016 e xa For mthe ple , re 35 po p rt eo rc n ethe nt of yeta he r-e p nd ar t 2010 icipant EBs i RI/ n th ICI e401( consi k)st de an ta tb saasm e,p sle e ew H eo re ld e in t n ehe t a irl. t2011. wentie s or thirties in 2010, similar to accoun At. ge Group funds funds funds funds funds value funds stock Other Unknow n equities 18 An> n5 u a to l 1 p0 ercent 2c 4h .5 a% nge in to3 ta 6l. 6 r% eturn ind3 e8x .5 , 2 % 011 to 22 02 1.6 2% 12.9% 23.9% 302.5% 26.1% addition, the preliminary analysis found that 401(k) participants are not naive—that is, when given n options, they do not c onsistent sample of 401(k) participants’ account Consistent Participants Have Accumulated Sizable 401(k) Plan Account Balances B all funds. ecause the P la annu n ba ala l c nrcoss es a sect re cion onst s c ruc ovteerd p a as t rtic he ip a su ntm s w of ith all ap w ar ide tic ipa range nt b a of lap nc ae rts in icipatthe ion e plaxpe n. rience D in 401 ividend (s k,) plans, >5 to 10 3,470 6,423 10,864 17,098 22,407 28,091 36,469 5 Percentage of participants by age, year-end 2010 and year-end 2016 >10 to 20 9.1% 22.7% 30.1% 14.2% 10.0% 18.8% 159.7% 17.2% 36 per20s cent of the 23.4 3m 1.8ill %ion pa 4r 3t .6 ic % ipants in t 6.0he % entire 4. 7d % atabase 0.9% (Figure1 .1) 7%. Thirt 6y .4-% four pe 4.r 1c % ent of 0t .8he % part8 ic 0ipa .9%nts in 6 1 divide their assets among all n. Indeed, less than 1 percent of participants followed a 1/n asset allocation strategy. Plan EBRI/ICI 401(k) Database balances were invested in equities (Figure 7). Subdued Tenure refers to years at the current S&e Pmp 500 loy ² er Ra us nd se llis 2 0g 0e 0³nera Bll ay rc ld aye sr iv Cae pd ita fro l US m A Tg d oga tra e tle g a o tef B hir oT ne d o tIa r ne d l e B pxo e 4rte nefd its fo r th Ga ei np sa , rticip and ant. A s Te se nu ts re at meaningful analysis of the potential for 401(k) participants to accumulate retirement assets must examine the 401(k) Trends in the c ons 30s istent group’ All s accou 21nt ,80 4 balanc2e 6s highl ,142Age ight of P3 a4 rti ,ct 5 ihe p 4 a2 nt accu4m 7,ula 246tion e 5ff 6,e 3c 15 t of ong 63,oing 645 401( 77 k,) 9 2p 7articipation. At Holden, Sarah, and Jack VanDerhei. 2001. “The Impact of Employer-Selected Investment Options on 401(k) Plan >20 to 30 5.6% 17.8% 28.0% 11.0% 8.7% 15.2% 121.2% 14.1% Altogether, from year-end 2010 through year-end 2016, the average 401(k) plan account balance among the group of 30s 45.5% 2 28.0% 4.3% 5.8% 1.6% 2.6% 1 6.6% 4.8%2 0.8% 73 9.4% 4 the consistent sample were in their forties in 2010, while 28 percent of participants in the entire database were in their Sponsor Council of Ame Consric isten a t 20 Sam 1ple 8 indicates that in 2016, the average number of investment fund options available for Investment Options Contributions Disbursed Other Items Year-End stock market performance in 2011 was follow 38e .8 d by will not reflect the years of participation in the 401(k 20 ) spla 30 n s if 40 the s 401( 50s 60 k)s plan was added by the employer at a later date or if Participants’ Asset Allocations: Preliminary Findings.” Working paper prepared for the Center for Pension and p ye laan a r-ec nd coun 20t16 s of , 26 pa .4 r tp ice ipa rce n >nt t 5s t oof w 1ho 0the m c aonsi 1int 3,3a 4s ine 7tent d agc 1r8 coup ,oun 103 t hs ov ad m 2e 6ro , 1a r 5e ll of 5 thatn $200 he 37 ,y 8e 03 a,r00 s b0 in e4ing 7,2t5he st 5 udi ir 40 ed 51( 4 ( ,k 9c3 )onsi 8 plast n a e6n c 9tc , 3o p 7unt 5 artic s ip ata nt the s)ir . For 50s All 6.5% 17.8% 25.9% 11.4% 8.5% 14.5% 118.8% 13.9% Tabl consiste 40s e nt o f paC rto icnt ipae ntnt s 5m 1s .4or % e tha1 n 8.d 4% oubled (inc 4.6% reasing 6b .8y % 122 p 2e .1r % cent), r 3is .6ing % from 7. 1$ %75,375 8. 1a %t year0-.e 9% nd 2010 75. 8t% o forties. Thirty-one percent of the participants in the consistent sample were in their fifties or sixties, compared with participant contributions was 20 among the 590 plans surveyed. Deloitte Consulting LLP 2017b reports that the average 2000 $169 $172 -$79 1,738 st the rong re ae re r Re g re row t sir trictio etm > h in 5e tns nt o 20 1 Re 0 on 12 sea p a thr rtici 1r9 co .h (C 9ugh p % a4% ting P20 RR in 14 )3 1 C th .(ur 6w e % rit 401( eh nt k P)e 3 ns p 4la .7ion P n %imm olic ed 2 yia 0 I .te 0 ss % ly ue up s C on onfe 1hir 1.9e % r.e nce, Mia 21.2m %i Unive 24 rsi 6.t 0y % , Oxford, 23 OH .0% (June 8– example, because of changing samples of providers, plans, and participants, changes in account balances for the entire current employers, while a >no 10 ttohe 20r 18.4 30 ,p 1e 77 rcent ha 34,d 42 4 betwe4 e3n $100 ,666 ,000 58, 1a 6nd 3 $200 67,,00 8470 (Fig 7ur 6,0e 6 43). In co 91,6nt 39rast, in the 19 10% 50s 46.8% 20s 15.8% 5.3% 8.6% 2.8% 6.5% 7.6%11% 5.8% 0.9% 66.8% $167,330 at year-end 2016 (Figures 4, 30s 5, and 6). Thi 40s s translates int 50so a compound 60s annual avAll erage growth rate of Introduction .......................................................................................................................................................... 5 I 36 n th pe er c EeBnt RI of /ICpIa 40 rtic 1( ipa k)n d ts in atabta he se, E inv BRI e/st IC m I ednt at a op ba tion se s a ove rr ea g ll. roup ed int 16% o eight broad categories. Equity funds consist of number of funds offered by the 160 401(k) and 403(b) plan sponsors surveyed was 19 in 2017. BrightScope and Investment 9). >10 to 20 8.9% 21.2% 28.1% 14.2001 1% 10.4% 174 16.9% 147 149.2% -11916.4% 1,701 particularly strong appreciation in 2013), but then 32.4 7 d ba roa tab da ese r EB arRI e /I not 4 C0I s a 40 re 1( lik a) b le da m tA ae lb la asu se, re 10 of 57 .5 ,1 how 1p 7er c indiv en6t2 idua ha ,43d 5 l p a Ac ge a c ount r of t 7ic P 6,ip arti 58 s w a 6 cnt ipait s ha nt h m 99 vor ,e 76 e f 6a trh ea dn $200 . 1A 13 ,c 6on 41,si 000 ste 1 , n 2a t 4 nd ,0 sa 67 m 9.0 ple p 1 e is 46 r c ,ne 6e 2nt 4ce h ss aa dr y b e to tween 60s 40.1% 16.1% 5.6% 10.8% 3.6% 10.1% 6.5% 6.1% 1.0% 57.2% Although the average account balance for the entire database at year-end 2016 is slightly higher than the average account 14.2 percent over the six-year period. The median account balance among this consistent group also grew, more than pooled investm >e 20 nt to s p 30rimar4 il.y 9 % invested 1 6in st .3% ocks, in 24.c 9luding % e1q 0uit .4% y mutua 8l funds, .9% ba 1nk 4.1 % collectiv 10 e8 .t9 r% usts, life ins 13.1 u% rance Company Institute 2018 reports an average of 29 investment options 2002 in 2015, and an average of 22 investment options when 27% 181 147 -203 1,565 Sample of Consistent 401(k) Participants, 2010–2016 .............................................................................................. 6 followed by moderation in 2015 and resumed growth in Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project. accurately gauge changes su >5 tc oh a 10 s grow 25,0t0h in 0 acc 31 oun ,121t bala4 nc 2,5 e1 s e 2 xper 5ie 8,nc 867ed by 7indiv 1,943idual 401( 81,230k) pla 1n p 00,6a 1r 8ticipants over $100,00 All 0 a Connd siste$2 nt 00,000. balance at year-end >30 2015, thi 4.2 s% is muted 1 3b .4 y% particip2 a3nts .4% and pla8ns .6% entering 7a .6 nd % leaving 1 1the .8% databa 9s 0e .6 . % Among the 11 s .4 a% mple of The tenure composition of the consistent sample 26% also was roughly similar to the tenure composition of 401(k) H doub oldelin n, gSa from rah, $a 30 nd ,1Ja 14 c k in 20 Van10 De rthe o $ i. 82 20 ,33 028 . “ in 20 Can 40 16 1( (ak c ) oA m cc pu oun mul da a tion nnu s G al a ene verra atgee Signif grow 25% ic th r ana t tIen of com 18 e.3 for p eFrut ceu nt re ) sep a taa rg ra et te -d a a Note c te 5c oun fu : End ligi ts, a bl se uit 40 nd e 1(k is ot ) pl che o an un r pa te p rtioole d ci pa as nts d a inv are sing e tho st le sm e in ie n v nt 40 es s. Sim 1(k tme ) plnt anila so tha p rlty t ion , ofb fer .2003 ond loans fun . ds are any pooled account primarily invested in 186 141 300 1,932 $10M or Less >$10M to $100M More than $100M All Sample 46.3% 17.5% 5.1% 8.4% 2.7% 6.3% 7.1% 5.6% 0.9% 68.0% 2016 (Figure 10). Though contributions and loan $82,338 6 time. 60s All >5 1.0 6 % to 20 1 64 0,.4 15 % 5 62 50 ,9 .1 5% 2 80,7 9.2 97 % 105,4 3.1 8 7% 120,26 2.1 8% 132,17 94 6.8% 157,012 9.8% Age and Tenure of Consistent 401(k) Participants .................................................................................................... 6 participants who were present in the database in both 2015 and 2016, the average account balance increased by 18.4 percent participant Res in tiree the s?” yIe na vre -st end me20 nt 10 Co E m BpRI any /IC IIns 40 tit 1( utke) P de artspe abac se. tive For 8, no. exa 3, a mple nd , 29 EB RI pe rIcsesu nte of Brtie he f, c no. onsi 25 st1 (No ent sa vm em ple be ha r). d five (Figure 4). bonds. Balanced funds are pooled accounts invested in both st 2004 ocks 36% and bonds. They are classified into two 204 166 204 2,193 20 2016 EBRI/ICI Plan Assets repayments also p >5 tola 1y 0 a role 18 .i5n th % e grow 28.0 th o % f the2 9.3% 16.5% 8.6% 14.5% 184.0% 19.0% Lifestyle funds maintain a predetermined risk level and generally use words such as “conservative,” “moderate,” or >20 to 30 92,809 97,965 115,383 147,693 163,891 $69,1 942 78,109 205,256 Available a 7 t www.ici.org/pdf/per08-03.pdf and www.ebri.org/pdf/briefspdf/1102ib.pdf. between year-end 2015 and year-end 2016, from $76,630 to $90,713 (the average account balance for the 20.0 million or few4 e0r1 (y ke ) D aa rts of abasetenure in 2010, compared with 39 percent of participants in the entire EBRI/ICI 401(k) database 43.5% 21.3% 6.1% 8.2Figure % 33 .1% 5.8% 5.9% 5.1% 0.9% 67.4% Consistent Participants Have Accumulated Sizable 401(k) Plan Ac 2005 count Balances ................................ 21.3 ....................... 7 subcategories: target-date funds and non-target-date balanced funds. A ta223 rget-date fund 189 typically reb146 alances its 2,393 >10 to 20 9.1% 18.4% 23.4% 11.2% 7$62, .0% 883 9.8% 108.5% 13.0% A few key insights emerge from looking at the 6.1 million consistent participants in the EBRI/ICI 401(k) average 401(k) plan account balances observed, the “aggres 1 sive” in their name to indicate the fund’s risk level. Lifestyle funds generally are included in the non-target-date 50s All 99,388 105,825 124,671 156,930 174,898 189,835 217,447 Source: ICI tabulations of U.S. Department of Labor Form 5500 Research File. 401( Among k) A p t tla he arget n p c -dat on artici e fsi und sp t te ya pic nts nt ally g rebalanc w roup ho ha , es indiv itd s 34% po ac rtc idua foo lio un tol 401 t bec ba om la e (nc k les )e s p fs oa ca us rtt ed ic bipa o on th gro nt y we ts e h a and rxpe -e mnd ore r ie f2015 ocnc used ed oa n nd a inc w o m yide e e a asr it-r e appro and nge ac 20 hes of 16) and out .pas Sce so es em tH he eo s, oft target lden dat e e e n influ to fa tl. he 2018 fund, en c.e d by $54,922 (Figure 2). Sevent Distribu een perctio entn of oft he 401(k) consist Plan A ent sacco mple un ha t dBalances more than 20 by Siz yeae of rs of A te ccou 25% nure nt in 201 Balance 0, as did 15 percent of 28% >20 to 30 4.8% 13.9% 19.6% 8.2 2006 % 5.2% 6.5% 73.0% 9.6% portfolio to become less focused on growth and more focused on income a251 s it approache 228 s and passes 303 the target d2a ,7 te 7 3 which is usually included in the fund’s name. H C dha a old taba nge en, s in C sSa e ro av h, oer ns ais nd th te e Ja nt sc ix 40 k -V 1( ya ek n a )D r P e perio a rhe rtic i. ipa 20 d f n 04 r ts’ o. m A “C c y c ont ou earnt ribut - en Ba ion d la n 2B c 0 e e1 s ha 0 ................................ to vior y of ea40 r-en 1(kd ) 2 Pl0 a16 n P.a ................................ rticipants During Bull .................... and Bear 9 p ba ala ttnc ern o ed ff a uncdc oun catetg b oa ryla . nce growth rates from year to >5 to 1 10 6.3 32,825 39,346 51,791 69,763 83,722 93,694 113,586 the relationship among the1 t 6hr .0 ee factors mentioned above: contributions, investment returns, and withdrawal or loan Percentage of participants with account 8 2 >30 3.3% 10.6% $41 2,7 79 .9 6 % 5.3% 4.1% 4.6% 54.4% 7.5% the participants in the entire EBRI/ICI 401(k) database. Not all participants are offered this investment option. 2007 273 261 215 2,975 of Th the e c fun rossd-, se w chic tional h is usu EBRI/ aICI lly inc 401( lude k) d d ain t tabhe as efun alsd o’ s na show mse th . N aon t yo -tun arg ge er t-p daarticip te ba ala nts nc a end d fun thodss inc e with lude sho arte sse r tt eanu llore ca st ion o tend r to Markets.” National Tax Association Proceedings, Ninety-Sixth Annual Conference on Taxation, November 13– year also reflects the stock market performance. 13.7 3 21 >10 to 20 71,984 78,384 95,031 121,729 138,907 153,390 179,386 All All 7.5% $34, bal 1 239 8.anc 6% es in s 26.pec 0% ified 1 ranges 1.7% , year 8.2- % end 2016 14.2% 122.0% 14.2% B ac atciv kig ty ro GI . und CP sa are rtguarant iFa cipa cto n eed rts I s w invn esho flu tment ew nc ce ont r ing e rac y ts40 oung . 1(ke)r P or la n As had se fet w se ................................ r years of tenure expe ................................ rienced the largest pe ................................ rcent increases in 13 20 12.0 GICs are insurance company products that guarantee a specific rate 29% of return on the invested capital over the life of the $30,114 12.5 2008 285 233 -770 2,203 ha hyv be r ? id low fun e 15 The r d401( , s, in a 20 av03 k e)r , a d bg d C ae it h la ion to li ic 40 nc ae g 1( so: k th )44 a fe pn l– st atho 53 n a yle . sc e W fun c ount w ash ho ds. ing a bre a tC la on, om onc ld e e D pr a C for o n : r yN ha c st a onsi tv oion e c klon s at is l T e g nt e ea q r x p uit ta e Ar nu y ss t ic ire o n th ip csia a . nt e tSion. e s r 40 e ose H 1 ( ok ld )e ep a n lc ae h n’ t y s sponsor ae l. a2018 r from . ( 20 the 10 e tm hrpoug loye h ye r). ar- 4 11.1 NoEquit te: Ties he inc colude nsisequit tenty s fam unds pl , e co is m 6. pany 1 m illio stocn k40 , the 1(k equit ) plan y po pa rtio rtic n o ip fan target ts w -dat ith e ac funds coun , and t ba the lanc equit es y at po the rtio en n od f no of n-t ea arget ch yea -dat r e fro balanc m 20 ed 10 funds throug . h 2016. Age and tenure groups >20 to 30 137,177 143,882 167,322 209,014 230,658 251,072 286,513 As expected, the consistent participants who were followed over the six-year period tended to have longer tenures by average account balance between year-end 2010 and year-end 2016. For example, th 24% e average account balance of 21 contract. $17,630 $18,433 $18,127 24% 5 $17,686 $16,649 2009 256 $16,732 206 $16,836 431 2,718 About the EBRI/I 41C .0I % 401(k) Database..................................................................................................................... 17 Mone ar ye fun bae snd ed d s c on 20 pa onsi 16 rtic. ip st an Ov tof ag er e ta hose an ll, d tten he ur fun 25% e a at v d e ys d ea ra r-e g end e si g a 20 ne c 1c 6.oun d T he to al t l m b cat a ala eg int n ory a c in e in cinc lu ade st rse a pa abse rtle icd ip sh an ata ts r a w e it c h p o m rm ic isse p in. ound g St tena ur b e a le in nnu - fovrm aa lue atl a io n. v p A e rc od rca og uc un et t ba g s, suc rla ow nces th r h a are as G te I of Cs W 9 ithdrA asw set a allo ls a catnd ion by b or age rgro ow up ing is amr oe ng d the uc ce ons 40 istent 1( sk am ) ple pla ofn a 6.1 mc illio coun n 401(kt) plan participants with account balances at the end of each year from 2010 through 2016. 7.8 Although, contribution amoun >30 ts and c 1o 8ntrib 2,144ution 1 8ra 9,t 7e 9s 5 tend 2 1to 5, 2inc 74 reas2 e6 5 w ,6 ith 79 age 2a 8n 8d ,5 7e 0arning 31s 0., 6S 0e 7e Fig3ure 47,1 s9 A2 7 and A3 in year-end 2016, compared with the broader base of 401(k) participants in the EBRI/ICI 401(k) database. Participants in 401(k pa ) 6rt p ica ipr an tic t ac ip ca ont unts in t balanche es he ir ld tw in e 40 nt 1(kie ) pl s r anose s at t he 77 pa4.3 rticip p ane tsr'c ce urn retnt ( a em 43 plo.5 yer sp an ed rc are e nt ne tc oom f plan p ound loans. R a etn ire nua menl a t sav ve ings ra g hee ld g inr pl ow anst h at pr ra evte io) us Holden, Sarah, Jack VanDerhe 22i, Luis Alonso, and Steven Bass. 2011. “401(k) Plan Asset Allocation, Account Balances, 2010 265 243 337 3,119 The year-end 2010 EBRI/ICI 401(k) database represents 23.4 million 401(k) plan participants. 6.0 22 and othe14 r s.2 ta b ple er-c ve ant lue f rfun omd 20 s, 10 a rte o r2e0p16 or, te td o $1 as one 67,33 c0 a ta etg y oe ry a. r-The end ot 20 he 16 r . c ategory is the residual for other investments, balances in the EBRI/ICI 401(k) database, while loan Other stable-value funds include synthetic GICs, which cons 4i.s 9t of a portfolio of fixed-income securities “wrapped” with a Refer em enc ploe yer s ................................ s or rolled over into IRAs are no................................ t included. .......................................................................................... 18 Brady a 7 nd Bass 2018 or data tables in 4.2 Internal Revenue Service, Statistics of Income 2018. 60s All 117,139 123,643 141,077 18% 169,449 182,920 191,745 204,783 the consistent sample, by definition, had at least six years of tenure in 2016 (the length of time for the longitudinal betwee Tn th he a ynd ear-end e L eoa nd 201n 6 of EB AR c20 It /Iiv C10 I i 401 ty (k ain 201 ) n dat d abas the e 0.” repres end Ient CIof s Re 27.20 1 m sea illio 16 n r c 401 (h P Fi (kg ) plan ur ere spe part s 5 icc ipant taiv nd se . 17 6). , B no. eca 10 us, ea y nd oung EBRI er p Iss arue tic ipa Brie ntfs’ , no. acc36 oun 6 (D t ba elc ae nc me bs er). 23 2011 283 14% 250 -1 3.1 3,112 12% 2.6 such a ? s rThe eal em 2 s.te 1adtia e n 401( funds. Th k) pela fin 10% n a ac l ca count teg or ba yla , un nce know for n consi , consi stest nts of parfun ticipa ds t nth s in at c could reased not a tb a e c ide om nt pifi ound ed. a nnual average r ge ua pa ra y So nte m ur ece n e: t( T tha ab yp uls a ic ata ioll ns p y osit fb roym ia v EB n e R in im I/s IC ura p I P ac ar nc tt. ice ip W an cit o t-D hdr mp irea a cny tw eda R o l et r a ire a c t m b iv en ain t ty P k ) la n to D at pa ro Cv oid llee ct io bn eP ne rofit jec tpay 1% ments according to the plan at book value. 1.4 Available at 2010 www.ic >5 i.or to 1g 0/pd 2011f/ 3p 5,e 5r 717 7 -10 2012 .p 42d ,1 f 7a 1nd ww 52013 3w ,9.e 60bri.org 69/pd ,72014 49f/briefs 81p ,2 d 6f/ 2E 2015 BRI_ 88I,B 24 _1 3 2-20 2016 111 01,_No 027 366_401(k)- 10 analysis), with none having five or fewer years of tenure, 25 percent having 0m .5ore than five to 10 years, 46 percent E tendno ndedt ets o ................................ be smaller (Figure 5), ................................ their contributions prod ................................ uced significant perc ................................ ent growth in their ac............................ count balances. In 20 Note: Funds include mutual funds, bank collective trusts, life insurance separate accounts, and 2012 any pooled invest303 ment product primarily 282 invested in the security357 indicated. Age 3,495 At year-end 2016, 59 percent of non-target-date balanced fund assets were assumed to be invested in equities (see 1 1 growth r The anum te ber of of 18 401(k .3 ) p plan erc part en ict ipant ov se vr aries the f rom p e y ear riod to y, ear to in $8 the EBR 2,33 I/IC 8 I 401(k at y ) e dat aabas r-ee. nd The 20 y ear 16 -end . 2016 EBRI/ICI 401(k) database among active DC plan pa Co rt nic sisite p na t snt ams is ple in r 2e 01la 0 tiv EBe RIly /ICI r4 a 0r 1e (k. ) database in Consistent sample in 2016 EBRI/ICI 401(k) database in EBRI/ICI 401(k) Database 23 Update.pdf. group is based on the participant's age at year-end 2016. Row percentages may not add to 100 percent because of rounding. Percentages are dollar-weighted averages. >10 to 20 70,416 76,837 91,008 112,322 124,909 133,671 146,815 represents 27.1 million 401(k) plan participants. ha S vo ing mem re ocro erd tha ken 10 to 20 y epers supplyin ea gr s, a datand we 29 re p un eracbele nt 2to 0ha 1 0pv ro ing vidm e or coe mp th le ate n 20 ye asset a ar lls ( oca Fi tion gure d e 22) 0t1a 6. il Io n con n certa tra in s tp , o in t olehe d a e ss nt eir t e cl asses contrast, the average account balance of older participants, or those with longer tenures—both of which tended to have 2013 325 326 645 4,148 Investment Company Institute, Quarterly Supplementary Data). The allocation to equities in target-date funds varies with the 2 2 26.4% The consistent sample is 6.1 million 401(k) plan participants with account balances at the end of each y ear f rom 2010 through 2016. ? The growth in account balances for consistent participants greatly exceeded the growth rate for all participants Ty pically, fewer than 5 percent of active DC plan Consistent Sample Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project Note: The EBRI/ICI 401(k) database contains 23.4 million 401(k) plan participants at year-end 2010 and 27.1 million at year-end 2016. The consistent >20 to 30 136,035 14-2 2,.5 049 162,359 194,238 210,180 221,028 235,339 for one or moreN o otf e:the Account ir c balanc lients es. are Th part e fina icipant l EB account RI/ balanc ICI 401( es held kin ) 401(k data ) b plans ase at inc the lud partice ipant s osnly ' current pla em ns ploy foers r w and hic are h na ett ofle plan ast loans 90. percent of all plan EBRI/ICI 401(k) database in 2016, 43 percent of participants had five or fewer years of tenure, 20 percent had more larger balances at the beginning of the study period than younge 2014r workers or 349 those with shor 366 ter tenur278 es—showed4 m ,40 or 6e funds’ target dates. For target-date funds, investors were assumed to be in a fund whose target date was nearest to their sample is 6.1 million 401(k) plan participants with account balances at the end of each year from 2010 through 2016. Participant age is age as of the Holden, Sarah, Jack VanDerhei, Luis Alonso, and Steven Bass. 2017. “What Does Consistent Participation in 401(k) in the R E etB irem RIent /IC sav I ings 401( held k) in d plans ata atb prev ase. ious employ ers or rolled ov er into IRAs are not included. participants take any withdrawal in a given year, with -4.2 year-end indicated. Components may not add to 100 percent because of rounding. -4.4 >30 219,431 226,771 250,751 295,547 311,277 323,909 338,735 assets could be So id ur ecnt e: ifie Tabul d at. ions f rom EBRI/ICI Participant-Directed Retirement Plan Data Collection Project than five to 10 years, 24 percent had more than 10 to 20 years, and 14 percent had more than 20 years. modest percent growth in account size (Figure 6). For example 2015 , the averag 378 e account bala 386 nce of 401(k)-1 participant4s in ,377 65th birthday. AllocaSo tion urce: to Tab ue laq tiouiti ns froe ms EBRI/I in ta CI Pa rg rtie cit p- ad nt-a Dir te ec tefu d Ret nd iresm is ent Pl aas ns Dat ume a Cold le cto tion Pro va jercy t with investor age. The equity portion was 15 Plans Generate? Changes in 401(k) Plan Account Balances, 2007–2015.” ICI Research Perspective 23, no. 9, 18.4% fewer than 2 percent taking hardship withdrawals. All All 75,378 81,020 96,129 121,152 135,358 146,468 167,330 2016 N/A N/A N/A 4,685 t ehe stim ir a site xtda ie nd us s inc in EgBr th RI eae sed I ind ssue u 74 s try B .8 r ie p afe v, e rno. c ra eg nt e43 ( ea q 9 uity 9.8 (Oc p p tob e erc rc ee e rnt ) nt . a A c gv om ea fo ila pr b otle und he a a t a sw s nnu iw gne wa.ic d l a ta i.or vregrg e a/pd tg -e d a f/ g te p row efu r23 nd th r - 0 ca a 9.p tlc eula )d b f te e atnd d w us eein n ye g the ar -Mo end rning 2010 sta a r nd Figures Analysis of a consistent group of 401(k) participants highlights the impact of ongoing participation in 2011 2012 2013 2014 2015 2016 Data from the EBRI/ICI 401(k) database indicate that Compound Note: The consistent sample is 6.1 million 401(k) plan participants with account balances at the end of each year from 2010 through 2016. Age By year-end 2016, the consistent sample of 401(k) participants also w 9as older, on average, compared with the www.ebri.org/pdf/briefspdf/EBRI_IB_439_Long-K.24O 2017 ct172.pdf. N/A N/A N/A 5,275 L yife eac r- ye cnd le A20 llo16 cation . InvInd estem xe 1e 2s .nt 1 %( sre eet ur Mo ns rning , rats he tar r t 2015) han a . nnual contributions, generally account for most of the change in average annual 401(k) plans. At year-end 2016, the average account balance among consistent participants was more than double Figure 1, Consi and ste tenure nt S gro am ups p are le bas Wa ed s Old on parte icr ipant Th age an P and a tenure rticipa at yn ear-end ts in t 201he 6. T he EB all RI cat/ ego ICry I inc 40 ludes 1(k part ) D ica ipant tab s a witse h ma ist s ing Ye tenure ar-End 2016 .............. 5 1 19 percent of 401(k) plan participants in plans offering 10.5% 10.1% Re 27 .1 flect ming illion p thea irr thighe icipant r s in avertahgee eant ge ir e a nd EBRI tenur /ICIe , 401 the ( kc)onsi datst ab e Ta nt ose. tal g c r oFor oup ntribut e a x io la so ha ns m inc ple lude d , only abo ve th r a em 1g e p plo ear ynd c er eand nt m em of edplo ia g the ron a y w ee th p c ca rc o aroun tnt t ei,ribut c ipa t io b n ns atls in t .ancehe s information. Account balances are participant account balances held in 401(k) plans at the participants' current employers and are net of plan 9.0% accounts with larger balanc8e .2s. % 11 the average account balance among all participants in the EBRI/ICI 401(k) database. The consistent group’s median 2 2010–2016 7.3% 7.3% Alt For houg a h dea snnu criplo tion a ans l up . R oet d f irem a the teent s of in sv avet ings s he tme held Ent B in RI plans o/I ptions C atI prev 40 , io 1( se usk e em ) p d plo aa gyte ers a b 17 oa r .se ro lled pr oov ver ide into IR vAaslu are ab nole t inc pluded. erspe c t iv e s of 40 1( k ) plan account loans had loans outstanding at year-end 2016, with the Total benefits disbursed include both benefits paid directly from trust funds and Holden, Sarah, Jack VanDerhei, Luis Alons 6.o, 2% and Steven Bass. 2018. “401(k) Plan Asset Allocation, Account Balances, c tha onsi t w ste ernt e m gruc oup h hig wehe rer in t thahe n itrhe tw aevnt erie as a ge nd and 18 m p ee dria ce n a nt cw count ere in t bahe lanc ir e thi s of rtiets a he tb y ro ea ad r-e ernd EB20 RI16 /IC ( IFi 4g 01 ur(ek )1) d. aItn th abase e entire 5.1% 5.3% Figure 2, Consistent Sample Had Longer Tenure Than Pa 4r .6t %icipants in the EBRI/ICI 401(k) Database at balance was ne Soa urc rly e: Tfiv abulat e t ioim nse fro s t m he EBR m I/ICe I P dart iaic n b ipant a-D la irec nc te ed a Ret cr irem oss ent a P prem ll p lan D a ium at rt 4 a ic .0 C pay %ipa ollec mnt tent ios a n s P m rotade jec ye t by ar plans -end to20 ins16 uranc . e carriers. Amounts exclude benefits 3.5% balances, asset allocation, and loan activity ac3r .o 9%ss wide cross sections of partic3ipa .2%nts, cross-sectional analyses are not and Loan Activity in 2016.” ICI Research Perspective 24, no. 6, and EBRI Issue Brief, no. 458 (September). y 12oungest (8S o pue rcre cse : n Bt lo o of mbp ea rgr , tB ic aipa rclaynt s G s in lobalt he Inveir st m tw ene tsnt , Fie ras n) k 3 R .1 u% ssell Company, and Standard & Poor's 2.8% EBRI/ICI 401(k) database at year-end 2016, 14 percent of pa 2.r 5t %icipan 2t .1s w % ere in their twenties and 24 percent were in I (nv Figeur ste m 4) ent . Arte tyu era ns r-, end whic 20 h 16 va, rtyhe w it ah 401( veragek ) 40 p1( lan k)a p clcaoun n ac t caount sset b aa lloc lan acte ion, of a the lso cinf onsi lue stnc ent e tg he roup cha w nge as $ s in p 167,33 arti0 c, ipa mn otrs’ e See Holden and Schrass 2018. paid directly by insurance 1.8 c% arriers. 1 . 6% Year-End 2016 .......................................................................................................................................... 7 1 All indexes are set to 100 in December 2006. Available at www.ici.org/pdf/per24-06.pdf and www.ebri.org/pdf/briefspdf/EBRI_IB_458_K- well suited to examining the impact of participation in 401(k) plans over time. Cross sections change in composition 7 a nd oldest (14 percent of participants in their sixties) t the han ir d thi oub rtie le s. Thir the atvye -r si ax g e p e arccceount nt of bta he la nc paer tof icip $a 75 nt,3 s in t 58 a he m ong consi 3 pst aretn ictipa san m ts in t ple whe er ee nt in t irhe e E irB fif RIt/I ieC s Ia 4 nd 01( 16 k) p de artc ae bnt ase. we rThe e in accounts. A2 lthough asset allocation varied with age, and many participants held a range of investments, stock market Yo 13 unger 401(k) participants or those with smaller yea Thisr c -at en ego dry 2 inc 01 ludes 0 ba interes lantc , div es idends exp , erien rent, netc gains ed h or ig loh sser es op n ercen sale of as t sets, The S&P 500 index measures the performance of 500 stocks chosen for market size, liquidity, and industry group representation. <$10,000 $10,000 to >$20,000 to >$30,000 to >$40,000 to >$50,000 to >$60,000 to >$70,000 to >$80,000 to >$90,000 to >$100,000 to >$200,000 update.10Sept18.pdf. For statistics indicating the higher propensity of withdrawals among participants in their sixties, see Holden and VanDerhei from year to year because the selection of data providers and sample of plans using a given provider vary, and because less likely to 3 have loans out $20,00s 0tanding $30,000 tha $n th 40,000ose $ 5in t 0,000heir $6 0,000 $70,000 $80,000 $90,000 $100,000 $200,000 unrealized appreciation or depreciation of assets, and other income and expenses. their sixties, compared with 25 percent and 11 percent, respectively, in the entire database at year-end 2016. m p Fie g erur d for ia em n 401( 3, anc Dis eT k tt h r)e ibu e nde p Rla utsion o n sd ela l to c 20 cf 401 0oun ha 0 inv de t e ( xb k a m a )n im e la P an s la ucn A rp e ea s a c th c tm e c on oun p ong erfo trhe t m tB he ase na cl ea c b o nc on a f tla h e si es b n s 2c t ,0 e ey 0n s b 0Size t s p m ea a clr a le of tus sic t ip U A eS , c a c c nt in la ou om s w p nt arng a iB ee s $ sa p (lba a 82 anc sre t,, de 33 40 o ................................ n8 t1 o a t(ak t l ) m y a p erla a kern p t- c eand pa itr at l2016 iic zaip tioa nnt , ) a ..................... s’ lm bos ala t n fiv ce es 7 growth in account balances compared with older participants or those with larger year-end 2010 2 2002. In addition, nonhardship withdrawals, which are generally limited to employees who are aged 59½ or older, constitute The bulk of this category is net investment gains or losses. 401(k) partic incip lua de nt d s j in toin o he Rusr s elle l 3 a0v 0e 0 ip ndla exns (w.hi cI hn a tracd kd s it thion, e 3,00t0he lar ga ena st Uly .Ssi . s c como pv an e ie rs s ).a ccount balances held in 401(k) plans at thirties, forties, or fifties (Figure 11). In the database, a times the median account balance of $16,836 for participants in the entire EBRI/ICI 401(k) database. tended to be weighted toward equities. Altogether, at year-end 2016, whether looking at the consistent group or the Internal Revenue Service, Statistics of Income. 201 S8 iz. e SOI of 40 1(k Ta 4 ) P x St lan Aa ct cs: ount Indivi Balancd eual Information Return Form W-2 Statistics. balances. Thr 4 ee primary factors affect account balances: contributions, investment returns, and withdrawal and loan Estimates through 2015 are based on the Department of Labor Form 5500 Research a majority of all withdrawals (see Utkus and Young 2018). Formerly the Lehman Brothers US Aggregate Bond Index, the Barclays Capital US Aggregate Bond Index is composed of securities participants’ current employers. Retirement savings held in plans at previous employers or rolled over into individual Figure 4, Consistent 401(k) Participants Accumulate Significant Account Balances ...................................................... 8 participant’s account balance is reduced in the year entire EBA RI va /I ila CI b le 40 a 1t( k w ) w dw at.ir ab s.go ase, v /s eq ta uit tis ie tis c— s/e so qiuit -tayx - fun stad ts, s-indiv the File. e idua quitl-yinf por ortm ion o ation f t -r ae rt gu ertn -d -for ate m fun -w2 d-s, t stahe tis te icq suit . y portion of covering government and corporate bonds, mortgage-backed securities, and asset-backed securities (rebalanced monthly by market activity. The percent change in average 401(k) plan account balance of participants in their twenties was heavily 3 1 14 The year-end 2016 EBRI/ICI 401(k) database represents 27.1 million 401(k) plan participants. r 40 et1( irekm ) e pn latn a acc coun count ts ( bIa RA lan s) c eas t ree not nde 10 inc d tlude o incdr ein t ase he w it an h ab ly ot sih a s. g To e a end xplore tenur the e a ful mong l im pta he ct cof onsi ong ste oing nt g p roup artic of ipap tion in articipants, that the loac n is o apitalizraigina tion). T te hed i, ndb eut x's troe tap l a rey tu m rne cnt on sof istst o he f p riloa ce an in ppreciation/depreciation plus income as a percentage of the original Data from the ICI Survey of Defined Contribution Plan RecoN rd ok te: e e Dp ate a rs ex cfind lude plans that cDC overing plan only pa orne ticip part aic nts ipant ge . nerally stayed the 2 non-target-date balanced funds, and company stock—represented about two-thirds of 401(k) plan participants’ assets The consistent sample is 6.1 million 401(k) plan participants with account balances at the end of each year from 2010 through 2016. influenced by the relative size of their contributions to their account balances and increased at a compound average investment. Figure 5, 401(k) Plan Account Balances Among Consistent N 40 /A1( = no k)t P ava ailable. rticipants from 2010 Through 2016 ................... 10 Note: Account balances are participant account balances held in 401(k) plans at the participants' current employers and are net of plan loans. I 40 nv 1( es kt)m pe la nt ns C , om and patny o unde Instirtsuttaend . Qua how rt e 40 rly 1( Supp k) pla len p mea nt rta ic ry ipa Dnt ats ha a. W va esh faingt redon, oveD r C a: n e Inxt veesnde tmed nt p e Crom iodp , ait ny is Iim nst pior tut ta en . t to as they do in the cross-se 11 ctional EBRI/ICI 401(k) database. Younger participants or those with shorter job tenures at t che ours ee ns thro uing ug yh ea the rs c fina ontnc ribu ial tc ers t isis o aand cc oun ensuing t grow yeta h. rs . During each year from 2010 through 2017, fewer than 3 percent of DC (Figure 7, lower panel). The asset allocation of participants in the consistent sample varied with participant age, a Retirement savings held in plans at previous employers or rolled over into IRAs are not included. growth rate of 43.5 percent per year between year-end 2010 and year-end 2016. EBRI Issue Brief is registered in the U.S. Patent and Trademark Office. ISSN: 0887 ?137X/90 0887 ?137X/90 $ .50+.50 Sources: Investment Company Institute and Department of Labor Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project t ahe nair ly c ze u ra re c non t esi m st peloy nt egrrs oup tende of p d a to rtiha cipa ven t sm s (a al le long r acitcudin ounta l bsa ala m np ce les, w ) who hileha tho vese bew eho n pw are t rof e old the e rd a or ta ha bad se long for earn e job xt teennur ded e s plan participants stopped contributing to their 401(k) plan accounts. Some of these participants may have stopped pattern that also is observed in the cross-sectional EBRI/ICI 401(k) database. Younger participants generally tended to © 2018, Employee Benefit Research Institute ?Education and Research Fund. All rights reserved. 8 period—in this case, 2010 through 2016. t ce onde ntrib duting to ha bv ee c ahighe use the r ayc c re ou acnt he b da th lae n c ce os. ntrib For ution exa lim mit ple . S , e w eit H hin old tehe n a cnd on S sicshra tent ss g2018 roup, foarm DC ong pla 40 n 1( pak rti ) cpip aa rtnt ics ipa ’ an nn ts w ual ith e A e e e e e e e e e e e e e e e e e e eb b b b b b b b b b b b b b b b b b b brr r r r r r r r r r r r r r r r r r r re i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i. i.s o o o o o o o o o o o o o o o o o o o oe r r r r r r r r r r r r r r r r r r r rg g g g g g g g g g g g g g g g g g g g a rIIIIIIIIIIIIIIIIIIIIc s s s s s s s s s s s s s s s s s s s sh s s s s s s s s s s s s s s s s s s s s u u u u u u u u u u u u u u u u u u u u re e e e e e e e e e e e e e e e e e e e ep B B B B B B B B B B B B B B B B B B B B or r r r r r r r r r r r r r r r r r r rrief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief ief t fr o• • • • • • • • • • • • • • • • • • • •m N N N N N N N N N N N N N N N N N N N N th o o o o o o o o o o o o o o o o o o o oe v v v v v v v v v v v v v v v v v v v ve e e e e e e e e e e e e e e e e e e e E m m m m m m m m m m m m m m m m m m m m Bb b b b b b b b b b b b b b b b b b b b R e e e e e e e e e e e e e e e e e e e eIr r r r r r r r r r r r r r r r r r r r E 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6d ,,,,,,,,,,,,,,,,,,,, u 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2c 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0a 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1t8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 ion • • • • • • • • • • • • • • • • • • • • N N N N N N N N N N N N N N N N N N N N an o o o o o o o o o o o o o o o o o o o od .................... 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 R 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6e 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4s earch Fund © 2018 Employee Benefit Research Institute 13 19 11 10 15 16 17 14 12 18 20 21 6 8 5 4 7 9 3 2