text:
Home Research & Statistics Perspective
- Industry Research
- Investor Research
- Fact Book
- Mutual Fund Ownership
- Closed-End Fund Ownership
- Mutual Fund Shareholders' Use of Information
- Mutual Fund Shareholders' Use of Financial Advisers
- Equity Ownership In America
- U.S. Households' Views on Retirement Saving
- IRA Investors
- The IRA Investor Database™
- Defined Contribution Plan Investors
- EBRI & ICI 401(k) Database
- Households Saving for College
- Retirement Research
- Statistics
INVESTMENT COMPANY INSTITUTE® PERSPECTIVE INVESTMENT COMPANY INSTITUTE® Vol . 5 / No. 1 Januar y 1999 Perspective is a series of occasional papers published by the Investment Company Institute, the national association of the American investment company industry. John Rea, executive editor; Craig Tyle, executive editor; Sue Duncan, managing editor. 1401 H Street, NW Suite 1200 Washington, DC 20005 www.ic i .org 4 0 1 ( k ) P l a n A s s e t A l l o c a t i o n , A c c o u n t B a l a n c e s , a n d L o a n A c t i v i t y by Jack VanDerhei, Russell Galer, Carol Quick, and John Rea* INTRODUCTION During the past two decades, 401(k) retirement plans have become a significant part of the private pension system and an important component of the retirement security of many American workers. In these plans, participants are typically responsible for investing contributions made to their 401(k) accounts. As a consequence, future retirement incomes of a large and growing number of workers now depend upon their investment decisions. This aspect of 401(k) plans, along with their rapid growth, has raised interest in the investment decisions made by plan participants. Information on these decisions, as well as other aspects of participant activity in 401(k) plans, is limited and, to date, has not been sufficient to study participant asset allocation. The lack of data reflects the relatively recent origin of 401(k) plans and the difficulty of collecting comprehensive information on 401(k) plan participants. To fill this void and to enhance understanding of the contribution of 401(k) plans to retirement secu- rity, the Employee Benefit Research Institute (EBRI)1 and the Investment Company Institute (ICI)2 have collaborated over the past two years in the collection of data on participants in 401(k) plans. In this collaborative effort, known as the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project, EBRI and ICI have obtained data for 401(k) plan participants from certain of their sponsors and members serving as plan record keepers and administrators. The data include demographic information, annual contribu- tions, plan balances, asset allocation, and loans. In 1996, the first year for which data are ready for analysis, the EBRI/ICI database appears to be broadly representative of the universe of 401(k) plans. Furthermore, it is by far the most compre- hensive source of information on individual plan participants. The purpose of this paper is to report the initial findings from the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project. The report includes 1996 information on 6.6 million active participants in 27,762 plans holding nearly $246 billion in assets. Updates for subsequent years will be provided as data become available. *Jack VanDerhei, Temple University, is research director of the EBRI's Fellow's program; Russell G. Galer is senior counsel of ICI; Carol Quick is a research associate at EBRI; and John D. Rea is vice president of research and chief economist at ICI. Special thanks for their assistance with this paper go to Kathryn Ricard, ICI assistant counsel; and Mitch Post, director of market risk oversight at Freddie Mac. 1 The Employee Benefit Research Institute is a nonprofit, nonpartisan, public policy research organization which does not lobby or take positions on legislative proposals. 2 The Investment Company Institute is the national association of the American investment company industry. Its membership includes 7,373 open-end investment companies ("mutual funds"), 450 closed-end investment companies, and nine sponsors of unit investment trusts. Its mutual fund members have assets of about $5.061 trillion, accounting for approximately 95 percent of total industry assets, and have more than 62 million individual shareholders. Perspect ive /pag e 2 SUMMARY The analysis of the 1996 data focuses on asset allocation, plan balances, and loan activity. The principal findings are as follows: Asset Allocation þ For all participants in the database, 44.0 percent of the total plan balance3 is invested in equity funds, 19.1 percent in employer stock, 15.1 percent in guaranteed investment contracts (GICs), 7.8 percent in balanced funds, 6.8 percent in bond funds, 5.4 percent in money funds, 0.8 percent in other stable value funds, and 1.0 percent in other or unidentified investments. This allocation implies that more than two-thirds of plan balances are invested directly or indirectly in equity securities.4 þ Asset allocation varies with age. Younger participants tend to be more concentrated in stock-related investments, whereas older participants are more heavily invested in fixed-income assets. For example, the aver- age share held in stocks through equity funds, company stock, and balanced funds declines from 76.8 percent for participants in their twenties to 53.2 percent for participants in their sixties. In contrast, fixed-income investments rise from 22.1 percent for participants in their twenties to 45.9 percent for participants in their sixties. More specifically, younger participants hold more of their account balances in equity funds than older participants, who tend to invest more heavily in GICs and bond funds. The trend is less true for employer stock. þ Investment options offered by 401(k) plans appear to influence asset allocation. Plans offering only the options of equity, bond, balanced, and money funds tend to have the highest allocations in equity funds. The addition of company stock to these options substantially reduces the allocation to equity funds. The addition of GICs to the four options lowers allocations to all other investment options, with the greatest effect on bond and money funds. þ Employer contributions in the form of company stock affect participant allocation behavior. Participants in plans in which employer contribu- tions are made in company stock appear to decrease allocations to equity funds and to increase the allocation of company stock in self- directed balances. In these plans, the average concentration in company stock from both employer-directed and partici- pant-directed investments combined exceeds 50 percent of total plan balances for all age groups younger than 60. þ The allocation of plan balances to equity funds varies from participant to participant. For example, 24.5 percent of the participants have more than 80 percent of their plan balances invested in equity funds, whereas 6.9 percent have less than 20 percent allocated to equity funds, and 30.6 percent hold no equity funds at all. However, of those with no investments in equity funds, more than one-half hold either employer stock or balanced funds. As a result, overall equity-related investments of those holding no equity funds are 38.5 percent of plan balances. Account Balances þ The average account balance (net of plan loans) for all participants is $37,323, and the median balance is $11,600. Reported account balances do not reflect additional retirement savings held in predecessor plans or rolled over into individual retirement accounts (IRAs). þ Nearly one-half of the participants have account balances with their current employer of less than $10,000, while nearly 10 percent have balances in excess of $100,000. Those individuals with balances less than $10,000 are primarily young workers or workers with short tenure with their current employer. In contrast, those with balances in excess of $100,000 are older workers with long tenure. Approximately one out of every four participants in their sixties had an account balance with his or her current employer in excess of $100,000. Similarly, approximately 31 percent 3 The plan balance includes assets from both employee and employer contributions. 4 This figure is computed by combining equity funds, employer stock, and the equity portion of balanced funds. The latter is based upon the portfolio composition of balanced mutual funds, which typically hold 60 percent of assets in equity securities. See Investment Company Institute, Quarterly Supplemental Data. directed contributions on investment patterns also is examined. In addi- tion, the distribution of equity fund allocations across participants is analyzed, with special attention given to those participants holding no equity funds. The following section examines plan balances and considers the extent to which the balance depends upon age and tenure. The final section documents availability of plan loans and average loan balances. Characteristics of participants with outstanding loans also are analyzed. 401(K) PLAN DEVELOPMENT Expansion of 401(k) Plans During the past two decades, 401(k) plans have been the primary source of growth in the private pension system. The overall number of private plans increased from 489,000 in 1980 to 690,000 in 1994, the latest year for which data from the Department of Labor are available (U.S. Department of Labor, 1998). During the same period, the number of 401(k) plans, which were authorized in legislation passed by Congress in 1978, increased from virtually zero to 155,000. Thus, 401(k) plans accounted for approximately 77 percent of the net increase in all private pension plans. Similarly, 401(k) plans accounted principally for the growth in the number of participants and assets in private-sector plans. By 1994, the portion of active participants in 401(k) plans had increased to 39 percent of the total for all plans, while the 401(k) portion of total plan assets had grown to 29 percent. Contributions into 401(k) plans rose sharply, accounting for nearly 53 percent of all new contributions in 1994. Features of 401(k) Plans In a typical 401(k) plan, an employee contributes a portion of his or her salary to a plan account and determines how the assets in the account are invested. The employer typically selects the investment options available to the employee.5 These options may include pooled equity, bond, and money funds, guaranteed investment contracts (GICs), and often the employer's equity. The employer also often either matches a portion of the employee's contribution or makes an annual contribution (as a percentage of salary) to each active participant's account. In many instances, the employer contribution is required to be invested in the employer's stock. of workers with 20 or more years of tenure with their current employer had account balances in excess of $100,000. Plan Loans þ Fifty-two percent of the plans, accounting for 70 percent of the participants, offered loans to plan participants. Among participants eligible for loans, only 18 percent had loans outstanding at year-end 1996. þ The borrowing of plan balances varies by age, tenure, and account balance. Individuals between the ages of 30 and 59 are more likely to have a loan outstanding than younger or older workers. Similarly, participants with short or long periods of tenure tend to borrow with less frequency than other participants. Finally, participants having plan balances less than $10,000 tend to borrow less frequently. þ For those with outstanding loans at the end of 1996, the level of the unpaid balance was 16 percent of the net account balance. The remainder of the paper is organized as follows. The next section discusses the growth and development of 401(k) plans and describes their principal features. The following section provides a detailed description of the EBRI/ICI 401(k) database and compares the 1996 data with the universe of plans. It also contrasts the EBRI/ICI database with other data sources used to examine participant activity in 401(k) plans. The next three sections provide the initial find- ings from the database. They begin with a section that examines asset allocation among 401(k) plan participants. Asset allocations are presented by age and investment option, and the effect of employer- Perspect ive /pag e 3 5 The law permits employees to direct the investment of their own accounts in a defined contribution plan. Under these plans, sponsors and other plan fiduciaries may be protected from potential liability for any losses that result from participant investment decisions, provided that participants are given the opportunity to exercise control over the assets in their individual accounts and can choose from a sufficiently broad range of investment alternatives that have materially different risk and return characteristics. See Sec. 404(c) of the Employee Retirement Income Security Act of 1974, as amended, and regulations issued thereunder. Technological feasibility and additional regulatory clarification from the U.S. Department of Labor (DOL) in 1992 accelerated the formation of participant-directed plans under ERISA sec. 404(c). Investment options have been grouped into nine broad asset classes. Equity funds consist of pooled investments primarily investing in stocks. These funds include mutual funds, bank collective trusts, life insurance separate accounts, and other pooled investments. Similarly, bond funds are any pooled account primarily invested in bonds, and balanced funds are pooled accounts invested in both stocks and bonds. Company stock is equity in the plan's sponsor (the employer). Money funds consist of those income funds designed to maintain a stable share price. Guaranteed investment contracts (GICs) are insurance company products for which the contribution window is followed by a "holding period," during which interest is credited at a rate guaranteed not to change during the life of the contract and during which withdrawals may be made at book value to provide plan benefits. Other stable value funds are synthetic GICs13 or similar instruments. The "other fund" category was the residual for other investments such as real estate funds. The final category consists of funds that could not be identified.14 Perspect ive /pag e 4 Both the employee's and employer's contributions are made on a pre-tax basis, although some plans also permit the employee to make after-tax contributions. A plan may be designed to permit a participant to with- draw funds from his or her account for hardship or to borrow from the account.6 Access to the account balance before retirement or separation, however, is restricted by regulation,7 and loans from the account must typically be repaid within five years. THE EBRI/ICI DATABASE Source and Type of Data Plan administrators that are either EBRI sponsors or ICI members provided records on active participants in 401(k) plans administered by these organizations in 1996. These administrators included mutual fund companies, insurance companies, and investment management companies. Records were encrypted to conceal the identity of employers and employ- ees but were coded so that both could be followed in subsequent years. Data provided for each participant included participant date of birth, from which an age cohort was assigned;8 participant date of hire, from which a tenure range was assigned;9 outstanding loan balance;10 funds in participants' investment portfolios; and asset values attributed to those funds.11 An asset category for each participant was determined by summing the participant's assets in all funds.12 6 Evidence indicates that the availability of loans increases participation rates. Plans that make loans available, as reflected in the findings from a recent U.S. General Accounting Office (1997a) report, have a higher proportion of employees participating in the plan, and participants in such plans contribute an average of 35 percent more to their accounts than participants in plans with no loan availability. Loans, however, may lower account balances. The effect of borrowing on a participant's retirement income (assuming the loan is paid back) is a function of the rate of return that would have been realized if the plan assets had not been loaned out. If one assumes that (1) funds would have earned rates in excess of the borrowing rates had they not been loaned out, and (2) contribution rates are not affected by the existence of the loan, then the 401(k) account balance would be smaller as a result of the borrowing activity, even after the loan is paid back. 7 The value of elective contributions in a 401(k) plan may be distributed only upon death, disability, separation from service, the termination of the plan (provided no successor plan other than an employee stock ownership plan (ESOP) or a simplified employee pension (SEP) plan is established), or certain sales of businesses by the employer. Distributions of elective contributions will be permitted after the employee has attained age 59½, or before this age in the case of a hardship. For hardship withdrawals, however, the amount available is limited to the elective contributions themselves; investment income on such contributions can be included only if it is earned before December 31, 1988 (for calendar year plans). If employer contributions have been included in the ADP (actual deferral percentage) test, only these contributions and investment income may be withdrawn if they were made or earned before the end of the last plan year ending before July 1, 1989. 8 Those who are less than 18 years old have not been included in the analysis. Approximately 1 percent of the participants had a birth date that was missing. 9 Approximately 17 percent of the total sample had a tenure range that was missing. In addition, one data provider supplied "years of participation" rather than tenure, and this was used as a proxy for tenure. 10 Two of the data providers did not supply loan information. Data from these providers were excluded from the analysis of participant behavior with respect to loans. 11 Plans with assets invested exclusively in company stock were excluded from the database under the assumption that they provided no participant direction in the investment of either employee or employer contributions. We assume that all other plans provide participant direction, at least with respect to the employee contributions. This appears to be a safe assumption in general because, according to survey data (KPMG Peat Marwick, 1998), 94 percent of plans (covering 92 percent of employees) intend to comply with ERISA sec. 404(c) regulations. 12 Some, but not all, of the administrators provided data on incomes, marital status, gender, and withdrawals. The number of administrators with information on these variables in 1996 was not sufficient to allow inclusion of these variables and still maintain the confidentiality of providers. Thus, the current analysis does not consider these variables. 13 A synthetic GIC consists of a portfolio of fixed-income securities, "wrapped" with a guarantee (typically by the insurance company or bank) to provide benefit payments according to the plan at book value. 14 Some providers were unable to provide complete asset allocation detail on certain pooled asset classes for one or more of their clients. Any plan in which at least 90 percent of all plan assets could not be identified was excluded from the analysis. The data were received in varying formats from each of the data providers. Raw data from each provider were formatted in a standardized structure. Participant data from all data providers were then combined into one data set for analysis. Plan-specific data were also combined into a second standardized- format data set. Checking each individual record would have been impossible; however, a variety of aggregated statistics for each administrator's plans was reviewed by the administrators to detect inaccu- racies. This resulted in some modifications of plans included in the analysis as well as reclassification of asset categories. Distribution of Plans, Participants, and Assets by Plan Size The 1996 database contains 27,762 401(k) plans with $246 billion of assets and 6,601,738 partici- pants (Figure 1). Measured against the universe of Perspect ive /pag e 5 401(k) plans, the 1996 database accounts for 9 percent of all plans, 18 percent of all participants, and 31 percent of all assets.15 Most of the plans in the database are small, whether measured by the number of plan participants or plan assets. For example, more than 50 percent of the plans have 25 or fewer participants, and another 28 percent fall within the range of 26 to 100 participants (Figure 1). In contrast, only 4 percent of the plans have more than 1,000 participants. Similarly, nearly one-half the plans have assets less than $250,000, and another 28 percent have plan assets between $250,000 and $1,250,000 (Figure 2). Participants and assets, however, are concentrated in large plans. For example, 72 percent of the participants in the database are in plans with more than 1,000 participants, and these same plans account for 82 percent of all plan assets (Figure 1). Relationship of Database Plans to the Universe of Plans The distribution of participants, plans, and assets in the EBRI/ICI database for 1996 is similar to that reported for the universe of plans by Cerulli Associates (1998). For each of five plan size classifications, the FIGURE 1 EBRI/ICI Database: 401(k) Plan Characteristics by Number of Plan Participants Number Average of Plan Total Total Total Account Participants Plans Participants Assets Balance 1–10 6,770 43,790 $789,854,771 $18,037 11–25 7,643 128,472 2,008,569,886 15,634 26–50 4,594 164,091 2,832,514,218 17,262 51–100 3,261 231,939 4,988,806,516 21,509 101–250 2,592 403,178 8,921,837,003 22,129 251–500 1,162 404,798 10,422,328,074 25,747 501–1,000 697 496,358 13,956,922,190 28,119 1,001–2,500 586 910,378 28,042,850,005 30,804 2,501–5,000 241 845,642 32,126,231,300 37,990 5,001–10,000 125 860,392 32,621,053,291 37,914 >10,000 91 2,112,700 109,687,279,283 51,918 All 27,762 6,601,738 246,398,246,538 37,323 Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 15 Plans and participants represent 1997 estimates from Cerulli (1998), while assets are for 1996. Perspect ive /pag e 6 share of the database's assets falling within those categories is very close to the share found in the universe for that size category (Figure 3). Similarly, the share of the database's participants and plans within these size categories is approxi- mately the same as that in the universe.16 Comparison With Other Participant-level Databases The EBRI/ICI database is the most comprehensive source of participant-level data on 401(k) plans to date. Indeed, only three research projects have used administrative records;17 much of the research has used aggregate 401(k) plan data.18 Among those using administrative records, Goodfellow and Schieber (1997) investigated the investment elections of 36,000 participants in 24 401(k) plans. The total number of participants in the plans FIGURE 2 EBRI/ICI Database: 401(k) Plan Characteristics by Plan Assets Total Total Total Total Average Plan Assets Plans Participants Assets Account Balance $0–$250,000 13,497 229,821 $ 1,228,267,360 $ 5,344 >$250,000–$625,000 4,838 180,623 1,947,420,421 10,782 >$625,000–$1,250,000 2,805 180,226 2,495,608,783 13,847 >$1,250,000–$2,500,000 2,087 234,874 3,711,420,947 15,802 >$2,500,000–$6,250,000 1,869 398,075 7,289,773,894 18,313 >$6,250,000–$12,500,000 959 417,069 8,376,238,006 20,084 >$12,500,000–$25,000,000 608 482,157 10,716,660,204 22,226 >$25,000,000–$62,500,000 557 786,662 21,999,382,551 27,965 >$62,500,000–$125,000,000 248 727,182 21,839,715,621 30,033 >$125,000,000–$250,000,000 141 630,730 23,946,646,100 37,967 >$250,000,000 153 2,334,319 142,847,112,650 61,194 All 27,762 6,601,738 246,398,246,538 37,323 Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project FIGURE 3 401(k) Plan Characteristics by Number of Participants: EBRI/ICI Database vs. Cerulli Estimates for All 401(k) Plans (percent) Sources: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project, Cerulli Associates 1997 estimates for all 401(k) plans 0 20 40 60 80 100 Assets—Cerulli Participants—Cerulli Plans—Cerulli Assets—EBRI/ICI Participants—EBRI/ICI Plans—EBRI/ICI >50001001 – 5000 501 – 1000100 – 500<100 participants 16 Conventional correlation statistics for the three pairs of data series are 99, 92, and 99 percent, respectively. 17 Two other micro-level defined contribution databases have been analyzed but constitute different types of plans. Hinz, McCarthy, and Turner (1997) investigate asset allocations among Federal Thrift Savings Plan participants, and Ameriks, King, and Warshawsky (1997) perform a similar analysis on the TIAA-CREF population. 18 A partial list of this research includes Buck Consultants (1997), Hewitt Associates (1997), Profit Sharing/401(k) Council of America (1997), KPMG Peat Marwick (1998), William M. Mercer (1997), Cerulli Associates, Inc. (1998). Combined with the information from participant surveys, the EBRI/ICI database represents a significant step forward in understanding the role and contribution of 401(k) plans to retirement security. ASSET ALLOCATION Average Asset Allocation by Age and Investment Options Participants in the 401(k) plans in the 1996 EBRI/ICI database had, on average, 44.0 percent of their plan balance invested in equity funds, 19.1 percent invested in company stock, 15.1 percent in GICs, 7.8 percent in balanced funds, 6.8 percent in bond funds, 5.4 percent in money funds, and 0.8 percent in other stable value funds (Figure 4). A total of 0.4 percent was in other investments and 0.6 percent was in unidentified investments.21 On the whole, approximately two-thirds of the plan balances were invested in equity securities, which represent the sum of the asset shares of equity funds, company stock, and the equity portion of balanced funds. analyzed in their study ranged from around 150 to 6,000.19 In addition, Yakoboski and VanDerhei (1996) analyzed the asset allocation decisions of 401(k) plan participants working for three large employers (AT&T, IBM Corporation, and New York Life Insurance Company) with a total of 180,000 employees. Finally, Hewitt Associates has developed an index to track the investment activity of 401(k) participants. This index is based upon 1.4 million 401(k) participants with approximately $62 billion in collective assets. Currently, this index reflects the experience of large corporations and does not provide any analysis of employee demographics. Surveys of 401(k) participants have also been used to analyze participant activity and decision-making in 401(k) plans. One of the more frequently used is the Survey of Consumer Finances (SCF). The SCF is a stratified random sample of U.S. households and is administered by the Federal Reserve Board. Although the survey has the advantage of providing informa- tion on asset holdings outside the participant's 401(k) plan, it only asks the respondents to indicate plan asset allocations as "mostly in stock," "mostly in bonds," or "split between." Any analysis of this data therefore must either restrict itself to these three categories or utilize ad-hoc assumptions with respect to the actual distributions.20 In contrast to participant survey data, the EBRI/ICI database does not contain information about participant assets and income outside of the 401(k) plan. Nor does it contain information about defined benefit plans with the current employer or previous employers or information about spouses' income, assets, and retirement plans. Nonetheless, the broad scope of the EBRI/ICI database means that it offers the single best source of data for analyzing participant activity within 401(k) plans. Perspect ive /pag e 7 FIGURE 4 Average Asset Allocation for All Plan Balances (percent) Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project Bond Funds 7 Money Funds 5 Balanced Funds 8 Guaranteed Investment Contracts 15 Company Stock 19 Equity Funds 44 Other or Unidentified 1 Other Stable Value Funds 1 19 Some larger plan data were excluded because there were "strong financial incentives to invest in company stock." The year in which the data were collected was not identified; however, a subsequent publication (Clark, Goodfellow, Schieber, and Warsick, 1998) used data collected from 87 401(k) plans at the end of 1994. 20 Papke (1998) uses the National Longitudinal Survey of Mature Women to analyze 232 participants in defined contribution plans. The reported investment choices, however, suffer the same constraints as the SCF. 21 All asset allocation averages are expressed as a dollar-weighted average unless otherwise indicated. Participant asset allocation varies considerably with age (Figure 5). Younger participants tend to invest a greater percentage of account balances in equity funds; older participants are more disposed to invest in GICs. On average, participants in their twenties have 55.1 percent of their account balances in equity funds in contrast to 33.9 percent for those in their sixties. Participants in their twenties invest 7.8 percent of their account balance in GICs, and those in their sixties invest 26.1 percent. Company stock represents an average of 16.7 percent of the total account balance of participants in their twenties, rises to 21.1 percent for participants in their forties, and falls to 15.0 percent for those in their sixties. The mix of investment options offered by a plan significantly affects asset allocation. Figure 6 shows four combinations of investment offer- ings, starting with a base group consisting of equity funds, bond funds, money funds, and balanced funds. Plans having just these four options have 61.6 percent invested in equity funds, 13.8 percent in balanced funds, 11.7 percent in bond funds, and 11.9 percent in money funds.22 Adding GICs to the base group lowers the allocation in all four funds, but the greatest decrease is in bond and money funds. Thus, GICs appear to be a substitute for other types of fixed-income investments. In contrast, adding company stock to the base group produces the greatest reduction in the equity fund share. Finally, adding both GICs and company stock produces a combination of the two effects, with company stock likely displacing equity funds and GICs displacing other fixed-income investments.23 Asset Allocation of Employee and Employer Contributions A participant's 401(k) plan balance reflects both the participant's and the employer's contributions to the account. Although most plans give the participant complete control over the allocation of assets from both sources, some do require that the employer's contribution be invested in employer stock. In such plans, the employee has discretion only over assets from his or her own contribution. The existence of plans with employer-directed contributions suggests examining separately the allo- cation of participant-directed balances in these plans. Of particular interest is the extent to which participants in these plans adjust their holdings of self-directed investments in response to mandatory investments in employer stock. Of those plans in the EBRI/ICI database for which the appropriate information is available,24 less than 1 percent require employer contributions to be invested in company stock. This percentage is consistent with evidence found in surveys of plan sponsors. Most of the plans with this feature in the EBRI/ICI database, however, are large and thus a significantly higher 15 percent of employees and Perspect ive /pag e 8 FIGURE 5 Average Asset Allocation by Age (percent of account balances) Guaranteed Age Equity Bond Company Money Balanced Investment Other Stable Cohort Funds Funds Stock Funds Funds Contracts Value Funds Other Unknown Total 20s 55.1 5.8 16.7 5.2 8.3 7.8 0.1 0.8 0.3 100 30s 51.2 5.6 19.6 4.8 8.1 9.0 0.4 0.6 0.6 100 40s 46.2 6.0 21.1 5.2 8.0 12.0 0.6 0.5 0.6 100 50s 42.5 7.0 19.5 5.3 7.8 16.1 0.9 0.4 0.6 100 60s 33.9 9.2 15.0 6.1 7.2 26.1 1.6 0.3 0.6 100 All 44.0 6.8 19.1 5.4 7.8 15.1 0.8 0.4 0.6 100 Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 22 For convenience, minor investment options are not shown. 23 A comparison of the four combinations of investment offerings by age yields similar findings about the effect of investment options on asset allocation. 24 We were able to match the source of contributions with the fund information for a subset of the data providers in our sample. Perspect ive /pag e 9 accounts in plans with such employer-directed contributions, compared with 19.9 percent in plans offering company stock as an investment option but not having employer-directed investments in company stock. The tendency for these participants to elect to invest a higher share of the assets that they control in company stock holds not only for all participants but also for participants in different age groups. Offsetting the higher allocation to company stock are lower shares of assets in all other types of plan investments. The share of assets held in FIGURE 6 Average Asset Allocation by Age and Investment Options (percent of account balances) Guaranteed Equity Balanced Bond Money Investment Company Funds Funds Funds Funds Contracts Stock ALL AGES COMBINED Investment Options Equity, Bond, Money, & Balanced Funds 61.6 13.8 11.7 11.9 Equity, Bond, Money, & Balanced Funds, & GICs 54.9 7.6 4.0 3.7 28.8 Equity, Bond, Money, & Balanced Funds, & Company Stock 38.8 5.1 8.1 7.9 35.3 Equity, Bond, Money, & Balanced Funds, GICs, & Company Stock 31.6 6.9 5.4 1.7 23.5 30.3 PLANS WITH NO COMPANY STOCK OR GUARANTEED INVESTMENT CONTRACTS Age 20s 68.7 12.0 8.7 9.5 30s 67.6 12.9 9.3 9.1 40s 63.9 14.0 10.7 10.4 50s 59.7 14.3 12.5 12.4 60s 49.7 14.6 17.6 17.3 PLANS WITH GUARANTEED INVESTMENT CONTRACTS 20s 65.2 7.1 4.3 3.2 18.4 30s 62.5 7.6 4.3 3.3 20.7 40s 58.0 8.0 4.1 3.6 25.1 50s 54.3 7.8 3.7 3.6 29.6 60s 43.1 6.5 3.7 4.3 41.7 PLANS WITH COMPANY STOCK 20s 43.1 5.7 7.6 6.6 36.0 30s 42.9 5.5 6.4 6.6 35.5 40s 39.5 5.2 7.0 7.4 37.5 50s 37.6 5.0 8.3 8.3 35.5 60s 34.6 4.8 11.6 9.7 29.5 PLANS WITH COMPANY STOCK AND GUARANTEED INVESTMENT CONTRACTS 20s 40.3 7.6 2.7 1.8 11.4 35.2 30s 38.8 7.4 3.2 1.7 13.9 34.2 40s 34.0 7.0 4.1 1.7 18.5 33.9 50s 31.3 6.9 6.0 1.7 23.6 29.9 60s 22.5 6.3 8.4 1.6 38.5 22.1 Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project Note: Minor investment options are not shown; therefore, row percentages will not add to 100 percent. 25 percent of assets are in plans with employer- directed contributions. The asset allocation of participant-directed balances in plans with employer contributions required to be invested in company stock differs markedly from that of participants in other plans (Figure 7). In particular, company stock represents 32.7 percent of the assets of participant-directed Perspect ive /pag e 10 equity funds and balanced funds differs the most from the shares in plans without employer-directed, matching contributions, but the asset shares of GICs, bond funds, and money funds are smaller as well. As a result, the overall exposure to equity through company stock and pooled investments is consider- ably higher for participants in plans with employer- directed contributions. For example, equity funds and company stock represent 68.7 percent of the self-directed assets of participants in plans with employer-directed contributions in company stock. For total balances in these plans, the share is 78.9 percent. By comparison, the combined share of equity funds and company stock is 60.5 percent in plans without employer-directed contributions. The higher allocation to equity also holds across all age groups. FIGURE 8 Asset Allocation Distribution of Participant Account Balances to Equity Funds by Age and Tenure (percent) Zero <20% 20%–80% >80% Total TOTAL 30.6 6.9 38.0 24.5 100.0 AGE COHORT 20s 28.3 4.4 37.4 29.9 100.0 30s 26.6 6.4 39.9 27.1 100.0 40s 29.5 7.6 39.4 23.6 100.0 50s 32.9 8.3 37.5 21.3 100.0 60s 46.2 8.3 29.7 15.7 100.0 TENURE (years) 0–2 24.5 3.5 39.8 32.3 100.0 >2–5 28.2 4.9 40.3 26.7 100.0 >5–10 30.4 7.4 39.9 22.3 100.0 >10–20 33.6 9.1 38.5 18.9 100.0 >20–30 37.7 9.8 35.7 16.9 100.0 > 30 45.0 9.3 30.5 15.2 100.0 Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project FIGURE 7 Impact of Employer-contributed Company Stock on Asset Allocations by Age (percent of account balances) Age Equity Bond Company Money Balanced Guaranteed Other Stable Cohort Funds Funds Stock Funds Funds Investment Contracts Value Funds Other PARTICIPANT-DIRECTED BALANCES ONLY 20s 47.3 1.0 35.3 2.0 6.1 8.1 0 0.1 30s 44.7 1.5 34.0 3.1 7.1 9.4 0 0.2 40s 37.2 2.5 35.2 6.4 7.3 11.1 0 0.3 50s 33.1 3.2 33.2 7.2 7.5 15.4 0 0.4 60s 31.7 3.0 26.1 8.2 6.6 23.7 0 0.7 All 36.0 2.6 32.7 6.5 7.2 14.6 0 0.4 TOTAL BALANCES 20s 30.4 0.7 58.3 1.3 3.9 5.4 0 0.1 30s 27.5 1.0 59.4 1.9 4.3 5.8 0 0.1 40s 23.6 1.6 58.9 4.0 4.6 7.1 0 0.2 50s 23.1 2.2 53.5 4.9 5.2 10.9 0 0.3 60s 25.1 2.3 41.4 6.4 5.2 19.0 0 0.6 All 24.3 1.8 54.6 4.3 4.8 9.9 0 0.3 PLANS WITH A COMPANY STOCK INVESTMENT OPTION BUT NO EMPLOYER-DIRECTED CONTRIBUTIONS 20s 48.5 3.9 20.6 5.3 12.1 8.0 0.2 1.4 30s 46.7 3.2 19.9 4.9 13.0 11.3 0.1 1.0 40s 41.8 3.5 21.2 6.3 11.7 14.2 0.3 0.9 50s 39.2 3.8 20.2 7.7 11.5 16.6 0.3 0.8 60s 33.3 4.5 16.1 8.5 11.9 24.8 0.4 0.4 All 40.6 3.7 19.9 6.8 11.9 16.1 0.3 0.8 Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project Perspect ive /pag e 11 Distribution of Equity Fund Allocations and Participant Exposure to Equities Among individual participants, the share of assets allocated to equity funds varies widely around the average of 44.0 percent for all participants. A total of 30.6 percent of the participants held no equity funds at all, while 6.9 percent had less than 20 percent allocated to equity funds (Figure 8). At the other extreme, 24.5 percent of the participants had more than 80 percent of the plan balances invested in equity funds. The remaining 38.0 percent had allocations in equity funds ranging between 20 percent and 80 percent. The percentage of those holding no equity funds varies positively with age and tenure. Of those participants in their twenties, for example, 28.3 percent held no equity funds, compared with 46.2 percent of those in their sixties. Similarly, 24.5 percent of those with less than two years of tenure hold no equities, compared with 45.0 percent of those with more than 30 years of tenure. The absence of equity fund holdings does not necessarily mean that a plan participant has no exposure to the stock market. Indeed, more than one-half of the individuals with no equity funds holdings had investments in either employer stock or balanced funds (Figure 9).25 For all participants with no equity funds, 33.5 percent of assets was in company stock and 8.3 percent was in balanced funds (Figure 10). FIGURE 9 Percentage of Participants with Equity Exposure but No Equity Fund Balances by Age and Tenure Percentage with Company Stock and/or Balanced Funds AGE COHORT 20s 44.7 30s 53.1 40s 55.6 50s 56.1 60s 45.3 All 52.1 TENURE (years) 0–2 40.0 >2–5 42.8 >5–10 45.9 >10–20 55.6 >20–30 58.9 >30 55.2 All 52.1 Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project FIGURE 10 Asset Allocation Distribution for Participants with No Equity Fund Balances by Age and Tenure (percent of account balances) Guaranteed Bond Company Money Balanced Investment Other Stable Funds Stock Funds Funds Contracts Value Funds Other Unknown Total AGE COHORT 20s 9.5 36.3 16.8 11.8 22.4 0.2 2.4 0.6 100.0 30s 8.8 40.2 13.5 10.2 23.1 1.0 2.0 1.1 100.0 40s 9.0 40.1 11.7 9.2 26.6 1.2 1.2 0.9 100.0 50s 10.5 34.9 11.2 8.1 32.0 1.6 0.8 0.9 100.0 60s 12.3 22.8 9.9 6.7 44.3 2.8 0.5 0.8 100.0 All 10.3 33.5 11.8 8.3 32.5 1.7 1.0 0.9 100.0 TENURE (years) 0–2 10.1 21.6 21.3 17.8 25.5 0.6 2.2 0.8 100.0 >2–5 10.0 22.4 17.6 15.8 30.9 0.7 2.2 0.5 100.0 >5–10 9.4 28.5 16.6 11.0 31.4 0.6 1.7 0.8 100.0 >10–20 10.0 33.1 13.5 9.0 31.5 1.4 0.5 1.1 100.0 >20–30 10.4 34.5 10.3 6.8 35.1 1.8 0.2 1.0 100.0 >30 14.9 27.0 6.9 5.4 40.9 3.7 0.0 1.1 100.0 All 10.3 33.5 11.8 8.3 32.5 1.7 1.0 0.9 100.0 Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 25 Age does not appear to be a significant variable, but the percentage investing in employer stock or balanced funds appears to be positively related to tenure. Other Research on Asset Allocation Form 5500, filed annually with the Internal Revenue Service by private pension plans, is a source of aggregate information on asset allocation in 401(k)-type plans. The accounts listed on the form, however, do not match those in the EBRI/ICI database and thus do not provide for a direct comparison. In addition, 1993 is the most recent year for which aggregate Form 5500 information is available on a basis in which pooled fund assets reported by plans have been redistributed to the underlying asset categories. In that year, plans with 100 or more participants showed the following asset allocation: 21 percent in insurance company general accounts, 19 percent in corporate stock other than that of the sponsor, 19 percent in registered investment companies, 16 percent in employer securi- ties, 11 percent in government and corporate debt securities, 8 percent in cash, and 6 percent in miscellaneous investments.26 Two studies have examined administrative records for individual partic- ipants in 401(k) plans. Yakoboski and VanDerhei (1996) studied asset allocation among participants in plans of three large corporations, and Goodfellow and Schieber (1997) analyzed asset allocation of participants in 24 plans administered by Watson Wyatt. Although encompassing a Perspect ive /pag e 12 FIGURE 11 Distribution of Account Balances (percent of participants with account balances in specified ranges) Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project < $10,000 >$50,000– $60,000 >$90,000– $100,000 8.4 5.7 3.1 2.5 2.0 1.6 1.3 47.2 9.8 4.1 14.3 >$100,000>$80,000– $90,000 >$70,000– $80,000 >$60,000– $70,000 >$40,000– $50,000 >$30,000– $40,000 >$20,000– $30,000 $10,000– $20,000 considerably smaller number of participants and plans, the findings from these studies are consistent with those reported above from the 1996 EBRI/ICI database. Several researchers have examined asset allocation from surveys of participants in 401(k) plans and 403(b) plans. Poterba and Wise (1998) used the 1992 Survey of Consumer Finances to study asset allocations in both types of plans, whereas Ameriks, King, and Warshawsky (1997) analyzed asset alloca- tion for a sample of 403(b) plan participants. Finally, Sunden and Surrette (1998) analyzed gender differences in asset allocations in retirement plans using the 1995 Survey of Consumer Finances. ACCOUNT BALANCES The average account balance for all participants in the EBRI/ICI database is $37,323.27 There is, however, wide variation around the average. For 26 Insurance company general accounts are probably primarily GICs. Corporate stock other than sponsor securities, government and corporate debt securities, and cash reflect holdings of pooled investments other than registered investment companies. Registered investment companies are mutual funds and variable annuities registered with the Securities and Exchange Commission. These investments would include stock, bond, money, and balanced funds. 27 Reported balances are net of plan loans. There is an extremely wide range of estimates of average account balances in 401(k) plans. The Department of Labor (DOL, p. 85) provides an average account balance per active participant for 1994 of $26,766. However, the Goodfellow and Schieber (1997) study of 24 plans found an average balance of $38,234, and a recent study by the Profit Sharing/401(k) Council of America indicated that the average balance for participants in their survey was $75,000 in 1996 (Bureau of National Affairs, 1998). The latter number could be considered as an upper bound since it includes profit-sharing and combination plans as well as 401(k) plans. Perspect ive /pag e 13 example, 47.2 percent of participants have an account balance of less than $10,000, while 9.8 percent have an account balance in excess of $100,000 (Figure 11). A participant's account balance—and thus the variability across partici- pants—depends upon a number of factors. Some of these are specific to the individual and others reflect features of the plan. At the participant level are income, contribution rate, age, length of plan participation, asset allocation, rollovers from other plans, withdrawals, and borrowings. Plan features include age of the plan and employer contributions. These deter- minants of account balances complicate the interpretation of average balances. The relationship between account balances and two of the determinants can be examined using information in the EBRI/ICI database. One of these is participant age and the other is tenure of the participant with employer, which serves as a proxy for length of participation in the plan. Age and account balance should generally be positively related, as younger workers are likely to have either lower incomes or shorter periods of plan participation than older workers. In line with this observation, nearly 60 FIGURE 12 Age Composition of Selected Account Balance Categories (percent) Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project less than $10,000 more than $100,000 20s 30s 40s 50s 60s4 13 26 35 22 16 38 36 10 FIGURE 13 Tenure Composition of Selected Account Balance Categories (percent) Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project less than $10,000 more than $100,000 >30 years >20–30 >10–20 >5–10 >2–5 0–2 2 6 13 22 26 26 19 31 37 10 2 1 FIGURE 14 Average Account Balance by Age and Tenure (dollars) Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 0 50,000 100,000 150,000 200,000 60s 50s 40s 30s 20s >30>20 to 30>10 to 20>5 to 10>2 to 50 to 2 years percent of those participants with account balances less than $10,000 are in their twenties and thirties, while less than one-fifth are in their fifties or sixties (Figure 12). Similarly, of those with account balances greater than $100,000, more than one-half are in their fifties or sixties, while one-tenth are in their thirties and virtually none are in their twenties. Tenure and plan balances also have a positive association, as long-term employees likely have had a longer period in which to accumulate assets. In fact, nearly 60 percent of those with balances less than $10,000 have five or less years of tenure, and almost 90 percent of those with balances of more than $100,000 have at least 10 years of tenure (Figure 13). The effect of participant age and tenure is revealed more clearly by examining the effect of the interaction of the two variables on account balances. For a given age group, the average balance should increase as tenure increases: A 30- year-old participant, for example, with 10 years of tenure should, on average, have accumulated a larger plan balance than a 30-year-old with two years of tenure. This positive relationship is shown in Figure 14, which plots the average account balance by tenure for each age group. The average account balance for each age group increases, almost without exception, as tenure increases. The increase is present for all age groups but is especially large for those in their fifties and sixties. In addition, for each tenure group, the average balance rises with age. An examination of the distribution of account balances underscores the effects of age and tenure. For example, overall, approximately 85 percent of all participants in their twenties have account balances of less than $10,000 (Figure 15). However, only 62 percent of those in their twenties with five to 10 years of tenure have account balances less than $10,000; the remaining balances exceed this figure (Figure 16). Perspect ive /pag e 14 FIGURE 16 Impact of Age and Tenure on Account Balance (percent of participants with account balances less than $10,000) Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 0 20 40 60 80 100 60s 50s 40s 30s 20s >30>20 to 30>10 to 20>5 to 10>2 to 50 to 2 years FIGURE 15 Impact of Age on Account Balance (percent of participants with account balances in specified range) Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 0 10 20 30 40 50 60 70 80 90 20s <$10,000 >$100,000 60s 50s 40s 30s The effect of tenure and age is even more pronounced for older workers. For example, 30 percent of those participants in their sixties have account balances less than $10,000 (Figure 15). However, among those with short tenure (zero to two years), 77 percent of these older participants have account balances less than $10,000, while less than 20 percent of those with long-tenure (more than 20 years) are in this range (Figure 16). One explanation for the low account balances among this 20 percent may be that their employer's 401(k) plan has only recently been established. Figure 17 shows the effect of age and tenure on account balances for those participants with balances more than $100,000. Although approximately 25 percent of participants in their sixties have account balances in excess of $100,000 (Figure 15), less than 10 percent of those with 10 or fewer years of tenure have account balances of this magnitude. However, more than 30 percent of participants in their sixties with 20 to 30 years of tenure with their current Perspect ive /pag e 15 FIGURE 17 Impact of Age and Tenure on Account Balance (percent of participants with account balances more than $100,000) Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 0 10 20 30 40 50 60s 50s 40s 30s 20s >30>20 to 30>10 to 20>5 to 10>2 to 50 to 2 years FIGURE 18 Availability of Plan Loans by Number of Participants (percent of plans offering loans) Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 1–10 participants 11–25 26–50 51–100 101–250 251–500 501–1,000 1,001–2,500 2,501–5,000 5,001–10,000 >10,000 92 79 8483 76 72 67 59 54 49 43 employer have account balances of this size, and the percentage increases to 43 percent for those with more than 30 years of tenure.28 PLAN LOANS Availability of Plan Loans Of the 27,762 401(k) plans in the EBRI/ICI database, 52 percent offered a plan loan to participants.29 The loan feature is primarily associ- ated with large plans. In the database, more than 90 percent of the plans with more than 10,000 participants offered borrowing privileges to employees (Figure 18). In contrast, only 43 percent of the plans with 10 or fewer employees had the loan feature.30 Indeed, less than 60 percent of the plans with 51 to 100 participants offered loans to employees. Characteristics of Participants with Outstanding Loans The concentration of loans in large plans means that most participants in 401(k) plans have borrowing privileges. In the database, 70 percent of participants were in plans offering loans. However, only 18 percent of those eligible for loans had loans outstanding at the end of 1996. Loan activity varies by age, tenure, and account balance. Of those individuals in plans with loan provisions, the highest percentages with outstand- ing loans were among participants in their thirties, forties, or fifties (Figure 19). In addition, Perspect ive /pag e 16 FIGURE 20 Percentage of Eligible Participants with Loans by Tenure Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 0–2 years >2–5 >5–10 >10–20 >20–30 >30 All Tenures 6 15 24 27 25 13 18 FIGURE 19 Percentage of Eligible Participants with Loans by Age Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 20s 30s 40s 50s 60s All Ages 18 12 20 22 17 9 28 In one important respect, however, the average balance of the sixties age group with over 30 years of tenure may understate the potential balance because participants in this group could actually have been in a true 401(k) plan for no more than a fraction of that time given legislative and regulatory chronologies. However, some of these balances are undoubtedly conversions from pre-existing profit-sharing plans. A more appropriate way to examine this issue is to project account balances over participants' working lifetimes under a variety of assumptions. Poterba, Venti and Wise (1997) have investigated the magnitude of 401(k) account balances at retirement age. To judge the relative importance of potential 401(k) contributions, they compare projected 401(k) assets of future generations with the 1992 assets of the Health and Retirement Survey (HRS) sample. The mean of 401(k) assets for the entire sample was only $10,808, but this was significantly affected by the majority of the respondents' having had no 401(k) accounts. Using historical experience to project future contributions, the authors find that, on average, a 37-year-old in 1996 would have a 401(k) balance upon retirement at age 65 of $91,600 and a 27-year-old in 1996, retiring at age 65, would have $125,500 (measured in 1992 dollars). The calculations assume that one-half of the 401(k) money was invested in stocks and one- half in bonds, and that average returns experienced since 1926 would be realized. 29 This is considerably smaller than the numbers reported in employee benefit consulting firms' reports. Both Hewitt (1997) and William M. Mercer (1997) report in excess of 80 percent of their sampled plans offer loans. However, both of these surveys appear to be heavily influenced by large plan sponsors. The results in the EBRI/ICI database for plans with more than 1,000 participants appear very similar to Hewitt and Mercer. 30 We were able to obtain plan-specific information on loan availability for the vast majority of the plans in the sample (including virtually all the small plans). A plan without this information was classified as having a loan if any participant in the plan had an outstanding loan balance. This may understate the number of plans offering loans (or participants eligible for loans) because some plans may have offered, but had no participants take out, a plan loan. However, the U.S. General Accounting Office (1997a, p. 4) found that over 95 percent of 401(k) plans that offer loans had at least one plan participant with an outstanding loan. participants with short tenure (0-5 years) and long tenure (more than 30 years) tended to utilize loan provisions less than other participants (Figure 20). Finally, only 11.7 percent of participants with account balances under $10,000 had outstanding loans (Figure 21). This figure is well below the 18.2 percent rate for all participants. This finding is notable, because loan availability is often thought to induce employees with the least amount of disposable income to contribute to the 401(k) plan.31 The frequency of outstanding loans more than doubles for those in the $10,000 to $20,000 account balance category and then declines gradually as balances increase. Average Loan Balance For those with outstanding loans at the end of 1996, the average level of the unpaid balance as a percentage of account balances was 16 percent. This loan ratio, however, varied with age, tenure, and account balances. Perspect ive /pag e 17 FIGURE 21 Percentage of Eligible Participants with Loans by Account Balance Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 12 26 26 25 24 24 23 26 23 22 21 18 < $10,000 >$50,000– $60,000 >$90,000– $100,000 >$100,000>$80,000– $90,000 >$70,000– $80,000 >$60,000– $70,000 >$40,000– $50,000 >$30,000– $40,000 >$20,000– $30,000 $10,000– $20,000 All Account Balances FIGURE 22 Loan Ratios for Participants with Loans by Age Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 20s 30s 40s 50s 60s 30 22 16 12 10 16 All Ages 31 An alternative method of obtaining emergency funds is through a hardship distribution. Because we are not yet able to control for these distributions, the results may be biased for participants with lower account balances. Loan ratios tend to decrease with age, drop- ping from 30.0 percent for participants in their twenties to 9.8 percent for those in their sixties (Figure 22). Similarly, loan ratios decrease with tenure; participants with less than two years of tenure had an average of 27.3 percent of their account balances loaned out while those with more than 30 years only had 7.4 percent (Figure 23). Loan ratios tend to decrease as account balances increase. Figure 24 shows that outstand- ing plan loans constitute approximately 38 percent of the account balance for those with less than $10,000 in account balances who have an outstanding loan. This ratio decreases to approxi- mately 7 percent for those with account balances in excess of $100,000. Perspect ive /pag e 18 FIGURE 24 Loan Ratios for Participants with Loans by Account Balance Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project <$10,000 $10,000– $20,000 >$20,000– $30,000 >$30,000– $40,000 >$40,000– $50,000 >$50,000– $60,000 39 32 28 23 22 19 16 16 14 13 7 >$60,000– $70,000 >$70,000– $80,000 >$80,000– $90,000 >$90,000– $100,000 >$100,000 FIGURE 23 Loan Ratios for Participants with Loans by Tenure Source: Tabulations from EBRI/ICI Participant-Directed Retirement Plan Data Collection Project 0–2 years >2–5 >5–10 >10–20 >20–30 >30 All Tenures 27 24 23 15 11 7 16 Hewitt Associates. "Survey Findings: 401(k) Trends And Experience, 1997." Lincolnshire, IL: Hewitt Associates, 1997. Hinz, Richard, David McCarthy, and John Turner. "Are Women Conservative Investors? Gender Differences in Participant-Directed Pension Investments." In Positioning Pensions for the Twenty-First Century, Mitchell, Fordon et al., eds. Philadelphia, PA: University of Pennsylvania Press, 1997. KPMG Peat Marwick. "Retirement Benefits In The 1990s: 1998 Survey Data." Washington, DC: KPMG Peat Marwick, 1998. Milne, Deborah A., Jack L. VanDerhei, and Paul J. Yakoboski. "Participant Education: Actions and Outcomes." EBRI Issue Brief No. 169, January 1996. Musumeci, Jim. "Investing for a Distant Goal: Optimal Asset Allocation and Attitudes Toward Risk." TIAA-CREF Research Dialogues, No. 56, July 1998. Olsen, Kelly A., and Jack L. VanDerhei. "Defined Contribution Plan Dominance Grows Across Sectors and Employer Sizes, While Mega Defined Benefit Plans Remain Strong: Where We Are and Where We Are Going." EBRI Issue Brief No. 190, October 1997. Papke, Leslie E. "How Are Participants Investing Their Accounts in Participant- Directed Individual Account Pension Plans?" The American Economic Review, Vol. 88, No. 2, May 1998, pp. 212–216. Poterba, James M., and David A. Wise. "Individual Financial Decisions in Retirement Saving Plans." In Privatizing Social Security, Martin Feldstein, ed. Chicago, IL: The University of Chicago Press, 1998. Poterba, James M., Steven F. Venti, David A. Wise. "Implications of Rising Personal Retirement Saving." NBER Working Paper No. 6295, November 1, 1997. Profit Sharing/401(k) Council of America. "41st Annual Survey of Profit Sharing and 401(k) Plans, Reflecting 1997 Plan Year Experience." Chicago, IL: Profit Sharing/401(k) Council of America, 1998. Profit Sharing/401(k) Council of America. "Company Stock in Defined Contribution Plans: A Successful Partnership for Employees and Employers." Chicago, IL: Profit Sharing/401(k) Council of America, April 1997. Sunden, Annika E., and Brian J. Surette. "Gender Differences in the Allocation of Assets in Retirement Savings Plans." The American Economic Review, Vol. 88, No. 2, May 1998, pp. 207–211. Ternoey, Brian C. "Asset Allocation: Issues at Retirement." Benefits Quarterly, Vol. 12, No. 2, Second Quarter 1996, pp. 21–27. U.S. Department of Labor, Pension and Welfare Benefit Administration. Abstract of 1994 Form 5500 Annual Reports. Washington, DC: U.S. Government Printing Office, 1998. U.S. General Accounting Office. "401(k) Pension Plans: Loan Provisions Enhance Participation but May Affect Income Security for Some." (Letter Report, 10/01/97, GAO/HEHS-98-5), 1997a. U.S. General Accounting Office. "401(k) Pension Plans: Extent of Plans' Investments in Employer Securities and Real Property." (Letter Report, 11/28/97, GAO/HEHS-98- 28), 1997b. VanDerhei, Jack L. Comment on "Individual Financial Decisions in Retirement Saving Plans and the Provision of Resources for Retirement." In Privatizing Social Security, Martin Feldstein, ed. Chicago, IL: The University of Chicago Press (1998), pp. 393–400. William M. Mercer. "Survey on Employee Savings Plans, 1997." New York, NY: William M. Mercer, 1997. Yakoboski, Paul J., and Jack L. VanDerhei. "Worker Investment Decisions: An Analysis of Large 401(k) Plan Data." EBRI Issue Brief No. 176, August 1996. BIBLIOGRAPHY Allen, Everett T. Jr., Joseph J. Melone, Jerry S. Rosenbloom, and Jack L. VanDerhei. Pension Planning: Pensions, Profit Sharing, and Other Deferred Compensation Plans. Eighth edition. Homewood, IL: Richard D. Irwin, Inc., 1997. Ameriks, John, Francis P. King, and Mark Warshawsky. "Premium Allocations and Accumulations in TIAA- CREF—Trends in Participant Choices Among Asset Classes and Investment Accounts." TIAA-CREF Research Dialogues, No. 51, July 1997. Bajtelsmit, Vickie L., and Jack L. VanDerhei. "Risk Aversion and Pension Investment Choices." In Positioning Pensions for the Twenty-First Century, Michael Gordon, Olivia S. Mitchell, and Marc Twinney, eds. Philadelphia, PA: University of Pennsylvania Press, 1996. Bassett, William F., Michael J. Fleming, and Anthony P. Rodrigues. "How Workers Use 401(k) Plans: The Participation, Contribution, and Withdrawal Decisions." National Tax Journal, Vol. 51, No. 2, June 1998, pp. 263–289. Bureau of National Affairs. "Individual Account Plans: Group Reports Increase In Balances, Participation Rates." BNA Pension Reporter, Vol. 25, No. 41, October 19, 1998. Bodie, Zvi, Alan J. Marcus, and Robert C. Merton. "Defined Benefit versus Defined Contribution Pension Plans: What Are the Real Trade-offs?" In Pensions in the U.S. Economy, Zvi Bodie, John B. Shoven, and David A. Wise, eds. Chicago, IL: University of Chicago Press, 1988. Buck Consultants. "401(k) Plans: Survey Report on Plan Design-1997. Ninth Edition." New York, NY: Buck Consultants, 1997. Cerulli Associates, Inc. "The Cerulli Report: The State of the Pension and Retirement Markets." Financial Press Copy, 1998. Clark, Robert, Gordon Goodfellow, Sylvester Schieber, and Drew Warwick. "Making the Most of 401(k) Plans: Who's Choosing What and Why?" Pension Research Council Working Paper 98-12. Philadelphia, PA, 1998. Clark, Robert L., and Sylvester J. Schieber. "Factors Affecting Participation Rates and Contribution Levels in 401(k) Plans." In Living with Defined Contribution Pensions: Remaking Responsibility for Retirement, Olivia S. Mitchell and Sylvester J. Schieber, eds. Philadelphia, PA: University of Pennsylvania Press, 1998. Employee Benefit Research Institute. "Can We Save Enough to Retire? Participant Education in Defined Contribution Plans." EBRI Issue Brief No. 160, April 1995. Goodfellow, Gordon P., and Sylvester J. Schieber. "Investment of Assets in Self-Directed Retirement Plans." In Positioning Pensions for the Twenty-First Century, Michael Gordon, Olivia S. Mitchell, and Marc Twinney, eds. Philadelphia, PA: University of Pennsylvania Press, 1997. Perspect ive /pag e 19 ABOUT THIS PUBLICATION: This paper is being published simultaneously as EBRI Issue Brief #205 and ICI Perspective Vol. 5, No. 1. Copyr ight © 1999 by the Inve s tment Company Ins t i tute Although information or data provided by independent sources is believed to be reliable, the Investment Company Institute is not responsible for its accuracy, completeness, or timeliness. Opinions expressed by independent sources are not necessarily those of the Institute. If you have questions or comments about this material, please contact the source directly. Back issues of Perspective by Institute staff, leading scholars, and other contributors, address public policy issues of importance to mutual funds and their shareholders. Contact the Institute's Public Information Department at 202/326-5945 for more information. All issues of Perspective are also available on the Institute's website; for an online index of issues, see http://www.ici.org/economy/perspective.html. Richard Marcis, Sandra West, Victoria Leonard-Chambers Paul Schott Stevens, Amy Lancellotta Matthew P. Fink John D. Rea, Richard Marcis Dr. John B. Shoven Lawrence J. White Sen. Robert J. Kerrey, Jon S. Fossel, Matthew P. Fink John D. Rea Brian K. Reid Brian K. Reid Barry P. Barbash, Don Powell, Matthew P. Fink Paul Schott Stevens Ross Levine Brian K. Reid, Samuel Ankrah, Kimberlee Millar Mitchell A. Post, Kimberlee Millar John D. Rea, Brian K. Reid Vol. 1, No. 1, July 1995: "Mutual Fund Shareholder Response to Market Disruptions" Vol. 1, No. 2, November 1995: "Improving Mutual Fund Risk Disclosure" Vol. 2, No. 1, January 1996: "Mutual Fund Regulation: Forging a New Federal and State Partnership" Vol. 2, No. 2, March 1996: "Mutual Fund Shareholder Activity During U.S. Stock Market Cycles, 1944-95" Vol. 2, No. 3, April 1996: "The Coming Crisis in Social Security" Vol. 2, No. 4, May 1996: "Investing the Assets of the Social Security Trust Funds in Equity Securities: An Analysis" Vol. 2, No. 5, June 1996: "Helping America Save for the Future" Vol. 2, No. 6, December 1996: "U.S. Emerging Market Funds: Hot Money or Stable Source of Investment Capital?" Vol. 3, No. 1, March 1997: "Mutual Fund Developments in 1996" Vol. 3, No. 2, June 1997: "Growth and Development of Bond Mutual Funds" Vol. 3, No. 3, July 1997: "Continuing a Tradition of Integrity" Vol. 3, No. 4, August 1997: "Selected Issues in International Taxation of Retirement Savings" Vol. 3, No. 5, December 1997: "Stock Markets, Economic Development, and Capital Control Liberalization" Vol. 4, No. 1, March 1998: "Mutual Fund Developments in 1997" Vol. 4, No. 2, June 1998: "U.S. Emerging Market Equity Funds and the 1997 Crisis in Asian Financial Markets" Vol. 4, No. 3, November 1998: "Trends in the Ownership Cost of Equity Mutual Funds"
Copyright © 2017 by the Investment Company Institute


text:
Listing Courtesy of Era Reardon Realty, L.L.C.
Listing information
- Stories: 0
- Lot Area: 2.96
- County: Jackson
- Subdivision: None
- Style: Land (Residential)
- New Construction: No
- Lot Size: 200x611
- School District: Northwest
- Status: Active
- Foreclosure: No
- Estimated Annual Taxes: $701
- Body of Water: None
Assessments No
Crops Reserved No
Designated Wetlands No
Env. Haz/Undgrd Tank No
Frontage RF/LF RF
Land Rented No
Mineral Rights Included Unknown
Oil/Gas Lease No
Other Lot Front - 200, Summer Tax - 550.89, Tax Value Year - 2015, Village Taxes - 0, Winter Tax - 150.51, Zoning - Res 402
Part/Larger Parcel No
PRESENT USE Residential
ROAD TYPE Paved
TERMS Cash, Conventional
UTILITY ON SITE Community/Public Sewer, Community/Public Water, Natural Gas
Water Selection No Water Selection
ZONING Residential
Listing Courtesy of Era Reardon Realty, L.L.C.

subset: commoncrawl


text:
These Hopeful Machines
Episode 1 - Everything Audible in the World Becomes Material
Recording and electricity crack open the world of sound.
We start at the Brussels World's Fair, Expo '58 where a number of threads in the story were to converge and thence to radiate.
Then we go… Read more Audio
Episode 2 - Raindrops In The Sun
New musics rise from the secret projects and surplus junk of World War II.
Pierre Schaeffer and musique concrète – early tape recording: the life-threatening steel wire tapes at the BBC, the German… Read more Audio
Episode 3 - Fag Ends And Lollipops
We continue to plunder the junk of World War II: Luciano Berio and Bruno Maderna and the new studio at Italian Radio – Tristram Cary, Peter Zinovieff and Robert Moog talk about finding cheap… Read more Audio
Episode 4 - I Was Born To Synthesize
The early development of analogue synthesizers: the Moog, the Buchla and others – Raymond Scott – Eric Siday – the San Francisco Tape Music Center – Paul Beaver and Bernie Krause, the go-to guys for… Read more Audio
Episode 5 - Load Your Program. I Am Yourself
Born of war and raised on mainframes, computer music comes of age in the 70s and hits the charts thanks to the sampler.
It all starts in 1950 or so with Sydney's CSIRAC computer and its loudspeaker… Read more Audio
Episode 6 - A Dance To The Music of Time
Synthesizer bands of the 70s: Kraftwerk, The Human League etc and their equipment - via hip-hop to house/techno/intelligent dance music and all the sub-, sub-sub-, and sub-sub-sub-genres of electronic… Read more Audio
Outtake - Casey Listens to the Phonograph
Long before the advent of radio, the phonograph and gramophone were being used as creative media. Hear about the 'Descriptive' category of recordings from the 1890s, and one of its biggest stars… Read more Audio
Outtake - Radiohead and the Ondes Martenot, and the Trautonium
The Theremin and the Ondes Martenot are still in use today - indeed the latter includes Radiohead's Jonny Greenwood amongst its players. The Trautonium, a contemporary of these early electronic… Read more Audio
Outtake - SIGSALY
Bell Labs' Vocoder technology was at the heart of SISGALY, the Allies' wartime speech-encryption system. Read more Audio
Outtake - The 'Crystal Palace'
Mark Ayres talks about the 'Crystal Palace' - a device built by Dave Young, renowned engineer at the BBC Radiophonic Workshop. Read more Audio
Outtake - EMS's VCS1
Before there was the VCS3, there was the VCS1 synthesiser! The first one was built by EMS at the request of Australian composer Don Banks, who took quite a shine to it... Read more Audio
Outtake - Malcolm Clarke and 'The Sea Devils'
Mark Ayres talks about Malcolm Clarke's 'in-your-face' electronic score for the Dr Who series The Sea Devils from 1972, realised on the Delaware, the BBC Radiophonic Workshop's huge Synthi 100… Read more Audio
Outtake - Delia's tapes
Mark Ayres talks about Delia Derbyshire's archive of tapes - and the cataloguing problems it caused - and discusses her prescient use of a synthesised rhythm track on her Dance from 'Noah' from about… Read more Audio
Interview - Mark Ayres10 Sep 2013
James Gardner interviews Mark Ayres, composer and sound designer best known for his work on the BBC sci-fi show DOCTOR WHO, also archivist of the BBC Radiophonic Workshop. Read more
Interview - John Chowning17 Sep 2013
James Gardner interviews John Chowning, computer music pioneer and developer of FM synthesis, the engine used in the hugely popular Yamaha DX-7. Read more
Interview - Suzanne Ciani24 Sep 2013
James Gardner interviews Suzanne Ciani, Buchla synthesiser whizz and maestra of advertising and promotion sound spots. Read more
Interview - David Cockerell1 Oct 2013
James Gardner interviews David Cockerell, electronics engineer, who designed the classic EMS synthesizers with Peter Zinovieff. Read more
Interview - Brian Hodgson8 Oct 2013
James Gardner interviews Brian Hodgson, electronic music composer; for many years at the BBC Radiophonic Workshop where, among other things, he created the sounds of the Tardis for Dr Who. Read more
Interview - Bernie Krause15 Oct 2013
James Gardner interviews Bernie Krause; with Paul Beaver, they were the go-to duo for Moog work in the late 60s. Read more
Interview - Phill Macdonald22 Oct 2013
James Gardner interviews Phill Macdonald, synthesizer programming specialist. Read more


text:
Toll Free: (888) 223-2545
Customer ServicePress 3
Hardware SpecialistPress 2
Hours:9:00 am - 8:30 pmM-F Eastern Time
Incredibly brilliant and uniquely shaped, these oval crystal knobs add a wonderfully sparkling accent to your doors. Paired with simple colonial style rosettes, they go with everything, from Queen Anne to Mid-Century Modern. And with three functions and seven traditional finishes, you'll find the perfect combination for every room in your house! Finely crafted of solid brass and 24% lead crystal to ensure you a lifetime of beauty and performance.Doorset dimensions: Fluted oval crystal knobs measure 2 7/8" H x 1 7/8" W. Rosettes measure 2 9/16" in diameter.Latch dimensions: Latch case: 7/8" diameter. Latch face plate: 2 1/4" H x 1" W.
All Site Contents ©2015, House of Antique Hardware, Inc. Antique-By-Hand® is a registered trademark of House of Antique Hardware, Inc.


text:
Title: Heart Made Out Of Stones Jigsaw Puzzle
About: Solve today's new puzzle and put the heart made out of pink stones back together as fast as you can and get your time on our leaderboard. Have fun!
Puzzle of the day on: 23-May-2016
Image Credit:
Copy/Paste the HTML code below to link to this puzzle from your website or blog.
Heart Made Out Of Stones Jigsaw Puzzle
Solve it for free on your computer, tablet or phone.No registration or downloads required.


text:
Nike Air BW Gen II Paris 'Hometuf Pack' Quickstrike Mid Navy 586360-441 Nike on Sale UK Stockist
Editor's review
The Nike BW Gen II Paris QS in Navy are part of Nike's Home Turf Pack for Spring 2013. The Limited Edition release features a faux suede and textile upper, patent swoosh and tonal lacing. Perfectly versatile for day to day wear in Midnight Navy. Stock is limited so don't miss out.


text:
Thursday, April 08, 2010
"Come Now"
My sister signed a DNR for Mom amd got her enrolled in an in-hospital hospice. The palliative-care doc says I should "come now." I'm catching a flight to San Fransisco at 5:30 this afternoon, and from there taking a red-eye that will get me into Philadelphia at 6:05 tomorrow morning.
Gotta go pack.
8 comments:
Subscribe to: Post Comments (Atom)


text:
You have Adblock enabled. Adblock has been known to cause issues with site functionality. If you experience any difficulties, please try disabling Adblock. Close
Ajouter à la liste de vos favoris:
Créer un nouveau dossier:
New gay man vs boy porn In this weeks out in public I'm chilling with my
Recognize a pornstar in this video?
Help make pornstars easier to find on Tube8 by telling us who is in this video.
Thanks! The pornstar names will be added to this video when enough users submit the same names.
You must enter a pornstar name that already exists in our database.
- Catégorie: Twink
- Vues: 858
- Ajoutée: Il y a 1 an
- Description: New gay man vs boy porn In this weeks out in public I'm chilling with my In down with my boy!! He was all in from the go and my fellow went to town on this lost fellow lol. I hope you studs enjoy this update..STAY TUNED!
- Tags: gay, gaysex, gayporn, outdoor, public, reality
- Stars De La X: Rajouter une star du X
- Favoris par: 0
- Signaler Cette Vidéo
Commentaires Vidéo
Commentaires sur toutes les vidéos (0)
Résultats de Vidéos Gay pour:
Sort by:
Sorry, we couldn't find any pages containing
Watch some of our most popular Tube8.com porn videos: Homepage or Category page


text:
I have a Windows 2003 server to which I recently connected an HP MSA2012i SAN array (to provide more storage capacity).
I moved data over from the local disk to the San and updated the Share information to point to the new location.
The problem is that when the server is rebooted, the Share mapping to the SAN array disappears. I have to go in and recreate the Share mapping in Computer Management -> Shares.
This never happened when the Share mapping pointed to the internal disk. I am guessing there is some delay in mounting the SAN array, which causes the Share mapping process to not see the disk and therefore deletes the entry.
Any ideas on how to resolve this? Or is this just a "feature" of Win 2003 and the iSCSI Initiator?
Jun 10, 2011 at 11:10 UTC
This looks like the ticket...
5 Replies
Jun 10, 2011 at 11:10 UTC
This looks like the ticket...
Jun 10, 2011 at 11:56 UTC
Just what I was looking for!
I found another link: http://daniel.streefkerkonline.com/server-lanmanserver-service-fails-to-start-on-server-2008-after-iscsi-config/
which amends the information you gave me, for Windows 2008 servers. Basically, one needs to check to see if there are existing dependencies on the Service first. If there are, then one needs to ADD to the list. The example that is in your link replaces any existing dependencies and just sets the one dependency to be the iSCSI service.
Jun 10, 2011 at 12:11 UTC
I don't have that set and it's never been an issue on my LeftHand SAN.
I do have the Persistent Connections set up, though.
Jun 10, 2011 at 12:20 UTC
I had the SAN set up on a Win 2008 server and never had issues with it, although I do not recall whether I had a Share mapped to SAN (it was a development server).
I am also seeing some autonegotiate issues with the NIC going to the SAN, and I suspect its adding to the time it takes the iSCSI Initiator to connect to the target.
Jun 13, 2011 at 6:11 UTC
This happens every time we reboot our file server as well. The fastest way to fix this without having to go in and recreate the shares is just to bounce the server service and all of your shares will reappear after that. What happens is the server service starts before the iSCSI initiator has a chance to initialize on that new portion of the storage array and as a precaution / security measure when it does come online it doesn't create or allow the shares. Bounce the server service though and it works every time. Good luck!
This discussion has been inactive for over a year.
You may get a better answer to your question by starting a new discussion.


text:
You have Adblock enabled. Adblock has been known to cause issues with site functionality. If you experience any difficulties, please try disabling Adblock. Close
Ajouter à la liste de vos favoris:
Créer un nouveau dossier:
Pics of black indian hairy gay porn If my teachers had been as scorching
Recognize a pornstar in this video?
Help make pornstars easier to find on Tube8 by telling us who is in this video.
Thanks! The pornstar names will be added to this video when enough users submit the same names.
You must enter a pornstar name that already exists in our database.
- Catégorie: Anal
- Vues: 553
- Ajoutée: Il y a 1 an
- Description: Pics of black indian hairy gay porn If my teachers had been as scorching If my teachers had been as scorching and hunky as Brock Landon I would have kindly given up my backside to get the grades I needed!
- Tags: gayporn, muscular, trimmed, cut, deepthroat, facial, gay, anal, twink, gaysex, twinks, masturbation
- Stars De La X: Rajouter une star du X
- Favoris par: 0
- Signaler Cette Vidéo
Commentaires Vidéo
Commentaires sur toutes les vidéos (0)
Résultats de Vidéos Gay pour:
Sort by:
Sorry, we couldn't find any pages containing
Watch some of our most popular Tube8.com porn videos: Homepage or Category page


text:
Mcnett Snapback Cap by KR3W
Posted by David, August 12th, 2015 10:08 am under Snapback
Posted by David, August 12th, 2015 10:08 am under Snapback
One of the established providers of skate apparel, KR3W definitely know what they're up to. They also host one of the most diverse skate teams in the industry. This time, they came up with a new trucker hat, the Mcnett snapback cap. Its mesh and front panels are both in black. On the front is a white printing of a custom Kr3w logo. The sketch-drawn logo brings the nice funky countenance to this headgear. They also used black for the visor of this hat. At the back is a plastic snap closure to keep everything on lock. Go to www.kr3wdenim.com if you want to purchase this $28 hat.


text:
Close Enough Computations
问题描述 :
But carefully reading the label may cause the consumer to notice some inconsistencies. A gram of fat has 9 calories, a gram of carbohydrate has 4 calories, and a gram of protein has 4 calories. Consider the label to the right. A simple computation of the number of calories would indicate that the food should contain 12*9 + 31*4 + 5*4 or 252 calories, but the label indicates it has 250 calories.
While sometimes the difference in calories is due to other circumstances (such as the presence of alcohol or soluble fiber), this problem will consider only the possibility of round-off error. This food actually has 12.1 grams of fat (yielding 108.9 calories), 30.6 grams of carbohydrate (122.4 calories), 4.7 grams of protein (18.8 calories), so it does in fact have 250 calories (actually 250.1 calories).
Write a program that will determine if values for a nutritional label are consistent, that is, if there is a way the true values for the grams of nutrients can be rounded to the shown values and yield the number of calories shown.
You should assume that standard rounding rules apply; that is any value less than 0.5 rounds down and those 0.5 or over round up.
End of input is indicated by a line containing 4 zeroes. This line should not be processed.
End of input is indicated by a line containing 4 zeroes. This line should not be processed.
250 12 31 5 250 13 31 5 122 10 10 0 0 0 0 0
yes no no
#include<iostream> using namespace std; int main() { double a[4]; while(cin>>a[0]>>a[1]>>a[2]>>a[3],(a[0]+a[1]+a[2]+a[3])!=0) { double min=0,max=0; int i; double l[3],r[3]; l[0]=a[1]-0.5; l[1]=a[2]-0.5; l[2]=a[3]-0.5; if(l[0]<0) l[0]=0.0; if(l[1]<0) l[1]=0.0; if(l[2]<0) l[2]=0.0; for(i=0;i<3;i++) { r[i]=a[i+1]+0.499999; } min=l[0]*9+l[1]*4+l[2]*4; max=r[0]*9+r[1]*4+r[2]*4; // cout<<min<<" "<<max<<endl; if(a[0]<=max&&a[0]>=min) cout<<"yes"<<endl; else cout<<"no"<<endl; } return 0; }


text:
Celebrity Food & Wine Show 2014
Who's Going
San Francisco, California
London, United Kingdom
Florence, Italy
Event Details
Do I have to have a PayPal account?
No, once you get on the PayPal site, it allows you to select your own credit card, then follow prompts.
Celebrity Shows begin promptly at 6:30 pm on Sat. and 2:30 pm on Sunday
No children under age 10
Are there ID requirements or an age limit to enter the event?
What are my parking options at the event?
On site, local street parking, lot parking on Franklin Street one block west of the Clinton Inn, lot parking at Our Lady of Mt. Carmel across from Clinton Inn
Where can I contact the organizer with any questions?
Is my registration/ticket transferrable?
Do I have to bring my printed ticket to the event?
Yes, please
What is the refund policy?
Tickets are tax-exempt and are non-refundable
The name on the registration/ticket doesn't match the attendee. Is that okay?
Clinton Inn Hotel & Event Center
145 Dean Drive
Giants of Generosity, Inc. – D. Jane Albanese
Giants of Generosity is a registered 501(C)3 organization based in Cresskill, N.J. whose mission is to provide emergency-relief funding to people experiencing critical, life-altering situations. It provides financial assistance, connections to vital area resources, moral support, and hope for the future.
Giants of Generosity is wholly supported by donations from people like you, corporate sponsorships and grants. Details about its work are at http://www.giantsofgenerosity.org
Doors open at 1:00 pm for Grand Tasting – Celebrity show starts at 3:00 pm.
A Joint Fundraiser in Tenafly


text:
The Nightmare Never Ends DVD
Actors: Cameron Mitchell, Marc Lawrence, Faith Clift, Richard Moll, Maurice Grandmaison
Directors: Gregg C. Tallas, Tom McGowan, Phillip Marshak
Run Time: 94 minutes
DVD ClassiX is a high quality public domain range are produced on professional quality DVD-R discs.Item description has been taken from numerous sources as is believed to be correct. E&OE
Item is a new, unused and sealed in DVD Packaging - Region:0, Will Play in any Country around the World
Artwork is for illustration only and may differ. All Trademarks Acknowledged.


text:
Order now to get it by: Sunday August 06 - Tuesday August 08
This product ships with limited tracking information, and may take longer than usual to be delivered.
Condition: New
Product ID: 263017
Delivery Information |Returns & Exchanges |Payment Methods
The Wanderer is a dependable all around performer with superior protection capabilities made perfect for a large variety
of white water kayaking. The small beak keeps water and sun out of your eyes while offering protection and the unique
low volume neck hugging OCCIGRIP tensioning system makes for a perfect personalized fit. Charge and stay cool with
DIRECT VENTILATION and the patented COOLMAX liner. Please note Ear pads must be purchased separately for the Wanderer.


text:
Here's a rundown of some of the Memorial Day events planned today and Monday in Central Texas:
A Memorial Day ceremony is from 10 to 11:30 a.m. Monday at Central Texas State Veterans Cemetery in Killeen. A memorial slate will be dedicated for Central Texas soldiers who were killed in Afghanistan in 2013. Go to www.avac-centex.org.
VFW Post 9191, at 3307 Zephyr Road, will open its doors at noon Monday for free food and music. There also will be a raffle. Tickets are $1 each or six for $5. Call 254-690-7575.
VFW Post 9192, at 301 Wolf St., will serve brisket, chicken, ribs, hamburgers and hot dogs plus side dishes at 2 p.m. Monday. The event is open to the public and donations are appreciated. Call 254-526-2767.
The MECATX musical ensemble will play patriotic music during a ceremony honoring the Military Fallen Heroes of Killeen at 5 p.m. at American Legion Post 223 Memorial Monument and the Killeen Centennial Monument in Conder Park.
American Legion Post 223 will host a memorial ceremony in honor of our fallen heroes from Killeen and all wards at 5 p.m. Monday at Conder Park in Killeen.
Copperas Cove
Knights of Columbus Council 6658 will hold a memorial for fallen Catholic war veterans at 10:15 a.m. today at Holy Family Church, 1001 Georgetown Road. Roll call is for names submitted. Call 254-547-3735.
Star Group-Veterans Helping Veterans will hold a wreath-laying ceremony at 1 p.m. Monday at the organization's Headquarters, 202 S. Fourth St. All veterans organizations are invited to lay wreaths. To RSVP, call Jonathan Haywood at 254-681-8029.


text:
Each month, Rated People connects over 50,000 homeowners with quality tradesmen - simply enter your job details in the form above to get started.
We'll match your job to the relevant tradesmen in your area - those interested will pay to see your contact details and call you to quote.
As each tradesman expresses interest in quoting on your job, we'll send you their profile and ratings to help you choose the right one for you.
After the work is complete, return to the site and rate your tradesman based on their quality of work, reliability and value for money.
Added 18/04/2016
Tile 1 x floor Approx 75 sq meters using 600x300 tiles. I will supply the tiles
Searching for tradespeople
Added 13/08/2015
Tile 1 x wall, 1 x floor Type of tiles: ceramic tiles Tile kitchen walls and floor.tiles...
Searching for tradespeople
Added 06/07/2015
Tile 1 x wall Small bathroom wall to fully tile. I will supply the tiles Property style:...
Searching for tradespeople
Added 04/03/2014
Tile 4 x walls Existing tiles need to be removed first Small 2bed terraced house bathroom Spalsh...
Searching for tradespeople
Added 30/08/2013
Retiling a damaged bath suround, may require reboarding. Customer is the landlord of this...
Searching for tradespeople
Added 30/07/2013
replace 25 tiles that have come away from wall none broken just want putting back on Customer...
Searching for tradespeople
Sisi Property Ltd came to tile my shower at the drop of hat. First impressions were that they seemed a little slow, it quickly became apparent that they were in fact perfectionists.The end result was genuinely outstanding and I am delighted with their work. True craftsmen.They took their time because they were meticulous; not slow.The job manager was excellent, polite and friendly; and while the tilers were brilliant, I'd suggest John learns 'hello', 'thank you' and how to crack a smile though ;)
I highly recommend these guys first class work and an excellent team. On time as promised and very respectful in all ways.
I rarely leave feedback on these forums, but these guys really deserve it. Our kitchen tiling and painting was done to an excellent standard. Our decorator put dust sheets on everything, taped up areas so nothing was painted that shouldn't have been. He hoovered, and placed everything back that he'd moved at the end of each day. He even sent us photos of progress! Would highly recommend and be happy to ask them to come back in the future. Thank you!
Managing your job is easier with the Rated People Homes App, download it today.


text:
hat were only made for that feminists. One thing is sure replica handbags are private handbags that would ever discuss the change as well as glamour. A lot of Playstation end users have the basic direction and got software system able of bypassing protections to copy video games. Main affiliation is by cable-Car by way of Surlej, That can one away 3,500m in 2 levels and creates a batch for extended, Usually basic red,br>
You may buy shoes and boots for men on-line during Shopatmajorbrands. Trust it or not, Putting on the wrong type of boots could result in extra now simply irritated foot. Its made of a luxurious python skin in a soft beige shade thats ideal spring and its lined in bronze leather. Below the flap youll find 2 zip pockets with logo pulls: Sizes.4.5 h a 6.25 w a 1: 5 dLux marketing.$ 600dollar: 00Lux Sale the prices.$360, 00Better time sensitive! There are a couple left: Pick the LAI Biscut Pouch Python Purse LAMB goes Lux, Adds Aston red LabelApril 7: 2008post compiled by Bag Bliss blogger: JenniferLAMB marches Lux: Adds Aston Black LabelFresh fashionable news, Rocker turned designer label.Gwen Stefani is fostering her designer L.A real.Meters. G, Bag treasures-By adding yet higher. The clutch generally was only seen as an accessory for formal activities. These little handbags have been recreated in getting aniOf one's being published strip. Housekeeping Agencies Gloucester: Outline To pick out Maintaining individuals By: Giriraj | Jun 11th 2012 And when looking for clearing companies, Try out choosing a few insurance quotes prior making final. After all this, Nancy prepared to specific the passion for the trendy mainly because your sweetheart produces the new along with direction setting Kathy Lorrie Zeeland Totes, Kathy Lorrie Zeeland Bags moreover Kathy Lorrie Zeeland Purses.Coach Factory numerous Slowing With- NewsPlus, It requires fake hermes cdc a while with the model to be removed in replica hermes travel wallet the market.Gucci Bags Discount There's a chosen quick and stylish restaurants obtainable. The typical serving replica celine tas size pertaining to rooster soups is certainly 1/2 tumbler.Buy Louis Vuitton Hotel and thus Motel: Long carry on being Countless small-Scale places to stay including hotels,Gucci Purse Sale particularly in less-Trafficked spot practical working go through decent long-Term standard costs,br>
Solitary pilot is a most wanted gadgets hermes replica leather bag at a can easily closet will be wallet. Fusing clear plastic baggage is the one other way for you to get them to right sort of textiles which you can use for many people assemble packages.You can buy a shoulder strap from the company and if thats the case thats a pretty cool feature to have on the bag.This makes such a pretty bag to take with them in the upcoming Fall season. I would personally use this bag all year round. where to buy a hermes birkin replica Its really cute but yet has an edgy be played by it.And that's the plan, Another genius piece by the spectacular Alexander Wang.You can aquire the Alexander Wang Mini hermes replica aaa Golf Bag at Shop Bop for $750 Alexander Wang MorganMove replica hermes bracelet leather over Coco and Rocco, Youre only some of the styles sporting those mind-Boggling studs directly below anymore. If the wasn't enough, The company also takes full accountability for the fake purse sold and extends a 30 day money back option to the buyers so that they've the freedom to return the purse if they replica celine italia belie


text:
What is JotForm?
JotForm is a free online form builder which helps you create online forms without writing a single line of code. No sign-up required.
At JotForm, we want to make sure that you're getting the online form builder help that you need. Our friendly customer support team is available 24/7.
We believe that if one user has a question, there could be more users who may have the same question. This is why many of our support forum threads are public and available to be searched and viewed. If you'd like help immediately, feel free to search for a similar question, or submit your question or concern.
JotForm Support
Not quite sure if I understand your concern correctly.
When you say "opt in", are you referring to sending specific email notifications based on a tick box?
If that's the case, it is possible using the Conditional logic, you can check this guide on how to send notifications based on user inputs: http://www.jotform.com/help/167-How-to-send-to-a-specific-email-address-based-on-a-selection
Let us know if I misunderstood your concern.


text:
Singapore Shops & Businesses Health & Beauty Spa & Massage Spa & Health Clubs Heart Springs Spa
(No Rating Yet)
Heart Springs Spa Hot
6481 9850/6481 9860 Website 2303 5 0
#05-15/16 Tampines 1 10 Tampines Central 1 s529 536
Write Review
Listing created by kremekitten on September 30, 2012
luxurious yet affordable spa with themed ambience to whisk our customers away to their oasis away from the hustles and bustles of modern life.
User reviews
Already have an account? Log in now or Create an account
User Ratings Summary
There are no user reviews for this listing.


text:
WA were bowled out for 148 on Thursday after making 137 in their first innings in reply to the home team's 419.
NSW owed their victory to a 10th wicket partnership of 219 between Dominic Thornely and Stuart MacGill, with man-of-the-match Thornely posting an unbeaten 261.
After that NSW's pace bowlers were consistently too good for the visiting batsmen.
Only former Zimbabwean Test batsman Murray Goodwin, with a half-century in each innings, offered any resistance.
Stuart Clark claimed 3-20, Matthew Nicholson 3-41 and Test leg-spinner MacGill 3-52.
At Sydney (day three): New South Wales 419 (D. Thornely 261 not out, B. Haddin 45; B. Casson 3-88) beat Western Australia 137 (M. Goodwin 55, R. Campbell 28; S. Clark 4-24, M. Nicholson 3-18) and 148 (M. Goodwin 58, B. Hogg 22; S. Clark 3-20, M. Nicholson 3-41, S. MacGill 3-52) by an innings and 134 runs.


text:
We're sorry. The information you have requested is temporarily unavailable.
This product has not yet been reviewed.
Dee Zee Tailgate Assist - DZ 43501
Part Discontinued
This part has been discontinued by Dee Zee . We apologize for the inconvenience.View all options for this product
Have a Question?
Have a Question? Ask a product expert! (800) 874-8888 Live Chat


text:
A nebulizer uses a suspension of fine vaporized liquid droplets--otherwise known as aerosol--to administer fluids, oxygen and liquid medication directly to the respiratory system. Just as in humans, dogs and other animals, nebulizer treatments in cats are used to treat chronic asthma, pneumonia and any other condition which requires direct application of medicine to the lungs and airways.
Nebulizer designs fall into one of two broad categories: models with masks and enclosed, misting models. The former is more direct but also more invasive, while the latter is easier but takes more time. Because dosage is difficult to determine, it is recommended that the administration of medicine via nebulizers be performed by a professional, though home units used to treat chronic conditions can be used by non-professionals. Moreover, pre-measured medications can also be administered at home on a regular basis.
Nebuilizers are primarily used to decongest mucous in cases of pneumonia and chronic asthma. They are often used to administer steroids, antibiotics and other medications. Some animals prefer one style of nebulizer to another, and may be more relaxed during treatment if such accommodations are made. In alternative medicine, they are also used to administer herbal treatments with substances such as tea tree oil and eucalyptus oil. Due to their versatility, they can be used administer a wide range of medications and treat a wide range of conditions.
While useful for helping regulate an animal's hydration levels, nebulizers have minimal effect on dehydrated animals.
Always consult a veterinarian before administering any new medication via a nebulizer at home. In particular, the prolonged use of steroids and antibiotics is not recommended. While quite easy to use, it's best to receive instructions on how to use a nebulizer at home from a trained professional.
Related Searches
You May Also Like
Albuterol Nebulizer Treatments
Albuterol is a medication often given to treat of lung conditions in children and adults. It may help relieve symptoms, such as...
Nebulizers for Dogs
Nebulizers administer aqueous solutions and oxygen directly into the respiratory system. While most common in asthma treatment, they can also be used...
How Often Can a Nebulizer Be Used?
The nebulizer is a medical device that helps to treat symptoms of airway disease. Sometimes, patients are unable to use a metered-dose...
Albuterol for Cats
Albuterol is the generic name for medications such as Proventil, Ventolin or Volmax. This medication is used to treat conditions in cats...
How to Build a Nebulizer for Sick Cats & Dogs
Nebulizers are an effective way to deliver medication to your pets and other animals, especially those with respiratory problems, as they aid...
How to Purchase Emergency Oxygen Masks for Pets
If you consider your pet to be a member of the family, you aren't alone. Pets are beloved companions and friends, which...
Nebulizer Alternatives
A nebulizer is a machine that converts liquid medicine into a mist that can be easily inhaled into the lungs. Nebulizers are...
Treatment for Nasal & Throat Congestion in Cats
Treatment for nasal and throat congestion in cats should be defined by your veterinarian and then the proper treatment should be given...