1998. Results are expressed in 1983 dollars.
1. Bureau of the Census, Historical Statistics of the
United States, Colonial Times to 1970, Bicentennial
17. Bureau of the Census, "No. 703. Employee
Edition, Part 2, 1975, p. 142.
Benefits in Medium and Large Firms: 1995" and
"No. 704. Employee Benefits in Small Firms:
2. Mildred Strunk and Hadley Cantril, eds., Public
1996," The Official Statistics, Statistical Abstract of
Opinion, 1935-1946, (Princeton, N.J.: Princeton
the United States, 1998.
University Press, 1951), p. 337.
18. Employee Benefit Research Institute, "The
3. Ibid.
Reality of Retirement Today: Lessons in Planning
4. Bureau of the Census, Historical Statistics of the
for Tomorrow," Issue Brief 181, January 1997.
United States.
19. U.S. Department of Labor, Pension and
Welfare Benefits Administration, Private Pension
5. "Survey of Financial Characteristics of
Plan Bulletin (Spring 1998). The net final 1998
Consumers," Federal Reserve Bulletin, March 1964.
total DC plan assets were estimated by the PSCA.
6. Robert B. Avery, Gregory E. Elliehausen, Glenn
B. Canner, and Thomas A. Gustafson, "Survey of
20. U.S. Department of Labor, Pension and
Consumer Finances, 1983," Federal Reserve Bulletin,
Welfare Benefits Administration, Private Pension
September 1984.
Plan Bulletin (Spring 1998). The 1997 401(k)
asset estimate is from the PSCA.
7. Bureau of the Census, "No. 842. Stock
21. Poterba, p. 21.
Ownership, by Age of Head of Family and Family
Income: 1989 to 1995," The Official Statistics,
22. U.S. Department of Labor, Pension and Welfare
Statistical Abstract of the United States, 1998.
Benefits Administration, Private Pension Plan
8. James Poterba, "Shareownership 1998," New
Bulletin (Spring 1998). The 1998 estimate of active
York Stock Exchange, 1998.
401(k) participants was provided by the PSCA.
23. James M. Poterba, Steven F. Venti, and David
9. Ibid.
A. Wise, "Do 401(k) Contributions Crowd Out
10. Arthur B. Kennickell, Martha Starr-McCluer,
Other Personal Saving?" Journal of Public
and Annika E. Sunden; "Family Finances in the
Economics 58 (1995): 132.
U. S. : Recent Evidence from the Survey of Con-
sumer Finances," Federal Reserve Bulletin, January
24. National Center for Employee Stock Owner-
1997.
ship, "New Study Reveals That Nonman-agement
Employees Are Developing Significant Wealth
11. Bureau of the Census, "No. 483. Voting Age
Through Stock Options," September 21, 1998.
Population," The Official Statistics, Statistical Abstract
25. Profit Sharing/ 401(k) Council of America,
of the United States, 1998.
"Company Stock in Defined Contribution Plans."
12. Poterba.
26. The National Center for Employee Stock
13. Poll conducted by Rasmussen Research,
Ownership, "ESOPs, Stock Options, and 401(k)
January 20 through January 24, 1999.
Plans Now Control 8.3 Percent of Corporate
Equity," August 1997.
14. Investment Company Institute, "401(k) Plans:
How Plan Sponsors See the Marketplace," Winter
27. Bureau of the Census, "No. 845. Individual
1995.
Retirement Accounts (IRA) Plans--Value, by Type
of Holder: 1985 to 1996," The Official Statistics,
15. Cited in Profit Sharing/ 401(k) Council of
Statistical Abstract of the United States, 1998. The
America, "Defined-Contribution vs. Defined
1998 figure was derived from the Mutual Fund Fact
Benefit Plan," 1998; and "Helping Americans to
Book, Investment Company Institute, Washing-
Help Themselves: The Role of Profit Sharing/
ton, D.C.
401(k) Plans in the Retirement-Income Security
Framework," April 1998.
28. Peter D. Hart Research Associates, "A
National Survey among Stock Investors," con-
16. Andrew A. Samwick and Jonathan Skinner,
ducted for the Nasdaq Stock Market, January
"How Will Defined Contribution Pension Plans
1118, 1997.
Affect Retirement Income?" National Bureau of
Economic Research Working Paper no. 6645, July
29. Strunk and Cantril, p. 377.
25