Operating Profit Sharing Plans," 1998.
30. Kennickell, Starr-McCluer, and Sunden,
"Family Finances in the U. S.: Recent Evidence
46. David L. Wray, "Two Hundred Years of Profit
from the Survey of Consumer Finances." The
Sharing: From Albert Gallatin to 401(k)," PSCA
median income of shareholders fell from $52,000
President's Page, March/April 1998, Web site:
to $50,000, the mean income from $79,300 to
www.psca.org/pressmar.html
$72,900.
47. Peter D. Hart Research Associates.
31. Poterba, p. 17.
48. Investment Company Institute, "Mutual
32. Investment Company Institute, "Household
Fund Shareholders: The People behind the
Age and Mutual Fund Ownership," Fundamen-
Growth," Spring 1996.
tals, Vol. 7, No. 1, February 1998.
49. Poll conducted by Rasmussen Research,
33. Strunk and Cantril, p. 377.
January 20 through January 24, 1999.
34. James M. Poterba and David A. Wise,
50. Investment Company Institute, "Mutual Fund
"Individual Financial Decisions in Retirement
Shareholders: The People behind the Growth."
Saving Plans and the Provision of Resources for
Retirement," in Privatizing Social Security, ed.
51. Poterba.
Martin Feldstein (Chicago: University of Chicago
Press, 1998), Chap. 9.
52. Profit Sharing/401(k) Council of America,
"Helping Americans to Help Themselves: A
35. Investment Company Institute, "401(k) Plans:
Framework for Financial Security in Retirement,"
How Plan Sponsors See the Marketplace."
April 1998.
36. Profit Sharing/401(k) Council of America,
53. Employee Benefit Research Institute, "Workers
"Overview of Survey Results, 41st Annual Survey
Save for Retirement: 410(k)s and IRAs," 1997.
of Profit Sharing and 401(k) Plans," 1997.
54. Profit Sharing/401(k) Council of America,
37. Ibid.
"Despite Dow, Plenty to Celebrate on 401(k)
Day," September 3, 1998.
38. Profit Sharing/401(k) Council of America,
"New PSCA Study Sheds Light on Profit
55. Peter D. Hart Research Associates.
Sharing and 401(k) Eligibility Practices,"
December 28, 1998. PSCA president David
56. Profit Sharing/401(k) Council of America
Wray remarks, "It is likely that the trend toward
(PSCA), "Expressions of Opinion of Employers
immediate 401(k) eligibility will continue, espe-
Operating Profit Sharing Plans," 1998.
cially now that a legislative change removing the
last regulatory impediment to this approach
57. Ibid.
becomes effective January 1, 1999."
58. Ibid.
39. National Center for Employee Stock
Ownership, Employee Stock Option Fact Sheet,
59. Ibid.
1997, on http://www.nceo.org.
60. All research citations in this section are from
40. Investment Company Institute, "Understand-
Profit Sharing/401(k) Council of America,
ing Shareholders' Use of Information and
"Helping Americans to Help Themselves."
Advisors," Spring 1997.
61. Martin L. Weitzman, The Share Economy:
41. Ibid.
Conquering Stagflation (Cambridge, Mass.: Harvard
University Press, 1984).
42. Ibid.
62. Douglas L. Kruse, "Profit Sharing and
43. Peter D. Hart Research Associates.
Employment Variability: Microeconomic Evi-dence
on the Weitzman Theory," Industrial and Labor
44. Investment Company Institute, "How Mutual
Relations Review 44, no. 3 (April 1991): 43753.
Funds Use the Internet," Fundamentals, Vol. 6, No.
1, 1997.
63. "Expressions of Opinion of Employers
Operating Profit sharing Plans," Senate Finance
45. Profit Sharing/401(k) Council of America
Committee, 1939.
(PSCA), "Expressions of Opinion of Employers
26