401（k）2023年计划资产配置、账户余额和贷款活动（pdf）

401(k) Plan Asset Allocation, AccountBalances,andLoanActivity in 2023 Key Findings »401(k) plans draw many young and newly hired workers into saving for retirement.At year-end 2023, 41% of401(k) plan participants were in their twenties or thirties, and 23% were in their forties. Nearly half of 401(k)plan participants had five years of tenure or less at their current employer, including just over one-quarter whohad two years of tenure or less. »More 401(k) plan participants held equities in 2023 than in 2007, before the onset of the Global FinancialCrisis.At year-end 2023, 97% of participants held some portion of their assets in equities—through equityfunds, the equity portion of balanced funds, and company stock. This compares with 87% of participants atyear-end 2007. »Compared with 401(k) plan participants in 2007, participants in 2023 obtained a higher share of their equityexposure through balanced funds, such as target date funds, and a lower share through equity funds andcompany stock.At year end 2023, 71% of participants held target date funds, with those funds accountingfor 42% of assets. This compares with 26% of participants and 8% of assets in 2007. Also known aslifecycle funds, these funds are designed to offer a diversified portfolio that automatically rebalances tobe more focused on income over time. »On average, younger 401(k) plan participants allocate a higher share of their assets to equities than olderparticipants.At year-end 2023, 75% of the assets in the EBRI/ICI 401(k) database were invested in equitysecurities. That equity share varies by participant age, however, from 90% of the assets of participants in theirtwenties to 61% of the assets of participants in their sixties. »401(k) plan loans are widely available but rarely taken.At year-end 2023, 77% of 401(k) plan participants werein plans allowing loans, but only 15% of participants who were eligible for loans had loans outstanding againsttheir 401(k) plan accounts. For those participants with loans, outstanding amounts were 9% of participants’remaining account balance, on average, at year-end 2023. »401(k) plan account balances tend to increase with participant age and tenure.Controlling for participantage, average account balances increase with the amount of tenure a worker has at their job and, controllingfor tenure, average account balances generally increase with participant age. For example, at year-end 2023,participants in their forties with two years or less of tenure had an average 401(k) plan account balance ofabout $24,000, compared with an average 401(k) plan account balance of nearly $400,000 among participantsin their fifties with more than 30 years of tenure. Table of Contents 1Introduction2401(k) Plans Draw Many Younger Workers and New Hires Into Retirement Saving4401(k) Participants’ Account Balances Tend To Rise With Participant Age and Tenure6401(k) Participants Allocate a Large Share of Assets to Equities11401(k) Plan Loans Are Widely Available but Rarely Taken13Appendix: EBRI/ICI 401(k) Database15Notes17References Peter Brady, ICI Senior Economic Adviser; Steven Bass, ICI Assistant Director, Retirement Research; and Craig Copeland,EBRI Director of Wealth Benefits Research, prepared this report. Suggested citation: Brady, Peter, Steven Bass, and Craig Copeland. 2026. “401(k) Plan Asset Allocation, Account Balances,and Loan Activity in 2023.”ICI Research Perspective32, no. 2 (April). Available atwww.ici.org/files/2026/per32-02.pdf. Thanks to Adam Bensimhon, EBRI Data Compliance and IT Director, and Kyle Bedu, EBRI Research Associate, for datatabulations. This paper is an annual update to EBRI and ICI’s ongoing research into 401(k) plan participants’ activity.The previous update was “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2022,” published in April2024. The entire series of research updates is available atwww.ici.org/Research/Defined-Contribution-Plans/401ks/EBRIICI401kInvestorDatabase. For all of the figures in this report, components may not add to the totals presented because of rounding. Appendix figuresare available atwww.ici.org/files/2026/per32-02-data.xlsx. Introduction Over the past four decades, 401(k) plans have become the most widespread private-sector employer-sponsoredretirement plan in the United States.1In 2023, an estimated 68 million American workers were active 401(k) planparticipants.2At year-end 2023, 401(k) plan assets were $7.9 trillion, representing one-fifth of all retirement assets.3 In an ongoing collaborative effort, the Employee Benefit Research Institute (EBRI)4and the Investment CompanyInstitute (ICI)5collect annual data on millions of 401(k) plan participants and analyze how these participants managetheir 401(k) plan accounts. This report is an update of EBRI and ICI’s ongoing research through year-end 2023.6 This project is unique because it includes data provided by a wide variety of plan recordkeepers andtherefore represents the activity