Target-date funds in corporate retirement plans grew from $5 billion in 2000 to $734 billion in 2018, partly because federal regulation sanctioned these as default investments in automatic enrollment plans. We show that adopters delegated pension investment decisions to fund managers selected by plan sponsors. Inclusion of these funds in retirement saving menus raised equity shares, boosted bond exposures, curtailed cash/company stock holdings, and reduced idiosyncratic risk. The adoption of low-cost target-date funds may enhance retirement wealth by as much as 50% over a 30-year horizon.

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401(k) 计划中的目标日期基金和投资组合选择

企业退休计划中的目标日期基金从 2000 年的 50 亿美元增长到 2018 年的 7340 亿美元，部分原因是联邦法规将这些作为自动注册计划的默认投资予以批准。我们表明，采用者将养老金投资决策委托给计划发起人选择的基金经理。将这些基金纳入退休储蓄菜单可以提高股票、增加债券敞口、减少现金/公司股票持有量并降低特殊风险。采用低成本的目标日期基金可能会在 30 年内将退休财富增加多达 50%。