Lu Timothy Jun, Mitchell Olivia S, Utkus Stephen P, Young Jean A
Peking University - HSBC Business School Room 725; Peking University Campus, University City, Shenzhen 518055.
The Wharton School, University of Pennsylvania; 3620 Locust Walk, 3000 SH-DH, Philadelphia, PA 19104.
Natl Tax J. 2017 Mar;70(1):77-110. doi: 10.17310/ntj.2017.1.03.
Most employers permit 401(k) plan participants to borrow from their retirement plan assets. Using an administrative dataset tracking over 800 plans for five years, we show that 20 percent of workers borrow at any given time, and almost 40 percent borrow at some point over five years. Also, workers borrow more when a plan permits multiple loans. Ninety percent of loans are repaid, but 86 percent of workers changing jobs with a loan default on the outstanding balance. We estimate that $5 billion per year in defaulted plan loans generate federal revenues of $1 billion annually, more than previously thought.
大多数雇主允许401(k)计划参与者从其退休计划资产中借款。利用一个跟踪800多个计划长达五年的行政数据集，我们发现，在任何给定时间，有20%的员工会借款，而在五年内，近40%的员工会在某个时间点借款。此外，当一个计划允许多次贷款时，员工会借更多的钱。90%的贷款会得到偿还，但86%有未偿还贷款的换工作员工会拖欠未偿余额。我们估计，每年有50亿美元的计划贷款违约，会为联邦政府带来每年10亿美元的收入，这比之前预想的要多。
