National Press Club to Host Media Briefing on 401k Survey
WASHINGTON, DC, December 29, 2009 -- Three mutual fund industry leaders will release new research showing how 401k participants are behaving and faring one year after the market calamity of 2008 and outline ways to improve the nation's retirement system at a National Press Club Newsmakers press conference at 10 a.m. on Friday, Jan. 8, in the Broadcast Operations Center, Suite 480 (4th floor), National Press Building, 529 14th St., N.W., Washington, D.C.
President Paul Stevens, Vanguard Group Chairman Jack Brennan, and Ariel Investments President Mellody Hobson will discuss the survey and propose ways to modify the 401k system -- including target retirement date funds -- to better fulfill its promise and to expand retirement savings opportunities for more Americans.
While Stevens unveils new household survey data on investor sentiment, Brennan will discuss his firm's data showing 401k investor account activity, as well as the policy discussion around 401ks. Hobson does extensive work to provide investor education and investment opportunities to minorities and will discuss her company's efforts to increase the reach of retirement savings programs.
Balances in 401k and other defined contribution accounts fell by 27 percent in 2008. During that time, American workers still supported their 401k plans and stayed the course -- and those who did so are now being rewarded, according to ICI. With ongoing contributions and the market's recovery, the average 401k account balance was up 13 percent through the end of the third quarter in 2009.
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