NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Availability and Utilization of 401(k) Loans

John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian

Chapter in NBER book Investigations in the Economics of Aging (2012), David A. Wise, editor (p. 145 - 172)
Conference held May 5-8, 2011
Published in June 2012 by University of Chicago Press
© 2012 by the National Bureau of Economic Research
in NBER Book Series - The Economics of Aging

---- Acknowledgements -----

The research reported in this paper was supported by a grant from the U.S. Social Security Administration (SSA), administered by the Retirement Research Consortium (RRC). Additional financial support from the National Institute on Aging (grants R01-AG021650 and T32-AG00186) is gratefully acknowledged. The findings and conclusions expressed are solely those of the authors and do not represent the views of SSA, the NIA, any other agency of the Federal Government, the NBER, or the RRC. See the authors' websites for a list of their outside activities. We thank Gopi Shah Goda for useful comments on the paper. We also thank Aon Hewitt for providing data and insights into 401(k) loans from the perspective of a plan administrator. We are particularly grateful to Pam Hess, Yan Xu, and Kirsten Bradford for their feedback. We are also indebted to Yeguang Chi, Eric Zwick, Anna Blank, Patrick Turley, John Klopfer, Jung Sakong, Gwendolyn Reynolds, and Chelsea Zhang for their research assistance.

---- Disclosure of Financial Relationships for John Beshears -----

I have no further disclosures.

---- Disclosure of Financial Relationships for James J. Choi -----

Disclosure of outside activities:

I have received honoraria from the following non-academic organizations:

2012: Pensions & Investments

2011: iOMe Challenge

2010: State Street, iOMe Challenge

2006: Ibbotson Associates, American Council for Capital Formation

---- Disclosure of Financial Relationships for David Laibson -----

I have received honoraria for speaking about my academic research at the following private and government organizations:

2011: ANZ, Blackrock, Express Scripts*** (member Scientific Advisory Board), Morningstar

2010: Blackrock, Express Scripts** (member Scientific Advisory Board), Financial Advisers to U.S. Armed Forces Service Members, Financial Planning Association, Merrill Lynch, MetLife, North American Securities Administrators Association (investor protection association comprised of state securities regulators), Pioneer*

2009: AARP, Barclays Global Investors, Express Scripts (member Scientific Advisory Board), Fidelity, Mackenzie, MassMutual, Pioneer*

2008: American Institute of Certified Public Accountants, Alliance Bernstein, Barclays Global Investors, Express Scripts (Scientific Advisory Board), Financial Advisers to U.S. Armed Forces Service Members, MetLife, Pioneer*

2007: AARP, Barclays Global Investors, BP, Citigroup, European Commission, Fidelity, Pioneer*

*Keybridge Research arranged my talks at Pioneer.

**All payments donated to charitable organizations.

***All payments donated directly by Express Scripts to charitable organizations.

---- Disclosure of Financial Relationships for Brigitte C. Madrian -----

Outside Professional Activities For Brigitte Madrian:

In addition to my position as a faculty member at Harvard, I am occasionally compensated for my participation in outside activities, such as speaking, reviewing, writing/editing articles or reports, consulting, and serving on panels/advisory boards.

In the past few years, I have received compensation in excess of $500 from the following organizations:

2012

National Bureau of Economic Research, State Street Global Advisors, PIMCO, American Bankers Association, The World Bank, Dartmouth College, University of Wisconsin

2011

National Bureau of Economic Research, Social Security Advisory Board, Brigham Young University, The World Bank, TIAA-CREF, State Street Global Advisors

2010

National Bureau of Economic Research, Social Security Advisory Board, Mathematica Policy Research, Columbia University, American Economic Association, University of Washington, Brookings Institution Press, Harding House Publishers, University of Wisconsin, Diversified Investment Advisors, Brigham Young University, National Institutes of Health

2009

National Bureau of Economic Research, Fidelity Investments, Prudential, Wellesley College, University of Michigan, University of Wisconsin, Georgia State University, Professional Insurance Marketing Association, National Institutes of Health

2008

National Bureau of Economic Research, Fidelity Investments, Alliance Bernstein, University of Wisconsin, Austrian National Bank, Institute for Quantitative Research in Finance, Behavioral Finance Forum, Netspar,

2007

National Bureau of Economic Research, Fidelity Investments, Callan Associates, TIAA-CREF, University of Wisconsin, Brigham Young University, University of Michigan, National Institutes of Health

My affiliations with other organizations are listed on my CV which can be accessed from my Harvard Kennedy School web page: http://www.hks.harvard.edu/about/faculty-staff-directory/brigitte-madrian

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