NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Who Uses the Roth 401(k), and How Do They Use It?

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

Chapter in NBER book Discoveries in the Economics of Aging (2014), David A. Wise, editor (p. 411 - 440)
Conference held May 9-11, 2013
Published in June 2014 by University of Chicago Press
© 2014 by the National Bureau of Economic Research
in NBER Book Series - The Economics of Aging

---- Acknowledgements -----

We thank Jim Poterba for insightful comments and Luca Maini, Brendan Price, and Michael Puempel for excellent research assistance. We acknowledge financial support from the National Institute on Aging (grants R01-AG021650 and P01AG005842)and the Social Security Administration(grant FLR09010202-02 through RAND’s Financial Literacy Center and grant #5 RRC08098400-04-00 to the National Bureau of Economic Research as part of the SSA

Retirement Research Consortium). The opinions and conclusions expressed are solely those of the authors and do not represent the opinions or policy of NIA, SSA, any agency of the Federal Government, or the NBER. The authors have, at various times in the last three years, been compensated to present academic research at events hosted by financial institutions that administer retirement savings plans. See the authors’ websites for a complete list of outside

activities.

---- 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:

2013: Bank of America, Blackrock, Principal Financial Group, Pensions & Investments, SAGE, Singapore Civil Service College

2012: Bank of America, Blackrock, Callan, Danish Government, Fidelity, Humana****

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.

****All payments donated directly by Humana 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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