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BORROWING FROM THE FUTURE? 401(K) PLAN LOANS AND LOAN DEFAULTS.

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  • 1Peking University - HSBC Business School Room 725; Peking University Campus, University City, Shenzhen 518055.

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Summary

Many workers borrow from their 401(k) retirement plans, especially when multiple loans are allowed. Job changes often lead to loan defaults, generating significant federal revenue from unpaid balances.

Keywords:
D04D09D14H24J32buffer-stockconsumptionhousehold debtloan defaultretirement plan loanretirement wealth

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Area of Science:

  • Retirement Planning
  • Personal Finance
  • Labor Economics

Background:

  • Employer-sponsored 401(k) plans are a primary retirement savings vehicle for many workers.
  • Plan loans are a common feature, allowing participants to access retirement funds before retirement age.

Purpose of the Study:

  • To analyze the prevalence and patterns of 401(k) plan borrowing.
  • To investigate the impact of loan policies on borrowing behavior.
  • To quantify the financial consequences of loan defaults, particularly upon job separation.

Main Methods:

  • Utilized a longitudinal administrative dataset covering over 800 401(k) plans.
  • Tracked participant borrowing and repayment behavior over a five-year period.
  • Analyzed loan default rates in relation to employment changes.

Main Results:

  • Approximately 20% of workers borrow from their 401(k) at any given time, with nearly 40% borrowing over five years.
  • The availability of multiple loan options increases borrowing frequency.
  • While 90% of loans are repaid, 86% of workers who change jobs with an outstanding loan default.

Conclusions:

  • 401(k) loan policies significantly influence participant borrowing.
  • Job mobility presents a substantial risk for loan default, impacting retirement savings.
  • Defaulted 401(k) loans generate an estimated $1 billion annually in federal revenue, a figure higher than previously estimated.