24 pages. Excerpt from executive summary: 'The average account balance among participants who consistently held accounts since 1999 increased 29.1 percent in 2003 and 17.1 percent altogether since 1999. While average account balances increased in 2003 across all participant age and tenure groups, balances for some older participants had not yet recovered from the impact of the three-year bear market in equities.' Executive summary is at http://www.ebri.org/ibex/ib272.htm