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Portfolio Delegation and 401(k) Plan Participant Responses to COVID-19
National Bureau of Economic Research [NBER] June 29, 2020 "[The authors] analyze the behavior of 401(k) plan participants during the first quarter of 2020, when COVID-19 generated historic volatility, large negative returns, and significant unemployment. Only 2.1% of participants invested in TDFs made any changes to their portfolios, with even lower rates of change among those defaulted into robo-advised managed accounts, suggesting that delegation can decrease the likelihood of portfolio mistakes by less sophisticated participants." |
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