Management Science · 2026 · Veronika K. Pool、Clemens Sialm、Irina Stefanescu
中文摘要
确定缴费型(DC)养老金计划中的账户管理人通常以菜单上第三方基金收益分享的形式间接获得报酬。我们表明,这些安排会影响 401(k) 计划的投资菜单。收益分享基金更可能被加入菜单,同时更不容易被剔除。总体而言,收益分享计划的成本更高,因为较高的费用率并未被更低的直接费用或更优的业绩所抵消。返款随账户管理人市场势力的增强而增加,这表明第三方基金可能通过分享收益来获取退休资产。本文由金融领域编辑 Camelia Kuhnen 接受。资助:本文所报告的研究系根据 TIAA-CREF 研究院通过宾夕法尼亚大学沃顿商学院养老金研究委员会/博特纳中心(PRC)提供的资助完成。补充材料:网络附录与数据文件可在 https://doi.org/10.1287/mnsc.2023.01560 获取。
Abstract
Recordkeepers in defined contribution (DC) pension plans are often paid indirectly in the form of revenue sharing from third-party funds on the menu. We show that these arrangements affect the investment menu of 401(k) plans. Revenue-sharing funds are more likely to be added to the menu and are less likely to be deleted. Overall, revenue-sharing plans are more expensive, as higher expense ratios are not offset by lower direct fees or by superior performance. Rebates increase with the market power of the recordkeeper, suggesting that third-party funds may share revenues to gain access to retirement assets. This paper was accepted by Camelia Kuhnen, finance. Funding: The research reported herein was performed pursuant to a grant from the TIAA-CREF Institute through the Pension Research Council/Boettner Center (PRC) of the Wharton School of the University of Pennsylvania. Supplemental Material: The internet appendix and data files are available at https://doi.org/10.1287/mnsc.2023.01560 .