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T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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Retirement Insights

401(k) Plan Participants Report More Confidence

People who participate in 401(k) plans are 16% more likely to be confident about their retirement.

Key findings:

  • People who participate in 401(k) plans are more confident about their financial futures than those who don’t participate or don’t have access to a plan—regardless of income or assets.
  • Low-income households save more if they participate in a retirement plan.
  • People who choose not to participate in workplace savings plans struggle more financially than those who don’t have access to workplace savings plans.

“Among those making $25,000 or less, 401(k) participants saved 10 times more on average than peers without access to a plan and 20 times more than those who have access to a 401(k) but choose not to participate.”

 -- Sudipto Banerjee, Ph.D. Senior Manager, Thought Leadership

Plan participation leads to greater retirement confidence

Our research found that people who participate in a 401(k) plan are 16% more likely to be confident about their retirement than those who don’t participate (even though they are eligible) or don’t have access.1

1Based on results from an ordered logistic regression where level of confidence around retirement was regressed on plan participation, household income, investible household assets, age, gender, marital status, education, and race. Responses to “How confident are you about retirement?” on a scale of 1 (not at all) to 10 (very): 1 to 6 for non-confident, 7 to 10 for confident.

The Kim and Emily example shows that the effect of plan participation on confidence is only slightly less than having $300,000 more in assets.

Participants benefit from years of saving and healthy financial habits

Retirement plans play a pivotal role in setting a savings foundation in place. Even low-income participants are able to accumulate more savings than their non-saving peers (people who are eligible but don’t participate or those without plan access).

We looked at participants, eligible nonparticipants, and those without plan access who are within the same income range and examined their savings behavior.

401(k)s facilitate higher savings, even among low-income households

Even low-income participants accumulate substantially greater savings than their non-saving peers. Among those making $25,000 or less, 401(k) plan participants saved 10 times more on average than peers without access to a plan and 20 times more than those who have access to a 401(k) plan but choose not to participate.

Eligible nonparticipants have more financial concerns about retirement

Individuals who were eligible for but not saving in a retirement plan reported more financial concerns about retirement, saying that they were worried about running out of money, needing to reduce their standard of living, and having to work at least part-time in retirement.

About Our Study

The Retirement Saving and Spending Study was conducted by NMG Consulting and included a sample of 3,016 retirement plan participants, 250 eligible non-plan participants, and 603 individuals without access to workplace savings plans. The survey was conducted online from June 13–25, 2019.