These plans free employers from the

这些计划使雇主摆脱了投资表现不如预期的风险。他们将明智投资的责任完全放在每位员工的肩膀上。定义缴款计划也更易于管理。雇主无需根据年龄和服务来计算付款，也不需要向PBGC付款。考虑到对雇主的好处，退休计划中越来越多的是固定缴款计划也就不足为奇了。自1980年代以来，参加设定受益计划的员工比例一直在稳步下降，而参加设定缴款计划的员工比例却在上升。<br>到2015年，只有24％的雇员参加了设定受益计划，而参加定额供款计划的雇员为39％（57％可以使用这种计划，而28％的雇员可以使用设定的福利计划）。<br><br>当退休计划使个别员工负责投资决策时，员工需要有关退休计划的信息。退休储蓄计划通常使员工可以更好地控制投资时间和投资额的决策。许多员工不明白在职业生涯的早期就开始储蓄的重要性。如图14.5所示，在21岁至29岁之间每年投资3,000美元（每月250美元）的雇员在65岁时的收入将比在31至39岁之间投资相同金额的雇员多得多。另一个重要的教训是投资多元化。根据之间的投资表现<br>1928年和2015年，股票平均每年赚9.50％，债券赚4.96％，低风险（现金）投资赚不到4％。但是，在任何一年中，这些类型的投资中的一种都可能胜过另一种。在股票和债券类别中，对多种公司进行投资非常重要。如果有一家公司根据其年龄和投资需求在股票，债券和储蓄账户中进行投资多元化的基本准则。22为了帮助员工应对此类风险，一些组织将财务计划作为一项单独的福利提供，则可以选择进行专业投资401（k）计划中的资金，或将资金定向到称为目标日期基金（TDF）的默认投资中，这些默认投资旨在满足员工在不同生命阶段的需求。

These plans free employers from the risks that investments will not perform as well as expected. They put the responsibility for wise investing squarely on the shoulders of each employee. A defined-contribution plan is also easier to administer. The employer need not calculate payments based on age and service, and payments to the PBGC are not required. Considering the advantages to employers, it is not surprising that a growing share of retirement plans are defined-contribution plans. Since the 1980s, the share of employees participating in defined-benefit plans has been steadily falling, and the share participating in defined-contribution plans has risen.<br>By 2015, just 24% of employees participated in a defined benefit plan, compared with 39% participating in defined contribution plans (57% had access to such a plan, versus 28% with access to a defined-benefit plan).<br><br>When retirement plans make individual employees responsible for investment decisions, the employees need information about retirement planning. Retirement savings plans often give employees much control over decisions about when and how much to invest. Many employees do not appreciate the importance of beginning to save early in their careers. As Figure 14.5 shows, an employee who invests $3,000 a year ($250 a month) between the ages of 21 and 29 will have far more at age 65 than an employee who invests the same amount between ages 31 and 39. Another important lesson is to diversify investments. Based on investment performance between<br>1928 and 2015, stocks earned an average of 9.50% per year, bonds earned 4.96%, and low-risk (cash) investments earned less than 4%. But in any given year, one of these types of investments might outperform the other. And within the categories of stocks and bonds, it is important to invest in a wide variety of companies. If one company basic guidelines for diversifying investments among stocks, bonds, and savings accounts according to their age and investment needs.22 To help employees handle such risks, some organizations provide financial planning as a separate benefit, offer an option to have a professional invest the funds in a 401(k) plan, or direct funds into default investments called target date funds (TDFs), which are geared toward the needs of employees at different life stages. See the “Best Practices” box for an example of a company’s efforts to help employees realize the value of its retirement benefits.

这些计划使雇主免受投资表现不如预期的风险。他们把明智投资的责任完全推到每个员工的肩上。固定缴款计划也更容易管理。雇主无需根据年龄和服务计算付款，也无需向PBGC付款。考虑到对雇主的好处，越来越多的退休计划是固定缴款计划也就不足为奇了。20世纪80年代以来，职工参与设定受益计划的比例稳步下降，参与设定受益计划的比例上升。<br>到2015年，只有24%的员工参与了固定福利计划，而39%的员工参与了固定缴款计划（57%的员工有权使用该计划，而28%的员工有权使用固定福利计划）。<br>当退休计划使员工个人负责投资决策时，员工需要有关退休计划的信息。退休储蓄计划通常让员工对何时投资以及投资多少有很大的控制权。许多员工不理解在职业生涯早期开始储蓄的重要性。如图14.5所示，在21岁至29岁之间每年投资3000美元（每月250美元）的员工在65岁时的收入将远远高于在31岁至39岁之间投资相同金额的员工。另一个重要的教训是投资多样化。基于投资绩效<br>1928年和2015年，股票年平均收益率为9.50%，债券年平均收益率为4.96%，低风险（现金）投资年收益率不足4%。但在任何一年，这类投资中的一种可能会跑赢另一种。在股票和债券的范畴内，投资于各种各样的公司是很重要的。如果一家公司根据其年龄和投资需求制定了股票、债券和储蓄账户投资多元化的基本指导原则。22为了帮助员工应对此类风险，一些组织将财务规划作为单独的福利，提供让专业人士将资金投资于401（k）计划的选择，或者将资金直接投入到违约投资中，称为目标日期基金（TDF），这是针对不同生命阶段员工的需求而设立的。有关公司帮助员工实现退休福利价值的努力示例，请参见“最佳实践”框。<br>