Mutual Fund Revenue Sharing in 401(k) Plans

• 成果类型: Article
• 署名作者: Veronika, K.; Sialm, Clemens; Stefanescu, Irina
• 署名单位: Vanderbilt University; University of Texas System; University of Texas Austin; Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.01560
• 发表日期: 2026
• 关键词: 401(k) plans; retirement; providers; Revenue sharing; Mutual funds

摘要

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, revenuesharing 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.