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TABLE E26

Aggregate Rates of Return Earned by Employee Stock Ownership Plans (ESOPs) and 401(k) Plans with 100 or More Participants, 1990-95
Year 401(k) Plans Employee Stock Ownership Plans
Total Sole Plan1/ Not Sole Plan2/ Total Leveraged Nonleveraged
1990 3.6% 4.5% 3.5% 0.0% -1.0% -1.5%
1991 14.7 14.6 14.7 14.7 18.9 12.6
1992 10.3 9.0 10.5 13.4 15.1 12.3
1993 9.8 8.8 10.0 12.8 10.6 14.3
1994 3.7 3.4 3.7 4.1 4.4 4.0
1995 20.5 18.5 20.9 22.9 17.5 24.7
Geometric mean3/
1990-95 10.3 9.7 10.4 10.8 10.7 10.8
1991-95 11.6 10.7 11.8 13.4 13.2 13.4
1993-95 11.1 10.0 11.3 13.0 10.7 14.0
Standard deviation4/
1990-95 5.9 5.3 6.1 7.8 7.2 8.2
1991-95 5.6 5.2 5.7 6.0 5.3 6.6
1993-95 6.9 6.2 7.1 7.7 5.4 8.4

1/ 401(k) plan is only plan sponsored by the employer.
2/ Employer sponsoring 401(k) plan also sponsors other pension plan(s).
3/ Computed by adding one to the aggregate rate of return for each of the n years, taking the product of the sums, taking the nth root of the product, and subtracting one.
4/ Standard deviation formula uses a denominator definition of N, not N-1.

SOURCE: Form 5500 series reports filed with the Internal Revenue Service for 1990-95 plan years.

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