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| Aggregate Rates of Return Earned by Employee Stock Ownership
Plans and 401(k) Plans with 100 or More Participants 1990-1997 |
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| Year | 401(k) Plans | Employee Stock Ownership Plans | ||||
| Total | Sole plan 1/ | Not sole plan 2/ | Total | Leveraged | Nonleveraged | |
| 1990 | 3.6% | 4.5% | 3.5% | -1.3% | -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 |
| a | ||||||
| 1995 | 20.5 | 18.5 | 20.9 | 22.9 | 17.5 | 24.7 |
| 1996 | 14.8 | 14.3 | 15.0 | 18.4 | 18.2 | 18.5 |
| 1997 | 19.4 | 18.3 | 19.7 | 23.8 | 24.7 | 23.5 |
| a | ||||||
| Geometric mean 3/ | ||||||
| 1990-97 | 11.9 | 11.3 | 12.1 | 13.3 | 13.2 | 13.2 |
| 1993-97 | 13.5 | 12.5 | 13.7 | 16.2 | 14.8 | 16.7 |
| 1995-97 | 18.2 | 17.0 | 18.5 | 21.7 | 20.1 | 22.24 |
| a | ||||||
| Standard deviation 4/ | ||||||
| 1990-97 | 6.0 | 5.5 | 6.1 | 8.1 | 7.9 | 8.4 |
| 1993-97 | 6.3 | 5.8 | 6.4 | 7.3 | 7.0 | 7.5 |
| 1995-97 | 2.4 | 1.9 | 2.6 | 2.4 | 3.2 | 2.7 |
| 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, and 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 1990-97 plan years. |
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