Board of Governors of the Federal Reserve System

Total 403(b) plan financial assets are calculated as variable annuity mutual fund and money market account assets from the College Retirement Equities Fund (CREF) Stock, Global Equities, Growth, Equity Index, Bond Market, Inflation-linked Bond, Social Choice and Money Market accounts assets from Morningstar Direct, plus non-variable annuity mutual fund assets from table 6 of the Investment Company Institute report: The U.S. Retirement Market, plus the life insurance unallocated contract share of 403(b) private pension assets estimated from DOL form 5500 micro data where the life insurance share is the sum of investment in pooled separate accounts and insurance company unallocated contracts general accounts. Quarterly data is interpolated from annual data if quarterly data is unavailable. The private pension fund share of 403b plan assets is equal to DOL form 5500 micro data tabulations of pension plans that are flagged as 403(b) plans divided by total 403(b) plan assets as estimated above. The private pension fund share prior to available 5500 data is equal to the earliest available data. Market value stocks outstanding for private defined contribution pension funds mutual fund shares held by 403(b) plans, excluding variable annuity mutual fund shares, is calculated as the private pension fund share of non-variable annuity mutual fund assets from table 6 of the Investment Company Institute report: The U.S. Retirement Market. Quarterly data is interpolated from annual data if quarterly data is unavailable. Capital gains are calculated using the market returns of the Financial Accounts mutual fund sector total financial assets (FR654090000.Q / FL654090000.Q[t-1]). Unadjusted transactions are the first difference in stocks outstanding less capital gains less other changes in volume. Data for the last ten years show no significant seasonality.