Employer sponsored U.S. retirement assets rose 8 percent in 2012, new research shows.
MillionaireCorner.com, a unit of Spectrem Group LLC, released this finding in its “2013 Retirement Market Insights Survey.”
Assets held in employer-sponsored retirement plans totaled $10.9 trillion in 2012, up 8 percent from the $10.1 trillion recorded in 2011. Individual retirement accounts held another $5.4 trillion, bringing all U.S. retirement assets to $16.3 trillion.
Private sector retirement plans account for the largest share of employer-sponsored assets at $6.7 trillion, the survey shows. Public sector retirement and 403(b) plans, used by educational and healthcare institutions, accounted for $3.3 trillion and $882.2 billion, respectively, last year.
Corporate defined benefit plans totaled $2 trillion in 2012, up from $1.9 trillion in 2011, the survey reveals. Union defined benefit plans totaled $363 billion and $346 billion in 2012 and 2011, respectively.