Assets invested in defined contribution accounts and individual retirement account rollovers now total $7.8 trillion, according to new research from the Plan Sponsor Council of America (PSCA).
PSCA’s 56th Annual Survey reports on the 2012 plan-year experience of 686 plans with 10.3 million participants and $769 billion in plan assets. Among other topics, the survey includes: Percentage of plans with a frozen DB plan; the average company contribution by type of contribution (match and non-match); average number of funds offered per asset class; glide paths and management styles of target date funds; and percentage of plans offering comprehensive financial education programs.
“Those critical of the DC system in the past thought that the system would collapse during a sharp economic downturn,” says PSCA Executive Director Bob Benish. “They were wrong.”
“Was the system impacted the same way everything else in the economy was?” he adds. “Sure, but it is recovering and becoming stronger as both companies and participants are refocusing on saving and looking at more holistic approaches to financial wellness.”