401(k) Market Hit by COVID, but Still Manages Record Highs
Sixth Annual 401(k) Benchmark Report Offers Plan Providers & Sponsors with Insights to Improve Participants’ Retirement Outcomes
New York, NY – April 4th, 2022 – Judy Diamond Associates, a unit of ALM Global, LLC, has published the results of its sixth annual 401(k) Plan Benchmark Report. This in-depth analysis examines almost 600,000 active 401(k) plans, covering more than 90 million eligible workers and $6.8 trillion dollars in total retirement assets. 27 different industrial groupings were reviewed and segmented by size, from micro plans with 1-10 people to mega plans with 5,000 or more participants.
The complete 401(k) Plan Benchmark Report is available for free at: https://www.judydiamond.com/products/401k-benchmark-report/.
“This report presents unbiased, data-supported insights into the 401(k) plans offered by employers in a wide variety of industries,” said study author Eric Ryles, Vice President of Customer Solutions at Judy Diamond Associates. “These insights help plan sponsors determine the right steps to deliver positive retirement outcomes for their employees, especially as businesses are transitioning to the post-pandemic normal. Identifying and correcting retirement plan deficiencies is an important part of attracting and retaining talent.”
The study’s conclusions include:
- While the overall numbers continued to climb, year-over-year growth rates fell dramatically.
- Median Employee Contributions Per Participant grew by 7.8%, the biggest annual increase ever tracked, as many lower-dollar contributors stopped contributing entirely while high-dollar contributors were unaffected, thus driving up the median contribution.
- Employer contribution matches managed to grow 1.7% in 2020, however, this is a substantial slowing from the 7.2% growth observed in the 2019 plan year as many employers suspended or delayed matching contributions during the pandemic.
Learn more about Judy Diamond Associates, the leading provider of employee benefits lead generation & recruitment Tools at http://www.judydiamond.com.
About Judy Diamond Associates
ALM’s Judy Diamond Associates is the premier provider of sales, prospecting, and plan analysis tools for the benefits brokers, financial advisors, plan providers, and carriers serving the employee benefits and retirement markets. With a promise for comprehensive and current data, Judy Diamond Associates offers instant access to 5500 plan data and a broad suite of analytical tools to support lead generation, relationship building, market research and plan analysis needs. Judy Diamond Associates’ business is built on a commitment to superb customer service and data integrity. Visit http://www.judydiamond.com for more information.
ALM is the most trusted media, information and intelligence company supporting both the practice of and business of professionals in the legal, insurance, commercial real estate and financial services industries. ALM delivers leading data, intelligence, insights, events and audiences essential for growing businesses globally to over 7 million professionals. Please visit www.alm.com for more information, and visit www.alm.com/events/ to learn about our upcoming events. Please follow us on Twitter at @ALMGlobal_.