NEW YORK, March 26, 2018 /PRNewswire/ -- Judy Diamond Associates, a division within ALM Intelligence, has published the results of the third annual 401(k) Plan Benchmark Report. The in-depth analysis and report examine approximately 500,000 active 401(k) plans with at least $3,000 in plan assets.
This data comes from the 2016 plan year, the most recent data reported, and reviews of 27 distinct industries covering about 77 million eligible workers, of whom 56 million are actively participating. The value of all 401(k) accounts in 2016 grew by about $400 billion, to a record $4.5 trillion in plan assets.
The complete 2018 401(k) Plan Benchmark Report is available at: http://www.judydiamond.com/products/401k-benchmarking-report/
"This year's Benchmark report offers something for everyone," said Eric Ryles, Vice President of Customer Solutions at ALM Intelligence. "Financial Advisors can benchmark their clients, and those clients can now benchmark themselves. By making this report available to the HR community, we're empowering those responsible for the financial well-being of their employees to have access to an objective measurement of plan performance."
Highlights from the 2018 report include:
- Overall participation rates ticked up from 72% in 2015 to 73% in 2016
- There was an 18% increase in plans offering automatic enrollment, which is now offered by 8.4% of all 401(k) plans, up from 7.1% in 2015.
- The five industries with the best 401(k) plans were: Certified Public Accountants, Financial Advisory, Legal, Dental, and Insurance
- The five industry groups with the most improved 401 (k) plans were: Construction, Mining/Utilities, Media, Banking, and Engineering
"The 401(k) benchmark study from ALM Intelligence helps many companies across a variety of industries see how they stack up versus their peers," said Andrew Neblett, President of ALM Intelligence. "This insight helps businesses ensure that their plans are competitive and consequently enables them to secure and retain top-caliber employees."
About ALM Intelligence
ALM Intelligence, a division of ALM Media LLC, supports legal, consulting, and benefits decision-makers seeking guidance on critical business challenges. Our proprietary market reports and analysis, rating guides, prospecting tools, surveys, and rankings, inform and empower business leaders to meet business challenges with confidence. Please visit www.alm.com/intelligence for more information.
SOURCE ALM Intelligence