PLANSPONSOR® Survey: 401(k) Participant Assets Finally Surpass Previous High From 2007

STAMFORD, Conn., June 6, 2011 /PRNewswire/ -- According to PLANSPONSOR's just-released annual recordkeeping survey, total assets for 401(k) and other defined contribution plans at the end of 2010 exceeded $4 trillion, well beyond the previous high of $3.72 trillion in 2007, and 14% higher than 2009's total.

According to Quinn Keeler, head of Research at Asset International, the number of 401(k) and other defined contribution plan participants also hit new highs in 2010 with more than 82 million participants, up 1.9% from the prior year. The number of new plans also increased incrementally.

Nevin Adams, editor-in-chief of PLANSPONSOR, noted that the greater number of employees participating in 401(k) and other defined contribution plans may have been spurred by an increase in automatic enrollment programs. "In an ideal world, all employees would decide on their own volition to save, but in many cases that simply is not reality," he said.

Adams continued: "Although the good news in this year's survey is welcome, it does not give us a reason to be complacent. There is a consensus among benefits professionals and plan advisers that many participants need to significantly increase their savings from current levels in order to afford a comfortable retirement and avoid the risk of running out of money."

For the full survey, please contact Elon Green, Ben-Abraham Associates, 212.867.0131, [email protected].

About PLANSPONSOR

PLANSPONSOR magazine, an Asset International, Inc., publication, is the nation's leading authority on retirement issues and benefits programs. PLANSPONSOR.com provides comprehensive news and commerce services dedicated solely to helping employers and financial advisers navigate the complex world of retirement plans and benefit programs on behalf of their employees or clients. For more information, see www.plansponsor.com.

About Asset International

Asset International is a privately-held provider of information and technology to global pension funds, asset managers, financial advisers, banking service providers, and other financial institutions in the private and public sector. Its industry-leading brands include Strategic Insight, SIMFUND, Plan For Life, PLANSPONSOR, PLANADVISER, aiCIO, Global Custodian, and The Trade. The company has offices in New York, Hong Kong, London, Melbourne and Stamford, CT.  For additional information please contact Nevin Adams at [email protected].

SOURCE PLANSPONSOR