Plan participants contributed an average of 7.6% percent of their pay to workplace retirement plans in 2019, according to the results of a survey by the Plan Sponsor Council of America. Plan sponsors contributed an average of 5.3% of employees' pay, which brought the total average savings rate to 12.9%.
The annual survey, the group’s 63rd, found that more than 90% of eligible employees had an account balance in 2019 and 87.3% made contributions.
The survey also found that Roth contributions are now permitted in three-fourths of plans, up from 69.1% in 2018, and that 80% of plans offered a target-date fund, up from 68.6% in 2018.
In addition, 40% of plans now offer a professionally managed investment alternative to participants, up from 36.3% in 2018, and nearly 60% now offer plan access via mobile technology, up from 47.5% in 2018.
Fewer than 10% of plans offer annuities and just 3% include socially responsible investing options.
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Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
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