401k Assets at $1.68 Trillion

401k statistics for the year as reported by the U. S. Department of Labor Employee Benefits Security Administration (EBSA):

Number of 401k Plans: 366,568
Active 401k Participants: 41,962,000
Total 401k Assets: $1.68 trillion
401k Contributions: $174.4 billion
401k Benefit Payments: $147.6 billion

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Some Myths About 401k’s
Myth 2: 401(k) participants don’t take an interest in their retirement plans.

• In reality, Fidelity found workplace participants are increasingly more engaged in their plans. In 2010, approximately three out of four active participants contacted Fidelity via the phone or over the Web. And more than 1.1 million workplace participants took advantage of Fidelity’s online guidance tools.

• Of those who used the savings tools, nearly half (47%) increased contributions to their 401(k)s by an average of three percentage points (from 4% to 7%).

• When employees sought Fidelity’s comprehensive guidance with their investment strategy, one in five made adjustments to their portfolio from suggestions based on their age and target retirement date.
Fidelity Investments
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401k Facts

The growing dominance of 401k retirement plans and the growing importance of 401k planning.
(S)ince the early 1980s pension coverage has seen a noticeable shift away from “traditional” defined benefit (DB) plans, in which workers typically accrue benefits based on years of service and earnings, toward defined contribution (DC) plans in which participants accumulate balances in personal accounts. Currently, there are more than 49 million U.S. workers participating in employer-sponsored DC plans. Further, 401(k) plans are the fastest growing type of employer-sponsored pension plan and currently cover over 85 percent of active DC plan participants. Given the decline of DB plans and the growth of 401(k) plans, many workers are increasingly relying on 401(k) plans for their pension income. (Source: GAO)

401k Assets at $1.68 Trillion

Some Myths About 401k’s

401k Recent Articles

401k Facts

The growing dominance of 401k retirement plans and the growing importance of 401k planning.