Defined contribution plan sponsors in the utilities industry are doing a better job of preparing their workers for retirement than other industries, according to an analysis by Judy Diamond Associates that examined national retirement preparedness by industry.
"By looking at historical trends in plan performance, we saw that there were clear differences in how different industries are preparing their workers for retirement" said Eric Ryles, managing director of Judy Diamond Associates. "Employees in the utilities and mining industries saw their plans improve more often than participants in other industries."
Each of the 20 major industry classifications described by the North American Industrial Classification System was ranked on changes to their average account balances, participation rates, employee and employer contributions, their rates of return and the number of plan red flags over a five-year period.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
