Anyone who believes there's no retirement crisis in the U.S. now has a heap of new ammunition with which to defend the defined contribution system.
Account balances are increasing, nearly nine in 10 eligible workers had a retirement account in 2013, and eight in 10 actually contributed, according to the Plan Sponsor Council of America's just-out 57th Annual Survey of Profit Sharing and 401(k) Plans.
The results, based on data aggregated from 8 million plan participants in 613 plans with a combined $832 billion in assets, show that companies contributed an average of 4.7 percent of pay to their employees' plans in 2013. That's up from 4.5 percent in 2012, and a notable increase over the 4 percent in 2009.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
