The number of cash balance retirement plans, and the amount of assets they hold, are both on the rise, boosting the percentage of the retirement plan market.
That's according to the "2016 National Cash Balance Research Report" from retirement plan designer/administrator Kravitz Inc., which found that the number of such plans had risen 19 percent over the last decade to 15,178 in 2014, the most recent year for which complete IRS reporting data is available. In contrast, the 401(k) market grew by just 2 percent over the same period.
In addition, the assets in such plans has reached $1 trillion. According to the report, those figures are the culmination of 10 years of annual double-digit growth in such plans, as their tax benefits and legislative changes that made such plans easier for plan sponsors to administer have encouraged employers to offer them.
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