What do the industries with the best performing 401(k) plans have in common?
For starters, they tend to be populated with wealthier earners. That helps explain higher contribution rates and account values among industries with the most productive plans, two of the seven plan metrics Judy Diamond Associates uses to gauge plan health in this year's newly released 401(k) Benchmarking Report.
Accountants, lawyers, insurance brokers, dentists, and professionals working in financial services have access to well-performing 401(k) plans. Participants in those industries save aggressively relative to other industries, and their employers, on balance, are willing to invest in the retirement security of their workers with better-than-average contributions, according to JDA, a provider of defined contribution plan analytic tools.
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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.
