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Two years ago at this time, the forecast for retirement plans was grim: Employees would drain their 401(k)s, and millions of Americans would stop contributing to their retirement plans as their employers halted their match. Now that the 2020 plan year data is in, says analyst Eric Ryles of ALM Global's intelligence team, Judy Diamond Associates, we see it confirming some predictions, but also offering some surprises.
401(k) contributions in 2020: Plan size and match matter
For JDA's sixth annual 401(k) Benchmark Report, Ryles and his team examined 2020 plan year Form 5500 data from approximately 600,000 active 401(k) plans with at least $3,000 in plan assets and at least one active plan participant. These plans cover about 66 million eligible workers and total $6.8 trillion dollars in assets. (Note: Like JDA, BenefitsPRO is also a unit of ALM.)
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