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2019 showed record retirement plan savings

retirementsavings

The Plan Sponsor Council of America’s Annual Survey shows that 2019 was a great year for retirement plan savings by participants.

The survey showed record contribution and participation rates. Plan sponsors contributed an average of 5.3% of compensation to participants, which was the highest recorded to date. In addition, plan participants contributed an average of 7.6% of pay in 2019.

More than 90% of eligible employees in plans had an account balance.

What is surprising to me is that only 70% of plans use an investment advisor for the plan, so that means 30% had no help.

 

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