Upcoming Report

U.S. Retirement Markets 2021

Solidifying Relationships with Plan Sponsors and Participants

Master the U.S. Retirement Market

  • Review uptake from plan sponsors in pooled employer plans (PEPs)
  • Access retirement plan coverage and initiatives to close the “coverage gap”
  • Learn more about developments in recordkeeping technology
  • Assess plan sponsors’ strategic priorities, investment menu construction, retirement income offerings, financial wellness objectives, and service provider relationships

$19,500

Discounts available for bulk purchase

US Retirement Markets 2020 Detail

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Drew O'Hearn, CFP

Drew O'Hearn, CFP

Director, Account Management

Summary

This annual report represents Cerulli’s broadest coverage and most comprehensive sizing of the U.S. retirement market and addresses the following retirement segments: IRAs, corporate and NFP/governmental DC plans, and corporate and public DB plans. The report also highlights results from Cerulli’s annual DC Recordkeeper and 401(k) Plan Sponsor Surveys.

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Methodology

Methodology

Each report is lead authored by a senior Cerulli analyst with significant industry experience. The report incorporates qualitative and quantitative inputs, based on Cerulli’s proprietary research process. For more on our research process, click here.

Executive summary

Executive Summary

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A Note From the Author

Looking Toward More Retiree-Friendly DC Plans

Shawn O'Brien, CFA

Shawn O'Brien, CFA

Senior Analyst

Bio →

Shawn O'Brien, CFA

Shawn O'Brien, CFA

Senior Analyst

Shawn leads the U.S. Retirement research practice, which focuses on the defined contribution (DC) and individual retirement account (IRA) markets. He also leads and supports strategic consulting projects for asset managers on their DC-related market entry and product distribution strategies.

Prior to joining Cerulli Associates, Shawn worked as a Research Associate at Harvard Business School, where he co-authored case studies on investment management for professional and personal investors and managing and innovating in financial services. Prior to that, he worked in the Currency Management group at State Street Global Markets, employing currency overlay strategies for large asset managers and asset owners.

Full biography here.

Many plan fiduciaries and providers are acutely aware of the potential benefits—to both plan sponsors and participants—of keeping participant assets in-plan during retirement, and some plan sponsors are implementing, or strongly considering, plan design changes necessary to make their plans more effective decumulation vehicles.

Creating a retiree-friendly plan provides sponsors with the benefit of scale. By successfully retaining retiree assets during the decumulation phase, plan sponsors may achieve greater scale with which to negotiate more favorable pricing while participants maintain access to institutionally priced investment products and services during their retirement years. Conversely, “to retirement” plans that do not seek to retain retiree assets remain fertile grounds for cultivating potential wealth management clients for providers that offer these services in a retail market.

Retirees are a decidedly heterogeneous cohort and those who decide to keep their defined contribution (DC) assets in-plan will inevitably turn to their retirement providers to guide them through critical financial decisions related to healthcare expenses and Social Security, and to help them construct an effective investment and drawdown strategy. In many cases, making DC plans effective decumulation vehicles will call for substantial plan design changes to ensure participants have the planning tools, advisory services, withdrawal options, and investment opportunity set necessary to carry out their retirement income strategies.

Our report, U.S. Retirement End-Investor: Solving for the Decumulation Phase, provides a holistic look at retirement investors’ investment decision-making factors, financial stressors, sources of advice, and topics of interest, among other key considerations, and how the enactment of decumulation-oriented plan design changes could result in fresh opportunities for asset managers and other retirement providers. Explore these topics and more.

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