U.S. Retirement Markets 2023
Analyzing the Impact of Retirement Legislation
Master the U.S. Retirement Market
- Assess plan sponsors’ strategic priorities, investment menu construction, retirement income offerings, financial wellness objectives, and service provider relationships
- Explore trends in the state-sponsored retirement plan market
- Understand the role of technology in financial wellness
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Maeve Flanagan
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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: individual retirement accounts (IRAs), corporate and not-for-profit (NFP)/governmental defined contribution (DC) plans, and corporate and public defined benefit (DB) plans. The report also highlights results from Cerulli’s annual DC recordkeeper and 401(k) plan sponsor surveys.
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A Note From the Author
What Does SECURE 2.0 Mean for Plan Sponsors and Recordkeepers?
Elizabeth Chiffer
Analyst
Bio →
Elizabeth Chiffer
Analyst
As an analyst on the Retirement team, Elizabeth supports research on defined contribution and individual account markets and provides quantitative support to the annual reports and Cerulli Edge series.
Prior to joining Cerulli, Elizabeth was a research assistant at the Boston University School of Hospitality Administration, where she worked on papers pertaining to hospitality finance and technology.
Full biography here.
SECURE 2.0 provisions may mitigate some of the challenges 401(k) plan sponsors face in engaging retirement plan participants in the saving and investing process.
Among all optional SECURE 2.0 provisions, 401(k) plan sponsors report highest interest in offering small financial incentives to encourage employee participation in the plan (28%) and matching employee retirement contributions on a Roth basis (27%). Enthusiasm for financial incentives to encourage employee participation in the plan suggests that plan sponsors would appreciate creative ways to incentivize engagement with the retirement plan, a perennial challenge for plan sponsors.
Cerulli recommends recordkeepers evaluate which provisions will be meaningful for plan sponsors before dedicating the time and resources to implement them. It is imperative that recordkeepers address the needs of plan sponsor clients and ensure they are equipped to deliver a plan design that suits participant needs.
To learn more, access our report, U.S. Retirement Markets 2023, our broadest coverage and sizing of the U.S. retirement market.
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