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Then and Now

The Plan Sponsor Council of America recently published its 58th Annual Survey of Profit Sharing and 401(k) Plans detailing its findings for the 2014 plan year. A comparison of selected 2014 plan-year data with the corresponding numbers for the 2004 plan year shows some interesting changes over the period.

 

  2004 Plan Year* 2014 Plan Year**
Participation Rate 83.2% 87.2%
Participant Pretax Deferrals – 401(k)    
    Lower Paid (% of Salary) 5.4% 5.8%
    Higher Paid (% of Salary) 6.7% 6.9%
Average Company Contributions % of Total Annual Payroll (Eligible Participants)    
    401(k) 2.9% 3.2%
    401(k)/Profit Sharing 5.6% 5.5%
Average Number of Investment Options    
    Company Contributions 17 19
    Participant Contributions 18 19
Automatic Enrollment 10.5% 52.4%
Loan Availability 80.6% 86.9%
Participants with Loans 24.0% 14.6%
Plans Permitting In-Service Distributions (Excluding Hardship Withdrawals) 61.2% 74.0%
Plans Offering Investment Advice 56.6% 29.7%
Participants Who Utilize Investment Advice When Offered 27.6% 21.6%
Professionally Managed Alternative Offered 20.3% 33.7%
     
* 48th Annual Survey of Profit Sharing and 401(k) Plans, Profit Sharing / 401(k) Council of America
** 58th Annual Survey of Profit Sharing and 401(k) Plans, Plan Sponsor Council of America

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