Participation in defined contribution retirement plans reached an all-time high last year, according to a report by Aon Hewitt. 

Nearly four-in-five (78 percent) of those eligible put money into DC accounts, the report said, and the average before-tax contribution rose from 7.2 percent to 7.3 percent. Nearly three-quarters of workers (72.5 percent) saved more than the company match.

Aon also reported that the average participant's plan balance was back to pre-recession levels at $81,240. That compared to $57,150 in 2008. The median balance was reported at $25,150, up from $23,370 in 2011.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.