There were 23,056 new 401(k) plans launched in 2013, almost 1,000 fewer than the year before, or a 5 percent decline, according to new data from Judy Diamond Associates.
Still, that means 434,000 workers had new access to a workplace-provided, defined contribution plan. By year end, the new plans held $4 billion in assets.
But only 58 percent of newly eligible workers, or 252,000 participants, ended the year with an account balance.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
