"The plan year represented by this data is not like other years."

So opens the sixth annual 401(k) Benchmark Report, compiled by the research team at Judy Diamond Associates. Eric Ryles, vice president of the ALM Global-affiliated group, a sister unit of BenefitsPRO, provides an analysis of the several ways in which the COVID-19 pandemic wreaked havoc in the 401(k) space during 2020, including a slowdown in growth of plan assets and contributions compared to the prior year.

Total plan assets grew from $6.0 to $6.8 trillion in 2020, a 13% increase compared to the 20% growth seen in 2019, according to the report.

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Richard Binder

Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.