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Nearly all defined contribution plans offer a target date fund, a trend that is continuing to shrink the core menu, according to new research from research-driven investment advisory firm NEPC.

The data is part of NEPC’s 2022 DC Plan Trends & Fees Survey, which examines current plan investment trends, features and innovations across major sectors and how these plans have evolved over the years. The 17th annual survey included 207 DC plans across 119 clients with a total of 2.2 million participants and $283 billion in aggregate assets. Twelve recordkeepers also responded to the survey. The average plan represented survey participants who had $1.9 billion in assets and 13,452 participants.

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