A new report from PGIM DC Solutions finds that plan sponsors can do more to personalize defined contribution (DC) retirement plans, in order to better meet the need of Americans once they retire.

"Savings accumulation has been the primary focus for DC plans, but as an increasing number of workers retire with DC accounts, they will be tasked with translating their savings into income," the new report said. "This will drive demand for better solutions that address the many unique risks that retirees face in retirement."

PGIM DC Solutions, part of the Prudential Financial group of companies, based the new report on polling from 2022. The researchers surveyed 155 DC plan sponsors that have at least one 401(k) plan and at least $100 million in 401(k) assets. The results were compared to an earlier survey in 2022, with 138 plan sponsors.