2023
DC Plan Benchmarking Survey
Sponsors can use the survey to compare their plan design with peers’, for self-assessment—and self-improvement.
2023 Survey
Best and Worst, by Industry
While the survey delves into plan design and administration, it also explores differences by type of business, covering six plan metrics across 48 employer industries. Below, three of those metrics showcase the top and bottom three performers in each of 47 of those industries. Notably, the automobile industry and advertising and marketing grapple with high turnover, driven by fierce competition, demanding working conditions, and dynamic trends—thus, those two industries’ places in two metrics. In contrast, law firms traditionally offer high salaries and a stable environment. This nuanced analysis offers stakeholders insights into industry-specific trends and performance benchmarks.
Average Deferral Rate
| 1 | Government / Public works – County, state and federal | 11.3% |
| 2 | Government / Public works – City / Municipal | 8.9% |
| 3 | Pharmaceuticals and biotech | 7.9% |
| 45 | Equipment – Sales / Leasing / Service | 2.9% |
| 45 | Printing | 2.9% |
| 47 | Advertising and marketing | 1.6% |
Average Account Balance
| 1 | Law firms | $255,105 |
| 2 | Financial services | $201,499 |
| 3 | Accounting / CPA firms / Financial planning | $200,158 |
| 45 | Religious organizations | $52,217 |
| 46 | Education – K-12, preschool, day care | $50,914 |
| 47 | Restaurants and food service | $49,168 |
Immediate Vesting
| 1 | Aerospace and defense | 80.0% |
| 2 | Research and development | 75.0% |
| 3 | Chemicals and mining | 70.0% |
| 45 | Automotive – Manufacturing / Parts | 10.0% |
| 46 | Automotive – Dealerships / Service | 8.3% |
| 47 | Advertising and marketing | 0.0% |
2024 PLANSPONSOR Plan Benchmarking and Industry Reports
Our 2024 Plan Benchmarking and Industry Reports feature proprietary data collected by PLANSPONSOR in its annual Defined Contribution Survey. The reports highlight various plan design features and outcomes from 6 plan types and 48 industries.
You can leverage the 2024 PLANSPONSOR Reports* to:- Build trust with advisers and provide new tools to your staff and network
- 100+ pages in PDF format
- Compare plan design with peers and competitors, and improve fiduciary oversight
- Add value to your clients by posting on your website behind registration
*Subject to usage terms/compliance in licensing agreement.
AVAILABLE FOR PURCHASE NOW!
Contact Rob Reif / 212-217-6906 / robert.reif@issmediasolutions.com