SURVEY |

2024
PLANSPONSOR Participant Survey

Data about participants’ preferences and expectations can help plan sponsors optimize benefits strategies.

Reported by PLANSPONSOR
Current Savings and Plan Access
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Current Savings and Plan Access

Retirement savings and participant plan access play pivotal roles in ensuring financial security and well-being during retirement. By diligently saving for retirement, participants will be able to maintain a comfortable lifestyle and cover essential expenses. Having access to a well-structured defined contribution plan provides an efficient way for individuals to accumulate funds over their working years. Plans with employer contributions and/or profit sharing and tax incentives motivate employees to contribute regularly and can assist with employee retention.


Employer Contributions to DC Plan Accounts

2024
2023
Match
57%
70%
Fixed or profit-sharing
18%
15%
Both match and fixed
9%
6%
No employer contribution
8%
7%
Employer contribution suspended
2%
1%
Unsure
6%
3%

Contribution/Saving Rate

2024
2023
<5%
46%
48%
5.1% – 7.0%
17%
21%
7.1% – 10.0%
15%
12%
>10%
18%
15%
Unsure
4%
4%

How Current Contribution or Savings Rate Was Determined

2024
2023
Accepted the default
36%
32%
Wanted to receive maximum employer contribution
30%
31%
Saved maximum allowable by law
11%
13%
Targeted a specific level of savings
11%
11%
Received advice from spouse, friend or adviser
5%
4%
Automatically increased to the current level
3%
4%
Unsure
4%
5%

Total Household Retirement Savings

2024
2023
<$25,000
28%
19%
$25,000 – $49,999
13%
14%
$50,000 – $99,999
10%
13%
$100,000 – $149,999
7%
9%
$150,000 – $249,999
5%
7%
$250,000 – $499,999
9%
10%
$500,000 – $999,999
10%
11%
$1,000,000 – $1,500,000
5%
6%
>$1,500,000
5%
6%
Prefer not to answer
8%
6%

Actions Taken to Retirement Savings Plan in Prior 12 Months

2024
2023
Increased deferral rate
69%
48%
Decreased deferral rate (but not to $0)
11%
11%
Changed investment allocation
25%
15%
Re-balanced account
23%
14%
Calculated retirement savings needs
26%
15%
Stopped contributing to the plan
9%
7%
No actions taken
26%
26%

Loans from Employer-Sponsored Plans in 2024

  • Have outstanding loans from current employer-sponsored retirement plans
  • No loans from current plan
  • Don't know or unsure

Status of Loan Repayment in 2024

  • Currently repaying loans from current employer-sponsored retirement plan
  • Not currently repaying loans from current plan
  • Don't know or unsure