BrightScope/ICI设定提存计划简介：2021年401（k）计划详解

THE BRIGHTSCOPE/ICI DEFINED CONTRIBUTION PLAN PROFILEThe BrightScope/ICI Defined Contribution Plan Profileis a collaborative research effort between BrightScope and theInvestment Company Institute that analyzes plan-level data gathered from audited Form 5500 filings of private-sectordefined contribution (DC) plans, providing unique, new insights into private-sector DC plan design. The research drawsfrom information collected in the BrightScope Defined Contribution Plan Database. The database is designed to shedlight on DC plan design across many dimensions, including the number and type of investment options offered; thepresence and design of employer contributions; the types of recordkeepers used by DC plans; and changes to plandesign over time. In addition, industrywide fee information is matched to investments in DC plans, allowing analysis ofthe cost of DC plans.The BrightScope/ICI Defined Contribution Plan Profilesupplements existing plan sponsor surveysand research based on recordkept data, and it is designed to increase public understanding in this critical area ofretirement savings. This material is not intended for benchmarking the costs of specific plans to the broad averagespresented here.This report inThe BrightScope/ICI Defined Contribution Plan Profileseries focuses on private-sector 401(k) plans in2021. This report first analyzes large 401(k) plans in the Department of Labor 2021 Form 5500 Research File. Focusthen shifts to more than 60,000 audited 401(k) plans in the BrightScope Defined Contribution Plan Database, each ofwhich have between four and 100 investment options and typically 100 participants or more. Private-sector 403(b)plans have been excluded from this analysis; for analysis of 403(b) plans covered by the Employee Retirement IncomeSecurity Act of 1974 (ERISA), seeThe BrightScope/ICI Defined Contribution Plan Profile: A Close Look at ERISA 403(b)Plans, 2020(April 2024), available atwww.ici.org/files/2024/24-ppr-dcplan-profile-403b.pdf. In the exhibits in thisreport, dollars and percentages may not add to the totals because of rounding.Suggested citation: BrightScope and Investment Company Institute. 2024.The BrightScope/ICI Defined Contribution Plan Profile:A Close Look at 401(k) Plans, 2021.San Diego, CA: BrightScope and Washington, DC: Investment Company Institute. Available atwww.ici.org/files/2024/24-rpt-dcplan-profile-401k.pdf.Copyright © 2024 by the Investment Company Institute and BrightScope. All rights reserved. Contents1Key Findings1401(k) Plan Enrollment, Employer Contributions, and Use of Loans2401(k) Investment Menu Design3401(k) Plans Engage a Variety of Service Providers3401(k) Plan Fees5Introduction5The Role of 401(k) Plans in US Retirement Planning7The Department of Labor Form 5500 Research File8The BrightScope Defined Contribution Plan Database11Research Agenda for This Report13CHAPTER 1:401(k) Plan Enrollment, Employer Contributions, and Use of Loans13Employer Plan Design Choices24401(k) Plan Activity Combinations25401(k) Plan Activities by Presence of Automatic Enrollment27CHAPTER 2:401(k) Investment Menu Design27Number and Types of Investment Options35Investment Vehicles36Aggregate Asset Allocation43CHAPTER 3:401(k) Plans Engage a Variety of Service Providers43Types of Recordkeepers46Proprietary Funds47CHAPTER 4:401(k) Plan Fees47Total Plan Cost51Mutual Fund Expenses56Variation in Mutual Fund Expenses59Changes in Mutual Fund Expenses in Consistent 401(k) Plans, 2009–202161Appendix67Notes71References The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at 401(k) Plans, 2021 |i ii| The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at 401(k) Plans, 2021ExhibitsINTRODUCTION6Exhibit I.1401(k) Plans Hold $6.6 Trillion in Assets7Exhibit I.2Universe of 401(k) Plans8Exhibit I.3BrightScope Audited 401(k) Filings and the Universe of 401(k) Plans by Plan Assets9Exhibit I.4BrightScope Audited 401(k) Plans’ Share of the 401(k) Universe by Plan Assets10Exhibit I.5BrightScope Audited 401(k) Filings and the Universe of 401(k) Plans by Number of Plan ParticipantsCHAPTER 1:401(k) PLAN ENROLLMENT, EMPLOYER CONTRIBUTIONS, AND USE OF LOANS14Exhibit 1.1Larger 401(k) Plans Are More Likely to Automatically Enroll Participants15Exhibit 1.2Employers Make Contributions in Most Large 401(k) Plans16Exhibit 1.3Larger 401(k) Plans Are More Likely to Offer Employer Contributions17Exhibit 1.4Employers Make Significant Contributions to Large 401(k) Plans18Exhibit 1.5Employer Contributions Are a Slightly Larger Share of Total Contributions in Larger 401(k) Plans19Exhibit 1.6Employer Contribution Matching Formulas20Exhibit 1.7Many Large 401(k) Plans Make Automatic Employer Contributions21Exhibit 1.8Employers with Simple Matches Use a Variety of Matching Formulas22Exhibit 1.9Eligibility and Vesting in BrightScope Audited 401(k) Plans The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at 401(k) Plans, 2021 |iii23Exhibit 1.10Nearly All Larger 40