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Share Name | Share Symbol | Market | Type |
---|---|---|---|
T Rowe Price Group Inc | NASDAQ:TROW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.9799 | -0.84% | 115.0701 | 115.41 | 117.00 | 116.97 | 115.685 | 116.17 | 1,093,121 | 00:00:02 |
2023 report features the latest trends in 401(k) plan design and participant behavior
BALTIMORE, April 8, 2024 /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, today published its annual benchmarking report on 401(k) plan design and participant behavior, and found average account balances increased by 14% to $115,000, aided by strong performance in the financial markets. This is the second highest average the firm has seen in 10 years, just below the $124,000 high in 2021. Gains were especially strong among participants aged 20-29, who experienced an increase of 27%.
Meanwhile, 401(k) plan participation saw a decline from 66% in 2022 to 63% in 2023. Participation remains significantly higher in plans with auto-enrollment compared to plans without it (83% versus 36%, respectively), underscoring the importance of auto-solutions like auto-enrollment and auto-increase.
"We've seen first-hand how simple 401(k) plan features like auto-solutions can significantly drive positive savings behavior," said Francisco Negrón, head of Retirement Plan Services at T. Rowe Price. "T. Rowe Price is dedicated to helping advisors and plan sponsors design plans that set up their employees for success, instill financial confidence, and put them on the path toward better retirement outcomes."
Additional key findings include:
The annual benchmarking report, Reference Point, is based on the firm's full-service 401(k) recordkeeping client data for 2023.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps individuals and institutions around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Clients rely on the award-winning firm for its retirement expertise and active management of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price has $1.51 trillion in assets under management as of February 29, 2024, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and troweprice.com/newsroom.
View original content:https://www.prnewswire.com/news-releases/t-rowe-price-401k-account-balances-soared-in-2023-especially-among-younger-retirement-savers-302109812.html
SOURCE T. Rowe Price Associates, Inc.
Copyright 2024 PR Newswire
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