CPAs, Financial Advisors, and Lawyers once again top list of Best 401(k) Plans

Educational Services, Transportation, and Food Services among the worst-performing sectors

New York, NY – April 12th, 2023 – Judy Diamond Associates, a unit of ALM Global, LLC, has published the results of its seventh annual 401(k) Plan Benchmark Report. This report provides an in-depth look at 27 different industrial groupings across eight company sizes. Over 600,000 active 401(k) plans with $8.0 trillion in assets covering 96 million workers were analyzed to create this unique and comprehensive look at America’s primary retirement vehicle.

The complete 401(k) Plan Benchmark Report, sponsored by Mutual of America Financial Group, and can be downloaded at www.judydiamond.com.

The following industries received top marks:

1. Certified Public Accountants
2. Financial Advisors
3. Lawyers
4. Physicians
5. Dentists

Year over year, total 401(k) contributions rose by $42 billion dollars to a total of $502 billion while total 401(k) assets increased by $900 billion to $8.0 trillion. On a per-participant basis, contributions actually declined slightly due to the influx of more than 4 million new 401(k) participants entering the system, as new employees typically contribute fewer dollars per paycheck than established workers. This is the largest increase in new participants in the last decade, and signifies the return of those who had been forced out of the system due to COVID-19 related layoffs and business closures.

“This report represents an entirely data-driven approach to retirement plan analysis across a wide variety of industries,” says study author Eric Ryles, Vice President of Customer Solutions at Judy Diamond Associates. “These insights help plan sponsors develop a better understanding of how their plan is performing against the competition, which can be critical both for safeguarding the retirement of their employees and as a tool for attracting and retaining the right talent.”

“It’s been clear for some time that the United States is facing a retirement savings crisis, and participating in an employer-sponsored retirement plan is perhaps the most effective way for Americans to build enough savings over time,” said Brian Severin, Senior Executive Vice President and CMO at Mutual of America Financial Group. “Mutual of America is committed to advancing retirement education for plan sponsors and their employees. This report, with its focus on retirement plan and participation trends, offers key insights for businesses across numerous industries seeking to provide an effective plan that helps their employees build and preserve assets for a financially secure future.”

About Judy Diamond Associates 

ALM’s Judy Diamond Associates is the premier provider of sales, prospecting, and plan analysis tools for the benefits brokers, financial advisors, plan providers, and carriers serving the employee benefits and retirement markets. With a promise for comprehensive and current data, Judy Diamond Associates offers instant access to 5500 plan data and a broad suite of analytical tools to support lead generation, relationship building, market research and plan analysis needs. Judy Diamond Associates’ business is built on a commitment to superb customer service and data integrity. Visit www.judydiamond.com for more information.

About ALM Global, LLC

ALM is the most trusted media, information and intelligence company supporting both the practice of and business of professionals in the legal, insurance, commercial real estate and financial services industries. ALM delivers leading data, intelligence, insights, events and audiences essential for growing businesses globally to over 7 million professionals. Please visit www.alm.com for more information, and visit www.alm.com/events/ to learn about our upcoming events. Please follow us on Twitter at @ALMGlobal_.

About Mutual of America Financial Group

Mutual of America Financial Group is a leading provider of retirement services and investments to employers, employees and individuals. We provide high-quality, innovative products and services at a competitive price, along with outstanding personalized service, to help our customers build and preserve assets for a financially secure future. Our mission is built upon our values—integrity, prudence, reliability, excellence and social responsibility—which have guided us since 1945 and continue to serve us and our customers well. For more information, visit mutualofamerica.com, and connect with us via Facebook, Twitter and LinkedIn.

Tags: 401k, Law Firm, retirement, 401(k) Plan