U.S. retirement assets totaled $24 trillion at the close of the second quarter of 2014, a rise of 2.8 percent from the $23.4 trillion in assets on record at the end of the first quarter, new research shows.
The Investment Company Institute discloses this finding in a report, "The U.S. Retirement Market, Second Quarter 2014." In addition to ICI data, the quarterly report includes statistics from the Federal Reserve Board, National Association of Government Defined Contribution Administrators, American Council of Life Insurers (ACLI) and the IRS' Statistics of Income Division.
Accounting for the largest share of retirement assets in the second quarter are individual retirement accounts, which totaled $7.2 trillion. The balance of the $24 trillion was composed of:
- Employer-based defined contribution plans ($6.6 trillion)
- Private-sector defined benefit plans ($3.2 trillion)
- Government defined benefit plans ($5.1 trillion); and
- Annuity reserves ($2.0 trillion)
Of the $6.6 trillion invested in DC plans, the report shows, $4.4 trillion was held in 401(k) plans. These figures are up, from the $6.4 trillion and $4.3 trillion, respectively, posted at the close of the first quarter on March 31.
