A new benchmarking report entitled Perspectives in Practice “A Benchmarking Initiative for Public Sector Defined Contribution Plans” has been published by The National Association of Government Defined Contribution Administrators, Inc. (NAGDCA).
The report presents a detailed analysis of key operating data from the government defined contribution (DC) industry, based on confidential surveys submitted by 62 individual plans representing $116 billion in plan assets and 2.4 million individual plan participants.
The survey data allows benchmarking with peers, giving key information for plan sponsors to use in making plan design decisions to support improving retirement outcomes.
Governmental plans will be able to view data regarding plan types, plan demographics, plan design and features, services, investments, governance, and fees. They will also be able to view participant demographics such as account balances displayed by age and gender.
In addition to the aggregate industry-wide data, governmental plans will be able to refine and sort the data by up to eight key factors such as the number of participants, plan type, or total plan assets, resulting in more useful peer group data.
NAGDCA Board President Polly Scott said “NAGDCA is collecting data in a more robust way that benefits our entire membership, no matter how large or small the plan.”To access a copy of the report, go to http://nagdca.org/Publications/Benchmarking.