2022
DC Plan Benchmarking Survey

Plan Types

The 401(k) plan is the most common employer-sponsored retirement plan. However, looking at 403(b) and 457 plan types, which are connected to specific employee populations and subject to different regulatory requirements, reveals those types are more likely to be structured for retirees. They are much more likely to offer systematic withdrawals at retirement and immediate eligibility to participate in the plan upon hire. 403(b) plans are more likely to offer retirement income products, perhaps due to legacy plans that traditionally offered such options to teachers. All plan types, however, show the same level of in-person advice and guidance opportunities for participants.