62% of healthcare workers participate in employers' defined contribution retirement plan
September 13, 2017
Sixty-two percent of healthcare employees take part in their employers' defined contribution retirement plan, compared to 77 percent of other employees, according to a NEPC report.
NEPC, a Boston-based investment consulting firm, unveiled the finding in its 12th Annual NEPC Defined Contribution Plan and Fee Survey. The survey examines U.S. trends in employer-based retirement plan management and comprises 123 defined contribution plan responses.
Here are three additional findings.
1. Ninety percent of defined contribution plans implement target date funds as the default compared to 83 percent of healthcare plans.
2. Roughly half of employers auto-enroll new hires in defined contribution plans.
3. This year, the median recordkeeping fee per participant with an account balance is $56, compared to $55 in 2016.