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5500 Preparer's Manual for 2012 Plan Years

5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.


U.S. retirement assets grew 7% in 2007, ICI reports

Strong growth in IRAs and in employer-sponsored defined contribution plans, including 401(k) accounts, led to a 7% growth in Americans’ retirement assets in 2007, according to the Investment Company Institute (ICI). The ICI reports that Americans held $17.6 trillion in retirement assets (which included IRAs, defined contribution plans, defined benefit plans, governmental plans, and annuities) at the end of 2007, up $1.1 trillion from year-end 2006. The retirement statistics are reported in the ICI’s 2008 Investment Company Fact Book.

“In a year of significant disruptions in financial and housing markets, Americans continued to focus on saving for a secure retirement,” said Brian Reid, ICI Chief Economist. “Expanding retirement wealth, particularly in defined contribution plans and IRAs, accounted for half of the increase in households’ financial assets last year.” Reid noted that retirement assets now account for nearly 40% of U.S. households’ financial assets.

IRAs, DC plans account for half of retirement market

The ICI report found that at year-end 2007, investors held $9.2 trillion in IRAs and defined contribution plans, accounting for about half of the entire retirement market. Last year, IRA assets rose 12% to $4.7 trillion, of which $2.2 trillion was invested in mutual funds. Assets held in defined contribution plans rose 8% to $4.5 trillion. Mutual funds accounted for $2.4 trillion of that total. Not surprisingly, the most popular type of defined contribution plan was the 401(k) plan, totaling $3 trillion in assets.