BALTIMORE, June 2, 2021 /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement services for investors and plan sponsors, released today Reference Point, its annual 401(k) benchmarking report featuring year-over-year data and analysis on participant behavior and plan design. The report is based on the firm's full-service recordkeeping client data and this year, it features findings derived through the lens of the global pandemic.
"While the financial, physical, and emotional strains caused by the pandemic had, and will continue to have, repercussions on plan design and retirement savings outcomes, it was encouraging to see that through it all, plan sponsors and participants remained committed to retirement savings," said Kevin Collins, head of Retirement Plan Services at T. Rowe Price.
Key findings include:
Collins added, "Despite the challenging year, we continued to see growth—participants are saving more, account balances are continuing to grow, and plan sponsors are remaining steadfast in helping employees save for retirement."
ABOUT REFERENCE POINT
Reference Point is an annual client data benchmarking report so plan sponsors can review trends and benchmark their progress and participant behavior across the firm's client base. Data are based on the large-market, full-service universe of T. Rowe Price Retirement Plan Services, Inc. retirement plans (401(k) and 457 plans), consisting of 674 plans and over 2.0 million participants, from January 1, 2020 through December 31, 2020. T. Rowe Price Plan Services, Inc. has been a retirement solutions provider for more than 30 years.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ-GS: TROW) is an independent global asset management company with $1.59 trillion in assets under management as of April 30, 2021. The firm is focused on delivering investment excellence and retirement services for institutional, intermediary, and individual investors. Our strategic investing approach, driven by independent thinking and guided by rigorous research, helps clients feel confident in pursuing financial goals. For more information, visit troweprice.com, Twitter, YouTube, LinkedIn, Instagram, or Facebook.
SOURCE T. Rowe Price Group, Inc.