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May 26, 2008 01:00 AM

DC Briefs:DC assets up, number of plans declines

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    WASHINGTON — Assets in U.S. defined contribution plans grew to $2.4 trillion in 2005 from $1.57 trillion in 2002, according to an EBRI report. IRAs and defined contribution plans held $7.5 trillion in assets at the end of the year 2006.

    The number of DC plans was 631,481 in 2005, down 9% from 686,878 in 2000. The number of active participants in overall defined contribution plans totaled 52.2 million in 2004, 1% below the 52.9 million in 2002, according to the report by the Employee Benefit Research Institute.

    Ohio Teachers extends Nationwide contract

    COLUMBUS, Ohio — Ohio State Teachers Retirement System extended the contract of Nationwide Retirement Solutions as administrator and record keeper of its 401(a) plan, confirmed Laura Ecklar, director of communication services. Members have about $290 million in DC accounts. The contract, which was to expire this year, was extended for five years. No RFP was issued.

    Connecticut 401(k) bill fails to face vote in Senate

    HARTFORD, Conn. — A bill allowing Connecticut to sponsor a 401(k) plan for small businesses did not come up for a vote in the state Senate before the session ended, according to the Senate’s website. It passed the House in April. The bill would have created a 401(k) plan for small businesses that can’t otherwise afford to offer such retirement plans. Investment options would mirror the 20 options in Connecticut’s 401(a), 457 and 403(b) plans. Those plans, administered by ING Retirement Services, have institutionally priced mutual funds and fees consistent with government-sponsored plans. The bill can come up for a vote in the Senate’s next session.

    12% of Merrill Lynch clients have Roth 401(k)

    NEW YORK — Twelve percent of Merrill Lynch Retirement Group defined contribution plan clients adopted a Roth 401(k) option as of March 31, 15 months since the company began offering the option, according to a report by Merrill. Total assets in Roth 401(k) accounts were $70 million, also as of March 31. The average annual Roth 401(k) contribution is about $5,400. More than 13,000 participants in the 1,700 plans that use Merrill Lynch as record keeper contributed to a Roth 401(k) account.

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