Total U.S. defined contribution assets dropped 21% last year to $3.8 trillion, but the percentage of retirement assets coming from DC plans rose to an all-time high of 49%, according to a Spectrem Group report released today.
Also in the report, Retirement Market Insights 2009, Spectrem wrote U.S. retirement assets tumbled 24% in 2008 to $7.86 trillion.
The overall share of retirement assets from DC plans grew from 47% in 2007.
Assets in corporate 401(k) plans, which account for 71% of all corporate DC assets, declined 23% to $1.94 trillion.
Total DB assets were $4.03 trillion in 2008, down 27% from the previous year.
The report was based on data taken from public and private sources, as well as from Spectrem, as of Dec. 31.