Total U.S. retirement assets reached a record $20.9 trillion for the quarter ended June 30, topping by 1% the previous record of $20.7 trillion in the first quarter, confirmed Ianthe Zabel, spokeswoman for the Investment Company Institute, which publishes quarterly retirement asset data.
According to an ICI news release Monday, defined contribution plans accounted for $5.32 trillion in assets in the second quarter, up 1% from the first quarter. The largest retirement category, individual retirement accounts, rose 1% to $5.73 trillion, the release said.
Assets in government pension plans — including federal, state and local plans — rose 1.4% to $5.2 trillion, the release said. Assets in private defined benefit plans inched up 0.7% to $2.81 trillion. Annuity reserve assets were flat at $1.83 trillion.
The news release noted that target-date mutual fund assets climbed to a record of $540 billion for the second quarter, up 2.1% from the previous record achieved in the first quarter. Defined contribution plans account for 71% of target-date mutual fund assets, while IRAs represent 19% and other investors account for 10%.