Total U.S. retirement assets rose to $24 trillion for the quarter ended June 30, a 2.6% increase over the quarter ended March 31 and a 12.7% gain from the quarter ended June 30, 2013, said the Investment Company Institute’s quarterly report issued Thursday.
The ICI report covers government defined benefit plans, corporate DB plans, defined contribution plans, annuity reserves and individual retirement accounts.
The DC component rose to $6.6 trillion as of June 30, up 3.1% from March 31 and up 15.8% from June 30, 2013.
Within the DC plan category, 401(k) plans accounted for $4.4 trillion for the quarter vs. $4.3 trillion for the quarter ended March 31. For the quarter ended June 30, 2013, 401(k) assets were $3.79 trillion.
The 401(k) asset increase between the first and second quarters reflected “market gains in both the stock and bond markets, and ongoing contributions as plan participants continued to save paycheck by paycheck,” Sarah Holden, ICI’s senior director of retirement and investor research, wrote in an e-mail. Ms. Holden didn’t provide specific figures.
The combined corporate DB and public DB asset figure was $8.3 trillion as of June 30, up 2.5% from March 31 and up 9.2% from June 30, 2013.
IRA assets rose to $7.2 trillion as of June 30, up 4.3% from three months earlier and up 16.1% from a year earlier.
