Assets of 401(k) plans reached a record $4.86 trillion in the quarter ended June 30, the Investment Company Institute reported Monday in its quarterly review of retirement assets.
The assets exceeded the previous record of $4.75 trillion in the previous quarter and $4.68 trillion in the quarter ended June 30, 2015. All defined contribution plans held a total of $6.99 trillion in assets as of June 30, up from $6.85 trillion as of March 31.
Other DC plan assets were $893 billion in 403(b) plans, $527 billion in other private-sector DC plans, $441 billion in the Federal Thrift Savings Plan, Washington, and $271 billion in 457 plans.
Total retirement assets — overall DC assets, annuity reserves, individual retirement accounts, government defined benefit plans and private DB plans — increased to $24.5 trillion as of June 30 vs. $24.1 trillion as of March 31.
Every category saw an increase in assets during the second quarter except for both public and private-sector defined benefit plans. Public DB plans remained flat in the second quarter ended June 30 at $5.2 trillion, the same as both March 31 and the end of 2015, and private-sector DB plans remained flat at $2.8 trillion after slipping to that figure as of March 31 from $2.9 trillion at the end of 2015.