Nearly a quarter of plan sponsors indicated they were very interested in expanding diversity, equity and inclusion efforts in retirement plans, according to the Callan Institute's 2023 Defined Contribution Survey of plan sponsors that was conducted in late 2022. One-third were somewhat interested.
Responses varied by plan size, however. For those with assets less than $1 billion, only 24% said they were very or somewhat interested. That compares with 80% of sponsors with assets of $1 billion to $5 billion, and 63% for those with more than $5 billion.
Ensuring retirement plans address all their employees' needs could include improving plan participation, increasing savings rates, and minimizing loans and early distributions, Callan noted.