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2025 Retirement Plan Landscape Report

An In-Depth Look at the Trends and Forces Reshaping US Retirement Plans

Millions of workers and retirees rely on the U.S. retirement system to save and invest for their futures. While top-line numbers are dependably growing, the system relies on new contributions and high returns to mask outflows and help keep participant fees down. In this report, we take a deep dive into the overall health of the U.S. retirement system and cast a light on its strengths and weaknesses. We examine major trends in the U.S. system in terms of coverage, assets, and the number of plans; costs of defined-contribution plans for workers and retirees; the types of investments these retirement plans hold; and the status of defined-benefit plans.

What's new for 2025

  • Declining costs for saving in defined-contribution plans are apparent, but more variable in smaller plans.
  • A view on the growth of collective investment trusts outside of the largest plans, potentially presenting opportunities for savings down market.
  • An assessment of the lingering effects of covid-19 on defined-benefit plans.

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Morningstar Retirement offers research- and technology-driven products and services to individuals, workplace retirement plans, and other industry players. Associated advisory services are provided by Morningstar Investment Management LLC, a registered investment adviser and subsidiary of Morningstar, Inc.

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