Summary
Total plan assets increased 16%, to $441 billion from $385 billion. Average beneficiary has grown older; in June 2023, it reached 14.5. Glide paths became smoother; 81% of all glide paths had less than 10% equity step-downs.
As of 2023 year-end, close to 40% of all plans featured a progressive glide path. The average starting allocation to equity for this group of 62 series remains around 90%. However, the equity allocation closer to target enrollment year decreased substantially. Both direct-sold and advisor-sold plans had their average fees stay steady in 2023.
