ICI Finds Americans Committed to Retirement Savings

An ICI research report on defined contribution (DC) participants’ activities found that the majority continued to save in their workplace retirement plans in 2012.

ICI’s latest quarterly study, based on recordkeeper data of nearly 24 million DC plan participant accounts, includes data through year-end 2012. At that time, assets in all DC plans accounted for more than one-fourth of all retirement assets and for nearly one-tenth of U.S. households’ aggregate financial assets.

Highlights of the study include:

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  • 2.6% of DC plan participants cancelled their contributions in 2012, down slightly from 2.8% in 2011;
  • 3.4% of DC participants took withdrawals from their plans in 2012, the same as did in 2011;
  • Only 1.7% took hardship withdrawals in 2012, the same as in 2011;
  • 18.2% of DC participants had outstanding loans at the end of December 2012, down from 18.5% at year-end 2011 and even with 18.2% at year-end 2010; and
  • Less than one in 10 participants (9.7%) changed the asset allocation of their account balances in 2012, and 6.6% changed the asset allocation of their contributions—similar to reallocation rates in 2011.

ICI has tracked participant behavior through recordkeeper surveys since 2008. The report is available for download at www.ici.org/401k.

 

OppenheimerFunds Unveils New Institutional Brand

OppenheimerFunds Inc. (OFI) plans to unveil a new brand and visual identity.

The new look reveals a modernized retail brand, which will continue to be known as OppenheimerFunds, and a new institutional brand, OFI Global Asset Management. The brands will be unveiled on May 1, across many of the firm’s communications platforms. 

OppenheimerFunds will continue to provide advisory services to the Oppenheimer mutual funds. OFI Global Asset Management will provide institutional clients with access to many of OppenheimerFunds’ existing investment strategies including in-depth counsel and strategic allocation services. 

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“We have gone through a dramatic transformation over the past five years—a reflection of our commitment to enhancing the client experience by providing sophisticated solutions to both retail and institutional investors,” said Bill Glavin, chief executive officer of OppenheimerFunds. “The rebrand embodies our ability to embrace and initiate change. Our investors are clearly seeing the benefits of those changes, as our assets under management have reached levels not seen since before 2008, and our funds have consistently been recognized by industry experts like Barron’s and Lipper.” 

OppenheimerFunds’ new corporate logos reveal a new multidimensional and transparent evolution of the “four hands” that come together in a grip formation, signifying strength and partnership. 

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