Research

2026 PIMCO US Defined Contribution Consulting Study

Explore key Defined Contribution trends and insights in the 20th Anniversary edition of PIMCO’s Consulting Study.

Defined Contribution Consulting Study Overview

In its 20th year, the PIMCO US Defined Contribution Consulting Study seeks to help consultants, advisors and plan sponsors understand the breadth of views and consulting services available within the defined contribution (DC) marketplace. By equipping consultants and advisors with robust industry intelligence and benchmarks, the study supports more informed client advice, enhances plan decision-making, and helps improve plan outcomes for sponsors and participants.

Defined Contribution Strategies

Our 2026 study captures data, trends and opinions from 38 Consulting and Advisory firms.*
These firms serve nearly 53,000 clients across Corporate, Public, and Non-Profit plan types.
Participating firms represent aggregate DC Assets in excess of $10.2 trillion.**

Defined Contribution Consulting Study Overview

*All responses were collected from January 5, 2026 through February 16, 2026. 38 firms participated in this annual study. Of this population, 2 firms were unable to provide AUA/AUM figures, while 36 did. Total AUA/AUM is reflective of the figures reported by the participating firms. Cerulli Associates assisted with the study's methodology and fieldwork.

**38 firms participated in this annual study. Of this population, 2 firms were unable to provide AUA/AUM figures, while 36 firms provided AUA/AUM figures. Total AUA/AUM is reflective of the figures reported by the participating firms.

Key Themes

A closer look at the latest DC trends shaping plan design, from the rise of participant personalization and retirement income solutions to growing adoption of private markets and blended investment approaches.

Active Management Where It Matters

71% of institutional consultants and aggregators expect plan sponsors to increase their adoption of blended target date funds — the highest level of consensus since this question was introduced. Plan sponsors are also signaling a willingness to pay a fee premium, 15 bps on average, for actively managed fixed income in the core menu when it delivers net-of-fee outperformance, directing their active risk budget where it matters or has the greatest impact.

Income Investing The Retirement Hack in DC

Strong Sponsor Demand for Active Management Where it Matters

Questions: Over the next three years, do you expect implementation of the following QDIA options will increase, decrease or stay the same for the majority of your DC plan sponsor clients?

Considering your average DC plan sponsor clients currently using a passive target-date series, what is the fee premium they would be willing to pay, and the expected increase in net-of-fee alpha they would require, if they were to consider switching to a blend target-date series?

Customized Defaults Leap Beyond Mega Plans

Custom and personalized target date solutions are no longer reserved for the largest plans. 46% of aggregator firms now expect increased adoption of fully custom, plan-specific TDFs, and 85% of aggregators foresee growing plan sponsor interest in TDFs customized at the participant level as a next-generation QDIA option.

Target Date Solutions

Customization Expands Across Plan Sizes

Question: Over the next three years, do you expect implementation of the following QDIA options will increase, decrease or stay the same for the majority of your DC plan sponsor clients?

Private Markets Poised for the DC Mainstream

100% of aggregator firms now anticipate plan sponsor adoption of private market exposure in the next 12 months — up from just 37% last year. Private credit leads the way, ranked as the most likely private asset to be added by 91% of aggregators and 52% of consultants.

Alternative Investments Evaluating Private Credit for DC Plans

Growing Adoption of Private Markets

Question: Thinking about your DC plan sponsor clients that may include private market investments within an asset allocation offering (e.g., TDF, managed account) over the next 12 months, rank the following types of private market investments based on how likely they are to be adopted by clients considering such an option.

Retirement Income Moves from Concept to Action

In-plan retirement income solutions are gaining real traction. 52% of plans advised by institutional consultants already offer income-focused fixed income options on the core menu, and 93% of aggregators expect their clients to add one within the next year. Target date series with embedded annuity guarantees are emerging as the next phase of adoption.

Retirement Income

Retirement Income Implementation Accelerates

Questions: What percentage of your DC plan sponsor clients have implemented the following INVESTMENT MENU options to date?

What percentage of your DC plan sponsor clients are currently in the process of implementing the following INVESTMENT MENU options (or are planning to conduct a search) over the next 12 months?

Participant Support as a Strategic Edge

As institutional consultants and aggregators compete for mid-to-large plan mandates, participant-level services are becoming a defining factor. 93% of aggregators now offer one-on-one financial planning to participants, and 71–79% plan to expand in-house advice and financial wellness staffing over the next two years.

Engagement Matters

Participant Advice & Wellness as a Differentiator

Question: Outside of a formal financial wellness program and/or managed account/advisor-managed account services, which of the following in-plan participant education, guidance and advice services do you offer to the DC plans your firm manages, and what is the primary source for the respective service(s) provided?

Participating Firms

Alan Biller and Associates	Alliant***	Aon	Bellwether Consulting
Benefit Financial Services Group	Callan	Cambridge Associates	Capital Cities
CAPTRUST***	Cerity Partners***	Commonwealth***	Curcio Webb
Everhart Advisors***	Expand Financial, LLC***	Goldman Sachs Asset Management	Henderson Brothers Financial Partners***
Highland Associates	Highland Consulting Associates	HUB International***	LCG Associates, Inc.
Marquette Associates	Meketa	Mercer	Morgan Stanley***
Multnomah Group, Inc.	NEPC	Newport Group	OneDigital***
Oswald Financial***	Regions Asset Management***	Retirement Plan Analytics***	Russell Investments
RVK	Segal Marco Advisors	USI Advisors Inc.***	Verus
Wilshire Consulting	WTW