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2024 PIMCO US Defined Contribution Consulting Study

Understanding the New Defined Contribution Landscape

In its 18th 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.

28 Consulting and Aggregator Firms*

Who Serve Over 15,000 Clients*

Representing In Excess of $7.94 Trillion in DC Assets*

*All responses were collected from January 8, 2024 through February 26, 2024.

Retirement Income Investments and Services

Unanimous support for offering investments and services for retirees; more than 50% of plans have already implemented or plan to.

Implementation State For Clients

A bar chart shows the data from the answers to the following question: What percent of your clients are in each stage of implementing investments and services which allow retired participants to remain in the plan and support their retirement spending needs? (n=27). The answers are as follows: Have already implemented – 30%; in the process of implementing – 10%; plan to implement – 20%; have not considered implementing – 28%; do not plan to implement – 11%.
38. What percent of your clients are in each stage of implementing investments and services which allow retired participants to remain in the plan and support their retirement spending needs? (n=27)

New Plan Investment Options for Retirees

While most consultants continue to evaluate new retirement-focused investment options, a third are recommending new options or repurposing existing strategies to meet retiree needs.
A bar chart shows the data from the answers to the following question: Do you recommend adding new plan investment options specifically to cater to retiree needs? (n=28). The answers are as follows: Yes, I recommend adding new, retiree-focused investment options to plans – 18%; Currently evaluating new investments designed for retired participants to determine if such offerings are complementary to existing designed options – 64%; No, the current options (at-retirement TDF, Stable Value, etc.) sufficed as good options for retirees – 18%.
44. Do you recommend adding new plan investment options specifically to cater to retiree needs? (n=28)

Plan Sponsor’s Top Reasons for Considering Non-Guaranteed Retirement Income Solutions

Lower cost, less complexity, increased liquidity and flexibility cited as top reasons.
A bar chart shows the data from the answers to the following question: What are the top reasons why plan sponsors have considered or implemented non-guaranteed retirement income solutions? Rank all in order of importance, where 1= most important. (n=28). The answers are as follows: Want to provide participants a range of options to meet diverse retirement needs – 75% ranked this 1-3, and 11% ranked this number 1; Prefer the liquidity and flexibility of a non-guaranteed product – 57% ranked this 1-3, and 21% ranked this number 1; Lower cost and complexity of non-guaranteed products – 57% ranked this 1-3, and 18% ranked this number 1; Have not considered a non-guaranteed product – 21% ranked this 1-3, and 18% ranked this number 1.
43. What are the top reasons why plan sponsors have considered or implemented non-guaranteed retirement income solutions? Rank all in order of importance, where 1 = most important. (n=28)
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