
Looking at the 10 largest defined contribution plans that provided detailed breakdowns to Pensions & Investments as part of the top 1,000 survey of the largest U.S. retirement plans, most had the majority of their assets invested in separate accounts and collective investment trusts.
Kaiser Foundation Health Plan and the State University of New York were notable exceptions. The former had DC assets split evenly between CITs and separate accounts, while the latter had 99% invested in mutual funds.
The 10 smallest DC plans in the top 1,000 survey have markedly different investment vehicle mixes. Most had the lion’s share of the DC assets placed in mutual funds, with six utilizing the vehicle exclusively.
Pennsylvania Public School Employees’ Retirement System, with 96.5% of its DC assets in CITs, was the lone exception.