BENEFITS DIGEST

Average self-directed brokerage account balances climbed 8.7% to nearly $397,000 in the second quarter as trading activity picked up. Millennials posted the strongest year-over-year growth at 19.5%, and NVIDIA held the top stock position for a fifth consecutive quarter.

The Retirement Learning Center addresses what happens to outstanding 401(k) loan balances when employees arrive through a merger or acquisition, a recurring administration question in deal integration.

New Vanguard research finds 80% of participants under 35 hold only a target-date or balanced fund, versus 43% of those 55 and older, and the share of all participants using a single fund jumped from 46% in 2016 to 66% in 2025. Menus keep shrinking in response, though Vanguard cautions that participants nearing retirement may still benefit from a broader lineup.

Fidelity's second-quarter analysis found 401(k) and 403(b) balances grew 10.5% last quarter, the strongest quarterly growth since the end of 2020, driven by record participant savings rates alongside market gains.

Cash balance plans grew by 1,025% over two decades, according to an Ascensus report.

Industries with historically low plan participation rates and hourly employees are seeing particularly large gains in coverage, according to Gusto.

The number behind the EBRI release covered here Wednesday: average HSA balances hit a record $5,532, while just 18 percent of accountholders invest any assets outside cash.

PBGC filed a comment letter supporting FASB's proposal to discount qualifying market return cash balance obligations at the plan's assumed interest crediting rate. An accounting change rather than a compliance obligation, but one that would move reported pension obligations for hybrid plans.

Average HSA balances hit a record high, but EBRI finds most account holders still contribute well below the maximum and few invest beyond cash. The accounts are growing as savings vehicles faster than they are maturing as investment vehicles.

A Milliman case study on designing a cash balance pension plan for a law firm's partners, allowing deferral of significant taxable income until retirement with contribution flexibility by career stage. The design supported deferrals exceeding $250,000 annually per participant, with potential accumulations over $3.5 million by retirement.

VAPPs can help funded pension plans balance risk, support retirement income and create a more sustainable path forward.

Cash-balance plans lead the way in groundswell of support for offering a more meaningful approach to generating retirement income for cash-strapped workers.

Even high-income employees are uncertain about where to put their next dollar, highlighting the need for workplace guidance on financial wellness.

How rising interest rates, evolving fixed income opportunities, personalized investing, and retirement income needs are driving fiduciaries toward a more balanced approach that combines the strengths of active and passive management to improve participant outcomes.

American workers struggle to balance saving for retirement with other concerns such as emergency funds, paying down debt, healthcare and everyday expenses

This update would amend Topic 715 of the FASB Accounting Standards Codification, which governs the measurement of pension liabilities for a plan sponsor’s financial statements. Under the current