And with a decline in the number of workers being covered by defined benefit plans over this period, the growth of 401(k) plans has put greater responsibility on the part of individuals to actively manage their retirement wealth.
For example, workers must decide whether to participate in the plan, how much to contribute every pay period and in what type of assets, and when to rebalance their asset mix. In addition, they need to decide what to do with balances when changing jobs.