A Decade of Change: What Comes Next for Fiduciaries & Advisors

In the last 10 years, the number of active 401(k) plans has nearly doubled. Although 401(k) plans have been in existence for nearly 50 years, workplace retirement savings have seen the most significant acceleration in just the past decade.

So, what’s behind that growth? SECURE 1.0 and 2.0 redefined incentives. State mandates expanded access. New plan structures, like PEPs, simplified sponsorship. And along the way, saver expectations have evolved.

In a recent webinar, Vestwell’s Head of Strategic Retirement Consulting, Kevin Gaston, CPC, QPA, QKC, QKA®, TGPC, and SVP of Relationship Management, Courtney Eccles, joined Lew Minsky, President & CEO of the Defined Contribution Institutional Investment Association (DCIIA), to reflect on what actually drove that growth, and what those factors signal for the next decade.

Ready for a closer look at the key forces behind the industry’s rapid expansion, and what advisors and fiduciaries should be paying attention to next? Let’s dive in.

The Growth Engines Behind the Last Decade

Federal Policy

Few forces have shaped the retirement landscape more than the SECURE Acts. From the original SECURE Act in 2019 to the expanded SECURE 2.0 in late 2022, these pieces of legislation have fundamentally reshaped the industry.

With near-unanimous bipartisan support, SECURE 2.0 passed with a 414–5 vote. The legislation built on earlier reforms to expand tax credits, introduce new incentives, and accelerate retirement plan adoption, particularly among smaller employers.

Auto-enrollment requirements, enhanced tax credits, and provisions like the Saver’s Match have driven meaningful behavioral change at scale. These changes have accelerated small plan adoption, improved participation, and contributed to stronger savings outcomes overall.

At the same time, gaps remain.

Policy, by nature, doesn’t always keep pace with a rapidly evolving system. As the panel discussed, future legislation (in the form of a possible “SECURE 3.0”) could address areas like:

• Expanding auto-enrollment to existing plans, not just new ones
• Clarifying and simplifying employer compliance requirements
• Creating a more cohesive system design across public and private savings vehicles

State Mandates

While federal policy set the tone, state programs have helped expand access to retirement benefits for millions of workers who previously had none. Today, more than a quarter of U.S. states have an active program, with additional states continuing to roll out new initiatives.

As Courtney Eccles, SVP of Relationship Management at Vestwell, emphasized, “The real impetus of these state programs is access.” 47% of the workforce still lacks access to a workplace savings vehicle. State mandates are helping to close that gap by expanding access to payroll deduction savings, arguably the most effective mechanism for driving savings.

Rather than competing with private plans, state programs are proving to be additive. Designed to be simple and accessible, they often serve as an entry point—bringing employers into the conversation and, in many cases, into the private market.

The result is a meaningful shift:

• A growing pipeline of “in-market” employers
• Increased awareness of retirement benefits
• New opportunities for advisors to engage earlier

Retirement Product Innovation

Alongside policy and access, innovation in plan design and platforms has played a critical role in driving growth. Over the past decade, the industry has seen the rise of:

• Pooled Employer Plans (PEPs), unlocking scale and streamlined plan management for smaller employers
• Lifetime income solutions, addressing long-term retirement security concerns
• Multi-account ecosystems, where retirement savings accounts have integrated with other savings products, such as emergency and education savings

These innovations have made it easier for both employers to offer plans and for employees to engage with them.

Looking ahead, the next wave of innovation is already taking shape, and it’s centered on personalization. Advancements in AI, more sophisticated data usage, and concepts like the “next best dollar” are shifting the industry beyond static plan design toward more dynamic, individualized experiences. Instead of a one-size-fits-all approach, the focus is increasingly on helping savers make smarter decisions based on their unique financial situations and goals.

What the Behaviors of 2M+ Savers Reveal About the Future

Earlier this year, Vestwell acquired Accrue 401k, bringing the total number of savers on the platform to more than 2 million. With that scale comes a deeper, more comprehensive view into how Americans are actually saving.

Employees are Saving More

Internal Vestwell data as of March 2026 shows meaningful savings progress:

• Average active saver balances increased by more than 36% year-over-year
• Average plan-level balances rose by 40%

These gains point to the combined impact of policy, access, and improved platform experiences.

Flexibility and Choice Matter

Auto-enrollment continues to be one of the most effective tools for driving participation. But as plans evolve, it’s clear that simplicity alone isn’t enough

Flexibility, whether through contribution choices, account types, or withdrawal access, is becoming just as important as ease of use. The ability to opt out, adjust, and adapt matters, particularly as financial needs shift over time.

Participants Want More Than Just Access

For many employees, a retirement plan is no longer a differentiator. In fact, 85% of employees now expect their employer to offer retirement benefits.

What’s next? Savers are increasingly looking for:

• Solutions aligned to different life stages
• Support for short-term needs, like emergency savings
• Clear guidance on financial topics
• Tools that help them understand whether they’re truly on track

The Decade Ahead

The last decade was defined by expansion—more plans, broader access, and increased participation. The next will be defined by what advisors do with that momentum.

Personalization, flexibility, and a sharper focus on outcomes are quickly becoming the new standard. As plan design becomes more streamlined, differentiation will come from how effectively advisors use data, technology, and insights to drive engagement and improve long-term financial well-being.

This shift presents a clear opportunity. Advisors who embrace evolving policy, modernize their approach to plan design, and build scalable, outcome-focused strategies will be best positioned to lead in the years ahead.