Tools commonly used in the Pension & Profit Sharing Plans industry for day-to-day tasks and operations.

• Retirement plan software
• Investment management software
• Compliance management software
• Recordkeeping software
• Actuarial software
• Financial planning software
• Risk management software
• Employee communication tools
• Data analytics tools
• Customer relationship management (CRM) software

Common products and services typical of NAICS Code 525110-04, illustrating the main business activities and contributions to the market.

• 401(k) plans
• Defined benefit plans
• Profit sharing plans
• Cash balance plans
• Employee stock ownership plans (ESOPs)
• Simplified employee pension (SEP) plans
• Savings incentive match plan for employees (SIMPLE) plans
• Non-qualified deferred compensation plans
• Target date funds
• Annuities

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Certified Employee Benefit Specialist (CEBS): This certification is offered by the International Foundation of Employee Benefit Plans (IFEBP) and the Wharton School of the University of Pennsylvania. It covers topics such as retirement plans, group benefits, and compensation. The certification is designed for professionals who work with employee benefit plans.
• Certified Pension Consultant (CPC): This certification is offered by the American Society of Pension Professionals & Actuaries (ASPPA). It covers topics such as plan design, administration, and compliance. The certification is designed for professionals who work with retirement plans.
• Qualified Pension Administrator (QPA): This certification is also offered by ASPPA. It covers topics such as plan design, administration, and compliance. The certification is designed for professionals who work with retirement plans.
• Enrolled Actuary (EA): This certification is offered by the Joint Board for the Enrollment of Actuaries. It covers topics such as pension plan design, funding, and compliance. The certification is designed for professionals who work with pension plans.
• Certified Retirement Counselor (CRC): This certification is offered by the International Foundation for Retirement Education (InFRE). It covers topics such as retirement planning, income management, and estate planning. The certification is designed for professionals who work with retirement plans.

A concise historical narrative of NAICS Code 525110-04 covering global milestones and recent developments within the United States.

• The "Pension & Profit Sharing Plans" industry has a long history dating back to the early 1800s when the first pension plan was established in the United States. In the 20th century, the industry experienced significant growth due to the introduction of employer-sponsored pension plans. In the 1970s, the Employee Retirement Income Security Act (ERISA) was passed, which established minimum standards for pension plans and provided protection for employees. In recent years, the industry has faced challenges due to the increasing number of companies moving away from traditional defined benefit plans to defined contribution plans such as 401(k)s. However, the industry has adapted by offering new products and services such as target-date funds and financial wellness programs to meet the changing needs of consumers.

The anticipated future trajectory of the NAICS 525110-04 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The Pension & Profit Sharing Plans industry in the USA is expected to grow in the coming years due to the increasing number of baby boomers retiring and the need for retirement savings. The industry is also expected to benefit from the growing trend of employers offering defined contribution plans instead of defined benefit plans. However, the industry may face challenges due to the economic uncertainty caused by the COVID-19 pandemic and the potential for changes in government regulations. Despite these challenges, the industry is expected to continue to grow due to the increasing importance of retirement savings for Americans.

Recent groundbreaking advancements and milestones in the Pension & Profit Sharing Plans industry, reflecting notable innovations that have reshaped its landscape.

• Digital Tools for Retirement Planning: Companies in the Pension & Profit Sharing Plans industry are increasingly offering digital tools to help individuals plan for retirement. These tools can help individuals estimate their retirement savings needs, track their progress towards their goals, and make adjustments as needed.
• Customized Investment Options: Some companies in the industry are offering customized investment options for retirement savings. These options can be tailored to an individual's risk tolerance, investment goals, and other factors.
• Target Date Funds: Target date funds are becoming increasingly popular in the industry. These funds automatically adjust the asset allocation of an individual's retirement savings portfolio based on their expected retirement date.
• Increased Focus on Financial Wellness: Some companies in the industry are expanding their offerings to include financial wellness programs. These programs can help individuals manage their finances, reduce debt, and improve their overall financial health.
• Socially Responsible Investing: Socially responsible investing is becoming more popular in the industry. Some companies are offering retirement savings options that invest in companies that meet certain environmental, social, and governance criteria.