Callan's 2026 Defined Contribution Trends Survey Reveals Key Insights for Plan Sponsors

Survey highlights focus on governance, fees, and investment structure amid industry innovations.

Apr. 15, 2026 at 12:07pm by

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A minimalist studio still life featuring a stack of financial reports, a pen, and a calculator arranged on a clean, white background, symbolizing the abstract concepts of corporate strategy, finance, and risk management.Callan's annual survey provides DC plan sponsors with a detailed roadmap for navigating the evolving industry landscape.San Francisco Today

Callan, a leading institutional investment consulting firm, has released its 2026 Defined Contribution Trends Survey, providing a comprehensive look at the challenges and opportunities facing DC plan sponsors. The survey, now in its 19th year, covers key areas such as governance, investments, fees, and plan design, painting a detailed picture of the DC landscape.

Why it matters

The Callan survey offers valuable insights for DC plan sponsors navigating a complex and evolving industry. As the DC ecosystem continues to innovate around areas like guaranteed income and private markets, effective governance and fiduciary frameworks remain crucial for plan sponsors to ensure they are meeting their obligations and providing the best possible outcomes for participants.

The details

The 2026 survey incorporates responses from 80 mega DC plan sponsors, spanning a range of industries with a focus on government and financial services. More than 90% of plans in the survey had over $200 million in assets, and 62% had more than 10,000 participants. Key findings include plan governance and process being the top area of focus, followed by investment management fees and investment structure evaluation. Additionally, the survey found that more than three-quarters of respondents took at least one action around their target date fund (TDF) offering in 2025.

  • The survey was conducted in late 2025.
  • The results were released on April 15, 2026.

The players

Callan

A leading institutional investment consulting firm that has been empowering clients with creative, customized investment solutions backed by proprietary research, exclusive data, and ongoing education for over 50 years.

Patrick Wisdom

A vice president and DC consultant at Callan who commented on the survey findings.

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What they’re saying

“Our 2026 survey shows that DC plan sponsors continue to be sharply focused on the fundamentals: governance, fees, and investment structure.”

— Patrick Wisdom, Vice President and DC Consultant, Callan

What’s next

Callan plans to continue conducting its annual Defined Contribution Trends Survey to provide ongoing insights and guidance for DC plan sponsors as the industry evolves.

The takeaway

The Callan survey highlights the enduring importance of strong governance, fee management, and investment structure evaluation for DC plan sponsors, even as the industry innovates around new products and services. By maintaining a focus on these fundamental areas, plan sponsors can navigate the changing landscape and ensure they are providing the best possible outcomes for their participants.