Research

2014 Recordkeeping Survey

Published in PLANSPONSOR June 2014

Navigate Research

INDUSTRY SNAPSHOT

Total Assets, Plans and Participants by Plan Type
ASSETS ($MM)PLANSPARTICIPANTS
401(k)$3,890,521471,51758,552,202
403(b)$771,455153,47114,703,141
457$266,09036,4856,459,131
Profit-sharing$86,2098,5381,491,659
Money purchase$135,33810,1332,512,124
Nonqualified deferred compensation$112,25511,763984,259
ESOP$76,9051,497992,954
All Other$251,49546,3045,391,233
Total$5,590,268739,70891,086,703
Total Assets, Plans and Participants by Plan Size
ASSETS ($MM)PLANSPARTICIPANTS
<$1MM$130,847494,8996,755,101
$1MM-$5MM$376,712167,7239,226,639
>$5MM-$10MM$231,96033,4325,079,578
>$10MM-$25MM$339,96121,6887,444,310
>$25MM-$50MM$289,1458,7775,795,996
>$50MM-$200MM$730,6867,59413,628,011
>$200MM-$500MM$626,1351,9839,488,046
>$500MM-$1 Billion$500,9787187,022,423
>$1 Billion$2,354,27873726,365,811
Share of Total Defined Contribution Market (By Total Recordkeeping Assets)
ASSETS ($MM)PLANSPARTICIPANTS
Top 5 providers50%15%39%
Top 10 providers68%27%58%
Top 20 providers87%51%81%
Other providers13%49%19%
Availability of Participant Mobile Services
APPLE/IOSANDROIDWINDOWSBLACKBERRY
Phone51%46%21%21%
Tablet46%39%21%20%
Reported Assets (% of Total Assets) by Product Type
Target-date funds 19%
Index funds14%
Company stock7%
Self-directed brokerage1%
Participants Opting for e-Delivery by Communication Type
Participant statements42%
Fund prospectus/reports75%
Trade/Investment confirmations63%
Tax documents44%

Methodology

back to top

PLANSPONSOR’s 16th annual Recordkeeping Survey questionnaire was distributed to known providers of full-service and unbundled recordkeeping for both qualified and nonqualified defined contribution plans. A total of 75 responses were received prior to the survey deadline in May. All survey data reported on the pages that follow are as of December 31, 2013; comparable data from the prior year are as of December 31, 2012.

The survey questionnaire was designed to gather a wide range of information/data pertaining to each provider’s experience, service and capabilities. The information from the survey is self-reported; all statements related to product/service offerings available to defined contribution plan sponsors were supplied by each provider and subject to PLANSPONSOR’s internal quality assurance reviews where possible. Readers are strongly encouraged to follow up with providers directly for additional detail on the scope of services available.

Providers are listed in alphabetical order. “Asset rank” indicates the provider’s overall placement by total recordkeeping assets under administration (AUA). Information included in each profile represents a snapshot based on some of the factors to consider when selecting a recordkeeping partner.

Although the following tables provide a wealth of information, they contain only a small portion of each provider’s answers to the survey. To purchase an Excel spreadsheet that contains the full dataset of responses from all 75 providers (cost $4,000), please contact Michelle Judkins at mjudkins@assetinternational.com. To learn how to participate in our 2015 Recordkeeping Survey, please contact Brian O’Keefe at bokeefe@assetinternational.com.

Provider Listing Key

  • Calculations of assets per participant and ­participants per plan are unweighted. 
  • Fiduciary services may include discretionary trustee services as well as separate service offerings.
  • Plan counts by plan type exclude money purchase, simplified employee pension (SEP) individual retirement account (IRA), savings incentive match plan for employees (SIMPLE) IRA and other select plan types, and will not always match overall plan counts.
  • In some cases, unfunded nonqualified deferred compensation (NQDC) liabilities are reported as “assets.”
  • Managed account vendors offer professional management of participant accounts.
  • NR = not reported by the provider; NA = not applicable to the provider.

Archive

back to top

RECORDKEEPING SURVEY

As a complement to our Defined Contribution Survey - which measures how satisfied DC clients are with their providers - our annual Recordkeeping Survey gives employers the chance to see exactly which products and services each provider offers, as well as listing information on total assets and overall client demographics. This survey, as opposed to the DC survey, is comprised of data collected from the providers themselves.

SPONSORED MESSAGES