Research

2017 Recordkeeping Survey

Published in PLANSPONSOR June 2017

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ADP Retirement Services

2016 Asset Rank: 19 www.adp.com/401k
PROFILE20162015% Change
Assets ($MM)$66,036$59,72010.6%
Plans66,24455,01520.4%
Participants1,701,4431,573,6628.1%
Plan SizeParticipantsPlans
<$5MM1,006,10964,343
$5MM – $25MM372,666 1,683
>$25MM – $100MM120,703 191
>$100MM – $500MM52,631 20
>$500MM149,334 7
Plans by Channel
Direct sold 30%
Adviser sold 65%
Other 5%
Plans by Type
401(k)58%
403(b)<1%
457 <1%
Profit Sharing<1%
All Other42%
Service Offerings
New client restrictionsNo Taft Hartley or ESOP plans
Multiple service modelsYes
Offers corporate trustee servicesYes
Internal ERISA counsel6
Plan Administration
360-degree payroll integrationAvailable to all clients
Supports alternate IDsYes
Supports fee equalizationAvailable to some clients
Will act as §3(16) fiduciaryNo
Participant Services
Call center hoursWeekdays: 8 a.m. – 9 p.m. ET
Online chat supportNo
Mobile appYes
Outside account aggregationNo
Advice Offerings
Managed account optionsGuidedChoice
Offers financial wellness program(s)Yes
Retirement Income
Income estimate on statementsYes
In-plan retirement income productsYes
Out-of-plan annuity bidding serviceNo
Recordkeeping PlatformSunGard Omni
SunGard Relius
2017 Defined Contribution Recordkeeper Capabilities

Provider Listing Key:

• New-client requirements vary and may include plan-size minimums or restrictions on the types of plans that will be accepted. Please contact providers for details.

• ERISA (Employee Retirement Income Security Act) counsel equals the number of full-time equivalent legal staff available to opine on ERISA issues when needed. Additional fees may apply.

• Fee equalization reflects whether the recordkeeper may credit participants for revenue sharing paid by their investments that exceeds their share of the recordkeeping fee.

• Providers supporting 360-degree payroll integration accommodate direct, two-way communication of data with payroll vendors to simplify some aspects of plan administration. It may be available to “all clients” or “some clients,” if certain conditions are met.

• In-plan retirement income products include guaranteed investment options specifically designed to produce a predictable level of income throughout retirement with no need to reinvest or withdraw assets from the plan.

• NR = not reported in time for publication; NA = not applicable to the provider.

Methodology

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All survey data reported on the pages that follow are as of December 31, 2016; comparable data from the prior survey are as of December 31, 2015. All information from the survey is self-reported; all statements related to product or 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 encouraged to follow up with providers directly for additional detail on the scope of services accessible. Additional data is available. To purchase a Microsoft Excel spreadsheet of responses from all 55 providers, contact Michelle Judkins at michelle.judkins@strategic-i.com. To learn how to participate in our 2018 Recordkeeping Survey, contact Brian O’Keefe at brian.okeefe@strategic-i.com.

The 2017 PLANSPONSOR Recordkeeping Survey—our 19th—profiles 55 leading providers of defined contribution (DC) recordkeeping services. These firms account for more than
$6 trillion in assets and are estimated to represent approximately 85% of the total DC market.* Collectively, results from the survey demonstrate the market’s evolution and point up some factors to consider when selecting a recordkeeping partner.
 
Provider profiles and capabilities are listed in alphabetical order. “Asset rank” indicates the provider’s overall placement among reporting organizations by total recordkeeping assets under administration (AUA). This ranking excludes several recordkeepers that chose not to respond, most notably Aon Hewitt—ranked fifth in assets and third in participants in last year’s survey—which made this choice after agreeing to sell its benefits administration and HR BPO (human resources business process outsourcing) platform to Blackstone, in February.

 



Archive

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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.

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