Research

2013 Recordkeeping Survey

The defined contribution (DC) recordkeeping market is – and always has been –extremely competitive.

Published in PLANSPONSOR June 2013

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INDUSTRY SNAPSHOT

Total Assets, Plans and Participants by Plan Type
ASSETS ($MM)PLANSPARTICIPANTS
401(k)$3,193,487461,13256,119,932
403(b)$666,784158,86111,101,465
457$229,12737,4826,170,369
Profit Sharing$68,5768,7231,544,363
Money Purchase$46,50313,8141,250,242
Non-qualified Deferred Comp.$68,5538,710714,242
ESOP$50,2721,308841,847
SEP$11,301172,224264,201
SIMPLE$23,477193,617993,863
Other$206,09113,892841,847
Total Assets, Plans and Participants by Plan Size
ASSETS ($MM)PLANSPARTICIPANTS
<$1MM$127,295509,3496,293,324
$1MM-$5MM$335,183157,8849,038,499
>$5MM-$10MM$199,77629,9234,726,117
>$10MM-$25MM$297,26819,2376,775,153
>$25MM-$50MM$255,9067,3025,306,662
>$50MM-$200MM$635,9496,67012,377,662
>$200MM-$500MM$551,7191,7899,294,218
>$500MM-$1B$411,1206006,056,857
>$1B$1,874,24463123,147,304
Availability of Multilingual Communications/Services
IN PERSONCALL CENTERENROLLMENT MATERIALSANNUAL DISCLOSURESPROSPECTUSES
Spanish87%97%87%36%21%
Chinese13%42%9%6%3%
French13%43%9%6%3%
All Other21%51%15%13%4%
Reported Assets (% of total assets) by Product Type
Target-date funds (TDFs)10.2%
Index funds10.7%
Company stock5.6%
Self-directed brokerage1.1%
New Participant Enrollment (by source)
Automatic enrollment34.5%
Website/Call center26.7%
On-site meeting6.8%
Other32.0%
Availability of Participant Mobile Services
APPLE/IOSANDROIDWINDOWSBLACKBERRY
Phone38.6%30.0%14.3%17.1%
Tablet30.0%25.7%11.4%11.4%

Methodology

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PLANSPONSOR’s 15th annual Defined Contribution Recordkeeping Survey questionnaire was distributed to providers of full-service and unbundled recordkeeping for defined contribution (DC) plans—68 complete responses were received this year. The questionnaire collected a wide range of information/data pertaining to each provider’s experience, service and capabilities and was available to providers for completion online between March and late April. All data are as of December 31, 2012; comparable data from the prior year are as of December 31, 2011.

The providers are listed in alphabetical order. “Asset rank” indicates the relative order by total recordkeeping assets under administration, reported in millions of dollars. KSOPs were counted as 401(k) plans unless otherwise noted. Mobile platforms reflect participant-focused offerings only. Plan counts by plan type are not all-inclusive and will not always match overall plan counts.

Although the following tables provide a wealth of information, they contain only a small portion of each provider’s response to the survey. To purchase an Excel spreadsheet that contains the full dataset of responses from all 68 providers, including historical information, please contact Michelle Judkins at mjudkins@assetinternational.com. Cost: $3,750.


Provider Listing Key  
 

  • New plans won: Count of new plans won during 2012
  • M&A in 2012: Did provider engage in a merger, acquisition or sale of business in 2012?
  • Participation rate: Average participation rate for all plans recordkept by the provider
  • Deferral rate: Average deferral rate for all participants in plans recordkept by the provider
  • % prop assets: % of recordkeeper’s own proprietary assets on its recordkeeping platform
  • Funds per plan: Average number of investment options offered in plans at the provider
  • NR = Not reported by provider; NA = Not applicable to the provider

 


NOTE: A KSOP combines the features and benefits of an employee stock ownership plan (ESOP) and a 401(k) plan. Employer contributions to a KSOP are usually made with employer stock options.  

 

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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