Research

RK Survey 2012

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

Published in PLANSPONSOR May 2012

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INDUSTRY SNAPSHOT

Respondent Provider Types
Bank or Trust Company33.3%
Insurance Company31.9%
Mutual Fund Company22.2%
TPA43.1%
Broker Dealer/Wirehouse11.1%
Payroll6.9%
Other45.8%
Annuities/Retirement Income Options
Out of Plan69.0%
In plan - annuity40.0%
In plan - guaranteed income31.0%
None13.0%
Company Stock Administration
Will administer company stock76.4%
Will not administer company stock23.6%
Recordkeeping Technology Used
SunGard Omni34.7%
SunGard Relius31.9%
DST Systems TRAC6.9%
Schwab Retirement Technologies15.3%
FasCore6.9%
WySTAR4.2%
Proprietary system31.9%
Other13.9%
% of Providers Offering Managed Account/Advice Offerings
Financial Engines12.5%
Morningstar/Ibbotson40.3%
GuidedChoice6.9%
Proprietary offerings12.5%
Stadion6.9%
ProNvest5.6%
MasteryPOINT/Newkirk11.1%
Other16.7%
Investment Options
Brokerage Windows/Self-directed Brokerage94.4%
Custom Allocation Funds or Models90.1%
Collective Trusts85.9%
Managed Accounts81.7%
Group Annuities53.5%
ETFs (exclusive of self-directed brokerage accounts)38.0%
Total Assets and Plans by Participant Size
<100 participants$534,825621,098
100-499 participants$456,31955,013
500-999 participants$241,8938,251
1,000-4,999 participants$766,3767,897
5,000-9,999 participants$458,1001,340
>10,000 participants$1,724,1441,002
Total Assets, Plans and Participants by Plan Type
ASSETS ($MM)PLANSPARTICIPANTS
401(k)$2,910,393459,52454,575,774
ERISA 403(b)$370,27373,3508,742,113
Non-ERISA 403(b)$227,63584,1555,699,996
457$203,56837,0996,119,741
401(a)$119,97116,5153,423,970
Profit Sharing$77,3166,8771,336,749
Taft-Hartley$51,0527261,505,991
Nonqualified DC$65,9148,031758,169
ESOP$36,0711,136812,118
Multiple Employer (MEP)$12,5661,045241,533
SEP$9,919197,101280,684
SIMPLE$18,076190,195893,996
Other$104,89913,4913,159,103
Total Assets, Plans and Participants by Plan Size
ASSETS ($MM)PLANSPARTICIPANTS
<$1MM$127,133526,5377,266,330
$1MM-$5MM$310,727142,4579,582,321
$5MM-$10MM$181,72726,2015,065,690
$10MM-$50MM$488,29823,43512,691,018
$50MM-$200MM$593,1576,10613,422,369
$200MM-$500MM$487,4731,5909,328,327
$500MM-$B$378,9995506,382,161
Availability of Multilingual Communication by Channel
IN PERSONPRINTED MATERIALCALL CENTER
Spanish77.8%90.3%94.4%
Chinese9.7%15.3%44.4%
Russian12.5%13.9%44.4%
French9.7%13.9%44.4%
Total Assets, Plans and Participants by Plan Size
ASSETS ($MM)PLANSPARTICIPANTS
>$1 Billion$1,614,94755222,604,014

Methodology

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PLANSPONSOR’s 14th annual Defined Contribution Recordkeeping Survey questionnaire was distributed to providers of full-service and unbundled recordkeeping for defined contribution plans—72 complete responses were received this year.

The questionnaire, which asked for more than 350 different data points pertaining to each provider’s assets, number of plans and participants in various plan-size and -type categories, and product and service capabilities, was available to providers for completion online between March and late April. All data are as of December 31, 2011; comparable data from the prior year are as of December 31, 2010, and have been updated in some cases, as noted.

The providers are listed in alphabetical order. “Asset rank” indicates the ­relative order by total recordkeeping assets under administration, reported in millions of dollars. 

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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