Account balance lookup was offered by nearly 90% of responding plans, a consistent statistic across all market segments. Access to loans/withdrawals was a feature enjoyed by more than three-quarters of respondents, roughly double the pace of a year earlier (39%).
However, online transfers of fund balances was available at just 16.5% of respondents – and only 12.3% of plans with more than $200 million in assets.
Getting In, Online
Online enrollment was offered by about a third (35%) of the plans, more than triple the 10% reported a year ago. However, only about a quarter (27.4%) of those with less than $5 million in assets did so, compared with nearly half of the plans with more than $50 million in assets.
Oddly, while roughly a third of plans with less than $50 million in assets permitted online deferral changes, just a quarter of the largest plans were so inclined.
Roughly half of respondents indicated they offered financial advice via the Web, a finding at odds with other results in the survey. While nearly 44% offered savings calculators, over 60% of those with more than $200 million in assets did.
Survey results were based on the collective responses of nearly 1500 plan sponsors.
– Nevin Adams email@example.com
Coming Next – It’s All About Service