And while at some level services for participants do make plan sponsors’ jobs easier, there’s nothing like having direct support.
Nearly all of the nation’s top 75 recordkeepers (85%) now offer online access to basic plan summary information to sponsors, though only about half (52%) offer Web-based compliance testing.
Of the providers who offer sponsor services on the Web, 80% offered the services to all of their clients, while 12% provide these services for an additional cost.
Nearly three-quarters (73%) offer vesting information online, while a similar number offer customized reporting capabilities.
Sixty-one percent will provide the plan sponsor with demographic information about the plan. Demographic data generally includes information such as participant ages, deferral rates, and account balances.
The survey found that recordkeepers now offer:
- 90% – assistance with form 5500 filing
- 90% – ADP/ACP nondiscrimination testing
- 73% – contribution transmissions
- 71% – administrative outsourcing
- 48% – payroll services.
– Nevin Adams email@example.com
See the entire survey at:
Last year’s results are at http://www.plansponsor.com/content/news/products/2000RKsurvey .