Plan Sponsor Services Close Gap

June 28, 2001 (PLANSPONSOR.com) - In the rush to offer participants access to a dazzling array of new features, plan sponsor needs have sometimes been overlooked. While gaps remain, they finally seem to be shrinking, according to PLANSPONSOR's 2001 Annual Recordkeeping Survey.

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.

Equal Access

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.

Other Services

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        editors@plansponsor.com

See the entire survey at:

America’s Top Recordkeepers 2001 – Our Exclusive Survey

Survey Recordkeeping Statistics

Last year’s results are at http://www.plansponsor.com/content/news/products/2000RKsurvey .

See Also: 
PLANSPONSOR Ranks the Top-of-the-Line Provider Sites for (k) Plan Sponsors

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