Among America’s top recordkeepers, nearly all (95%) offer some type of Web-based account lookup capability for participants, as well as online transfers (89%) and contribution investment changes (79%). The vast majority (83%) offered some kind of savings calculators.
Participant loan processing made major strides in moving to the Web in 2000, with more than three-quarters of providers (76%) offering an online loan initiation process, while a slightly higher 79% supported online loan modeling.
Still, only about half (48%) of the 75 providers surveyed offer an online in-service withdrawal capability, while roughly 55% made some provision for online distribution processing.
Of the providers that offer online participant services, 83% indicated that the services are available to all of their clients, and 16% of the providers charge extra for the services.
Despite tepid participant utilization, industry surveys evidence a growing interest on the part of plan sponsors in online brokerage offerings and the vast majority (84%) of plan providers now offer this capability.
Three quarters of the recordkeepers in our survey have alliances with at least one online advice provider. In addition to these alliances, 60% of recordkeepers offer in-person seminars and the same percentage offer access to financial advisors. Just under half (45%) offer post-retirement financial advice to participants.
– Nevin Adams firstname.lastname@example.org
See the entire survey at:
Last year’s results at http://www.plansponsor.com/content/news/products/2000RKsurvey .