Providers Roll Out More Bells and Whistles

June 27, 2001 ( - Despite another year of recordkeeper consolidation - or perhaps because of it - plan sponsors and participants enjoyed access to a growing array of "bells and whistles" from their providers, according to PLANSPONSOR's 2001 Annual Recordkeeping Survey.

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.  

Loan Ranges

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

See the entire survey at:

America’s Top Recordkeepers 2001 – Our Exclusive Survey

Survey Recordkeeping Statistics

Last year’s results at .