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Administration March 6, 2003
Providers Roll Out More Bells and Whistles
June 27, 2001 (PLANSPONSOR.com) - 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.
Reported by editors@plansponsor.com
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.
Advice
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 editors@plansponsor.com
See the entire survey at:
America’s Top Recordkeepers 2001 – Our Exclusive Survey
Survey Recordkeeping Statistics
Last year’s results at http://www.plansponsor.com/content/news/products/2000RKsurvey .