RESEARCH

2017 Recordkeeping Survey

Providers

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Bank of America Merrill Lynch

2016 Asset Rank: 10 www.benefitplans.baml.com
PROFILE20162015%Change
Assets ($MM)$191,635$158,15521.2%
Plans1,2971,325-2.1%
Participants3,086,7903,021,9242.1%
Plan SizeParticipantsPlans
<$5MM14,283248
$5MM – $25MM127,942 579
>$25MM – $100MM219,662 293
>$100MM – $500MM477,575 128
>$500MM2,247,328 49
Plans by Channel
Direct sold 0%
Adviser sold 82%
Other 18%
Plans by Type
401(k)63%
403(b)0%
457 0%
Profit Sharing18%
All Other19%
Service Offerings
New client restrictionsNo 403(b) or 457 plans; no privately held company stock or public fund entities; minimum of 100 participants and $5 million in plan assets;
Multiple service modelsYes
Offers corporate trustee servicesYes
Internal ERISA counsel8
Plan Administration
360-degree payroll integrationAvailable to all clients
Supports alternate IDsYes
Supports fee equalizationAvailable to some clients
Will act as §3(16) fiduciaryNo
Participant Services
Call center hoursWeekdays: 8 a.m. - 7 p.m. ET
Online chat supportYes
Mobile appNo
Outside account aggregationYes
Advice Offerings
Managed account optionsProprietary offering
Offers financial wellness program(s)Yes
Retirement Income
Income estimate on statementsYes
In-plan retirement income productsYes
Out-of-plan annuity bidding serviceNo
Recordkeeping PlatformProprietary
2017 Defined Contribution Recordkeeper Capabilities
Footnote:
Data has been revised since initial print publication in PLANSPONSOR magazine and reflects updates/revisions to the original data set.

Provider Listing Key:

- New-client requirements vary and may include plan-size minimums or restrictions on the types of plans that will be accepted. Please contact providers for details.

- ERISA (Employee Retirement Income Security Act) counsel equals the number of full-time equivalent legal staff available to opine on ERISA issues when needed. Additional fees may apply.

- Fee equalization reflects whether the recordkeeper may credit participants for revenue sharing paid by their investments that exceeds their share of the recordkeeping fee.

- Providers supporting 360-degree payroll integration accommodate direct, two-way communication of data with payroll vendors to simplify some aspects of plan administration. It may be available to "all clients" or "some clients," if certain conditions are met.

- In-plan retirement income products include guaranteed investment options specifically designed to produce a predictable level of income throughout retirement with no need to reinvest or withdraw assets from the plan.

- NR = not reported in time for publication; NA = not applicable to the provider.

Recordkeeping Survey Archive

As a complement to our Defined Contribution Survey - which measures how satisfied DC clients are with their providers - our annual Recordkeeping Survey gives employers the chance to see exactly which products and services each provider offers, as well as listing information on total assets and overall client demographics. This survey, as opposed to the DC survey, is comprised of data collected from the providers themselves.