RESEARCH |
2017
Recordkeeping Survey
The State of Recordkeeping: Providers face constant pressure to evolve—and survive.
Reported by PLANSPONSOR
| Art by Bill Mayer
Introduction
Transamerica
2016 Asset Rank: 8 www.transamerica.com
| PROFILE | 2016 | 2015 | %Change |
|---|---|---|---|
| Assets ($MM) | $206,780 | $204,936 | 0.9% |
| Plans | 26,391 | 25,385 | 4.0% |
| Participants | 4,688,679 | 4,783,542 | -2.0% |
| Plan Size | Participants | Plans |
|---|---|---|
| <$5MM | 614,655 | 23,420 |
| $5MM – $25MM | 715,447 | 2,008 |
| >$25MM – $100MM | 981,379 | 680 |
| >$100MM – $500MM | 1,060,341 | 236 |
| >$500MM | 1,316,857 | 47 |
| Plans by Channel | |
|---|---|
| Direct sold | NR |
| Adviser sold | NR |
| Other | NR |
| Plans by Type | ||||
|---|---|---|---|---|
| 401(k) | 92% | |||
| 403(b) | 3% | |||
| 457 | 2% | |||
| Profit Sharing | <1% | |||
| All Other | 2% | |||
| Service Offerings | |
|---|---|
| New client restrictions | Some restrictions may apply; contact provider for details |
| Multiple service models | Yes |
| Offers corporate trustee services | Yes |
| Internal ERISA counsel | 7 |
| Plan Administration | |
|---|---|
| 360-degree payroll integration | Available to all clients |
| Supports alternate IDs | Yes |
| Supports fee equalization | Available to some clients |
| Will act as §3(16) fiduciary | Yes (indirect offering) |
| Participant Services | |
|---|---|
| Call center hours | Weekdays: 8 a.m. - 11 p.m. ET |
| Online chat support | Yes |
| Mobile app | Yes |
| Outside account aggregation | Yes |
| Advice Offerings | |
|---|---|
| Managed account options | Proprietary offering Financial Engines Morningstar/Ibbotson |
| Offers financial wellness program(s) | Yes |
| Retirement Income | |
|---|---|
| Income estimate on statements | Yes |
| In-plan retirement income products | Yes |
| Out-of-plan annuity bidding service | Yes |
| Recordkeeping Platform | Proprietary |
|---|
| 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.
