RESEARCH |
2018
Plan Administration Guide, Part Two: Recordkeeping Survey
Breaking down the DC industry by plan type.
Reported by PLANSPONSOR
| Art by Julie Benbassat
Introduction
Empower Retirement
www.empower-retirement.com| Assets ($MM) by Plan Type | ||||
|---|---|---|---|---|
| Ranked #3 | $525,000 | |||
| 401(k) | $370,000 | |||
| 403(b) | $18,000 | |||
| 457 | $83,000 | |||
| NQDC | $4,000 | |||
| All Other | $50,000 | |||
| Participants by Plan Size | ||||
|---|---|---|---|---|
| Ranked #2 | 8,300,000 | |||
| <$10MM | 1,552,149 | |||
| $10MM – $50MM | 1,183,787 | |||
| >$50MM – $200MM | 947,328 | |||
| >$200MM – $1BMM | 1,481,469 | |||
| >$1B | 3,135,267 | |||
| Service Offerings | |
|---|---|
| New client restrictions | None |
| Multiple service models | Yes |
| Offers corporate trustee services | Yes |
| Internal ERISA counsel | 10 |
| Will act as §3(16) fiduciary | No |
| Participant Services | |
|---|---|
| Call center hours | Weekdays: 8 a.m. - 10 p.m. ET Saturday: 9 a.m. - 5 p.m. ET |
| Online chat support | No |
| Mobile app | Yes |
| Managed account options | Financial Engines; Morningstar/Ibbotson |
| Retirement Income | |
|---|---|
| Displays retirement income estimate on statements | No |
| Offers in-plan guaranteed retirement income products | Yes |
| Offers out-of-plan annuity bidding service | No |
| Recordkeeping Platform Proprietary system |
|---|
