2019
DC Survey: Plan Benchmarking

Data Sweep: Our latest findings on DC plans—for benchmarking a plan against its peers or just gleaning some new solutions

2019 Survey

Participant Education and Advice

Understanding plan fees has long been a concern for sponsors, which may be why 78% calculated their administrative fees in the past year. However, improvements in fee disclosure and transparency have reduced the perceived need to benchmark fees, as less than half (48%) did so this year, vs. 55% in 2017. Participants continue to bear most responsibility for recordkeeping fees but also benefit from falling investment management fees—65% of plans now have an average asset-weighted expense ratio of less than 0.50%, a material increase from the 54% of plans in 2017.


Investment Advice Offerings

One-on-one meetings with adviser
45%
Independent third-party services
25%
Recordkeeper’s proprietary offerings
42%
Other source
3%
No ­investment advice
19%

Types of Financial Education/Guidance Offered

Saving strategies
49%
Investing basics
43%
Credit/Debt management
26%
College saving
23%
Home buying
15%
Rolling into plan – For new hires
37%
Rolling out of plan – For separating workers
32%
Do not offer financial education
38%

When Offered, Financial Wellness Programs are Very Useful to Employees/Participants

Agree strongly
37%
Agree moderately
35%
Agree slightly
24%
Disagree slightly
3%
Disagree moderately
1%
Disagree strongly
0%