2019 Recordkeeping Survey

Breaking down the DC industry by plan type.

Providers

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Paychex, Inc.

www.paychex.com
PROFILE2018RANK
Assets ($MM)$28,544 30
Plans84,4771
Participants935,05528
Participants by Plan Size
<$5MM866,851
$5MM – $25MM58,853
>$25MM – $100MM9,351
>$100MM – $500MM0
>$500MM0
Plans by Channel
Direct sold 57%
Intermediary sold 43%
Assets ($MM) by Plan Type
401(k)$28,489
403(b)
457
NQDC
All Other$55
Service Offerings
New client restrictionsNo Taft Hartley plans, no defined benefit plans, no union plans and we cannot support company stock
Multiple service modelsYes
Offers corporate trustee servicesYes - via partnership/other strategy
# of internal ERISA counsel2
Will act as §3(16) fiduciaryYes - via third party
Participant Services
Call center hoursWeekdays: 8 a.m. - 8 p.m. ET
Online chat supportYes
Mobile appYes
Managed account optionsGuidedChoice
Retirement Income
Displays retirement income estimate on statementsNo
Offers in-plan guaranteed retirement income productsNo
Offers out-of-plan annuity bidding serviceNo
Recordkeeping PlatformProprietary system; FIS Omni
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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.