2020
Recordkeeping Survey

Providers

Principal

www.principal.com
Assets ($MM) by Plan Type
Ranked #6$419,534
401(k)77%
403(b)4%
457 1%
NQDC2%
Other16%
Participants by Plan Size
Ranked #210,260,371
<$10MM21%
$10MM – $50MM20%
>$50MM – $200MM22%
>$200MM37%
Plans by Count
Ranked #644,946
% Third-party administration
37%
Related Offerings
HSA integrationvia Partnership/other strategy
Student Loan Repaymentvia 3rd party
Financial wellness options2 – 4
Service Offerings
New client restrictionsNone
Multiple service modelsYes
Offers corporate trustee servicesYes - direct offering
# of internal ERISA counsel6 ERISA attorneys & 2 legal assistants
Will act as §3(16) fiduciaryYes - via third party
Participant Services
Call center hoursWeekdays: 8 a.m. - 10 p.m. ET
Online chat supportYes
Mobile app
Managed account optionsFinancial Engines; Morningstar/Ibbotson
Retirement Income
Displays retirement income estimate on statements
Offers in-plan guaranteed retirement income productsYes
Offers out-of-plan annuity bidding serviceYes
Recordkeeping PlatformProprietary recordkeeping system