RESEARCH |
2021
Recordkeeping Survey
Reported by PLANSPONSOR
| Art by Tilda Rose
Providers
TIAA
TIAA.org| Assets ($MM) by Plan Type | ||||
|---|---|---|---|---|
| Ranked #3 | $649,073 | |||
| 401(k) | 2% | |||
| 403(b) | 77% | |||
| 457 | 2% | |||
| NQDC | <1% | |||
| Other | 20% | |||
| Participants by Plan Size | ||||
|---|---|---|---|---|
| Ranked #4 | 6,441,991 | |||
| <$10MM | 12% | |||
| $10MM – $50MM | 17% | |||
| >$50MM – $200MM | 18% | |||
| >$200MM | 53% | |||
| Related Offerings | |
|---|---|
| HSA integration | via Partnership/other strategy |
| Student Loan Repayment | 3rd party source(s) |
| Financial wellness options | 4† |
| Service Offerings | |
|---|---|
| New client restrictions | TIAA provides retirement plan administration, investment management and recordkeeping services for higher education, teaching hospitals, secondary and elementary education, and governmental and other nonprofit entities. |
| Multiple service models | Yes |
| Offers corporate trustee services | Yes—either direct or via partnership |
| # of internal ERISA counsel | 5 |
| Will act as §3(16) fiduciary | Yes - via third party |
| Participant Services | |
|---|---|
| Call center hours | Weekdays: 8 a.m. – 10 p.m. (ET) |
| Online chat support | Yes |
| Mobile app | |
| Managed account options | Morningstar/Ibbotson* |
| Recordkeeping Platform | FIS Omni; FIS Relius |
|---|
| Footnote: |
| *Qualified Managed Account, Retirement Plan Portfolio Manager (RPPM), is a discretionary feebased asset allocation program provided by TIAACREF Trust Company, FSB. Participants who enroll their eligible plans in this program will receive ongoing customized asset allocation, which includes quarterly rebalancing and reallocation of their portfolios. Those using the service will receive a quarterly report documenting this activity. There is no minimum balance to enroll in RPPM. RPPM employs TIAA proprietary software, called Retirement Advisor, to formulate personalized advice based on client data. The Morningstar advice engine is used by this software to create fund and savings recommendations customized to the participant's retirement income goal and based on other personal and financial factors that can be entered into the tool.
†In 2021, TIAA has offers that supplement or augment their core RK offer. They are providing debt management and financial literacy solutions, Student Loan Debt Relief (offered via Savi integration), debt coaching (integrated and offered through multiple 3rd party debt coaching providers), Improved Financial Literacy, with proprietary in-plan and out-of-plan content, and diagnostic tools that create personal and custom plans for all employees, that focus on behaviors and habits that can lead to better financial outcomes (also proprietary). |
