2022
Recordkeeping Survey
Industry Snapshot
457 Plans
W
hile there are many similarities between a recordkeeper search for a 457 plan and one for other types of plans, there are also some important nuances.
“This is where a retirement plan adviser or search consultant can really add value,” says Christopher Dall, vice president, senior product leader at PNC Institutional Asset Management. “A good adviser or search consultant knows the recordkeeper landscape and is meeting with the major recordkeepers regularly to track service and product updates, strengths and weaknesses, and more.”
A good adviser will also have experience working with the type of plan involved in a given search. For example, 457 plans may need to follow a specific vendor selection process, Dall says.
“At a high level, plan sponsors should carefully customize the question in their RFP [request for proposals] to apply to their specific situation,” he adds. “As part of the process it’s important to make sure the recordkeeper understands the plan sponsor’s current retirement program and is addressing a plan’s specific provisions and features.”
Robert Massa, managing director of the Houston market at Qualified Plan Advisors, also suggests that 457 plan sponsors invite vendors to participate in their RFP process that they have not previously considered.
“You should still look at the usual players, but it can be helpful to look a little bit farther afield as well,” Massa says. “The reality is that 457s aren’t as different from 401(k) or 403(b) plans as they used to be. Just because someone doesn’t specialize in government plans doesn’t mean you shouldn’t look at them.”—B.B.
Total assets
Total plans
Total participants
39,112
8,225,673
$553B
Total assets
Total plans
Total participants
39,112
8,225,673
$553B
Total assets
Total plans
Total participants
39,112
8,225,673
$553B
Total assets
Total plans
Total participants
39,112
8,225,673
$553B
