Unhappy Plans Looking Elsewhere – Study

December 7, 2000 (PLANSPONSOR.com) - Half of plan sponsors dissatisfied with their 401(k) service providers are actively looking for a new provider, according to new study.

However, the survey found that plan sponsors were overall more satisfied with their fund managers this year, compared to a year ago, with an overall satisfaction rating of 92%.  This was an increase of 4% across all market and vendor types.

A year ago, just 40% of plan sponsors were acting on their dissatisfaction.

High on the list of complaints were poor,

  • plan administration
  • fund management
  • service
  • poor communication /education

The study, by research group 401kExchange, covered over 90,000 401(k) plan sponsors.

– Nevin Adams   editors@plansponsor.com