Nearly 96% of plan sponsor respondents to the 2002 PLAN SPONSOR Defined Contribution Survey said their participants had access to account balance lookup online, while more than 85% could process transfers and rebalance their accounts online.
Savings calculators, loan modeling, changes in deferrals, and loan distribution availability were also on the rise. More than 37% now offer online plan enrollment, compared with less than 30% a year ago – which was itself nearly double the level reported in the prior survey.
It seems that plan sponsors are increasingly relying on their provider’s web presence, since overall, only about a third of respondents claim to have their own website/intranet that provides information about their defined contribution plan. However, that experience varies widely depending on plan size.
For example, while three-quarters of the largest plans have their own web site, only about two-thirds of those with $200 million to $500 million in assets do. That number drops to about half for plans with $50 million to $200 million in assets, and just a third of those with $5 million to $50 million.
Plans with less than $5 million were, perhaps not surprisingly, the least likely – just 16% had their own web presence for their DC plan. All in all, those statistics were comparable to last year’s findings, though slightly down across the board.
Tomorrow: The Itch in Time – Picking Another Provider