Total Plans with >$10MM – $100MM in Assets
1 Fidelity Investments 6,308
2 Alliance Benefit Group 3,750
3 Empower Retirement 3,170
4 TIAA 3,065
5 Principal Financial Group 2,587
6 Voya Financial 1,938
7 MassMutual 1,719
8 Transamerica 1,524
9 Prudential Financial, Inc. 1,435
10 Vanguard 1,368
Total Plans with >$100MM in Assets
1 Fidelity Investments 1,809
2 TIAA 746
3 Vanguard 580
4 Prudential Financial, Inc. 440
5 Empower Retirement 388
6 Wells Fargo 302
7 Transamerica 283
8 Charles Schwab 270
9 Voya Financial 264
10 T. Rowe Price 260
Total Plans with <$10MM in Assets
1 Paychex, Inc. 76,800
2 ADP Retirement Services 65,480
3 John Hancock Retirement Plan Services 54,824
4 American Funds 50,954
5 Principal Financial Group 49,794
6 Voya Financial 44,843
7 Ascensus 44,182
8 Nationwide 36,203
9 Empower Retirement 32,650
10 MassMutual 29,103
The 2017 PLANSPONSOR Recordkeeping Survey—our 19th—
profiles 55 leading providers of defined contribution (DC)
recordkeeping services. These firms account for more than
$6 trillion in assets and are estimated to represent approximately
85% of the total DC market.* Collectively, results from the survey
demonstrate the market’s evolution and point up some factors to
consider when selecting a recordkeeping partner.
Provider profiles and capabilities are listed in alphabetical
order. “Asset rank” indicates the provider’s overall placement
among reporting organizations by total recordkeeping assets
under administration (AUA). This ranking excludes several
recordkeepers that chose not to respond, most notably Aon
Hewitt—ranked fifth in assets and third in participants in last
year’s survey—which made this choice after agreeing to sell its
benefits administration and HR BPO (human resources business process outsourcing) platform to Blackstone, in February.
PROVIDER LISTING KEY
• New-client requirements vary and may include plan-size minimums or restrictions on the types of plans that will be accepted.
Please contact providers for details.
•ERISA (Employee Retirement Income Security Act) counsel
equals the number of full-time equivalent legal staff available to
opine on ERISA issues when needed. Additional fees may apply.
• Fee equalization reflects whether the recordkeeper may credit
participants for revenue sharing paid by their investments that
exceeds their share of the recordkeeping fee.
• Providers supporting 360-degree payroll integration accommodate direct, two-way communication of data with payroll
vendors to simplify some aspects of plan administration. It may
be available to “all clients” or “some clients,” if certain conditions are met.
• In-plan retirement income products include guaranteed investment options specifically designed to produce a predictable
level of income throughout retirement with no need to reinvest
or withdraw assets from the plan.
All survey data reported on the pages that follow are as of
December 31, 2016; comparable data from the prior survey are
as of December 31, 2015. All information from the survey is self-reported; all statements related to product or service offerings
available to defined contribution plan sponsors were supplied by
each provider and subject to PLANSPONSOR’s internal quality
assurance reviews where possible. Readers are encouraged to
follow up with providers directly for additional detail on the scope
of services accessible. Additional data is available. To purchase a
Microsoft Excel spreadsheet of responses from all 55 providers,
contact Michelle Judkins at firstname.lastname@example.org.
To learn how to participate in our 2018 Recordkeeping Survey,
contact Brian O’Keefe at email@example.com.