top 10 ReCoRdkeepeRS costly provider.” Indeed, the DoL notes
that “[c]ost is only one factor to be considered in selecting a service provider.”
Finally, make sure you understand the
terms of any agreements or contracts you
sign. Understand that these agreements
generally are written for the benefit of
the plan provider, not the plan (or plan
sponsor) and, while they can be a valuable reference, they, like any legal document, should be reviewed carefully, and
by someone with the interests of the plan
uppermost in their mind.
Ultimately, hiring a service provider is,
in and of itself, a fiduciary function, and
how well that function is performed will
be judged by ERISA standards of expert
prudence. As with all fiduciary acts,
you are well-advised to document the
process—and to get expert help if you
need it. —Nevin E. Adams, JD
PLANSPONSOR’s 12th annual Defined
Contribution Recordkeeping Survey questionnaire was distributed to providers of
full service and unbundled recordkeeping
for defined contribution plans, and we
received 79 complete responses this year.
The questionnaire, which asked for
approximately 322 different data points,
was available for providers to complete
online between March and late April 2010.
All data are as of 12/31/2009.
The top 66 providers are listed in alphabetical order. The “rank” indicates the relative
order by total recordkeeping assets under
administration, reported in millions.
Although the tables that follow provide
a wealth of information, they contain
only a small portion of each provider’s
response to the survey. To purchase an
Excel spreadsheet containing the full data
set of responses from all 79 providers,
including historical information, please
contact Michelle Judkins at mjudkins@
assetinternational.com. Cost: $2,750.
* Note: This list is comprised only of qualified plan providers that also administer NQDC plans. See our NQDC Buyer’s Guide in this issue for
a full list of NQDC providers.