PLANSPONSOR - August/September 2020 - 27

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RESEARCH | 2020 RECORDKEEPING SURVEY
Recordkeeping
2020
RESEARCH | 2020 RECORDKEEPING SURVEY
Sponsors can be cognizant of the pressures on their recordkeeper,
while continuing to ensure their plan operates smoothly
is serving as a directed trustee, " he says.
" The sponsor should have regular checks
and balances for various types of vendor
activities. "
Like some other recordkeepers, The
Standard has been able to handle the
increase in call volume with its existing
staff, says Joel Mee, senior director of
retirement plan sales. However, for a short
time, from the end of March through the
beginning of April, the company temporarily
brought on more workers.
Besides ensuring that their call
centers operate smoothly, " [recordkeepers]
should also confirm that all of their operations-e.g.,
investing, trading, investor
relations, compliance, required recordkeeping-are
functioning as anticipated
under their business continuity plan, even
if such functions are occurring remotely, "
says the Wagner Law Group post.
Plan sponsors of course will wonder
about the status of these operations.
" While the existing agreement with the
recordkeeper may not reference business
continuity plans, it may contain a force
majeure provision, " Wagner says. " That
provision, in all likelihood, will not cover
pandemics but may address generally how
the recordkeeper is to respond in an emergency
situation. The plan sponsor could
inquire how the business continuity plan
has been working and if there have been
any glitches, but if it is informed that
everything is working well, it probably has
no further duty of inquiry. "
Recordkeepers whose BCP lacks
procedures for a pandemic should add
them, the Wagner Law Group's attorneys
wrote. Sponsors might be reassured
to know, for instance, that their recordkeeper's
BCP calls for having emergency
contact information for all of its staff and
that cloud-based systems protect security
if a sponsor had to communicate with
workers digitally.
Mee says, as far as a BCP is concerned,
" The Standard has a robust business
continuity plan that includes business
WHILE RECORDKEEPERS ARE contending with various new
issues related to the pandemic, they have also shown compassion
for plan sponsors and participants, who feel the effects as
well. From waiving fees to offering additional financial help,
retirement plan recordkeepers, third-party administrators
(TPAs) and financial wellness providers have all stepped up to
assist plan sponsors and employees.
Still, operating during this time " places unfathomable

one's account balance.
Recordkeepers offering volume submitter o
strain " on recordkeepers' business continuity plans (BCPs), say
attorneys at The Wagner Law Group LLC in a blog post, " and
creates new challenges for compliant operations. "
For one example, the Coronavirus Aid, Relief and Economic
Total assets
Security (CARES) Act created a new emergency retirement plan
distribution option dubbed the coronavirus-related distribution, or
CRD for short. A CRD may be drawn from a defined contribution
(DC) plan or from an individual retirement account (IRA)
in any amount up to $100,000. The law also doubled the size of
the loan a participant may take: from $50,000 or 50% of one's
account balance, whichever is lower, to $100,000 or 100% of
$8,263,066
Plan Size
<$10mm
$10mm - $50mm
>$50mm - $200mm
>$200mm
815,336
Reprinted from PLANSPONSOR June- July 2020. ©1989 - 2020. PLANSPONSOR is owned by ISS. All Rights
For Internal Use Only-Not For External Distribution. This document is not to be copied, distributed or reprodu
passed to any third party. For information, call (203) 595-3276 or email reprints@issmediasolutions.com.
Assets ($mm)*
$925,854
$864,922
$941,229
$5,531,061
754,701
45,315
10,299
5,021
Participants*
22,685,285
15,490,953
14,938,663
58,559,073
*Not all providers report complete data; therefore, data segmented by plan size will not equal the
corresponding overall total.
Growth in Total DC Plan Assets ($mm)
$8,263,065
$7,467,594
$5,961,980
$6,085,769
$7,119,309
Total plans
Total Defined Contribution (DC) Assets, Plans and Participants

Total participants
111,673,974
Plans*
strategy for Schwab Retirement Plan Service
says 90% of Schwab plan sponsor clients have
Act provisions, and 10% of participants have t
recordkeepers are contending with various
to the pandemic, they have also shown co
sponsors and participants, who feel the ef
waiving fees to offering additional finan
plan recordkeepers, third-party admin
financial wellness providers have all ste
sponsors and employees.

prototype plan documents will have to amend these
distribute a summary of material modifications t
CRD withdrawals, note the authors of the post, Step
Kimberly Shaw Elliot and Seth Gaudreau. " Given th
to document execution and obtain signatures, the
tion process should be considered where available
Nathan Voris, senior managing directo
Survey
A Demanding Time
2016
2017
2018
impact analysis, risk management,
crisis management, crisis communications,
employee awareness and training,
supplier management and emergency
operations that exercise response plans
to assess situations and act based on
informed decisions. Our business continuity
and disaster recovery plans and
response options are constructed in such
a way as to provide flexibility to respond
to almost any scenario in a prompt and
2019
2020
efficient manner. "
" The pressure on recordkeepers
tremendous, " Neuner says. " Call cente
are receiving increasing call volumes a
huge swings in activity, with many of
conversations being with concerne
panicked participants. " It is impo
for sponsors to help their partic
weather the current market volat
focusing on the long term, he say
-Le
Reprinted from PLANSPONSOR June- July 2020. ©1989 - 2020. PLANSPONSOR is owned by ISS. All Rights Reserved.
For Internal Use Only-Not For External Distribution. This document is not to be copied, distributed or reproduced in whole or in pa
passed to any third party. For information, call (203) 595-3276 or email reprints@issmediasolutions.com.
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PLANSPONSOR - August/September 2020

Table of Contents for the Digital Edition of PLANSPONSOR - August/September 2020

2020 Plan Sponsor of the Year Winners
New Support for HR Teams
Social Security Demystified
An Unstable Time for Funding
Rethinking Fixed Income
Winning Ways in the Pandemic
PLANSPONSOR - August/September 2020 - Cover1
PLANSPONSOR - August/September 2020 - Cover2
PLANSPONSOR - August/September 2020 - 1
PLANSPONSOR - August/September 2020 - 2
PLANSPONSOR - August/September 2020 - 3
PLANSPONSOR - August/September 2020 - 4
PLANSPONSOR - August/September 2020 - 5
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PLANSPONSOR - August/September 2020 - 8
PLANSPONSOR - August/September 2020 - 9
PLANSPONSOR - August/September 2020 - 10
PLANSPONSOR - August/September 2020 - 11
PLANSPONSOR - August/September 2020 - 12
PLANSPONSOR - August/September 2020 - 13
PLANSPONSOR - August/September 2020 - 14
PLANSPONSOR - August/September 2020 - 15
PLANSPONSOR - August/September 2020 - 2020 Plan Sponsor of the Year Winners
PLANSPONSOR - August/September 2020 - 17
PLANSPONSOR - August/September 2020 - 18
PLANSPONSOR - August/September 2020 - 19
PLANSPONSOR - August/September 2020 - 20
PLANSPONSOR - August/September 2020 - 21
PLANSPONSOR - August/September 2020 - 22
PLANSPONSOR - August/September 2020 - 23
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PLANSPONSOR - August/September 2020 - 28
PLANSPONSOR - August/September 2020 - 29
PLANSPONSOR - August/September 2020 - 30
PLANSPONSOR - August/September 2020 - 31
PLANSPONSOR - August/September 2020 - 32
PLANSPONSOR - August/September 2020 - 33
PLANSPONSOR - August/September 2020 - 34
PLANSPONSOR - August/September 2020 - 35
PLANSPONSOR - August/September 2020 - New Support for HR Teams
PLANSPONSOR - August/September 2020 - 37
PLANSPONSOR - August/September 2020 - Social Security Demystified
PLANSPONSOR - August/September 2020 - 39
PLANSPONSOR - August/September 2020 - An Unstable Time for Funding
PLANSPONSOR - August/September 2020 - 41
PLANSPONSOR - August/September 2020 - Rethinking Fixed Income
PLANSPONSOR - August/September 2020 - 43
PLANSPONSOR - August/September 2020 - 44
PLANSPONSOR - August/September 2020 - 45
PLANSPONSOR - August/September 2020 - 46
PLANSPONSOR - August/September 2020 - 47
PLANSPONSOR - August/September 2020 - Winning Ways in the Pandemic
PLANSPONSOR - August/September 2020 - Cover3
PLANSPONSOR - August/September 2020 - Cover4
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