PLANSPONSOR - August - September 2022 - 28

PROVIDER RELATIONSHIPS | 2022 RECORDKEEPING SURVEY
457 Plans
Total 457 Plan Assets, Plans and Participants
$554b
$451b
Total assets
$554b
$316b
$229b
2013
2015
2017
2019
2021
45,796

Total plans
39,112
37,482
2013
38,775
2015
39,367
2017
2019
2021
8.6mm
8.2mm
7.8mm

6.7mm
Total participants
8,225,673
2013
2015
2017
2019
2021
2022
Largest Providers, by
Total 457 Plan Assets ($mm)
1
Voya Financial
2 Empower
3 Nationwide Financial
4 MissionSquare Retirement*
5 Fidelity Investments
6 T. Rowe Price
7 TIAA
8 AIG Retirement Services
9 Lincoln Financial Group
10 Transamerica
*Formerly ICMA-RC.
28 PLANSPONSOR.COM August - September 2022
$151,410
$138,915
$116,071
$52,442
$34,491
$12,937
$12,083
$11,435
$5,731
$4,148
Largest Providers, by
Governmental 457(b) Plans
1
Nationwide Financial
2 Voya Financial
3 MissionSquare Retirement*
4 Empower
5 Equitable
6 OneAmerica
7 Lincoln Financial Group
8 Fidelity Investments
9 Newport
10 Principal Financial Group
6.1mm
6.9mm
7,069
5,317
4,857
2,638
2,578
862
672
360
254
192
Future-Proofing
As the retirement industry continues
to evolve, benchmarking may also help
plan sponsors future-proof their offerings.
Product innovation and legislative
support are lining up to bring decumulation
solutions to retirement plans in the
not so distant future. These would be a
significant new addition to ERISA plans
and could help participants handle lifetime
retirement income. But adding in
those products will require significant
updates to recordkeeping platforms and
plan design to accommodate.
" When we look at what's available for
lifetime income right now, much of that
is handled in the annuity space, " explains
Al Otto, national director of plan governance
solutions at adviser Verity Asset
Management in Atlanta. " Annuities are
insurance products, so aligning that
with ERISA requirements will mean rule
changes. Plan sponsors are also going to
have to look closely at how those products
are created and what the total cost is. That's
going to be difficult because insurance
companies typically do not provide historical
performance or historical total cost,
both of which you need for evaluation.
41,169
39,112
2022
2022
$357b
$498b
introduces a new set of questions about
prudence, " he adds. " If you're considering
new issues such as technology improvements
or financial wellness programs, it
can be hard to place them in a historical
context because financial wellness didn't
exist 10 years ago. So it becomes much
more important to have a formal process
for comparing offerings so you come away
with something that meets the reasonableness
standard. "
These innovations can also highlight
platforms that are failing to keep up,
and that may mean those plans should
consider a change. Even if a financial
wellness program, for example, does not
make sense for a given plan, most participants
expect a modernized online platform
that includes robust cybersecurity
protections-and so does the DOL, based
on recent guidance. Benchmarking can
help highlight where platforms sit on
the continuum of those services as well.
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PLANSPONSOR - August - September 2022

Table of Contents for the Digital Edition of PLANSPONSOR - August - September 2022

INSIGHTS
INDUSTRY ANALYSIS
RULES AND REGULATIONS
UPFRONT
Key Player
Ever Vigilant
Open Season
Simplify the Experience
Connecting One-on-One
The Cost of Protection
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - August - September 2022 - Cover1
PLANSPONSOR - August - September 2022 - Cover2
PLANSPONSOR - August - September 2022 - 1
PLANSPONSOR - August - September 2022 - INSIGHTS
PLANSPONSOR - August - September 2022 - 3
PLANSPONSOR - August - September 2022 - INDUSTRY ANALYSIS
PLANSPONSOR - August - September 2022 - 5
PLANSPONSOR - August - September 2022 - RULES AND REGULATIONS
PLANSPONSOR - August - September 2022 - 7
PLANSPONSOR - August - September 2022 - 8
PLANSPONSOR - August - September 2022 - 9
PLANSPONSOR - August - September 2022 - UPFRONT
PLANSPONSOR - August - September 2022 - 11
PLANSPONSOR - August - September 2022 - 12
PLANSPONSOR - August - September 2022 - 13
PLANSPONSOR - August - September 2022 - 14
PLANSPONSOR - August - September 2022 - 15
PLANSPONSOR - August - September 2022 - Key Player
PLANSPONSOR - August - September 2022 - 17
PLANSPONSOR - August - September 2022 - 18
PLANSPONSOR - August - September 2022 - 19
PLANSPONSOR - August - September 2022 - 20
PLANSPONSOR - August - September 2022 - 21
PLANSPONSOR - August - September 2022 - Ever Vigilant
PLANSPONSOR - August - September 2022 - 23
PLANSPONSOR - August - September 2022 - 24
PLANSPONSOR - August - September 2022 - 25
PLANSPONSOR - August - September 2022 - 26
PLANSPONSOR - August - September 2022 - 27
PLANSPONSOR - August - September 2022 - 28
PLANSPONSOR - August - September 2022 - 29
PLANSPONSOR - August - September 2022 - Open Season
PLANSPONSOR - August - September 2022 - 31
PLANSPONSOR - August - September 2022 - Simplify the Experience
PLANSPONSOR - August - September 2022 - 33
PLANSPONSOR - August - September 2022 - Connecting One-on-One
PLANSPONSOR - August - September 2022 - 35
PLANSPONSOR - August - September 2022 - The Cost of Protection
PLANSPONSOR - August - September 2022 - 37
PLANSPONSOR - August - September 2022 - FIDUCIARY FORUM
PLANSPONSOR - August - September 2022 - INSIDE ANGLE
PLANSPONSOR - August - September 2022 - PLAN PROFILE
PLANSPONSOR - August - September 2022 - Cover3
PLANSPONSOR - August - September 2022 - Cover4
https://www.plansponsordigital.com/plansponsor/august_september_2022
https://www.plansponsordigital.com/plansponsor/june_july_2022
https://www.plansponsordigital.com/plansponsor/excellenceawards_2022
https://www.plansponsordigital.com/plansponsor/april_may_2022
https://www.plansponsordigital.com/plansponsor/february_march_2022
https://www.plansponsordigital.com/plansponsor/december_2021_january_2022
https://www.plansponsordigital.com/plansponsor/october_november_2021
https://www.plansponsordigital.com/plansponsor/august_september_2021
https://www.plansponsordigital.com/plansponsor/june_july_2021
https://www.plansponsordigital.com/plansponsor/april-may_2021
https://www.plansponsordigital.com/plansponsor/february-march_2021
https://www.plansponsordigital.com/plansponsor/december-january_2021
https://www.plansponsordigital.com/plansponsor/october-november_2020
https://www.plansponsordigital.com/plansponsor/august-september_2020
https://www.plansponsordigital.com/plansponsor/june-july_2020
https://www.plansponsordigital.com/plansponsor/april-may_2020
https://www.plansponsordigital.com/plansponsor/february-march_2020
https://www.plansponsordigital.com/plansponsor/december-january_2020
https://www.plansponsordigital.com/plansponsor/october-november_2019
https://www.plansponsordigital.com/plansponsor/august-september_2019
https://www.plansponsordigital.com/plansponsor/june-july_2019
https://www.plansponsordigital.com/plansponsor/april-may_2019
https://www.plansponsordigital.com/plansponsor/february-march_2019
https://www.plansponsordigital.com/plansponsor/december_2018-january_2019
https://www.plansponsordigital.com/plansponsor/october-november_2018
https://www.plansponsordigital.com/plansponsor/august-september_2018
https://www.plansponsordigital.com/plansponsor/june-july_2018
https://www.plansponsordigital.com/plansponsor/april-may_2018
https://www.plansponsordigital.com/plansponsor/february-march_2018
https://www.plansponsordigital.com/plansponsor/december_2017-january_2018
https://www.plansponsordigital.com/plansponsor/november_december_2017
https://www.plansponsordigital.com/plansponsor/october_2017
https://www.plansponsordigital.com/plansponsor/september_2017
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