PLANSPONSOR - August - September 2022 - 26
PROVIDER RELATIONSHIPS | 2022 RECORDKEEPING SURVEY
401(k) Plans
Total 401(k) Plan Assets, Plans and Participants
$7.58t
$6.81t
Total assets
$7.58t
$4.27t
$3.19t
2013
2015
2017
2019
2021
612,130
Total plans
621,473
499,337
461,132
2013
2015
2017
2019
2021
76.0mm
70.1mm
Total participants
78,223,485
60.3mm
56.1mm
2013
2015
2017
2019
2021
2022
Erik Daley, managing principal for
Multnomah Group, a retirement plan
consultant in Portland, Oregon, says the
significant
increase in litigation puts
Largest Providers, by
Total 401(k) Plan Assets ($mm)
1
Fidelity Investments
2 Empower
3 Vanguard
4 Alight Solutions
5 Principal Financial Group
6 Voya Financial
7 T. Rowe Price
8 Schwab Retirement Plan Svcs
9 Bank of America Corporation
10 John Hancock
$2,804,232
$1,108,789
$568,708
$526,889
$351,098
$292,375
$253,994
$230,583
$212,332
$176,850
Largest Providers, by 401(k)
Assets per Participant (actual $)
1
Schwab Retirement Plan Svcs
2 Vanguard
3 Fidelity Investments
4 Alight Solutions
5 T. Rowe Price
6 Conduent HR Services, LLC
7 NWPS
8 MissionSquare Retirement*
9 Voya Financial
10 EPIC Retirement Plan Services
*Formerly ICMA-RC.
26 PLANSPONSOR.COM August - September 2022
more value on the benchmarking process.
" There's a lot for plan sponsors to keep up
$173,348
$140,682
$128,731
$125,420
$119,533
$119,478
$118,068
$111,265
$107,158
$96,978
with at the moment, and wherever they
can have documentation and show they
are being proactive about plan monitoring
is going to be beneficial, " he says. " When
we look at the recent litigation, it's [plain]
that plan sponsors need to be able to clearly
defend their choices, both in terms of what
they mean for a given plan but against the
backdrop of how a plan design fits in with
the broader marketplace of offerings. "
Less Choice but More Services
The RFP process may be getting slightly
easier for plan sponsors in one respect.
Industry consolidation means there are
fewer recordkeepers to compare. There is
also a measure of specialization, as some
recordkeepers are designed to work with
only small or midsize plans and thus
60.7mm
2022
78.2mm
531,749
545,041
2022
621,473
$4.29t
$4.93t
under attack for offering a low-cost TDF
suite that, litigants argue, was chosen with
price as a defining factor. The argument
at the core of these cases is that choosing
a product purely on price and not considering
other variables such as the availability
of advice or performance does not
meet the suitability standard. Critics of the
cases have argued that litigants are making
it nearly impossible to create a plan that is
prudent and/or safe from litigation.
" Participants and
plan sponsors have
recognized, over
the past few years,
that retirement really
includes much more
than just having a
401(k) plan. "
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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/may_june_2024
https://www.plansponsordigital.com/plansponsor/march_april_2024
https://www.plansponsordigital.com/plansponsor/january_february_2024
https://www.plansponsordigital.com/plansponsor/november_december_2023
https://www.plansponsordigital.com/plansponsor/september_october_2023
https://www.plansponsordigital.com/plansponsor/july_august_2023
https://www.plansponsordigital.com/plansponsor/excellenceawards_2023
https://www.plansponsordigital.com/plansponsor/may_june_2023
https://www.plansponsordigital.com/plansponsor/march_april_2023
https://www.plansponsordigital.com/plansponsor/december_2022_february_2023
https://www.plansponsordigital.com/plansponsor/october_november_2022
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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