PLANSPONSOR - August - September 2022 - 27

PROVIDER RELATIONSHIPS | 2022 RECORDKEEPING SURVEY
may not be suitable for every process, and
vice versa for mega plan recordkeepers.
While consolidation is often viewed
negatively, it has some benefits within
the recordkeeper space, sources say.
Consolidation has brought improvements
in technology, as well as new
services. Recordkeepers are also working
more closely with third parties, both as a
result of consolidation and just as part of
a broader effort to offer more services to
clients. Taken together these factors are
leading to service improvements without
necessarily broad-based increases in cost.
For example, T. Rowe Price has
entered into an agreement with technology
provider FIS to improve its recordkeeping
platform and to offer financial
wellness services. Sponsors that work with
T. Rowe will get access to an improved
user experience, as well as the option to
add a financial wellness program to their
plans if they do not already offer one.
" Participants and plan sponsors have
recognized, over the past few years, that
retirement really includes much more
than just having a 401(k) plan, " says Lee
Stevens, head of institutional sales and
consultant relations for T. Rowe's retirement
plan services division, in Baltimore.
" Increasingly, plan sponsors are looking
at plan design within the broader context
of retirement preparedness, which can
include financial wellness services and
other benefits, " she says.
" Recordkeepers have responded to
this, " Stevens continues, " not just as a
function of consolidation-though that
may be one way these improvements are
made-but also as a function of what's
going on in the industry today. There's a
recognition that we all need to do more
about supporting the financial
individuals. "
Multnomah's Daley agrees. He says,
as the recordkeeping industry continues to
modernize and rules continue to evolve, it
is important to make sure these changes
are reflected in the benchmarking process.
" When we think about what effective
monitoring looks like, we try to take all of
these factors into account, " he says.
" Anytime you have changes, that also
lives of
5 AIG Retirement Services
6 Voya Financial
7 Lincoln Financial Group
8 Vanguard
9 Equitable
10 Newport
$62,602
$60,836
$48,432
$34,605
$33,798
$23,086
5 Nationwide Financial
6 Fidelity Investments
7 Lincoln Financial Group
8 Empower
9 OneAmerica
10 PlanMember Financial Corp.*
8,165
6,945
5,599
3,532
2,937
2,439
*Did not complete the Recordkeeping Survey.
PLANSPONSOR.COM August - September 2022 27
16.4mm
15.6mm

Total participants
17,451,274
11.1mm
2013
2015
2017
2019
2021
2022
403(b) Plans
Total 403(b) Plan Assets, Plans and Participants
$1.41t
$1.26t

Total assets
$1.41t
$878b
$667b
2013
$796b
2015
2017
2019
2021
194,349
184,802

Total plans
147,863
158,861
2013
2015
161,797
2017
167,809
147,863
2019
17.6mm
2021
17.9mm
2022
17.5mm
2022
$992b
Largest Providers, by
Total 403(b) Assets ($mm)
1
TIAA
2 Fidelity Investments
3 Empower
4 Transamerica
$553,705
$357,181
$68,857
$67,039
Largest Providers, by
403(b) Non-ERISA Plans
1
Voya Financial
2 AIG Retirement Services
3 Equitable
4 Newport
18,328
15,634
15,513
10,313
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