PLANSPONSOR - August - September 2022 - 29
PROVIDER RELATIONSHIPS | 2022 RECORDKEEPING SURVEY
There is much less transparency " he says.
Stevens says it is important not to
understate the role of the recordkeeper
in the decumulation phase, as well. " As
products get created and come to market,
recordkeepers will be tasked with getting
those on platforms and providing necessary
information to plan sponsors and
" The work that
recordkeepers
have already done
on some recent
innovations can be
a helpful guide
about how that
process might go. "
participants. So there's a lot of work that
will happen on the recordkeeper side, as
well, " she says. " The work that recordkeepers
have already done on some recent
innovations can be a helpful guide about
how that process might go. "
Both Otto and Stevens note that
decumulation solutions are likely to be
the next significant evolution in retirement,
and plan sponsors should be
thinking about how that fits into plan
design, sooner rather than later.
" There has been substantial work
on this over many years, and it's much
closer to being offered than I think many
people realize, " Stevens says. " We're at
an interesting point in the cycle, where
the industry is really coming together to
put retirement in a broader context, and
there's an opportunity for plan sponsors,
recordkeepers and investment firms to
work together to keep making improvements.
That's beneficial from a fiduciary
standpoint
because
plan
participants
are getting more out of the plan. But
it also requires deeper analysis of plan
needs so that any changes are still in the
best interest of the plan's participants. "
-Bailey McCann
NQDC* Plans
Total NQDC Plan Assets, Plans and Participants
$175b
$172b
Total assets
$113b
$172b
$99b
$73b
2013
$80b
2015
2017
2019
2021
11,167
Total plans
8,504
2013
2015
770,185
Total participants
741,786
2013
2015
Largest Providers, by
Total NQDC Participants
1
Fidelity Investments
2 Newport
3 Empower
4 Transamerica
5 Principal Financial Group
6 Conduent HR Services, LLC
7 Alight Solutions
8 Voya Financial
9 Lincoln Financial Group
10 T. Rowe Price
*Nonqualified deferred compensation
714,242
682,366
2017
2019
2021
2022
7,774
2017
8,306
2019
780,173
2021
780,004
741,786
8,504
2022
8,710
9,174
2022
Largest Providers, by
Total 409A NQDC Liabilities
203,661
129,494
90,445
87,548
62,586
62,199
28,113
20,294
19,802
10,769
1 Fidelity Investments
2 Newport
3 Principal Financial Group
4 Bank of America Corporation
5 Vanguard
6 NFP†
7 Schwab Retirement Plan Svcs
8 Voya Financial
9 T. Rowe Price
10 Conduent HR Services, LLC
$60,703
$47,033
$14,651
$13,299
$8,360
$5,605
$5,544
$4,441
$3,227
$2,331
†Did not complete the Recordkeeping Survey.
PLANSPONSOR.COM August - September 2022 29
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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
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