PLANSPONSOR - December/January 2021 - 17
RESEARCH | 2020 PLANSPONSOR BEST IN CLASS DC PROVIDERS
SHINING
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Art by Mar Hernández
EXAMPLES
In a year darkened by COVID-19,
our 2020 Defined Contribution Survey
turns a spotlight on providers with exceptional service
hen plan sponsors reflect on their plan's success in 2020, what will likely be top of mind is COVID-19
and how it affected their organization. The 2020 PLANSPONSOR Best in Class list, culled from the
results of our 2020 Defined Contribution (DC) Survey, offers insights into the relationships between
plan sponsors and their recordkeepers, through the first three quarters of this difficult year.
As other recent DC Surveys have found, recordkeeping fees remain compressed. To stay competitive,
providers must excel in technology and other specialized services-a demand that drives costs up while revenues
are down, says Robyn Credico, defined contribution consulting leader, North America, at Willis Towers
Watson in Arlington, Virginia. Another reason revenue is falling for recordkeepers is that fewer sponsors
now opt for bundled recordkeeping solutions. This means opportunities for leveraging new business from
current clients have diminished, she says. Even up against these challenges, she says, " recordkeepers work
hard to differentiate themselves in different markets. "
Pamela A. Popp, president of Lockton Retirement Services, in Kansas City, Missouri, agrees. The
fundamental recordkeeping function-what she calls " the basic block and tackle " -is now often
referred to as a " commodity. " And the value-add services that recordkeepers need to differentiate themselves
require significant investment. This has a predictable trajectory. " Recordkeepers consolidate for
scale and growth, " she notes.
Is Consolidation a Good Thing?
As the 2020 PLANSPONSOR Recordkeeping Survey shows, consolidation of the industry continues.
While it may be a little unsettling for plan sponsors and participants whose recordkeeper merged
with or was acquired by another, Popp says she believes such transactions ultimately benefit them
PLANSPONSOR.COM December 2020 - January 2021 17
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PLANSPONSOR - December/January 2021
Table of Contents for the Digital Edition of PLANSPONSOR - December/January 2021
The Truth About Plan Lawsuits
2020 PLANSPONSOR Best in Class DC Providers
Administrative Assistance
Striking the Right Balance
Electronic Upgrade
PLANSPONSOR - December/January 2021 - Cover1
PLANSPONSOR - December/January 2021 - Cover2
PLANSPONSOR - December/January 2021 - 1
PLANSPONSOR - December/January 2021 - 2
PLANSPONSOR - December/January 2021 - 3
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PLANSPONSOR - December/January 2021 - 9
PLANSPONSOR - December/January 2021 - 10
PLANSPONSOR - December/January 2021 - 11
PLANSPONSOR - December/January 2021 - The Truth About Plan Lawsuits
PLANSPONSOR - December/January 2021 - 13
PLANSPONSOR - December/January 2021 - 14
PLANSPONSOR - December/January 2021 - 15
PLANSPONSOR - December/January 2021 - 2020 PLANSPONSOR Best in Class DC Providers
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PLANSPONSOR - December/January 2021 - 28
PLANSPONSOR - December/January 2021 - 29
PLANSPONSOR - December/January 2021 - Administrative Assistance
PLANSPONSOR - December/January 2021 - 31
PLANSPONSOR - December/January 2021 - 32
PLANSPONSOR - December/January 2021 - Striking the Right Balance
PLANSPONSOR - December/January 2021 - 34
PLANSPONSOR - December/January 2021 - 35
PLANSPONSOR - December/January 2021 - Electronic Upgrade
PLANSPONSOR - December/January 2021 - 37
PLANSPONSOR - December/January 2021 - 38
PLANSPONSOR - December/January 2021 - 39
PLANSPONSOR - December/January 2021 - 40
PLANSPONSOR - December/January 2021 - Cover3
PLANSPONSOR - December/January 2021 - Cover4
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