PLANSPONSOR - December/January 2021 - 23

MICRO MARKET: PLAN ASSETS <$5mm
MICRO PLANS are sometimes characterized as startup plans due
to the small number of participants they cover and the simpler
nature of their plan design. Sponsors of such plans often face
many competing priorities when running their business and
likely find greater value in the active role recordkeepers can play
in helping attend to the responsibilities of overseeing a plan.
For these reasons, it is not surprising that sponsor satisfaction
in the Micro Market has always been higher than in other
markets, but what is surprising is that satisfaction continues to
rise, jumping to 78.2% vs. what seemed like an already unsustainable
level (68.9%) last year. Overall, nine of 12 qualifying recorded
net recommendation rates over 75%, and services-e.g., transaction
processing, regulatory updates and cybersecurity policies-
are now universally viewed as commodities, with every provider
receiving Best in Class recognition in these categories. Six other
categories saw at least 10 of 12 providers win Best in Class awards.
Still, micro plan sponsors, like many of their larger peers,
report lower satisfaction with both online and in-person participant
education and plan fees/expenses-the average overall
percentage of sponsors that were " completely satisfied " with
such services fell in 2020.
Top 5 Micro Market Providers
By Net Recommendation/Promoter Score
1 Correll Co.
2 The Standard
3 Ascensus
4 Newport
5 Voya Financial
Service Satisfaction for Top 5 Providers,
By Net Recommendation/Promoter Score*
= Best in Class
Participant Services
1 Correll Co.
2 Securian Financial
3 Voya Financial
4 Newport
5 Ascensus
Plan Sponsor Services
1 Correll Co.
2 The Standard
3 OneAmerica
4 Securian Financial
5 Newport
Service Teams and Support
1 Correll Co.
100.0%
96.7%
92.1%
89.7%
86.2%
Micro Market Net Recommendation Rate, 2016 - 2020
78.2%
71.5%
68.9%
64.1%
2016
64.9%
2017
2018
2019
2020
Other providers and their recommendation percentage
listed in this market: CUNA Mutual Retirement Solutions (76.1%);
John Hancock (75.0%); Newport (73.1%); OneAmerica (69.7%);
The Standard (71.9%); Voya Financial (63.6%)
*For an explanation, please see " Net Promoter Score, " page 18.
PLANSPONSOR.COM December 2020 - January 2021 23
2 Newport
3 The Standard
4 Ascensus
4 Securian Financial
Plan Administration
1 Correll Co.
2 Newport
2 Securian Financial
4 The Standard
5 Ascensus
Investments and Fees
1 Correll Co.
2 Newport
3 Ascensus
4 OneAmerica
5 Empower Retirement
% ≥9 out of 10 # of s
90.5%
77.1%
76.4%
75.8%
71.6%
3
3
5
3
3
% ≥9 out of 10 # of s
95.3%
91.1%
87.0%
86.8%
85.3%
3
3
3
3
3
% ≥9 out of 10 # of s
4
4
4
4
4
100.0%
93.8%
91.2%
89.3%
89.3%
% ≥9 out of 10 # of s
100.0%
93.0%
93.0%
91.1%
89.3%
6
6
6
6
6
% ≥9 out of 10 # of s
4
4
4
3
3
95.2%
84.8%
81.8%
78.9%
77.6%

http://www.PLANSPONSOR.COM

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
PLANSPONSOR - December/January 2021 - 4
PLANSPONSOR - December/January 2021 - 5
PLANSPONSOR - December/January 2021 - 6
PLANSPONSOR - December/January 2021 - 7
PLANSPONSOR - December/January 2021 - 8
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
PLANSPONSOR - December/January 2021 - 17
PLANSPONSOR - December/January 2021 - 18
PLANSPONSOR - December/January 2021 - 19
PLANSPONSOR - December/January 2021 - 20
PLANSPONSOR - December/January 2021 - 21
PLANSPONSOR - December/January 2021 - 22
PLANSPONSOR - December/January 2021 - 23
PLANSPONSOR - December/January 2021 - 24
PLANSPONSOR - December/January 2021 - 25
PLANSPONSOR - December/January 2021 - 26
PLANSPONSOR - December/January 2021 - 27
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
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/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
https://www.nxtbookmedia.com