PLANSPONSOR - December/January 2021 - 25

SMALL MARKET - B: PLAN ASSETS >$25mm - $50mm
IN THE SPECTRUM of plan sizes, Small Market - B plans often find
themselves at something of a crossroads, where growing participant
counts and asset totals mean they are no longer small but
also perhaps not yet large enough to extract premium services
from the market.
With more participants to service and rising transaction
volumes, one might assume that plan sponsors would become
more critical of recordkeeper performance, but the opposite
holds true, as the average recommendation rate among Small
Market - B plans exceeded comparable values in both the Small
Market - A and Midsize plan segments.
Additionally, all qualifying providers in Small Market - B
won at least 10 Best in Class Awards, making it the only group
to do so.
Although important in all markets, service teams and regulatory/compliance
support appear to be critical among plans of
this size as net satisfaction rates in these areas of service were
the highest in the survey, with an average of 85% of sponsors
being " completely satisfied. " Despite such high levels of praise,
participant service offerings still disappoint Small Market - B
plan sponsors.
Top 5 Small Market - B Providers
By Net Recommendation/Promoter Score
1 Empower Retirement
2 Charles Schwab
2 Newport
4 OneAmerica
5 The Standard
Service Satisfaction for Top 5 Providers,
By Net Recommendation/Promoter Score*
= Best in Class
Participant Services
1 Newport
2 Voya Financial
3 Charles Schwab
4 The Standard
5 Empower Retirement
Plan Sponsor Services
1 Newport
2 Empower Retirement
3 Charles Schwab
4 Ascensus
5 Voya Financial
Service Teams and Support
1 Ascensus
93.1%
87.0%
87.0%
85.2%
85.0%
Small Market - B Net Recommendation Rate, 2016 - 2020
79.0%
74.1%
65.5%
61.8%
2016
2017
63.3%
2018
2019
2020
Other providers and their recommendation percentage listed in
this market: AIG Retirement Solutions (62.5%); Ascensus (82.1%);
Transamerica Retirement Solutions LLC (77.3%); Voya Financial (81.0%)
3 Empower Retirement
4 Voya Financial
5 OneAmerica
Investments and Fees
1 Newport
2 Ascensus
% ≥9 out of 10 # of s
87.7%
81.9%
77.8%
77.3%
75.0%
3
4
4
3
2
2 Charles Schwab
3 Newport
4 Voya Financial
5 Empower Retirement
Plan Administration
1 Ascensus
2 Charles Schwab
3 Newport
4 Empower Retirement
5 OneAmerica
% ≥9 out of 10 # of s
71.6%
70.7%
68.8%
67.4%
64.2%
2
5
5
2
1
% ≥9 out of 10 # of s
89.2%
85.1%
81.2%
78.8%
73.8%
2
3
3
2
3
% ≥9 out of 10 # of s
4
4
4
4
4
92.5%
90.4%
87.2%
87.0%
85.3%
% ≥9 out of 10 # of s
87.7%
86.7%
84.9%
84.2%
80.6%
6
5
6
5
6
PLANSPONSOR.COM December 2020 - January 2021 25

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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
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
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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
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