PLANSPONSOR - December/January 2021 - 26

2020 PLANSPONSOR BEST IN CLASS DC PROVIDERS
MIDSIZE MARKET: PLAN ASSETS >$50mm - $200mm
AS PLAN SIZE INCREASES, so do sponsor expectations of recordkeepers,
as plans seek to leverage the knowledge, experience,
scale and resources found among the largest plans in an effort
to secure better servicing arrangements. On the other side of the
table, recordkeepers are pushing standardization and automation
in hopes of improving efficiencies and increasing margins.
Historically, the tension created by these differing objectives
has been evident in material drops in satisfaction among
midsize-plan sponsors, and that trend continued in 2020.
Midsize plans were among the most dissatisfied survey respondents
with participant points-of-contact-e.g., enrollment,
education campaigns, in-person meetings, beneficiary administration,
etc.-all of which scored lower than in any other market.
Sponsors also showed signs of valuing new attributes of
service. Satisfaction with plan design flexibility declined, resulting
in only three providers being recognized as Best in Class when no
fewer than seven had received recognition in the Micro and Small
Market - A/B segments. Similarly, midsize-plan sponsors found
plan reporting tools/resources to be lacking, which also contributed
to fewer total Best in Class Awards in this category.
Top 5 Midsize Market Providers
By Net Recommendation/Promoter Score
1 John Hancock
2 Charles Schwab
3 Milliman, Inc.
4 OneAmerica
5 Ascensus
Service Satisfaction for Top 5 Providers,
By Net Recommendation/Promoter Score*
= Best in Class
Participant Services
1 John Hancock
2 Charles Schwab
3 OneAmerica
4 Empower Retirement
5 Milliman, Inc.
Plan Sponsor Services
1 John Hancock
2 OneAmerica
3 Milliman, Inc.
4 Principal Financial Group
5 Charles Schwab
89.5%
88.9%
88.0%
81.5%
79.2%
Midsize Market Net Recommendation Rate, 2016 - 2020
66.4%
64.7%
61.9%
2016
2017
56.7%
2018
58.2%
2019
2020
Other providers and their recommendation percentage listed in
this market: Empower Retirement (78.8%); John Hancock (89.5%);
Newport (67.9%); Principal Financial Group (61.1%); Transamerica
Retirement Solutions LLC (38.2%)
*For an explanation, please see " Net Promoter Score, " page 18.
26 PLANSPONSOR.COM December 2020 - January 2021
Service Teams and Support
1 John Hancock
2 OneAmerica
3 Ascensus
4 Charles Schwab
5 Newport
Plan Administration
1 John Hancock
2 OneAmerica
3 Charles Schwab
4 Ascensus
5 Empower Retirement
Investments and Fees
1 Charles Schwab
2 John Hancock
3 OneAmerica
4 Newport
5 Ascensus
% ≥9 out of 10 # of s
82.7%
73.0%
66.9%
63.7%
61.3%
6
6
2
2
4
% ≥9 out of 10 # of s
86.0%
85.1%
76.7%
75.9%
74.4%
2
3
3
2
3
% ≥9 out of 10 # of s
94.7%
91.7%
90.7%
88.0%
86.4%
4
4
4
4
4
% ≥9 out of 10 # of s
89.4%
84.4%
80.8%
80.2%
75.8%
6
6
5
4
4
% ≥9 out of 10 # of s
4
4
4
4
3
83.5%
81.2%
77.0%
76.5%
75.0%
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PLANSPONSOR - December/January 2021

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