PLANSPONSOR - February/March 2018 - 31
2017 Defined Contribution Survey: Providers
REVIEWS
PEER
Plan sponsors
assess their DC
plan providers-
categorized
in six asset sizes
A
s we celebrate the 25th year of this publication, we look back at PLANSPONSOR's
first Defined Contribution (DC) Survey-or Defined Contribution Services
Survey, as it was originally called. The survey premiered in 1996, three years
after the initial publication of the magazine.
This, of course, was before the widespread use of the internet. Quinn Keeler, senior
vice president, research and surveys, who has mined and worked with the data from
the start, notes, " We began by surveying magazine subscribers via fax broadcasts and
received responses via fax, keying the data results into spreadsheets. "
According to the November 1998 survey, provider technology use was growing,
with 4% of plans offering internet enrollment and 36% allowing for internet balance
inquiries. Keeler says, " The survey drew enough plan sponsor responses that we began
our annual provider ratings, beginning with 13 providers. "
In the survey findings that follow, taken from our 23rd annual DC Survey, plan
sponsors rate 24 providers; plan sponsor responses-400 in 1998-now exceed 3,500.
Much has changed since our earliest surveys. To compare just one finding from
1998 with the equivalent in 2017: A plan's average number of investment options then
was 10.5 vs. 22.8 today. Keeler finds this somewhat counterintuitive, considering that a
target-date fund (TDF) series is considered one option and that many industry experts
stress streamlining investment menus.
But some things haven't changed. In 1998, when plan sponsors were asked to list
their top four objectives for participant communications, 40% rated increased participation
as No. 1; increased deferrals, cited by 33% of respondents, was No. 2. This year-
reflecting the ongoing importance of such measurements-66% of sponsors called
participation rate their gauge of plan success, and 52% cited deferral rates.
" The Internet made the survey process-particularly the fielding and analyzing
aspects-much easier and more efficient at first, " Keeler recalls. " Now it's become
more challenging as plan sponsors are asked to fill out surveys constantly and often
tell us they feel deluged with surveys. It has become a struggle to maintain such high
response levels, but we are perennially thankful to all the plan sponsors that take time
Art by JooHee Yoon
PLANSPONSOR.com February-March 2018 31
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PLANSPONSOR - February/March 2018
Table of Contents for the Digital Edition of PLANSPONSOR - February/March 2018
25 Years of Retirement Plans
2017 DC Survey: Providers
2018 Best In Class 401(k) Plans
Trends in Risk Assets
What Lower Fees Reveal
Sandwiched Between
Nondiscrimination Testing
PLANSPONSOR - February/March 2018 - Cover1
PLANSPONSOR - February/March 2018 - Cover2
PLANSPONSOR - February/March 2018 - 1
PLANSPONSOR - February/March 2018 - 2
PLANSPONSOR - February/March 2018 - 3
PLANSPONSOR - February/March 2018 - 4
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PLANSPONSOR - February/March 2018 - 15
PLANSPONSOR - February/March 2018 - 25 Years of Retirement Plans
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PLANSPONSOR - February/March 2018 - 2017 DC Survey: Providers
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PLANSPONSOR - February/March 2018 - 45
PLANSPONSOR - February/March 2018 - 2018 Best In Class 401(k) Plans
PLANSPONSOR - February/March 2018 - 47
PLANSPONSOR - February/March 2018 - 48
PLANSPONSOR - February/March 2018 - 49
PLANSPONSOR - February/March 2018 - 50
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PLANSPONSOR - February/March 2018 - 53
PLANSPONSOR - February/March 2018 - Trends in Risk Assets
PLANSPONSOR - February/March 2018 - 55
PLANSPONSOR - February/March 2018 - What Lower Fees Reveal
PLANSPONSOR - February/March 2018 - 57
PLANSPONSOR - February/March 2018 - Sandwiched Between
PLANSPONSOR - February/March 2018 - 59
PLANSPONSOR - February/March 2018 - Nondiscrimination Testing
PLANSPONSOR - February/March 2018 - 61
PLANSPONSOR - February/March 2018 - 62
PLANSPONSOR - February/March 2018 - 63
PLANSPONSOR - February/March 2018 - 64
PLANSPONSOR - February/March 2018 - Cover3
PLANSPONSOR - February/March 2018 - Cover4
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