PLANSPONSOR - July - August 2023 - 30
RESEARCH | 2023 RECORDKEEPING SURVEY
Industry updates call for
providers to add services-
how much platform
rebuilding must they do?
IN 2020, Vanguard became one of the first large recordkeepers
to announce a strategic partnership with a tech provider. In
this case, Vanguard transferred the day-to-day operations for its
defined-contribution-plan recordkeeping business to Infosys,
while
retaining
the
relationship management,
investment
management and plan design elements of the business.
" The idea was that if we wanted to deliver Amazon-like experiences
in the retirement space, we were going to have to find a partner
that was an expert in digital transformation to help us modernize, "
says Amber Brestowski, head of institutional advice and client experience
at The Vanguard Group in Malvern, Pennsylvania. " That was
the genesis for how we chose to partner with fintech. "
Nearly three years later, Brestowski says, the partnership,
which included a shift to a cloud-based recordkeeping system, has
already made progress: Operational issues are at an all-time low,
while the firm has seen improved participant outcomes, including
higher average account balances and payroll deferrals.
T. Rowe Price announced a similar digital transformation
initiative in 2021 and plans to expand the relationship it formed
with tech firm FIS. Industry experts say more recordkeepers of
all sizes are looking for ways to upgrade all aspects of their technology
systems, including strategic partnerships to deliver some
or all services.
" The new technology puts pressure on the existing technology, "
says Tim Slavin, senior vice president, retirement, at
Broadridge in New York City. " We think that's great. Our industry
has not focused that much on technology historically, but now
they're drinking out of the firehose. "
Building for SECURE-ity
This push reflects the need for better tech to continue to scale while
it also meets the mandates of recent regulations such as the Setting
Every Community Up for Retirement Enhancement Act of 2019
and SECURE 2.0 Act of 2022. That has recordkeepers leaning on
technology to create offerings for small-plan sponsors, to incorporate
newer Roth options than what had existed previously and to
create solutions that account for student loan payments.
Recordkeepers are also looking for ways to remain competitive
as maturing fintech firms grab market share. Moreover, the
traditional vendors face increased demands from plan sponsors,
including more small employers launching plans, plus higher
expectations from plan participants.
30
PLANSPONSOR.COM July - August 2023
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PLANSPONSOR - July - August 2023
Table of Contents for the Digital Edition of PLANSPONSOR - July - August 2023
INSIGHTS
PARTICIPANT ANALYSIS
RULES & REGULATIONS
UPFRONT
2023 PLANSPONSOR National Conference
2023 Plan Sponsor of the Year Winners
23 Recordkeeping Survey
Will ‘2.0’ Plug the Leaks?
The Way to Go
Use It or Use It
Stable Value in Focus
Auto-Enrollment Is Still Key
PLANSPONSOR - July - August 2023 - Cover1
PLANSPONSOR - July - August 2023 - Cover2
PLANSPONSOR - July - August 2023 - 1
PLANSPONSOR - July - August 2023 - INSIGHTS
PLANSPONSOR - July - August 2023 - 3
PLANSPONSOR - July - August 2023 - 4
PLANSPONSOR - July - August 2023 - 5
PLANSPONSOR - July - August 2023 - RULES & REGULATIONS
PLANSPONSOR - July - August 2023 - 7
PLANSPONSOR - July - August 2023 - UPFRONT
PLANSPONSOR - July - August 2023 - 9
PLANSPONSOR - July - August 2023 - 10
PLANSPONSOR - July - August 2023 - 11
PLANSPONSOR - July - August 2023 - 12
PLANSPONSOR - July - August 2023 - 13
PLANSPONSOR - July - August 2023 - 2023 PLANSPONSOR National Conference
PLANSPONSOR - July - August 2023 - 15
PLANSPONSOR - July - August 2023 - 16
PLANSPONSOR - July - August 2023 - 17
PLANSPONSOR - July - August 2023 - 2023 Plan Sponsor of the Year Winners
PLANSPONSOR - July - August 2023 - 19
PLANSPONSOR - July - August 2023 - 20
PLANSPONSOR - July - August 2023 - 21
PLANSPONSOR - July - August 2023 - 22
PLANSPONSOR - July - August 2023 - 23
PLANSPONSOR - July - August 2023 - 24
PLANSPONSOR - July - August 2023 - 25
PLANSPONSOR - July - August 2023 - 26
PLANSPONSOR - July - August 2023 - 27
PLANSPONSOR - July - August 2023 - 28
PLANSPONSOR - July - August 2023 - 29
PLANSPONSOR - July - August 2023 - 23 Recordkeeping Survey
PLANSPONSOR - July - August 2023 - 31
PLANSPONSOR - July - August 2023 - 32
PLANSPONSOR - July - August 2023 - 33
PLANSPONSOR - July - August 2023 - Will ‘2.0’ Plug the Leaks?
PLANSPONSOR - July - August 2023 - 35
PLANSPONSOR - July - August 2023 - The Way to Go
PLANSPONSOR - July - August 2023 - 37
PLANSPONSOR - July - August 2023 - Use It or Use It
PLANSPONSOR - July - August 2023 - Stable Value in Focus
PLANSPONSOR - July - August 2023 - Auto-Enrollment Is Still Key
PLANSPONSOR - July - August 2023 - Cover3
PLANSPONSOR - July - August 2023 - Cover4
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