PLANSPONSOR - June/July 2018 - 26

Recordkeeping Survey: 401(k) Plans
T
he 401(k) plan is the most common institutional retirement savings vehicle and now
accounts for more than 60% of all defined contribution (DC) plans, participants
and assets. But the market is far from uniform. Over 90% of the plans have less than
$10 million in total plan assets, yet these plans account for only 20% of total 401(k)
participants and less than 15% of the total assets. Stated differently, the 700 largest
plans-accounting for 0.1% of all plans-control 50% of all assets and over one-third
(36%) of all participants.
Not surprisingly, the industry has evolved to cater to the unique needs of these two
distinct markets, with smaller plans commonly sold or serviced through intermediaries
and larger plans more apt to be sold directly. Recordkeepers have somewhat mirrored this
trend, resulting in two somewhat separate and distinct competitive landscapes: Smaller
plans tend to align with adviser-centric businesses or those supplying core business
services-e.g., payroll-while larger plans migrate toward providers offering proprietary,
and customizable, platforms.
Beyond these differences, even the smallest plans can offer competitively priced
investment options, managed accounts, mobile apps and comprehensive financial wellness
education if plan sponsors can find the right partner. -Brian O'Keefe
Total 401(k) Plan Assets ($mm)
Top 10, by Total Assets ($mm)
1 Fidelity Investments
2 The Vanguard Group, Inc.
3 Empower Retirement
4 Alight Solutions
5 Voya Financial
6 Wells Fargo
$1,680,269
$425,513
$370,000
$348,582
$264,484
$190,795
7 Bank of America Merrill Lynch $164,336
8 T. Rowe Price
9 Prudential Retirement
10 Principal Financial Group
$162,219
$152,896
$147,736
Top 10, by 401(k)s With <$10mm in Assets
1 Paychex, Inc.
2 American Funds
79,290
53,817
3 John Hancock Retirement Plan Svcs 44,064
4 ADP Retirement Services
5 Ascensus
6 Principal Financial Group
7 Empower Retirement
2009 2010
2011
2012 2013 2014 2015 2016 2017 2018
Total 401(k) Assets, Plans and Participants, by Plan Size

Total 401(k) plan assets
$5,143,667
Plan Size
<$10mm
$10mm - $50mm
>$50mm - $200mm
>$200mm - $1b
>$1b

Total 401(k) plans
545,313
Assets ($mm)*
$679,919
$522,445
$517,664
$896,843
$2,540,021

Total 401(k)
plan participants
65,579,823
Plans*
502,959
32,317
6,484
2,101
682
Participants*
14,215,046
9,210,691
8,280,743
11,017,101
23,001,630
8 Transamerica
9 MassMutual
10 Voya Financial
42,449
39,554
29,152
26,440
23,634
22,438
20,709
Top 10, by 401(k)s With >$200mm in Assets
1 Fidelity Investments
2 The Vanguard Group, Inc.
3 Empower Retirement
4 Wells Fargo
5 Charles Schwab
6 T. Rowe Price
7 Prudential Retirement
8 Voya Financial
9 Alight Solutions
10 Bank of America Merrill Lynch
*Not all providers report complete data, therefore data segmented by plan size will not equal the corresponding overall total.
26 PLANSPONSOR.com June-July 2018
1,038
336
170
161
158
155
119
99
97
84
$2,127,499
$2,597,292
$2,878,493
$2,910,393
$3,088,538
$3,946,545
$4,289,045
$4,231,432
$4,586,095
$5,143,667
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