PLANSPONSOR - June/July 2018 - 27

Recordkeeping Survey: 403(b) Plans
A
uthorized in 1958, 403(b) plans have been around far longer than their 401(k)
counterparts, but it has taken nearly 60 years for them to accumulate $1 trillion
in total assets-a benchmark 401(k) plans passed more than two decades ago. Over
the years, 403(b)s and 401(k)s have started to look more alike, but clear differences
remain. Most notably, many 403(b) plans are exempt from requirements set forth by the
Employee Retirement Income Security Act (ERISA), and some continue to offer multivendor
environments, where a participant can choose from a number of recordkeepers
to service his plan.
The annuity-based origin of the 403(b) market is evident among service providers:
Organizations with roots in the insurance industry still control a significant portion
of 403(b) assets. Like the overall market, these providers have evolved to offer products
and services on par with those of other competitors in this market. Additionally, service
models have changed to align with specific market sub-segments, such as K - 12 schools,
which can vary widely based on their geography and community; higher education institutions,
hospitals and health care organizations-affluent compared with other organizations;
and many churches and charities, which tend to have smaller plans. As a result,
sponsors have many good choices for a 403(b) recordkeeping partner. -BOK
Total 403(b) Plan Assets ($mm)
Top 10, by Total Assets ($mm)
1 TIAA
2 Fidelity Investments
3 Transamerica
4 VALIC
5 Voya Financial
6 Lincoln Financial Group
7 The Vanguard Group, Inc.
8 MetLife Resources
9 AXA*
10 Empower Retirement
Top 10, by 403(b) ERISA Plans
1 TIAA
2 Lincoln Financial Group
3 Newport Group
4 VALIC
5 Principal Financial Group
6 Voya Financial
7 AXA*
2009 2010
2011
2012 2013 2014 2015 2016 2017 2018
Total 403(b) Assets, Plans and Participants

Total 403(b) plan assets
$1,041,836
Plan Size
<$10mm
$10mm - $50mm
>$50mm - $200mm
>$200mm - $1b
>$1b

Total 403(b) plans
196,146
Assets ($mm)†
$115,689
$125,292
$153,546
$261,851
$272,529
*AXA Equitable Life Insurance Company. †

Total 403(b)
plan participants
17,379,886
Plans†
149,105
5,990
1,590
630
120
Participants†
3,352,846
2,626,880
2,443,045
3,470,775
2,883,011
8 Fidelity Investments
9 Nationwide
10 MassMutual
Top 10, by 403(b) Non-ERISA Plans
1 Security Benefit Life
2 Voya Financial
3 VALIC
4 AXA*
5 Newport Group
6 Fidelity Investments
7 Nationwide
8 Lincoln Financial Group
9 TIAA
10 Empower Retirement
$424,026
$197,636
$63,085
$53,485
$44,727
$36,139
$29,968
$24,532
$23,423
$18,000
15,181
6,121
2,556
2,216
1,747
1,706
1,653
1,477
1,341
1,320
19,762
19,075
15,945
13,869
10,092
7,649
7,154
6,077
5,314
3,241
Not all providers report complete data, therefore data segmented by plan size will not equal the corresponding overall total.
PLANSPONSOR.com June-July 2018 27
$432,348
$505,768
$585,819
$597,908
$663,604
$776,804
$820,941
$804,933
$883,631
$1,041,836
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