PLANSPONSOR - June/July 2018 - 28

Recordkeeping Survey: 457 Plans
W
ith over $350 billion in recordkept assets, 457 plans account for the third largest
pool of defined contribution (DC) assets, providing public, governmental and
certain nongovernmental employees with access to benefits typically associated with
401(k) and nonqualified deferred compensation (NQDC) plans. Governmental 457(b)
plans-similar to 401(k) plans in terms of eligibility guidelines and contribution
limits-are the largest subset of plans and cover 6.5 million participants, while nongovernmental
457 plans must limit participation to highly compensated employees (HCEs).
Many recordkeepers service both plan types, but the governmental plan market is
dominated by four providers-Empower Retirement, ICMA-RC, Nationwide and Voya
Financial-which accounts for about 85% of governmental 457(b) assets. The nongovernmental
457 plan market is only slightly less concentrated, with the four largest providers-
Lincoln, TIAA, T. Rowe Price and VALIC-overseeing almost 70% of total assets.
Unsurprisingly, 457s, as supplemental savings plans, are less successful at
capturing participant savings than are other plans-the $47,800 in average 457 plan
assets per participant is lower than the comparable figures for both 401(k) ($78,300) and
403(b) ($61,300) plans. But, as the plans' asset growth is in line with other plan types,
recordkeepers appear committed to helping 457 plan participants succeed. -BOK
Total 457 Plan Assets ($mm)
Top 10, by Total Assets ($mm)
1 Empower Retirement
2 Nationwide
3 Voya Financial
4 ICMA-RC
5 Prudential Retirement
6 Fidelity Investments
7 MassMutual
8 T. Rowe Price
9 TIAA
10 VALIC
$83,000
$78,082
$64,840
$36,415
$23,613
$18,273
$14,499
$9,652
$8,579
$8,485
Top 10, by Governmental 457(b) Plans
1 Nationwide
2 Voya Financial
3 ICMA-RC
4 Security Benefit Life
5 AXA*
6 VALIC
7 MassMutual
2009 2010
2011
2012 2013 2014 2015 2016 2017 2018
Total 457 Assets, Plans and Participants

Total 457 plan assets
$370,544
Plan Size
<$5mm
$5mm - $25mm
>$25mm - $100mm
>$100mm - $500mm
>$500mm

Total 457 plans
43,799
Assets ($mm)†
$21,583
$30,137
$40,550
$50,477
$190,522
*AXA Equitable Life Insurance Company. †
Plans†
32,710
2,816
872
252
82

Total 457
plan participants
7,649,448
Participants†
923,583
619,606
809,292
1,189,184
3,046,854
8 Empower Retirement
9 Lincoln Financial Group
10 OneAmerica
7,353
5,047
4,781
3,164
2,185
1,998
1,572
1,057
993
945
Top 10, by Nongovernmental 457 Plans
1 VALIC
2 TIAA
3 Lincoln Financial Group
2,409
1,336
897
4 CUNA Mutual Retirement Solutions 788
5 Voya Financial
6 Fidelity Investments
7 Empower Retirement
8 MassMutual
9 Transamerica
10 PlanMember Financial
412
402
311
289
268
189
Not all providers report complete data, therefore data segmented by plan size will not equal the corresponding overall total.
28 PLANSPONSOR.com June-July 2018
$151,661
$172,515
$199,485
$203,568
$227,896
$272,209
$285,682
$292,755
$321,467
$370,544
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