PLANSPONSOR - June/July 2019 - 25

2019 Recordkeeping Survey: 401(k) Plans
T
he 401(k) plan is the largest workplace savings vehicle and now accounts for more
than, on average, 65% of all defined contribution (DC) plans, participants and assets,
but the market is far from uniform. Almost 90% of 401(k)s each have less than $5 million
in assets, but these plans account for less than 20% of 401(k) participants and less than
10% of 401(k) assets. Stated differently, the 647 largest 401(k)s-i.e., those that have over
$1 billion in assets-control 49% of 401(k) assets and nearly 33% of all participants.
Not surprisingly, the industry has evolved to cater to the needs of plans both large
and small, with larger plans more likely to be sold direct and smaller plans typically
sold and serviced through retirement plan advisers, who offer added value to sponsors
lacking the knowledge or time to maintain their plan.
Overall, fiduciary concerns are driving a more expansive review of 401(k) provider
capabilities. Sponsors have always taken an interest in service offerings related to
potential administrative headaches such as compliance testing and Form 5500 preparation
and filing. But many requests for proposals (RFPs) now explore other areas of
fiduciary importance, including fiduciary outsourcing options, cybersecurity protocols
and disclosure of ancillary business revenue that might be connected to plan
administration. -BOK
Growth in Total 401(k) Plan Assets ($mm)
Top 10, by Total 401(k) Assets ($mm)
1 Fidelity Investments
2 Empower Retirement
3 Alight Solutions
4 The Vanguard Group, Inc.
5 Voya Financial
6 Wells Fargo
7 T. Rowe Price
8 Prudential Retirement
9 Bank of America
10 Principal Financial Group
$1,636,484
$400,486
$375,562
$374,559
$196,284
$190,985
$158,756
$147,497
$147,055
$143,359
Top 10, by 401(k)s With <$10mm in Assets
1 Paychex, Inc.
2 American Funds
3 ADP Retirement Services
4 John Hancock
5 Ascensus
6 Principal Financial Group
7 Empower Retirement
2010
2011
2012 2013 2014 2015 2016 2017 2018 2019
Total 401(k) Assets, Plans and Participants

Total 401(k) plan assets
$4,930,732
Plan Size
<$5mm
$5mm - $25mm
>$25mm - $100mm
>$100mm - $500mm
>$500mm

Total 401(k) plans
550,871
Assets ($mm)†
$436,978
$492,609
$453,350
$727,702
$2,819,454

Total 401(k)
plan participants
70,211,519
Plans†
480,315
52,501
13,300
3,524
1,235
Participants†
12,127,573
9,680,724
8,399,274
11,422,567
28,716,618
8 Transamerica
9 Voya Financial
10 MassMutual
84,309
55,354
47,686
45,245
40,276
30,672
27,631
23,743
21,830
20,716
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
5 T. Rowe Price
7 Prudential Retirement
8 Ameritas
9 Alight Solutions
10 Voya Financial
†Not all providers report complete data; therefore, data segmented by plan size will not equal the corresponding overall total.
PLANSPONSOR.com June - July 2019 25
985
312
179
161
156
156
118
116
98
92
$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
$4,930,732
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