PLANSPONSOR - June/July 2019 - 26

2019 Recordkeeping Survey: 403(b) Plans
A
lthough 403(b) plans and 401(k) plans have started looking increasingly similar
in recent years, clear differences still remain. Most notably, the majority of 403(b)
plans (74%) are exempt from requirements set forth by the Employee Retirement Income
Security Act (ERISA), and some continue to offer multi-vendor environments, where a
participant can choose from a number of recordkeepers to service his plan. Multi-vendor
plans introduce additional compliance requirements that carry significant penalties if not
met, meaning sponsors must understand how participant contributions are allocated and
how providers share information across participant accounts. Conversely, sponsors can
opt for a single-vendor plan, to consolidate and simplify plan administration.
Across the industry, service models have changed to align with specific subsegments
of the market. Affluent industries such as higher education and health
care-which represent 67% of 403(b) plan assets-often have different servicing needs
than do the K - 12 schools, churches and charities that make up the rest of the market.
Investment lineups are also changing as more contemporary investment options
displace the annuity contracts on which the industry was built. All of this change has
fueled recent improvements in processes, systems and technology that have helped to
modernize the plan sponsor and participant experience. -BOK
Growth in Total 403(b) Plan Assets ($mm)
Top 10, by Total 403(b) Assets ($mm)
1 TIAA
2 Fidelity Investments
3 Transamerica
4 AIG Retirement Services
5 Voya Financial
6 Lincoln Financial Group
7 The Vanguard Group, Inc.
8 AXA Equitable
9 MetLife Resources
10 Empower Retirement
Top 10, by 403(b) ERISA Plans
1 TIAA
2 Lincoln Financial Group
3 Newport Group
4 MetLife Resources
2010
2011
2012 2013 2014 2015 2016 2017 2018 2019
Total 403(b) Assets, Plans and Participants

Total 403(b) plan assets
$994,741
Plan Size
<$5mm
$5mm - $25mm
>$25mm - $100mm
>$100mm - $500mm
>$500mm

Total 403(b) plans
170,132
Assets ($mm)†
$85,165
$111,704
$130,318
$223,611
$391,993

Total 403(b)
plan participants
17,642,225
Plans†
151,983
10,566
2,745
1,047
287
*Profiled online as part of the 2019 PLANSPONSOR 403(b) Plan Market Survey. †
not equal the corresponding overall total.
26 PLANSPONSOR.com June - July 2019
Participants†
2,713,806
2,766,544
2,488,875
3,478,302
4,755,834
2 Voya Financial
3 AIG Retirement Services
4 AXA Equitable
5 Newport Group
6 Fidelity Investments
7 Nationwide
8 Security Benefit*
9 Lincoln Financial Group
10 TIAA
5 AIG Retirement Services
6 Principal Financial Group
7 AXA Equitable
8 Voya Financial
9 Fidelity Investments
10 Nationwide
Top 10, by 403(b) Non-ERISA Plans
1 MetLife Resources
$406,773
$196,555
$59,435
$49,706
$42,997
$35,772
$26,169
$22,593
$20,995
$17,903
15,108
5,989
2,271
2,225
2,199
1,789
1,532
1,474
1,463
1,299
19,408
19,049
15,738
13,903
10,380
7,510
6,889
6,628
5,979
5,314
Not all providers report complete data; therefore, data segmented by plan size will
$505,768
$585,819
$597,908
$663,604
$776,804
$820,941
$804,933
$883,631
$1,041,836
$994,741
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