PLANSPONSOR - June/July 2019 - 27

2019 Recordkeeping Survey: 457 Plans
W
ith over $380 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, which can be similar to 401(k) plans, are the largest subset and cover 7 million
participants, while nongovernmental plans must limit participation to groups of highly
compensated employees (HCEs) and cover less than 250,000 participants.
It is not surprising that, as supplemental savings plans, 457s are less successful at
capturing participant savings than are other plans-the $47,000 in average 457 plan
assets per participant is lower than the comparable figures for either 401(k)s or 403(b)s.
The secondary nature of these plans and the limitations many public-sector 457s
face in offering automatic enrollment and automatic escalation creates opportunities for
providers to differentiate on the quality and effectiveness of services that successfully
increase participation and contributions levels. Examples would include on-site meetings,
online tools, financial wellness programs and communications/education campaigns.
Retiree services also take on increased importance, as 457 participants may have multiple
distribution options across multiple plans to consider at retirement. -BOK
Growth in Total 457 Plan Assets ($mm)
Top 10, by Total 457 Plan 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 AIG Retirement Services
$79,376
$75,527
$64,809
$34,687
$22,523
$17,961
$13,057
$9,188
$8,205
$7,862
Top 10, by Governmental 457(b) Plans
1 Nationwide
2 Voya Financial
3 ICMA-RC
4 AXA Equitable
5 Security Benefit*
6 AIG Retirement Services
7 Lincoln Financial Group
2010
2011
2012 2013 2014 2015 2016 2017 2018 2019
Total 457 Assets, Plans and Participants

Total 457 plan assets
$357,330
Plan Size
<$5mm
$5mm - $25mm
>$25mm - $100mm
>$100mm - $500mm
>$500mm

Total 457 plans
41,630
Assets ($mm)†
$19,346
$27,470
$39,445
$42,173
$180,642
Plans†
33,422
2,709
814
244
77
*Profiled online as part of the 2019 PLANSPONSOR 403(b) and 457 Plan Market Survey. †
size will not equal the corresponding overall total.

Total 457
plan participants
7,866,773
Participants†
925,234
659,202
792,924
1,290,764
3,054,003
8 MassMutual
9 Empower Retirement
10 OneAmerica
7,313
5,061
4,729
3,290
2,141
1,981
1,917
1,557
1,070
963
Top 10, by Nongovernmental 457 Plans
1 AIG Retirement Services
2 TIAA
3 Lincoln Financial Group
2,413
1,332
982
4 CUNA Mutual Retirement Solutions 857
5 Principal Financial Group
6 MetLife Resources
7 Fidelity Investments
8 Voya Financial
9 Empower Retirement
10 MassMutual
701
494
411
403
320
279
Not all providers report complete data; therefore, data segmented by plan
PLANSPONSOR.com June - July 2019 27
$172,515
$199,485
$203,568
$227,896
$272,209
$285,682
$292,755
$321,467
$370,544
$357,330
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