PLANSPONSOR - June/July 2021 - 29

2021 RECORDKEEPING SURVEY | RESEARCH
403(b) Plans
Total 403(b) Plan Assets, Plans and Participants
$1.26t
$992b
$878b
Total assets
$1.26t
$667b
2013
2015
2017
2019
2021
194,349

Total plans
194,349
158,861
2013
2015
161,797
2017
167,809
2019
2021

Total participants
17,887,994
T
11,101,465
2013
2015
2017
2019
2021
14 Mutual of America
15 OneAmerica
he first consideration when conducting
a request for proposals (RFP) for
a 403(b) plan is which type of these
plans is being offered to employees-often
determined by the employer's industry-
and whether it will be served by multiple
vendors or one, advises Brian O'Keefe of
PLANSPONSOR. Multi-vendor environments
have a different RFP process than
does a traditional one-vendor environment.
Prior to IRS regulations passed
in 2007, 403(b) plans varied considerably
from 401(k)s. Many of the former
used numerous vendors-what 403(b)
plan sponsors called recordkeepers-as
plans were substantially based on taxsheltered
annuities, and participants
engaged individually with the annuity
providers without plan sponsor oversight.
In addition, some plans were exempt from
Employee Retirement Income Security
Act (ERISA) provisions.
In the 10 years since the regulations
took effect, 403(b) plans have come to look
increasingly like 401(k)s, although differences
remain. With the new regulations,
recordkeepers had to decide whether they
could ensure compliance with the rules
concerning each plan type. Many of these
vendors exited the business.
Assuming the RFP is for a singleprovider
403(b) platform, the questions
vary little from 401(k) plan RFPs, says
Jon Chambers of SageView Advisory
$9.4b
$8.1b
15,589,280
16,367,558
17,590,465 17,887,994
184,802
$796b
2 Fidelity Investments
3 Transamerica
4 AIG Retirement Services
5 Voya Financial
6 Lincoln Financial Group
7 Empower Retirement
8 Vanguard
9 Equitable
10 Prudential Retirement
11 Principal Financial Group
12 Newport
13 Alight Solutions
$306b
$61.4b
$58.5b
$54.9b
$43.8b
$38.3b
$33.6b
$30.0b
$21.3b
$20.6b
$20.5b
$11.2b
Largest Providers, by
Total 403(b) Plan Assets
1
TIAA
$498b
Group. Still, " We are careful in the general
profiling questions to ensure that the
number of 403(b) plans and participants
supported [by the candidate] is meaningful.
" There's considerable overlap
between 401(k) and 403(b) providers, " he
continues, " but the markets aren't identical-some
401(k) providers are strong
in the 403(b) market; others aren't. And
some 403(b) providers have very little
401(k) presence. We typically help clients
select the right set of candidate firms to
receive the RFP by framing prospective
vendors' capabilities and target markets,
to avoid a 403(b) plan sponsor selecting
a vendor whose primary depth is in
401(k)-or vice versa. " -PS
PLANSPONSOR.COM June - July 2021 29
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PLANSPONSOR - June/July 2021

Table of Contents for the Digital Edition of PLANSPONSOR - June/July 2021

2021 Plan Sponsor of the Year Winners
2021 Recordkeeping Survey
The Right Provider Team
For the Best Collaboration
2021 PLANSPONSOR Service Stars
PLANSPONSOR - June/July 2021 - Cover1
PLANSPONSOR - June/July 2021 - Cover2
PLANSPONSOR - June/July 2021 - 1
PLANSPONSOR - June/July 2021 - 2
PLANSPONSOR - June/July 2021 - 3
PLANSPONSOR - June/July 2021 - 4
PLANSPONSOR - June/July 2021 - 5
PLANSPONSOR - June/July 2021 - 6
PLANSPONSOR - June/July 2021 - 7
PLANSPONSOR - June/July 2021 - 8
PLANSPONSOR - June/July 2021 - 9
PLANSPONSOR - June/July 2021 - 2021 Plan Sponsor of the Year Winners
PLANSPONSOR - June/July 2021 - 11
PLANSPONSOR - June/July 2021 - 12
PLANSPONSOR - June/July 2021 - 13
PLANSPONSOR - June/July 2021 - 14
PLANSPONSOR - June/July 2021 - 15
PLANSPONSOR - June/July 2021 - 16
PLANSPONSOR - June/July 2021 - 17
PLANSPONSOR - June/July 2021 - 18
PLANSPONSOR - June/July 2021 - 19
PLANSPONSOR - June/July 2021 - 20
PLANSPONSOR - June/July 2021 - 21
PLANSPONSOR - June/July 2021 - 2021 Recordkeeping Survey
PLANSPONSOR - June/July 2021 - 23
PLANSPONSOR - June/July 2021 - 24
PLANSPONSOR - June/July 2021 - 25
PLANSPONSOR - June/July 2021 - 26
PLANSPONSOR - June/July 2021 - 27
PLANSPONSOR - June/July 2021 - 28
PLANSPONSOR - June/July 2021 - 29
PLANSPONSOR - June/July 2021 - 30
PLANSPONSOR - June/July 2021 - 31
PLANSPONSOR - June/July 2021 - The Right Provider Team
PLANSPONSOR - June/July 2021 - 33
PLANSPONSOR - June/July 2021 - 34
PLANSPONSOR - June/July 2021 - 35
PLANSPONSOR - June/July 2021 - For the Best Collaboration
PLANSPONSOR - June/July 2021 - 37
PLANSPONSOR - June/July 2021 - 38
PLANSPONSOR - June/July 2021 - 2021 PLANSPONSOR Service Stars
PLANSPONSOR - June/July 2021 - 40
PLANSPONSOR - June/July 2021 - Cover3
PLANSPONSOR - June/July 2021 - Cover4
https://www.plansponsordigital.com/plansponsor/august_september_2021
https://www.plansponsordigital.com/plansponsor/june_july_2021
https://www.plansponsordigital.com/plansponsor/april-may_2021
https://www.plansponsordigital.com/plansponsor/february-march_2021
https://www.plansponsordigital.com/plansponsor/december-january_2021
https://www.plansponsordigital.com/plansponsor/october-november_2020
https://www.plansponsordigital.com/plansponsor/august-september_2020
https://www.plansponsordigital.com/plansponsor/june-july_2020
https://www.plansponsordigital.com/plansponsor/april-may_2020
https://www.plansponsordigital.com/plansponsor/february-march_2020
https://www.plansponsordigital.com/plansponsor/december-january_2020
https://www.plansponsordigital.com/plansponsor/october-november_2019
https://www.plansponsordigital.com/plansponsor/august-september_2019
https://www.plansponsordigital.com/plansponsor/june-july_2019
https://www.plansponsordigital.com/plansponsor/april-may_2019
https://www.plansponsordigital.com/plansponsor/february-march_2019
https://www.plansponsordigital.com/plansponsor/december_2018-january_2019
https://www.plansponsordigital.com/plansponsor/october-november_2018
https://www.plansponsordigital.com/plansponsor/august-september_2018
https://www.plansponsordigital.com/plansponsor/june-july_2018
https://www.plansponsordigital.com/plansponsor/april-may_2018
https://www.plansponsordigital.com/plansponsor/february-march_2018
https://www.plansponsordigital.com/plansponsor/december_2017-january_2018
https://www.plansponsordigital.com/plansponsor/november_december_2017
https://www.plansponsordigital.com/plansponsor/october_2017
https://www.plansponsordigital.com/plansponsor/september_2017
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