PLANSPONSOR - June/July 2021 - 27

2021 RECORDKEEPING SURVEY | RESEARCH
Prioritize Key Issues and Score Responses
Malcolm and her UBS colleagues use a standard scoring system
that initially synthesizes the RFP responses into a " scorecard "
summary of about 40 key data points. " Then we go back to our
initial dialogue about that plan's current main pain points. We
tell the committee, 'Now, let's weight your pain points.' "
If a committee has a handful of key issues it wants to
resolve, it can assign a percentage value, out of 100%, to each, to
help analyze the responses and decide on finalists. She suggests
that, after weighting the key pain points, the committee can
rate the recordkeepers on how they would handle each, from
1 to 3: 1 means the recordkeeper failed to address the issue or
addressed it inadequately; 2 means the recordkeeper did an OK
job of explaining how it would resolve that issue; and 3 means the
recordkeeper did a good job.
Before meeting with finalist recordkeepers, Malcolm says, it
helps to review the key priorities of the search. " Payroll integration
is an important issue for many sponsors now, but [it's] boring
to talk about. So oftentimes in these meetings, the recordkeeper's
salespeople will focus more on showing flashy technology, "
she says. " I always remind clients, 'The salespeople are really
good, but let's not let the sales process blur what's important to
you. Let's keep in mind, what are they saying about what they're
going to do to help you fix your plan's problems?' " -Judy Ward
2021 PLANSPONSOR Recordkeeping Survey - Providers List
Employers have many defined contribution (DC) plan recordkeepers to choose from, including the 53 organizations
listed below. Provider profiles for these recordkeepers are available online at plansponsor.com/research.
ADP Retirement Services
AIG Retirement Services
Alight Solutions
Alliance Benefit Group
American Funds
American Trust
Ameritas
Ascensus
Bank of America
Corporation
Benefit Consultants Group
BOK Financial
BPAS
Conduent
Correll Co.
Methodology
THE annual PLANSPONSOR Recordkeeping Survey is compiled
from self-reported data submitted by recordkeepers of defined
contribution (DC) plans (see list above). This year's results represent
nearly $9 trillion in DC assets and are estimated to
account for over 90% of the total DC market, according to
internal analysis based on the " 2021 Investment Company
[Institute] Fact Book. " Unless otherwise noted, all data reported
are as of December 31, 2020. On these pages, we present
a subset of the data, both in aggregate and by each of four
common plan types. More findings from the survey can be
found online at plansponsor.com/research; free registration
is required. For information on licensing the supporting data
or to learn how to participate in our 2022 Recordkeeping
Survey, please email surveys@ issmediasolutions.com.
PLANSPONSOR.COM June - July 2021 27
CUNA Mutual Group
Employee Fiduciary, LLC
Empower Retirement
EPIC Retirement Plan Services
Equitable Financial Life
Insurance Company
Fidelity Investments
Guideline
Insperity
Invesco
John Hancock
JP Morgan Asset
Management
July Business Services
Lincoln Financial Group
Milliman, Inc.
MissionSquare Retirement
Mutual of America
Nationwide
Newport
NFP
Nolan Financial
NWPS
OneAmerica
Paychex, Inc.
PCS Retirement
Pentegra
Principal Financial
Group, Inc.
Prudential Retirement
RPG Consultants
Schwab Retirement
Plan Services, Inc.
Securian Financial
Sentinel Benefits &
Financial Group
The Standard
TCG Administrators
TIAA
Transamerica Retirement
Solutions LLC
T. Rowe Price
USI Consulting Group, Inc.
Vanguard
Voya Financial

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PLANSPONSOR - June/July 2021

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