PLANSPONSOR - June/July 2021 - 30

RESEARCH | 2021 RECORDKEEPING SURVEY
457 Plans
Total 457 Plan Assets, Plans and Participants
$451b
Total assets
$498b
$229b
2013
$316b
$357b
$498b
1 Voya Financial
2 Nationwide
3 Empower Retirement
2015
2017
2019
2021
45,796

Total plans
45,796
37,482
2013
38,775
2015
39,367
2017
2019
2021
8,670,357
7,863,833

Total participants
8,670,357
F
6,735,342
6,170,369
2013
2015
2017
2019
2021
6,930,981
41,169
4 MissionSquare Retirement
5 Fidelity Investments
6 Prudential Retirement
7 T. Rowe Price
8 AIG Retirement Services
9 TIAA
10 Lincoln Financial Group
11 Transamerica
12 Equitable
13 OneAmerica
14 Newport
15 American Trust
rom a governmental perspective,
the request for proposals (RFP) process
for a 457 plan is different than
for a 401(k) or a 403(b): Public notices and
specific requirements dictate how vendors
must be selected. In addition, 457 plans
likely need different educational offerings
and perhaps website tools and messaging.
Most government employees are enrolled
in a defined benefit (DB) plan and therefore
consider the 457 to be supplemental
and often neglect to use them.
457 plans also include smaller varieties:
nonprofit 457(b)s and 457(f)s; those
too might have restrictions, given their
nonprofit status.
Michael Glackin, president of CBIZ
30 PLANSPONSOR.COM June - July 2021
InR Advisory Services LLC, in Media,
Pennsylvania, points to some distinct
differences between 401(k) and 457 plans.
It is still common to see insurance companies
group annuity sub-accounts with the
insurance sub-accounts being offered to
457 plan participants, and employers often
will have more than one 457 provider.
" Many times, an employer has adopted
more than one plan document, with
different plan provisions, " Glackin notes.
Employers sponsoring a 457 plan may
also have a limited understanding of their
fiduciary responsibility regarding, say, plan
investments and fees. " At CBIZ, we work
to educate our clients about their fiduciary
responsibility and stress the importance of
$140b
$103b
$96.6b
$46.6b
$29.3b
$25.7b
$11.6b
$10.4b
$10.3b
$5.2b
$3.8b
$2.3b
$2.0b
$1.7b
$1.2b
Largest Providers, by
Total 457 Plan Assets
the sponsor acting in its employees' and
their beneficiaries' best interest, " he says.
Although public retirement plans need not
follow the Employee Retirement Income
Security Act (ERISA), the law can give
guidance or act as a benchmark for governmental
plan sponsors in performing their
day-to-day responsibilities, monitoring
their plan and requesting a fee proposal.
" When developing an RFP or
conducting a search for a new provider,
consider the practices currently used
in the 401(k) market, " says Glackin.
Questions that are asked in 401(k) service
provider RFPs may still be directly applicable
to 457 plans and may help these plan
sponsors make informed decisions. -PS

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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
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