PLANSPONSOR - June/July 2021 - 32

BEST PRACTICES | PLAN MANAGEMENT
The Right Provider Team
Has your plan adapted to the changing provider ecosystem?
A
s defined contribution (DC)
plans have eclipsed defined benefit
(DB) plans in the past few
decades, transforming the retirement
landscape for both plan sponsors and
plan participants, the ecosystem of the
vendors, advisers and providers who serve
them has also changed dramatically.
" Advisers[, for one group,] are working
much more closely with each other now,
and they're also working with other
providers and recordkeepers and centers
of influence, " says Steve McKay, head of
defined contribution investment only
(DCIO) at Putnam Investments in Boston.
Several long-term industry trends
are fueling the evolution of the retirement
plan ecosystem. It is important for plan
sponsors to understand not only how those
trends are shaping things, but also whether
they get the best possible value and service
from their current mix of providers.
Even as fees have gone down, plan
sponsors are acutely aware of the expenses
associated with their retirement plan.
" Retirement programs have costs,
whether you're paying a vendor or you're
paying your contribution costs, " says
Tim Walsh, senior managing director at
TIAA in New York City and Charlotte,
North Carolina. " The chief financial
officer [CFO] is telling the chief human
resources officer [CHRO] to design a
great benefits program but to see that it's
cost-effective. For every dollar that they
contribute, they want to know they're
maximizing value from their vendors
and for their participants. "
That right mix of providers may vary,
depending on the objectives of the plan,
the demographics of its participants and
the plan sponsor's budget.
" Ten years ago, you just had to have
a good recordkeeper and make sure your
costs were reasonable, " Walsh says. " Now,
32 PLANSPONSOR.COM June - July 2021
Art by Jonathan Muroya

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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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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
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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
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