PLANSPONSOR - March - April 2023 - 25

NEW RESEARCH
New Plan Benchmarking
Data Available!
Our 2023 PLANSPONSOR Industry Reports feature proprietary data collected
by the 2022 PLANSPONSOR Defined Contribution Survey. The reports highlight
each of approximately 50 industries' choice of plan types, design features
and administrative practices.
You can leverage the PLANSPONSOR Industry Reports* to:
· Compare your plan's design with industry peers' and competitors',
including those using the most innovative procedures and tools
· Stay ahead of trends in retirement plan investing and plan administration
· Gain insights to improve fiduciary oversight and plan participant outcomes
For additional information or to order your report, email
Robert.Reif@issmediasolutions.com
2023
Defined Contribution Plan
Industry Report
Financial Services
*Subject to usage terms/compliance in licensing agreement.
PLANSPONSOR.COM March - April 2023 25
Does your plan offer " auto escalation " (i.e., automatic deferral increases)?
All Industries
Overall
Yes - participants are
defaulted into auto
escalation at time of
enrollment
Yes - but participation is
voluntary and participants
must opt in to auto
escalation
No - plan does not offer auto
escalation to participants
Unsure
24.8%
<$5MM
9.9%
$5MM -
$50MM
25.7%
>$50MM$200MM
39.4%
>$200MM$1B
41.0%
>$1B
48.9%
Overall
32.3%
<$5MM
13.6%
Financial
Services
$5MM -
$50MM
27.1%
>$50MM$200MM
36.4%
>$200MM$1B
62.5%
>$1B
81.8%
18.8%
13.4%
16.2%
23.9%
32.6%
34.0%
13.1%
18.2%
12.5%
9.1%
12.5%
0.0%
48.8%
61.1%
53.6%
33.8%
23.6%
17.0%
53.1%
68.2%
56.3%
54.5%
25.0%
18.2%
7.6%
15.6%
4.4%
2.8%
2.8%
0.0%
1.5%
0.0%
4.2%
0.0%
0.0%
0.0%
31
Does
your organization provide formal financial education/guidance to participants on
these topics?
All Industries
Overall
Saving strategies/
prioritization
Budgeting tools
Financial markets and
investing basics
Credit/Debt management
(excluding student
loans/debt)
Student loan/debt
Home buying
College saving
Tax/Estate planning
77.3%
64.0%
68.6%
35.0%
<$5MM
69.6%
46.7%
63.0%
25.2%
$5MM -
$50MM
75.2%
56.8%
62.3%
28.3%
>$50MM$200MM
79.6%
70.4%
73.5%
36.3%
>$200MM$1B
84.0%
84.0%
79.3%
52.0%
>$1B
88.6%
91.7%
84.1%
60.6%
Overall
77.8%
65.6%
77.8%
43.3%
<$5MM
85.2%
59.3%
85.2%
48.1%
Financial
Services
$5MM -
$50MM
58.1%
41.9%
64.5%
25.8%
>$50MM$200MM
75.0%
62.5%
62.5%
37.5%
>$200MM$1B
71.4%
85.7%
85.7%
64.3%
>$1B
91.7%
91.7%
83.3%
41.7%
27.0%
20.7%
37.4%
38.5%
15.6%
14.8%
23.3%
27.4%
17.3%
15.3%
31.0%
34.2%
34.1%
28.3%
45.1%
40.3%
46.7%
32.0%
54.0%
52.7%
53.0%
28.0%
60.6%
61.4%
35.6%
34.4%
42.2%
44.4%
LIST
CONTINUES ON THE PAGE THAT FOLLOWS
33.3%
37.0%
48.1%
44.4%
16.1%
29.0%
25.8%
32.3%
37.5%
37.5%
37.5%
37.5%
57.1%
42.9%
50.0%
57.1%
50.0%
25.0%
58.3%
58.3%
87
What percentage of active participants are deferring enough salary to take full advantage
of the maximum employer match?
All Industries
Overall
All or nearly all participants
(90% or more)
30.4%
Vast majority (75% or more) 25.0%
More than average (more
than 50% but less than 75%)
Less than average (more
than 25% but less than 50%)
A few (between 10% and
25%)
Very few (<10%)
Unsure
19.8%
<$5MM
39.6%
17.2%
14.9%
$5MM -
$50MM
27.1%
27.1%
20.7%
>$50MM$200MM
19.5%
30.1%
27.0%
>$200MM$1B
26.5%
28.8%
22.0%
>$1B
36.8%
30.7%
19.3%
Overall
37.2%
27.9%
24.4%
<$5MM
61.5%
26.9%
3.8%
Financial
Services
$5MM -
$50MM
31.0%
17.2%
37.9%
>$50MM$200MM
11.1%
33.3%
22.2%
>$200MM$1B
38.5%
30.8%
30.8%
>$1B
11.1%
55.6%
33.3%
9.4%
8.9%
10.7%
8.8%
6.8%
7.9%
5.8%
7.7%
3.4%
22.2%
0.0%
0.0%
4.9%
3.0%
7.4%
6.2%
5.5%
7.7%
3.6%
2.8%
7.9%
6.6%
0.4%
7.5%
6.1%
1.5%
8.3%
1.8%
0.9%
2.6%
0.0%
0.0%
4.7%
0.0%
0.0%
0.0%
0.0%
0.0%
10.3%
0.0%
0.0%
11.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
53

PLANSPONSOR - March - April 2023

Table of Contents for the Digital Edition of PLANSPONSOR - March - April 2023

INSIGHTS
PARTICIPANT ANALYSIS
RULES & REGULATIONS
UPFRONT
PLAN DESIGN
PARTICIPANTS
INVESTMENTS
PLAN ACCESS
GOVERNANCE
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - March - April 2023 - Cover1
PLANSPONSOR - March - April 2023 - Cover2
PLANSPONSOR - March - April 2023 - 1
PLANSPONSOR - March - April 2023 - INSIGHTS
PLANSPONSOR - March - April 2023 - 3
PLANSPONSOR - March - April 2023 - PARTICIPANT ANALYSIS
PLANSPONSOR - March - April 2023 - 5
PLANSPONSOR - March - April 2023 - RULES & REGULATIONS
PLANSPONSOR - March - April 2023 - 7
PLANSPONSOR - March - April 2023 - UPFRONT
PLANSPONSOR - March - April 2023 - 9
PLANSPONSOR - March - April 2023 - 10
PLANSPONSOR - March - April 2023 - 11
PLANSPONSOR - March - April 2023 - 12
PLANSPONSOR - March - April 2023 - 13
PLANSPONSOR - March - April 2023 - PLAN DESIGN
PLANSPONSOR - March - April 2023 - 15
PLANSPONSOR - March - April 2023 - 16
PLANSPONSOR - March - April 2023 - 17
PLANSPONSOR - March - April 2023 - 18
PLANSPONSOR - March - April 2023 - 19
PLANSPONSOR - March - April 2023 - PARTICIPANTS
PLANSPONSOR - March - April 2023 - 21
PLANSPONSOR - March - April 2023 - 22
PLANSPONSOR - March - April 2023 - 23
PLANSPONSOR - March - April 2023 - 24
PLANSPONSOR - March - April 2023 - 25
PLANSPONSOR - March - April 2023 - INVESTMENTS
PLANSPONSOR - March - April 2023 - 27
PLANSPONSOR - March - April 2023 - 28
PLANSPONSOR - March - April 2023 - 29
PLANSPONSOR - March - April 2023 - PLAN ACCESS
PLANSPONSOR - March - April 2023 - 31
PLANSPONSOR - March - April 2023 - 32
PLANSPONSOR - March - April 2023 - 33
PLANSPONSOR - March - April 2023 - GOVERNANCE
PLANSPONSOR - March - April 2023 - 35
PLANSPONSOR - March - April 2023 - 36
PLANSPONSOR - March - April 2023 - 37
PLANSPONSOR - March - April 2023 - FIDUCIARY FORUM
PLANSPONSOR - March - April 2023 - INSIDE ANGLE
PLANSPONSOR - March - April 2023 - PLAN PROFILE
PLANSPONSOR - March - April 2023 - Cover3
PLANSPONSOR - March - April 2023 - Cover4
https://www.plansponsordigital.com/plansponsor/january_february_2024
https://www.plansponsordigital.com/plansponsor/november_december_2023
https://www.plansponsordigital.com/plansponsor/september_october_2023
https://www.plansponsordigital.com/plansponsor/july_august_2023
https://www.plansponsordigital.com/plansponsor/may_june_2023
https://www.plansponsordigital.com/plansponsor/march_april_2023
https://www.plansponsordigital.com/plansponsor/december_2022_february_2023
https://www.plansponsordigital.com/plansponsor/october_november_2022
https://www.plansponsordigital.com/plansponsor/august_september_2022
https://www.plansponsordigital.com/plansponsor/june_july_2022
https://www.plansponsordigital.com/plansponsor/excellenceawards_2022
https://www.plansponsordigital.com/plansponsor/april_may_2022
https://www.plansponsordigital.com/plansponsor/february_march_2022
https://www.plansponsordigital.com/plansponsor/december_2021_january_2022
https://www.plansponsordigital.com/plansponsor/october_november_2021
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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