PLANSPONSOR - November - December 2023 - 22

RESEARCH | 2023 PLANSPONSOR 403(b) SURVEY
However, data-sharing can pose problems if parties use
different file formats and naming conventions. To avoid that
situation, in the late 2000s, the SPARK [Society of Professional
Asset Managers and Record Keepers] Institute published 403(b)
plan information-sharing best practices that specified standardized
information and file layouts.
Centralized Data Gathering
Employees may have accounts at multiple vendors, such as
in cases where the employee changed providers and left funds
with the previous one. Providers and TPAs offer centralized
Industry Snapshot
Defined Contribution Assets, by Plan Type
401(k)
403(b)
457
$6.4b
$1.2b
$493mm
Money purchase/Profit sharing $341mm
ESOP*/KSOP† ‡
NQDC§
State-sponsored‡
Other
403(b) Plans, by Plan Type
ERISA
Non-ERISA
*Employee stock ownership plan.
†
$200mm
$173mm
$8mm
$908mm
403(b) Assets, by Plan Size
<25 participants
26 - 100 participants
101 - 500 participants
501 - 1,000 participants
1,001 - 5,000 participants
>5,000 participants
-
6%
7%
10%
5%
16%
55%
403(b) Participants, by Market Segment
K-12
Higher education
23%
77%
Combines features of 401(k) plans and ESOPs.
‡These plans were not broken out in previous surveys.
§Nonqualified deferred compensation.
Methodology
The 2023 PLANSPONSOR 403(b) Survey questionnaire was fielded
from mid-April through May this year as a supplement to the annual
PLANSPONSOR Recordkeeping Survey; all data are as of December
31, 2022. The survey collected data from 19 recordkeepers that
reported having 403(b) plan sponsor clients. The results were
aggregated by industry, plan type, assets and participants. For more
information on the survey data or to receive notifications to sign up
for annual PLANSPONSOR Recordkeeping and/or 403(b) surveys,
please reach out to the Research and Surveys team at surveys@
issmediasolutions.com. -Kimberley Gonzalez-Quiles
Health care/Hospital
Charitable org
Church or religious org
Social/Community service org
All other segments
18%
16%
41%
2%
8%
1%
14%
You can find the following provider profiles online
at plansponsor.com/research/403b.
AIG Retirement Services
BOK Financial
Correll Co.
CUNA Mutual Group
Empower
Equitable
Fidelity Investments
GuideStone Financial Resources
Lincoln Financial Group
MissionSquare Retirement
(formerly ICMA-RC)
Nationwide Financial
Newport
OneAmerica
PlanMember Financial
Corporation
Principal Financial Group
T. Rowe Price
Transamerica Retirement
Solutions LLC
Vanguard
Voya Financial
data-gathering services to consolidate plan participants' data from
multiple providers in one location. " Centralized data gathering
is the platform where the aggregated data file lives, " Olson says.
National Benefit Services offers centralized data gathering.
Holverson says any transaction processing requires the administrator
to have account information to calculate maximum
loan or hardship eligibility. " We get the account information
from the different providers, put it into our system, and when
somebody does want to take a loan, for example, we're able to
access any account the person has across all of these different
vendors, " he says. -Ed McCarthy
22 PLANSPONSOR.COM November - December 2023
http://www.plansponsor.com/research/403b http://www.PLANSPONSOR.COM
PLANSPONSOR - November - December 2023

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