PLANSPONSOR - September/October 2024 - 30
RESEARCH | 2024 RECORDKEEPING SURVEY
401(k), All Types
403(b), All Types
W
hile all platforms handle basic functions such as managing
fund lineups and offering plan sponsor and participant
websites, many underlying differences exist between providers,
says Laura Renshaw, senior consultant at North Pier Search
Consulting. Important to look for, she says, is how the recordkeeper
addresses cybersecurity and is adapting to SECURE [Setting Every
Community Up for Retirement Enhancement] 2.0 Act initiatives.
" To remain profitable amid industry changes, many are relocating
call centers and processing services to third parties, " she notes.
" While this creates efficiencies, it can introduce risks, especially
if third-party breaches occur. Therefore, those can be points of
differentiation between recordkeepers. " -Judy Faust Hartnett
TOTAL ASSETS
$7.35t
Total 401(k) Assets
$7.58t
$7.35t
$1,264b
$6.81t
2021
2022
Total 401(k) Plans
$6.43t
2023
720,902
2024*
2021
2022
Total 403(b) Plans
194,349
612,130
2021
621,473
2022
Total 401(k) Participants
83,520,588
82,340,444
76,015,115
2021
78,223,485
2022
2023
*Single-employer, pooled employer or multiple employer.
30 PLANSPONSOR.COM September - October 2024
2024*
2021
2022
2023
17,887,994
17,451,274
16,891,042
2024*
2023
581,568
2024*
2021
2022
Total 403(b) Participants
2023
18,132,916
125,810
2024*
147,863
166,806
2023
2024*
TOTAL PLANS
581,568
TOTAL PARTICIPANTS
82,340,444
K
im Cochrane, senior director of client services for Hub
International's Mid-Atlantic region has a few questions she
typically asks recordkeepers of 403(b) plans: How do they handle
legacy individual contracts held at other providers? And, how are
they integrating 403(b) language into their websites/marketing/
disclosures instead of using the term " 401(k) " ? Cochrane says plan
sponsors with a 403(b) plan look to a potential new recordkeeper
for high touch and high quality, and should ask to meet during the
evaluation with their potential service team. " A call center is not an
effective way to interact with a recordkeeper. 403(b) plan sponsors
are mostly concerned about whom they'll be working with, not the
accolades and awards that recordkeepers like to showcase. " -JFH
TOTAL ASSETS
$1.34t
Total 403(b) Assets
$1,405b
$1,336b
$1,230b
TOTAL PLANS
125,810
TOTAL PARTICIPANTS
16,891,042
http://www.PLANSPONSOR.COM
PLANSPONSOR - September/October 2024
Table of Contents for the Digital Edition of PLANSPONSOR - September/October 2024
insights
Rules and regulations
Participant analysis
Upfront
Calls to Action
2024 PLANSPONSOR National Conference
The Intensity of Implementation
Frontier of the New QDIAs
The Great Debate
Time for a Welfare Fiduciary Checkup
Loper Bright Reshapes The Regulatory Landscape
Managing Stress in HR
PLANSPONSOR - September/October 2024 - C1
PLANSPONSOR - September/October 2024 - FC1
PLANSPONSOR - September/October 2024 - FC2
PLANSPONSOR - September/October 2024 - C2
PLANSPONSOR - September/October 2024 - 1
PLANSPONSOR - September/October 2024 - insights
PLANSPONSOR - September/October 2024 - 3
PLANSPONSOR - September/October 2024 - Rules and regulations
PLANSPONSOR - September/October 2024 - 5
PLANSPONSOR - September/October 2024 - 6
PLANSPONSOR - September/October 2024 - Participant analysis
PLANSPONSOR - September/October 2024 - Upfront
PLANSPONSOR - September/October 2024 - 9
PLANSPONSOR - September/October 2024 - 10
PLANSPONSOR - September/October 2024 - 11
PLANSPONSOR - September/October 2024 - Calls to Action
PLANSPONSOR - September/October 2024 - 13
PLANSPONSOR - September/October 2024 - 14
PLANSPONSOR - September/October 2024 - 15
PLANSPONSOR - September/October 2024 - 2024 PLANSPONSOR National Conference
PLANSPONSOR - September/October 2024 - 17
PLANSPONSOR - September/October 2024 - 18
PLANSPONSOR - September/October 2024 - 19
PLANSPONSOR - September/October 2024 - 20
PLANSPONSOR - September/October 2024 - 21
PLANSPONSOR - September/October 2024 - 22
PLANSPONSOR - September/October 2024 - 23
PLANSPONSOR - September/October 2024 - 24
PLANSPONSOR - September/October 2024 - 25
PLANSPONSOR - September/October 2024 - The Intensity of Implementation
PLANSPONSOR - September/October 2024 - 27
PLANSPONSOR - September/October 2024 - 28
PLANSPONSOR - September/October 2024 - 29
PLANSPONSOR - September/October 2024 - 30
PLANSPONSOR - September/October 2024 - 31
PLANSPONSOR - September/October 2024 - Frontier of the New QDIAs
PLANSPONSOR - September/October 2024 - 33
PLANSPONSOR - September/October 2024 - 34
PLANSPONSOR - September/October 2024 - 35
PLANSPONSOR - September/October 2024 - The Great Debate
PLANSPONSOR - September/October 2024 - 37
PLANSPONSOR - September/October 2024 - Time for a Welfare Fiduciary Checkup
PLANSPONSOR - September/October 2024 - Loper Bright Reshapes The Regulatory Landscape
PLANSPONSOR - September/October 2024 - Managing Stress in HR
PLANSPONSOR - September/October 2024 - C3
PLANSPONSOR - September/October 2024 - C4
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