PLANSPONSOR - September/October 2024 - 31
457 - 457(b)/457(f)
NQDC, Excluding 457s
R
ecordkeeper considerations for 457 plans are similar to those
for a 401(k) or 403(b), notes Mike Webb, senior manager, plan
consulting at CAPTRUST. Still, Webb says, 457(b) sponsors must ask
about a vendor's ability to support these plans' specific administrative
needs-e.g., can it administer the special three-year catch-up election
provision, the unforeseeable emergency provision, the special smallbalance
inactive account distribution provision, and the plan-to-plan
transfer provisions that apply to 457(b) plans, either governmental or
nongovernmental? Other administrative needs are to accommodate
governmental- or nongovernmental-specific functions, and possibly
services such as automatic enrollment that are standard to 401(k)
plans but may not be with some of these providers, Webb says. -PS
TOTAL ASSETS
$551b
TOTAL PLANS
36,378
Total 457 - 457(b)/457(f) Assets
$553b
$498b
2021
2022
Total 457 - 457(b)/457(f) Plans
45,796
40,680
39,112
2021
2022
2023
Total 457 - 457(b)/457(f) Participants
8,701,735
8,670,357
754,331
8,225,673
2021
2022
2023
8,678,098
2024
2021
741,786
2022
742,453
2023
2024
36,378
2024
2021
8,504
2022
8,577
2023
Total NQDC, Excluding 457, Participants
780,004
2024
$493b
2023
2024
TOTAL PARTICIPANTS
8,678,098
N
onqualified deferred compensation plans, regulated
separately, require a different expertise than do qualified
plans. NQDCs are used for retention but also where employers
want to defer actual ownership of income. These plans can be
custom designed for the sponsor, which must consider whether it
wants an integrated platform. Laura Renshaw, senior consultant at
North Pier Search Consulting, points to advantages in choosing a
provider with a dedicated, vs. outsourced, nonqualified platform,
as such options are limited. Yet, says Kim Cochrane, senior director
of client services for Hub International, a recordkeeper offering
a single sign-on solution that includes the main retirement plan
makes submission of contributions seamless. -JFH
TOTAL ASSETS
$196b
TOTAL PLANS
9,387
Total NQDC, Excluding 457, Assets
$196b
$551b
$175b
$172b
2021
2022
$173b
2023
Total NQDC, Excluding 457, Plans
11,167
9,387
2024
TOTAL PARTICIPANTS
754,331
PLANSPONSOR.COM September - October 2024 31
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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