PLANADVISER - January/February 2019 - 36

2019 PLANADVISER Micro Plan Survey
Top and Bottom 5 Industries for Micro Plans, in Terms of ...
Average Participation Rate
Average Account Balance
1 Accounting
2 Banking: Commercial
3 Insurance/Reinsurance
4 Financial services
5 Holding co's/Inv banking
44 Health care (not for profit)
92.7% Law firms
90.3% Utilities
88.8% Membership
88.6% Accounting
87.6% Financial services
62.9% Transportation/Airlines
45 Govt: County/State/Federal 61.2% Religious/Social svcs
46 Transportation/Airlines
59.5% Education: Higher ed
Average Deferral Rate
$184,592 Chemicals
$160,925 Consulting
$124,618 Engineering
$121,511 Financial services
$114,493 Technology
$38,511 Health care (not for profit)
$37,593 Govt: County/State/Federal
$25,981 Transportation/Airlines
47 Education: K-12, preschool 58.1% Restaurants/Food service $24,439 Utilities
48 Restaurants/Food service
Methodology
The data that follow summarize select results from micro plan-
defined as having less than $5 million in plan assets-respondents
to the 2018 PLANSPONSOR Defined Contribution (DC) Survey. The
survey was fielded from mid-September through early November,
last year, and gathered over 4,000 responses from plans of all sizes;
1,318 responses (33% of the total) were from DC plans with less than
$5 million in assets. Insights from the survey are meant to support
existing plan governance processes and do not represent advice/
guidance related to any aspect of plan design. Additional data
can be segmented by plan size, industry, geography and custom
specifications. Please contact brian.okeefe@strategic-i.com for
information and pricing.
Type(s) of DC Plan(s) Offered
All Plans <$1mm $1mm-$5mm
All Plans <$1mm $1mm-$5mm
401(k)
403(b)
457
Money purchase
Profit sharing
ESOP1
Nonqualified deferred compensation
SEP2
SIMPLE IRA3
Other
1Employee stock ownership plan. 2
match plan for employees individual retirement plan.
87% 91%
11% 6%
11% 4%
2% 1%
92%
7%
5%
1%
19% 14% 17%
3% 0%
8% 1%
1%
1%
1% 2%
2% 2%
Simplified employee pension. 3
Savings incentive
2%
1%
1%
1%
1%
Review of fund performance
Plan investment selection guidance
Evaluating/Explaining provider fees
Benchmarking plan design
Creation/Monitoring of IPS4
Provider selection/due diligence
Group participant education
Plan compliance with laws and IPS
One-on-one participant education
Ensuring plan alignment with objectives
4Investment policy statement.
96% 88% 94%
93% 81%
57.5% Automotive: Manufacturing $23,197 Automotive: Manufacturing
Immediate Eligibility
8.2% Education: K-12, preschool
8.1% Religious/Social svcs
7.8% Education: Higher ed
7.7% Oil & gas/Energy
7.6% Govt: County/State/Federal
4.9% Hotels/Gaming
4.8% Aerospace/Defense
4.6% Pharmaceuticals
4.5% Restaurants/Food service
4.0% Automotive: Manufacturing
Use of Advisers
Adviser Use Among Plans
All Plans
<$1mm
$1mm-$5mm
76.6%
48.0%
46.1%
45.0%
41.6%
3.5%
0.0%
0.0%
0.0%
0.0%
All Plans <$1mm $1mm-$5mm
l Use a plan adviser
l Do not use a plan adviser
l Unsure/Don't know
Services Provided by Plan Advisers
68% 52% 62%
25% 33% 28%
7% 15% 11%
91%
82% 69% 76%
74% 50% 61%
71% 51% 59%
70% 64% 66%
59% 61%
57% 51%
76%
57%
57% 62% 76%
56% 48%
61%
34 | planadviser.com January-February 2019

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PLANADVISER - January/February 2019

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