PLANADVISER - July/August 2019 - 32
2019 PLANADVISER Recordkeeper Services Survey: 401(k) Plans
T
he 401(k) plan is the largest workplace savings vehicle and now accounts for
more than, on average, 65% of all defined contribution (DC) plans, participants
and assets, but the market is far from uniform. Almost 90% of 401(k)s
each have less than $5 million in assets, but these plans account for less than
20% of 401(k) participants and less than 10% of 401(k) assets. Stated differently,
the 647 largest 401(k)s-i.e., those that have over $1 billion in assets-control
49% of 401(k) assets and nearly 33% of all participants.
Not surprisingly, the industry has evolved to cater to the needs of plans
both large and small, with larger plans more likely to be sold direct and smaller
plans typically sold and serviced through retirement plan advisers, who offer
added value to sponsors lacking the knowledge or time to maintain their plan.
Overall, fiduciary concerns are driving a more expansive review of 401(k)
provider capabilities. Sponsors have always taken an interest in service offerings
related to potential administrative headaches such as compliance testing and
Form 5500 preparation and filing. But many requests for proposals (RFPs) now
explore other areas of fiduciary importance, including fiduciary outsourcing
options, cybersecurity protocols and disclosure of ancillary business revenue
that might be connected to plan administration. -BOK
Growth in Total 401(k) Plan Assets ($mm)
4 The Vanguard Group, Inc.
5 Voya Financial
6 Wells Fargo
7 T. Rowe Price
8 Prudential Retirement
9 Bank of America
10 Principal Financial Group
Top 10, by Total 401(k) Assets ($mm)
1 Fidelity Investments
2 Empower Retirement
3 Alight Solutions
$1,636,484
$400,486
$375,562
$374,559
$196,284
$190,985
$158,756
$147,497
$147,055
$143,359
Top 10, by 401(k)s With <$10mm in Assets
1 Paychex, Inc.
2 American Funds
3 ADP Retirement Services
4 John Hancock
5 Ascensus
2010
2011
2012
2013
2014
2015
2016
Total 401(k) Assets, Plans and Participants
Total 401(k) plan assets
$4,930,732
Plan Size
<$5mm
$5mm - $25mm
>$25mm - $100mm
>$100mm - $500mm
>$500mm
Total 401(k) plans
550,871
Assets ($mm)†
$436,978
$492,609
$453,350
$727,702
$2,819,454
Total 401(k)
plan participants
70,211,519
Plans†
480,315
52,501
13,300
3,524
1,235
Participants†
12,127,573
9,680,724
8,399,274
11,422,567
28,716,618
2017
2018
2019
6 Principal Financial Group
7 Empower Retirement
8 Transamerica
9 Voya Financial
10 MassMutual
84,309
55,354
47,686
45,245
40,276
30,672
27,631
23,743
21,830
20,716
Top 10, by 401(k)s With >$200mm in Assets
1 Fidelity Investments
2 The Vanguard Group, Inc.
3 Empower Retirement
4 Wells Fargo
5 Charles Schwab
5 T. Rowe Price
7 Prudential Retirement
8 Ameritas
9 Alight Solutions
10 Voya Financial
†Not all providers report complete data; therefore, data segmented by plan size will not equal the corresponding overall total.
32 | planadviser.com July-August 2019
985
312
179
161
156
156
118
116
98
92
$2,597,292
$2,878,493
$2,910,393
$3,088,538
$3,946,545
$4,289,045
$4,231,432
$4,586,095
$5,143,667
$4,930,732
http://www.planadviserdigital.com/planadviser/july_august_2019/TrackLink.action?pageName=32&exitLink=http%3A%2F%2Fplanadviser.com
PLANADVISER - July/August 2019
Table of Contents for the Digital Edition of PLANADVISER - July/August 2019
An Array of Models
2019 Recordkeeper Services Survey
Advice for All
Pension Risk Transfer on the Rise
Investment Oversight Partners
Through the 'Window'
Now Who is a Fiduciary?
Venue Clauses
The SEC's Standard on IRA Rollovers
PLANADVISER - July/August 2019 - C1
PLANADVISER - July/August 2019 - FC1
PLANADVISER - July/August 2019 - FC2
PLANADVISER - July/August 2019 - C2
PLANADVISER - July/August 2019 - 1
PLANADVISER - July/August 2019 - 2
PLANADVISER - July/August 2019 - 3
PLANADVISER - July/August 2019 - 4
PLANADVISER - July/August 2019 - 5
PLANADVISER - July/August 2019 - 6
PLANADVISER - July/August 2019 - 7
PLANADVISER - July/August 2019 - 8
PLANADVISER - July/August 2019 - 9
PLANADVISER - July/August 2019 - 10
PLANADVISER - July/August 2019 - 11
PLANADVISER - July/August 2019 - 12
PLANADVISER - July/August 2019 - 13
PLANADVISER - July/August 2019 - 14
PLANADVISER - July/August 2019 - 15
PLANADVISER - July/August 2019 - 16
PLANADVISER - July/August 2019 - 17
PLANADVISER - July/August 2019 - 18
PLANADVISER - July/August 2019 - 19
PLANADVISER - July/August 2019 - 20
PLANADVISER - July/August 2019 - 21
PLANADVISER - July/August 2019 - 22
PLANADVISER - July/August 2019 - 23
PLANADVISER - July/August 2019 - An Array of Models
PLANADVISER - July/August 2019 - 25
PLANADVISER - July/August 2019 - 26
PLANADVISER - July/August 2019 - 27
PLANADVISER - July/August 2019 - 2019 Recordkeeper Services Survey
PLANADVISER - July/August 2019 - 29
PLANADVISER - July/August 2019 - 30
PLANADVISER - July/August 2019 - 31
PLANADVISER - July/August 2019 - 32
PLANADVISER - July/August 2019 - 33
PLANADVISER - July/August 2019 - 34
PLANADVISER - July/August 2019 - 35
PLANADVISER - July/August 2019 - 36
PLANADVISER - July/August 2019 - 37
PLANADVISER - July/August 2019 - 38
PLANADVISER - July/August 2019 - 39
PLANADVISER - July/August 2019 - Advice for All
PLANADVISER - July/August 2019 - 41
PLANADVISER - July/August 2019 - 42
PLANADVISER - July/August 2019 - 43
PLANADVISER - July/August 2019 - Pension Risk Transfer on the Rise
PLANADVISER - July/August 2019 - 45
PLANADVISER - July/August 2019 - Investment Oversight Partners
PLANADVISER - July/August 2019 - 47
PLANADVISER - July/August 2019 - Through the 'Window'
PLANADVISER - July/August 2019 - 49
PLANADVISER - July/August 2019 - Now Who is a Fiduciary?
PLANADVISER - July/August 2019 - Venue Clauses
PLANADVISER - July/August 2019 - The SEC's Standard on IRA Rollovers
PLANADVISER - July/August 2019 - C3
PLANADVISER - July/August 2019 - C4
https://www.plansponsordigital.com/plansponsor/industryleader_2024
https://www.planadviserdigital.com/planadviser/winter_2023
https://www.planadviserdigital.com/planadviser/fall_2023
https://www.planadviserdigital.com/planadviser/summer_2023
https://www.planadviserdigital.com/planadviser/industryleader_2023
https://www.planadviserdigital.com/planadviser/spring_2023
https://www.planadviserdigital.com/planadviser/november_december_2022
https://www.planadviserdigital.com/planadviser/september_october_2022
https://www.planadviserdigital.com/planadviser/july_august_2022
https://www.planadviserdigital.com/planadviser/may_june_2022
https://www.planadviserdigital.com/planadviser/industry_leader_awards_2022
https://www.planadviserdigital.com/planadviser/march_april_2022
https://www.planadviserdigital.com/planadviser/january_february_2022
https://www.planadviserdigital.com/planadviser/november_december_2021
https://www.planadviserdigital.com/planadviser/september_october_2021
https://www.planadviserdigital.com/planadviser/july_august_2021
https://www.planadviserdigital.com/planadviser/may_june_2021
https://www.planadviserdigital.com/planadviser/march_april_2021
https://www.planadviserdigital.com/planadviser/january_february_2021
https://www.planadviserdigital.com/planadviser/november_december_2020
https://www.planadviserdigital.com/planadviser/september_october_2020
https://www.planadviserdigital.com/planadviser/july_august_2020
https://www.planadviserdigital.com/planadviser/may_june_2020
https://www.planadviserdigital.com/planadviser/march_april_2020
https://www.planadviserdigital.com/planadviser/january_february_2020
https://www.planadviserdigital.com/planadviser/november_december_2019
https://www.planadviserdigital.com/planadviser/september_october_2019
https://www.planadviserdigital.com/planadviser/july_august_2019
https://www.planadviserdigital.com/planadviser/may_june_2019
https://www.planadviserdigital.com/planadviser/march_april_2019
https://www.planadviserdigital.com/planadviser/january_february_2019
https://www.planadviserdigital.com/planadviser/november_december_2018
https://www.planadviserdigital.com/planadviser/september_october_2018
https://www.planadviserdigital.com/planadviser/july_august_2018
https://www.planadviserdigital.com/planadviser/may_june_2018
https://www.planadviserdigital.com/planadviser/march_april_2018
https://www.planadviserdigital.com/planadviser/january_february_2018
https://www.planadviserdigital.com/planadviser/november_december_2017
https://www.planadviserdigital.com/planadviser/september_october_2017
https://www.planadviserdigital.com/planadviser/july_august_2017
https://www.nxtbookmedia.com