PLANADVISER - July/August 2021 - 23

2021 PLANADVISER Small-Plan Services Survey
U.S. Census Bureau data estimate that small businesses-defined here as organizations with fewer than 100
employees-account for more than 6 million employers and 43 million employees, or roughly one-third of all
U.S. workers. Unfortunately, according to the Department of Labor (DOL)'s 2020 National Compensation Survey:
Employee Benefits in the U.S., small employers are less likely to sponsor a retirement plan than are larger ones
(55% vs. 85%) and have lower take-up rates (72% vs. 83%) when a plan is offered. The poorer uptake, though,
is not for a lack of available options, including various defined contribution (DC) plan and individual retirement
account (IRA) strategies and features. Below is a sampling of providers that offer small-plan administration services.
Traditional Defined Contribution Small-Plan Providers
ADP Retirement Services
AIG Retirement Services
Alliance Benefit Group
American Funds
American Trust Retirement
Ameritas
Ascensus
Bank of America
Corporation
Benefit Consultants Group
BOK Financial
BPAS
Correll Co.
CUNA Mutual Group
Employee Fiduciary, LLC
Empower Retirement
EPIC Retirement
Plan Services
Equitable Financial Life
Insurance Company
Fidelity Investments
Guideline
Insperity
Invesco
John Hancock
J.P. Morgan Retirement
July Business Services
Lincoln Financial Group
SEP, SIMPLE IRA and Solo 401(k) Providers
ADP Retirement Services
Capital Group, home
of American Funds
Charles Schwab & Co., Inc.
Methodology
The 2021 Small-Plan Services Survey combines data from both
the 2021 PLANSPONSOR Recordkeeping Survey and a survey
of those who administer solo 401(k) plans, simplified employee
pension plans (SEPs) and savings incentive match plans for
employees (SIMPLEs). The aggregated results cover more than
18 million employees and represent almost $950 billion in smallemployer
retirement assets. Some data are derived from internal
analysis. All data are as of December 31, 2020.
The following summarizes results by market. Additional detail
is available online at planadviser.com. For
information on
licensing the supporting data or to learn how to participate in
the next survey, please email surveys@issmediasolutions.com.
Correll Co.
Fidelity Investments
Fiduciary Advisors, Ltd.
Milliman, Inc.
MissionSquare Retirement
(formerly ICMA-RC)
Mutual of America
Nationwide
Newport
NWPS
OneAmerica
Paychex, Inc.
PCS Retirement
Pentegra
Principal Financial Group
Prudential Retirement
RPG Consultants
Schwab Retirement
Plan Services, Inc.
Securian Financial
Sentinel Benefits &
Financial Group
The Standard
TCG Administrators
TIAA
Transamerica Retirement
Solutions LLC
T. Rowe Price
USI Consulting Group, Inc.
Vanguard
Voya Financial
Invesco
July Business Services
Mutual of Omaha
PAi Retirement Services -
A Newport Company
PCS Retirement
Principal Financial Group
Small-Plan Assets, by Plan Type
52%
401(k)
403(b)
457
SEP
SIMPLE IRA
9%
2%
25%
9%
Other options 4%
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