PLANADVISER - July/August 2021 - 25

Small-403(b)-Plan Market (Assets Under $5mm)
Plan Assets, Plans and Participants
$75.4b
$66.7b
Total plan assets
$80.1b
$50.7b
2013
2015
2017
2019
2021
$60.5b
2 AIG Retirement Services
3 Voya Financial
4 Equitable
5 Newport
131,355

Total plans
131,355
126,980
2013
2015
2017
2019
2021
130,219
129,327
128,290
7 Lincoln Financial Group
8 Mutual of America
9 Invesco
10 Empower Retirement
11 Nationwide
2,247,541
2,140,670

Total participants
2,233,454
T
1,524,418
2013
2015
2017
2019
2021
2,209,779
2,233,454
12 Principal Financial Group $1,811mm
13 OneAmerica
$1,808mm
14 Cuna Mutual Group
15 Transamerica
he first consideration when conducting
a request for proposals (RFP)
for a 403(b) plan is which type of these
plans is being offered to employees-
often determined by the employer's
industry-and whether it will be served
by multiple vendors or one, advises
Brian O'Keefe of PLANSPONSOR/PLANADVISER.
Multi-vendor environments
have a different RFP process than does
a traditional one-vendor environment.
Prior to IRS regulations passed in
2007, 403(b) plans varied considerably
from 401(k)s. Many of the former used
numerous vendors-what 403(b) plan
sponsors called recordkeepers-as
plans were substantially based on taxsheltered
annuities, and participants
engaged individually with the annuity
providers without plan sponsor oversight.
In addition, some plans were
exempt
from Employee
Retirement
Income Security Act (ERISA) provisions.
In the 10-plus years since the regulations
took effect, 403(b) plans have
come to look increasingly like 401(k)s,
although differences remain. With the
new regulations, recordkeepers had
to decide whether they could ensure
compliance with the rules concerning
each plan type. Many of these vendors
exited the business.
Assuming the RFP is for a singleprovider
403(b) platform, the questions
vary little from 401(k) plan RFPs,
says Jon Chambers of SageView Advi$367mm
$245mm
$5,533mm
$3,920mm
$3,871mm
$3,472mm
$2,795mm
6
Fidelity Investments
$9,890mm
$9,721mm
$8,369mm
$7,204mm
$5,755mm
$80.1b
Small-403(b)-Plan Providers,
By Plan Assets
1 TIAA
$14,960mm
sory Group. Still, " We are careful in the
general profiling questions to ensure
that the number of 403(b) plans and
participants supported [by the candidate]
is meaningful.
" There's overlap between 401(k)
and 403(b) providers, " he continues,
" but the markets aren't identical-
some 401(k) providers are strong in the
403(b) market; others aren't. And some
403(b) providers have very little 401(k)
presence. We typically help clients
select the right set of candidate firms
to receive the RFP by framing prospective
vendors' capabilities and target
markets, to avoid a 403(b) plan sponsor
selecting a vendor whose primary
depth is in 401(k)-or vice versa. " -PA
planadviser.com July-August 2021 | 25

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PLANADVISER - July/August 2021

Table of Contents for the Digital Edition of PLANADVISER - July/August 2021

Publisher’s Note
Data Points
Compliance News
Trends
Proposals That Please
2021 PLANADVISER Small-Plan Services Survey: Small Wonders
‘Like’ Me
Building Out Referral Networks
Look Toward The Future
Now A Fiduciary
Cybersecurity And ERISA
Q&A
PLANADVISER - July/August 2021 - Cover1
PLANADVISER - July/August 2021 - Cover2
PLANADVISER - July/August 2021 - 1
PLANADVISER - July/August 2021 - Publisher’s Note
PLANADVISER - July/August 2021 - 3
PLANADVISER - July/August 2021 - Data Points
PLANADVISER - July/August 2021 - 5
PLANADVISER - July/August 2021 - Compliance News
PLANADVISER - July/August 2021 - 7
PLANADVISER - July/August 2021 - 8
PLANADVISER - July/August 2021 - 9
PLANADVISER - July/August 2021 - Trends
PLANADVISER - July/August 2021 - 11
PLANADVISER - July/August 2021 - 12
PLANADVISER - July/August 2021 - 13
PLANADVISER - July/August 2021 - 14
PLANADVISER - July/August 2021 - 15
PLANADVISER - July/August 2021 - Proposals That Please
PLANADVISER - July/August 2021 - 17
PLANADVISER - July/August 2021 - 18
PLANADVISER - July/August 2021 - 19
PLANADVISER - July/August 2021 - 2021 PLANADVISER Small-Plan Services Survey: Small Wonders
PLANADVISER - July/August 2021 - 21
PLANADVISER - July/August 2021 - 22
PLANADVISER - July/August 2021 - 23
PLANADVISER - July/August 2021 - 24
PLANADVISER - July/August 2021 - 25
PLANADVISER - July/August 2021 - 26
PLANADVISER - July/August 2021 - 27
PLANADVISER - July/August 2021 - ‘Like’ Me
PLANADVISER - July/August 2021 - 29
PLANADVISER - July/August 2021 - 30
PLANADVISER - July/August 2021 - 31
PLANADVISER - July/August 2021 - 32
PLANADVISER - July/August 2021 - 33
PLANADVISER - July/August 2021 - Building Out Referral Networks
PLANADVISER - July/August 2021 - 35
PLANADVISER - July/August 2021 - Look Toward The Future
PLANADVISER - July/August 2021 - 37
PLANADVISER - July/August 2021 - Now A Fiduciary
PLANADVISER - July/August 2021 - Cybersecurity And ERISA
PLANADVISER - July/August 2021 - Q&A
PLANADVISER - July/August 2021 - Cover3
PLANADVISER - July/August 2021 - Cover4
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
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