PLANADVISER - July/August 2021 - 26

research / 2021 PLANADVISER Small-Plan Services Survey
Small-457-Plan Market (Assets Under $5mm)
Plan Assets, Plans and Participants
$18.0b
$15.5b
Total plan assets
$18.0b
$8.6b
2013
2015
2017
2019
2021
$11.6b
$11.8b
1 Nationwide
2 MissionSquare Retirement
3 Voya Financial
4 Empower Retirement
5 AIG Retirement Services
22,696

Total plans
22,777
16,252
2013
16,479
2015
16,853
2017
2019
2021
8 Lincoln Financial Group
9 Principal Financial Group
10 Fidelity Investments
766,980
735,004

Total participants
766,980
F
for
575,758
2013
2015
2017
2019
2021
12 Transamerica
639,150
655,156
13 Cuna Mutual Group
14 T. Rowe Price
15 TIAA
rom a governmental perspective,
the request
proposals (RFP)
process for a 457 plan is different than
for a 401(k) or a 403(b): Public notices
and specific requirements dictate how
vendors must be selected. In addition,
457 plans likely need different educational
offerings and perhaps website
tools and messaging. Most government
employees are enrolled in a defined
benefit (DB) plan and therefore consider
the 457 to be supplemental and often
neglect to use them, when offered.
457 plans also include smaller varieties:
nonprofit 457(b)s and 457(f)s;
those too might have restrictions, given
their nonprofit status.
Michael Glackin, president of CBIZ
InR Advisory Services LLC, in Media,
Pennsylvania, points to some distinct
differences between 401(k) and 457
plans. It is still common to see insurance
companies group annuity sub-accounts
with the insurance sub-accounts being
offered to 457 plan participants, and
employers often will have more than
one 457 provider. " Many times, an
employer has adopted more than one
plan document, with different plan
provisions, " Glackin notes.
Employers sponsoring a 457 plan
may also have a limited understanding
of their fiduciary responsibility
regarding, say, plan investments and
fees. " At CBIZ, we work to educate our
clients about their fiduciary responsi$50mm
$31mm
$14mm
$51mm
11
Newport
$457mm
$195mm
$177mm
$166mm
22,777
6 Equitable
7 OneAmerica
$4,940mm
$3,746mm
$3,351mm
$1,766mm
$1,307mm
$1,290mm
$476mm
Small-457-Plan Providers,
By Plan Assets
bility and stress the importance of the
sponsor acting in its employees' and
their beneficiaries' best
interest, " he
says. Although public retirement plans
need not follow the Employee Retirement
Income Security Act (ERISA), the
law can give guidance or act as a benchmark
for governmental plan sponsors
in performing their day-to-day responsibilities,
monitoring their plan and
requesting a fee proposal.
" When developing an RFP or
conducting a search for a new provider,
consider questions that are asked in
401(k) service provider RFPs, " Glackin
says. They may still be directly applicable
to 457 plans and may help sponsors
make informed decisions. -PA
26 | planadviser.com July-August 2021
http://www.planadviser.com

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
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https://www.planadviserdigital.com/planadviser/january_february_2021
https://www.planadviserdigital.com/planadviser/november_december_2020
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https://www.planadviserdigital.com/planadviser/july_august_2018
https://www.planadviserdigital.com/planadviser/may_june_2018
https://www.planadviserdigital.com/planadviser/march_april_2018
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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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