PLANADVISER - November/December 2022 - 29

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Our 2023 Industry Reports feature proprietary data collected by PLANSPONSOR
in its annual Defined Contribution Survey. The reports highlight various plan design
features and outcomes from approximately 50 industries.
You can leverage the PLANSPONSOR Industry Reports* to:
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and improve fiduciary oversight
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2023
Defined Contribution Plan
Industry Report
Financial Services
*Subject to usage terms/compliance in licensing agreement.
For additional information, email
Robert.Reif@issmediasolutions.com
Does your organization have an investment committee for the DC plan?
All Industries
Overall <$5MM
Yes - committee includes
only INTERNAL employees
Yes - committee includes
only people EXTERNAL to
our company
Yes - committee includes a
MIX OF INTERNAL AND
EXTERNAL people
Yes - but unsure of
composition of investment
committee
No - plan does not have an
investment committee
Unsure / Don't Know
$5MM -
$10MM
>$50MM$200MM
>$200MM$1B
>$1B
Overall <$5MM
$5MM -
$10MM
Financial Services
>$50MM$200MM
>$200MM$1B
>$1B
39.4%
19.7% 40.3% 48.9% 58.1% 67.9% 61.1% 45.0% 52.2% 100.0% 69.2% 75.0%
1.9% 2.2% 1.8% 1.7% 0.9% 2.8% 1.4% 0.0% 0.0% 0.0% 0.0% 12.5%
29.4% 15.6% 34.4% 43.8% 34.2% 26.4% 15.3% 15.0% 21.7% 0.0% 15.4% 12.5%
0.9% 0.5% 1.0% 1.1% 0.9% 0.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
22.3% 49.3% 17.8% 3.4% 1.7% 1.9% 18.1% 35.0% 21.7% 0.0% 7.7% 0.0%
6.1% 12.7% 4.7% 1.1% 4.3% 0.0% 4.2% 5.0% 4.3% 0.0% 7.7% 0.0%
For TKTKtk use only.
Source: PLANSPONSOR Defined Contribution Survey, 2021. Valid until December 2022.
91
What percentage of active participants are deferring enough salary to take full
advantage of the maximum employer match?
All Industries
Overall <$5MM
All or nearly all participants
(90% or more)
More than average (more
than 50% but less than 75%)
Less than average (more
than 25% but less than 50%)
A minority (between 10%
and 25%)
Very few (<10%)
Unsure/Don't Know
$5MM -
$10MM
>$50MM$200MM
>$200MM$1B
>$1B
Overall <$5MM
Financial Services
$5MM -
$10MM
>$50MM$200MM
>$200MM$1B
>$1B
28.7%
39.9% 22.6% 24.3% 23.3% 35.6% 40.8% 63.6% 26.7% 33.3% 30.0% 66.7%
Vast majority (75% or more) 23.3% 17.4% 22.8% 29.7% 24.4% 29.9% 23.3% 17.4% 22.8% 29.7% 24.4% 29.9%
23.1% 14.7% 25.7% 25.7% 32.2% 23.0% 23.1% 14.7% 25.7% 25.7% 32.2% 23.0%
10.7% 8.5% 12.9% 9.5% 14.4% 5.7% 10.7% 8.5% 12.9% 9.5% 14.4% 5.7%
3.8% 5.4% 4.2% 4.7% 0.0% 0.0% 3.8% 5.4% 4.2% 4.7% 0.0% 0.0%
2.9% 5.8% 2.6% 1.4% 0.0% 1.1% 2.9% 5.8% 2.6% 1.4% 0.0% 1.1%
7.5% 8.1% 9.2% 4.7% 5.6% 4.6% 7.5% 8.1% 9.2% 4.7% 5.6% 4.6%
For TKTKtk use only.
Source: PLANSPONSOR Defined Contribution Survey, 2021. Valid until December 2022.
54
What is the approximate average asset-weighted expense ratio of all investment options
in your plan?
All Industries
Overall <$5MM
Less than 0.25% (25 bps)
0.25-.50% (25-50 bps)
0.50-.75% (51-75 bps)
0.75%-1% (76-100 bps)
1%-1.5% (101-150 bps)
More than 1.5%
(more than 150 bps)
Unsure / Don't Know
$5MM -
$10MM
>$50MM$200MM
>$200MM$1B
>$1B
Overall <$5MM
Financial Services
$5MM -
$10MM
>$50MM$200MM
>$200MM$1B
>$1B
18.0%
10.4% 16.5% 17.2% 24.6% 47.5% 22.9% 19.0% 22.7% 28.6% 0.0% 57.1%
26.1% 17.9% 24.7% 33.9% 42.1% 32.3% 31.4% 42.9% 13.6% 14.3% 58.3% 28.6%
12.8% 9.3% 15.3% 18.4% 14.0% 3.0% 18.6% 28.6% 18.2% 14.3% 16.7% 0.0%
4.4% 4.0% 6.2% 3.4% 1.8% 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2.0% 3.2% 2.3% 0.6% 0.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.2% 0.3% 0.0% 0.0% 0.0% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
36.5% 54.9% 35.1% 26.4% 16.7% 14.1% 27.1% 9.5% 45.5% 42.9% 25.0% 14.3%
For TKTKtk use only. Source: PLANSPONSOR Defined Contribution Survey, 2021. Valid until December 2022.
67

PLANADVISER - November/December 2022

Table of Contents for the Digital Edition of PLANADVISER - November/December 2022

Built to Last
Cyber Ready
Measure Your Footprint
Determinants of Profitability
Keep a High Profile
Strategic Moves
The Value of a VCOC
Retroactive Compliance Reviews
Sheri Fitts
PLANADVISER - November/December 2022 - Cover1
PLANADVISER - November/December 2022 - Cover2
PLANADVISER - November/December 2022 - 1
PLANADVISER - November/December 2022 - 2
PLANADVISER - November/December 2022 - 3
PLANADVISER - November/December 2022 - 4
PLANADVISER - November/December 2022 - 5
PLANADVISER - November/December 2022 - 6
PLANADVISER - November/December 2022 - 7
PLANADVISER - November/December 2022 - 8
PLANADVISER - November/December 2022 - 9
PLANADVISER - November/December 2022 - 10
PLANADVISER - November/December 2022 - 11
PLANADVISER - November/December 2022 - 12
PLANADVISER - November/December 2022 - 13
PLANADVISER - November/December 2022 - 14
PLANADVISER - November/December 2022 - 15
PLANADVISER - November/December 2022 - Built to Last
PLANADVISER - November/December 2022 - 17
PLANADVISER - November/December 2022 - 18
PLANADVISER - November/December 2022 - 19
PLANADVISER - November/December 2022 - 20
PLANADVISER - November/December 2022 - 21
PLANADVISER - November/December 2022 - Cyber Ready
PLANADVISER - November/December 2022 - 23
PLANADVISER - November/December 2022 - 24
PLANADVISER - November/December 2022 - 25
PLANADVISER - November/December 2022 - Measure Your Footprint
PLANADVISER - November/December 2022 - 27
PLANADVISER - November/December 2022 - 28
PLANADVISER - November/December 2022 - 29
PLANADVISER - November/December 2022 - Determinants of Profitability
PLANADVISER - November/December 2022 - 31
PLANADVISER - November/December 2022 - 32
PLANADVISER - November/December 2022 - 33
PLANADVISER - November/December 2022 - Keep a High Profile
PLANADVISER - November/December 2022 - 35
PLANADVISER - November/December 2022 - Strategic Moves
PLANADVISER - November/December 2022 - 37
PLANADVISER - November/December 2022 - The Value of a VCOC
PLANADVISER - November/December 2022 - Retroactive Compliance Reviews
PLANADVISER - November/December 2022 - Sheri Fitts
PLANADVISER - November/December 2022 - Cover3
PLANADVISER - November/December 2022 - Cover4
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
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