2020
PLANADVISER Recordkeeper Services Survey
Industry Snapshot
DC Recordkeeping Industry Overview
The 2020 PLANADVISER Recordkeeper Services Survey utilizes data gathered in the 2020 PLANSPONSOR Recordkeeping Survey. That annual survey is compiled from self-reported data submitted by recordkeepers of defined contribution (DC) plans and highlights recordkeeper experience in servicing 401(k), 403(b) and 457 plans, among others.
With roughly $6 trillion in assets and totaling more than 575,000 plans, 401(k)s have come to dominate the retirement plan landscape, but the market is far from uniform: 92% of all 401(k)s each have less than $10 million in assets, while the top 0.12%—i.e., the 732 largest plans, each having over $1 billion in assets—control over half, 51%, of 401(k) assets.
Recordkeepers have adapted service models to meet needs of both small and large plans. Readers are encouraged to follow up with providers directly for details on the scope and availability of all service offerings. —Brian O’Keefe
Methodology
The 2020 PLANSPONSOR Recordkeeping Survey, conducted in May, received a total of 53 responses. The results represent over $8.2 trillion in defined contribution (DC) assets and, based on internal analysis, are estimated to account for 90% of the total DC market. Additional information is available online at plansponsor.com/research. Of the participating recordkeepers, 46 claim to serve the intermediary market and are featured in the grid on pages 26 and 27. Data on these firms highlight select features and capabilities that might be of interest to retirement plan advisers. Unless otherwise noted, all data reported are as of December 31, 2019. The pages that follow also summarize survey results by market and provider. For information on licensing the supporting data on all 53 recordkeepers or to learn how to participate in the 2021 PLANSPONSOR Recordkeeping Survey, please email surveys@issmediasolutions.com.
Total Defined Contribution (DC) Assets ($MM), Plans and Participants
| Plan Size | Assets ($mm)* | Plans* | Participants* |
|---|---|---|---|
| <$10mm |
$925,854 |
754,701 |
22,685,285 |
| $10mm – $50mm |
$864,922 |
45,315 |
15,490,953 |
| >$50mm – $200mm |
$941,229 |
10,299 |
14,938,663 |
| >$200mm |
$5,531,061 |
5,021 |
58,559,073 |
| *Not all providers report complete data; therefore, data segmented by plan size will not equal the corresponding overall total. | |||