RESEARCH |
2019
PLANADVISER Micro Plan Survey
Our annual gathering of data on plans with less than $5 million in assets points to a promising market for advisers
Reported by PLANADVISER
| Art by JooHee Yoon
Industry Data
Results
Results
Participation Rate (Average)
Participation Rate (Median)
Account Balance (Average)
Account Balance (Median)
| Participants Making Hardship Withdrawals | |||
|---|---|---|---|
| All Plans | <$1MM | $1MM–$5MM | |
| Average | 1% | 1% | 1% |
| Median | 0% | 0% | 0% |
| Participants With Loans Outstanding | |||
|---|---|---|---|
| All Plans | <$1MM | $1MM–$5MM | |
| Average | 13% | 12% | 12% |
| Median | 11% | 10% | 10% |
| Success Measures Used | |||
|---|---|---|---|
| All Plans | <$1MM | $1MM–$5MM | |
| Participation rates | 72% | 45% | 58% |
| Deferral rates | 58% | 27% | 39% |
| External benchmarking of plan design | 26% | 5% | 16% |
| Participants saving to match | 23% | 10% | 14% |
| Employee satisfaction with plan (survey) | 17% | 12% | 16% |
| Participant assets allocated “appropriately” | 14% | 2% | 6% |
| Participants using advice tools/seminars offered | 12% | 2% | 4% |
| Participants increasing deferral rates in past year | 11% | 2% | 7% |
| Participants meeting income replacement goals | 9% | 3% | 3% |
| We have no formal plan success measures | 21% | 48% | 34% |