RESEARCH |
2020
PLANADVISER Micro Plan Survey
Micro plans have much to gain from adviser help with fiduciary matters
Reported by PLANADVISER
Industry Data
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 | 14% | 14% | 14% |
| Median | 11% | 3% | 8% |
| Success Measures Used | |||
|---|---|---|---|
| All Plans | <$1MM | $1MM–$5MM | |
| Participation rates | 71% | 38% | 55% |
| Deferral rates | 60% | 26% | 40% |
| External benchmarking of plan design | 30% | 10% | 16% |
| Participants saving to match | 25% | 11% | 15% |
| Employee satisfaction with plan (survey) | 16% | 6% | 13% |
| Participant assets allocated “appropriately” | 15% | 5% | 7% |
| Participants using advice tools/seminars offered | 15% | 5% | 6% |
| Participants increasing deferral rates in past year | 12% | 3% | 7% |
| Participants meeting income replacement goals | 11% | 5% | 5% |
| Participants meeting projected retirement income goals | 10% | 3% | 6% |
| Have no formal plan success measures | 22% | 53% | 35% |