Research

2016 Recordkeeping Survey

The market's growth has manifested itself with more recordkeeping assets concentrated in the 20 largest providers. This trend also highlights the homogenization and commoditization of a growing number of recordkeeper services that were considered added value just ten years ago. Although providers in the 2016 PLANSPONSOR Recordkeeping Survey are ranked according to various criteria, none of the rankings can definitively answer the question of whether bigger recordkeepers are better recordkeepers.

Published in PLANSPONSOR June 2016

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2016 DEFINED CONTRIBUTION TOP RECORDKEEPERS

Total Defined Contribution Assets ($MM)
1Fidelity Investments $1,449,078
2TIAA $437,247
3Empower Retirement $410,909
4Vanguard $392,861
5Aon Hewitt $377,150
6Voya Financial $288,658
7Prudential Retirement $244,804
8Wells Fargo $217,400
9Transamerica Retirement Solutions $204,936
10Xerox HR Solutions, LLC $185,092
11Principal $174,420
12Bank of America Merrill Lynch $158,155
13T. Rowe Price $148,559
14John Hancock Retirement Plan Services $124,325
15Charles Schwab $120,266
16MassMutual Financial Group $120,104
17Nationwide $96,277
18VALIC $82,656
19Newport Group $75,509
20ADP Retirement Services $59,720
Total Defined Contribution Plans
1Paychex, Inc.72,000
2John Hancock Retirement Plan Services55,404
3ADP Retirement Services55,015
4Principal 51,262
5Voya Financial46,766
6American Funds45,639
7Ascensus44,840
8Nationwide38,075
9Empower Retirement35,426
10Fidelity Investments32,621
11VALIC32,348
12MassMutual Financial Group31,920
13Security Benefit30,999
14AXA Equitable Life Insurance Company 28,622
15Lincoln Financial Group27,811
16Transamerica Retirement Solutions25,385
17TIAA24,412
18Alliance Benefit Group12,708
19OneAmerica11,881
20Aspire Financial Services10,325
Total Defined Contribution Participants
1Fidelity Investments18,345,803
2Empower Retirement7,581,978
3Aon Hewitt5,743,463
4Transamerica Retirement Solutions4,783,542
5Principal 4,693,477
6Voya Financial4,482,039
7TIAA4,273,578
8Vanguard4,186,546
9Wells Fargo3,365,668
10Bank of America Merrill Lynch3,021,924
11Prudential Retirement2,716,680
12Xerox HR Solutions, LLC2,657,640
13John Hancock Retirement Plan Services2,581,833
14MassMutual Financial Group2,462,204
15Nationwide2,190,510
16VALIC2,189,600
17T. Rowe Price1,878,988
18ADP Retirement Services1,573,662
19Lincoln Financial Group1,416,850
20ICMA-RC1,242,066
Total 403(b) Plan Assets ($MM)
1TIAA $341,229
2Fidelity Investments $147,562
3VALIC $47,295
4Transamerica Retirement Solutions $45,258
5Voya Financial $39,707
6Lincoln Financial Group $28,741
7Vanguard $23,784
8AXA Equitable Life Insurance Company $18,969
9Empower Retirement $15,803
10Principal $12,701
Total 457 Plan Assets ($MM)
1Empower Retirement $72,433
2Nationwide $56,556
3Voya Financial $40,865
4ICMA-RC $33,946
5Prudential Retirement $20,719
6Fidelity Investments $11,774
7MassMutual Financial Group $10,947
8T. Rowe Price $7,902
9VALIC $7,105
10Aon Hewitt $5,935
Total Nonqualified Plan Assets ($MM)
1Newport Group $22,380
2Prudential Retirement* $15,187
3Fidelity Investments $9,053
4ADP Retirement Services $8,448
5Wells Fargo $7,527
6Aon Hewitt $5,765
7Bank of America Merrill Lynch $5,545
8Xerox HR Solutions, LLC $3,442
9Principal $3,416
10Empower Retirement $3,086
Footnote: *Includes nonqualified liabilities/plans administered by MullinTGB, a Prudential Financial company.
Total Plans With <$10MM in Assets
1Paychex, Inc.71,800
2ADP Retirement Services54,306
3John Hancock Retirement Plan Services54,206
4Principal 48,692
5American Funds45,139
6Voya Financial44,737
7Ascensus44,115
8Nationwide37,264
9Empower Retirement32,265
10VALIC31,183
Total Plans With $10MM – $100MM in Assets
1Fidelity Investments5,865
2TIAA2,958
3Empower Retirement2,789
4Principal 2,370
5Voya Financial1,789
6MassMutual Financial Group1,605
7Transamerica Retirement Solutions1,437
8Prudential Retirement1,412
9Vanguard1,319
10Newport Group1,304
Total Plans with >$100MM in Assets
1Fidelity Investments1,682
2TIAA705
3Vanguard545
4Prudential Retirement407
5Empower Retirement372
6Wells Fargo340
7Transamerica Retirement Solutions276
8Charles Schwab259
9T. Rowe Price254
10Voya Financial240

Methodology

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PLANSPONSOR’s 18th annual Recordkeeping Survey questionnaire was distributed to known providers of full-service and unbundled recordkeeping for both qualified and nonqualified defined contribution (DC) plans. A total of 60 responses were received prior to the survey deadline in May. All survey data reported on the pages that follow are as of December 31, 2015; comparable data from the prior year are as of December 31, 2014.
 
The survey questionnaire was designed to gather information/data pertaining to each provider’s experience, services and capabilities. All information is self-reported; all statements related to product/service offerings available to defined contribution plan sponsors were supplied by each provider and subject to PLANSPONSOR’s internal quality assurance reviews where possible. Readers are urged to contact providers directly for further details on the scope of services available.
 
Providers are listed in alphabetical order. “Asset rank” indicates the provider’s overall placement by total recordkeeping assets under administration (AUA). Information included in each profile represents a snapshot based on some of the many factors to consider when selecting a recordkeeping partner.
 
Although the tables provide a wealth of information, they contain only a small portion of each provider’s answers to the survey. To purchase an Excel spreadsheet that contains the full dataset of responses from all 60 providers, please contact Michelle Judkins at mjudkins@assetinternational.com. To learn how to participate in the 2017 PLANSPONSOR Recordkeeping Survey, contact Brian O’Keefe at bokeefe@assetinternational.com.

Archive

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RECORDKEEPING SURVEY

As a complement to our Defined Contribution Survey - which measures how satisfied DC clients are with their providers - our annual Recordkeeping Survey gives employers the chance to see exactly which products and services each provider offers, as well as listing information on total assets and overall client demographics. This survey, as opposed to the DC survey, is comprised of data collected from the providers themselves.

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