2022
Best in Class DC Providers

The 2022 PLANSPONSOR Defined Contribution Survey was conducted from August through October 2022, using the Qualtrics survey platform. Sponsors were asked to report specifics about their DC plan/s. The data, from approximately 2,830 respondents, represent 50 industries. Additionally, data was segmented by respondent profile to further magnify differences in asset range, industry and offerings across plan types and sizes.

Best in Class

Fifteen providers qualified for listing under at least one plan asset range, and thereby to receive Best in Class recognition for service to that plan group. Sponsors rated their provider in four areas of service: 1) recordkeeping platform, 2) participant services, 3) sponsor services and support, and 4) investments and fees. Best in Class Awards are based on overall satisfaction ratings within a service area.

After categorizing sponsor responses by plan assets, we segmented providers to determine response rate and overall net satisfaction rating greater than our 70% minimum. Ratings of 9 or 10, on a 10-point scale, were scored as “completely satisfied,” while scores of 6 or less were considered “dissatisfied” with service. Best in Class Awards were given in each service area—to the three highest-scoring providers with plan assets of less than $200 million and the two highest-scoring providers where assets were more than $200 million. Service Commendations were given to recordkeepers that had exceeded the overall net satisfaction rating of 70%, though did not qualify for Best in Class.

Net Promoter Score^†

PLANSPONSOR applied a modified scoring procedure of Satmetrix Systems’ Net Promoter System^SM to measure sponsor satisfaction among participants. Our BIC NPS ratings were calculated by subtracting the number of customers that provided a score of 6 or less (“detractors”) from the number of those that gave a score of 9 or 10 (“promoters”). Those that rated between these scores—7’s and 8’s—were considered “passives” and do not contribute to the overall final score. For additional information, please visit netpromotersystem.com.

Survey findings will be further explored in the 2023 Plan Benchmarking and Industry Reports. Contact surveys@issgovernance.com with any questions regarding the data presented here.

^†Net Promoter^®, NPS^®, NPS Prism^®, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld. Net Promoter Score^® and Net Promoter System^SM are service marks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.