2023
Best in Class DC Providers
To better align them with the year they are announced, provider listings will no longer reflect the year of the survey to which they are associated. The result is that 2023 is not reflected in our Best in Class Provider Listing.
Methodology
The 2023 PLANSPONSOR Defined Contribution Survey, of which Best in Class Providers is part, was fielded from August through November 2023, using the Qualtrics survey platform. In collaboration with recordkeepers of DC plans, we invited plan sponsors to report on their plan facts. The data represent results from more than 2,100 plan sponsors, with over 1,500 reporting asset range data. Data are reported in aggregate, based on specified asset ranges for six plan types and more than 40 industries. We report on plan types and design features, loans and withdrawals, participation and eligibility, etc.
Best in Class
Twelve 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) plan sponsor services and support; and 4) investments and fees. Best in Class Awards are based on overall satisfaction ratings within a service area. The results are organized by each asset range. Within these, besides citing the top five providers, we note which of all providers in that group received a Best in Class Award, Service Commendation or top quartile ranking for that area of service.
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 SystemSM 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 are further explored in the 2024 Plan Benchmarking Report and Industry Reports. If you have any questions regarding the data presented here, please contact surveys@issmediasolutions.com with any questions regarding the data presented here. —Kimberley Gonzalez-Quiles
*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 SystemSM are service marks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.
