2023
Recordkeeping Survey

Industry Snapshot

Industry Snapshot

Methodology

The 2023 PLANSPONSOR Recordkeeping Survey was conducted in June via an online questionnaire. Thirty-nine recordkeepers of defined contribution plans participated, providing information as of December 31, 2022. Interpreting our overall findings through analysis in the 2023 Investment Company Fact Book, we estimated that these 39 providers account for 97% of the overall DC market. Providers of each plan type reported their overall plan assets and number of client plans and participants.

In the recordkeeper rankings section, listed are the top 10 largest recordkeepers in multiple categories, according to measurements such as overall assets, number of participants, assets per participant, etc. For aggregated results, see the provider profiles online; these feature details such as overall assets by plan type and participants by plan size, and note the availability of offerings including student loan repayment, managed accounts, financial wellness options and more.

To participate in the 2024 PLANSPONSOR Recordkeeping Survey, please email Surveys@issmediasolutions.com. —Kimberley Gonzalez-Quiles

Total Defined Contribution (DC) Plan Assets, by Plan Types

401(k)__  403(b)__  457__  Money purchase/profit sharing__ Employee stock ownership plan/KSOP*__  Nonqualified deferred compensation__  State-sponsored*__  Other

$10.35T

$9.83T

$9.43T

$10T

$8T

$7.12T

$6.11T

$6.08T

$6T

$4.60T

$4T

$2T

$0

2013

2015

2017

2019

2021

2022

2023

$10.35T

$9.83T

$9.43T

$10T

$8T

$7.12T

$6.11T

$6.08T

$6T

$4.60T

$4T

$2T

$0

2013

2015

2017

2019

2021

2022

2023

$10.35T

$9.83T

$9.43T

$10T

$8T

$7.12T

$6.11T

$6.08T

$6T

$4.60T

$4T

$2T

$0

2013

2015

2017

2019

2021

2022

2023

$10.35T

$9.83T

$9.43T

$10T

$8T

$7.12T

$6.11T

$6.08T

$6T

$4.60T

$4T

$2T

$0

2013

2015

2017

2019

2021

2022

2023

A qualified retirement plan combining an employee stock ownership plan with a 401(k)
*These plan types were not broken out in previous surveys;

Total Defined Contribution (DC) Plan Assets, by Plan Types 2023

401(k)
$6,425B
403(b)
$1,277B
457
$493B
Money purchase/ profit sharing
$341B
Employee stock ownership plan/KSOP*
$200B
NQDC†
$173B
State-sponsored*
$8B
Other
$908B


Tenure with the Provider

  • <5 years
  • 5-8 years
  • >8 years


Plans by Participant Size

<10 participants
455,992
10 – 50 participants
326,718
>50 – 100 participants
76,694
>100 – 500 participants
71,345
>500 participants
25,197

43.5%

119,908

of recordkeepers offering multiple service models

DC recordkeeping plans added in 2022

43.5%

119,908

of recordkeepers offering multiple service models

DC recordkeeping plans added in 2022

43.5%

119,908

of recordkeepers offering multiple service models

DC recordkeeping plans added in 2022

43.5%

119,908

of recordkeepers offering multiple service models

DC recordkeeping plans added in 2022