2024
Recordkeeping Survey

The 2024 PLANSPONSOR Recordkeeping Survey was fielded from April to May via the Qualtrics survey platform. Thirty-three recordkeepers of defined contribution plans participated and reported on their U.S. DC recordkeeping business as of December 31, 2023. This year, through interpretation and analysis of data in the 2024 Investment Company Fact Book, we found that these 33 providers account for 99% of the overall 401(k) DC market.

We collected data on assets, participants and plans for the following plan types: 401(k), 403(b), 457(b) and 457(f); ESOP [employee stock ownership plan]/KSOP—i.e., combined 401(k) and ESOP; nonqualified deferred compensation, excluding 457; and state-sponsored individual retirement plans.

This year, we also asked for additional specific data—as to assets, plans and participants for the following plan types: pooled employer or multiple employer 401(k); pooled employer or multiple employer 403(b); and SEP [simple employer pension]/SIMPLE IRA [savings incentive match plan for employees individual retirement account].

The recordkeeping Provider Rankings list the highest achievers in the various markets of the recordkeeping business, for measurements such as: total employer-sponsored DC plan participants; total single-employer 401(k) plans; top 10, by pooled employer plan assets; top 10, by total number of adopting employers in PEPs; top 10, by total 457—i.e., 457(b) and 457(f)—plans; and more.

On each provider profile, we feature data revealing how that provider ranks among the entire pool in terms of assets, plans and participants, as well as in the following breakouts: assets by plan type, participants by plan size, student loan offerings, financial wellness options, new client restrictions, trustee services, and more.

The 2024 lists have changed year-over-year due to the absence of John Hancock and Paychex, which both appeared in the 2023 edition. John Hancock’s survey response was received late and is available on the profiles page, and Paychex opted out of the 2024 survey.

If you have any questions about the findings published here or would like to participate in the 2025 PLANSPONSOR Recordkeeping Survey, please email  Surveys@issmediasolutions.com.

—Kimberley Gonzalez-Quiles