SURVEY |
2020
Best in Class DC Providers
Reported by PLANSPONSOR
| Art by Mar Hernández
Industry Snapshot
Provider Industry Snapshot
Likelihood of Recommending Recordkeeper to a Friend or Colleague
- Extremely likely
- Somewhat likely
- Less likely
Nearly all (96%) sponsors are at least somewhat apt to recommend their provider. Longer provider relationships, and smaller plans, have greater satisfaction.
Average Service Ratings
1 - Poor; 10 = Excellent| Participant Services | Min | Mean | Max |
|---|---|---|---|
| Enrollment materials/support | 8.42 | 9.02 | 9.70 |
| Print/digital campaigns | 7.36 | 8.30 | 9.42 |
| Pre-retiree support | 7.93 | 8.63 | 9.56 |
| In-person participant support | 7.12 | 7.82 | 9.15 |
| Online retirement planning tools | 8.00 | 8.57 | 9.33 |
| Financial wellness offerings | 7.34 | 8.19 | 9.41 |
| Sponsor Services | Min | Mean | Max |
|---|---|---|---|
| Plan management | 8.58 | 9.23 | 9.86 |
| Plan analytics/benchmarking | 7.94 | 8.68 | 9.61 |
| Plan reporting | 8.30 | 8.84 | 9.67 |
| Service Teams / Support | Min | Mean | Max |
|---|---|---|---|
| Plan/industry knowledge | 8.28 | 9.03 | 9.94 |
| Responsiveness/consistency | 8.81 | 9.24 | 9.91 |
| Regulatory updates | 8.55 | 9.17 | 9.82 |
| Compliance support | 8.60 | 9.27 | 9.92 |
| Plan Administration | Min | Mean | Max |
|---|---|---|---|
| Transaction processing | 8.72 | 9.27 | 9.92 |
| Beneficiary administration | 8.38 | 8.82 | 9.94 |
| Loan and withdrawal processing | 8.89 | 9.34 | 9.90 |
| Plan design flexibility | 7.65 | 8.83 | 9.88 |
| Payroll integration | 8.28 | 8.91 | 9.76 |
| Cyber-security policies | 8.79 | 9.32 | 9.74 |
| Investments/Fees | Min | Mean | Max |
|---|---|---|---|
| Traditional investment options | 8.62 | 9.08 | 9.68 |
| Custom investment options | 8.46 | 8.96 | 9.78 |
| Retirement income solutions | 8.06 | 8.96 | 9.71 |
| ”Cost to value” of plan fees | 8.37 | 8.78 | 9.62 |
Net Recommendation / Promoter Score represents the percentage of respondents “very likely to recommend” the provider (i.e., giving it a score of 9 or 10 on a 10-point scale) minus the percentage of scores of 6 or below (i.e., those “likely to recommend against”).
