2024
Recordkeeping Survey
Recordkeepers are juggling competing priorities of new mandatory and optional plan features alongside demands for their platforms to support retirement income, personalization, financial wellness programs and more.
Industry Snapshot
401(k), All Types
While all platforms handle basic functions such as managing fund lineups and offering plan sponsor and participant websites, many underlying differences exist between providers, says Laura Renshaw, senior consultant at North Pier Search Consulting. Important to look for, she says, is how the recordkeeper addresses cybersecurity and is adapting to SECURE [Setting Every Community Up for Retirement Enhancement] 2.0 Act initiatives. “To remain profitable amid industry changes, many are relocating call centers and processing services to third parties,” she notes. “While this creates efficiencies, it can introduce risks, especially if third-party breaches occur. Therefore, those can be points of differentiation between recordkeepers.”—Judy Faust Hartnett
Total assets
Total plans
Total participants
581,568
82,340,444
$7.35T
Total assets
Total plans
Total participants
581,568
82,340,444
$7.35T
Total assets
Total plans
Total participants
581,568
82,340,444
$7.35T
Total assets
Total plans
Total participants
581,568
82,340,444
$7.35T
*Single-employer, Pooled employer or multiple employer 401(k)
