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
457 – 457(b) / 457(f)
Recordkeeper considerations for 457 plans are similar to those for a 401(k) or 403(b), notes Mike Webb, senior manager, plan consulting at CAPTRUST. Still, Webb says, 457(b) sponsors must ask about a vendor’s ability to support these plans’ specific administrative needs—e.g., can it administer the special three-year catch-up election provision, the unforeseeable emergency provision, the special smallbalance inactive account distribution provision, and the plan-to-plan transfer provisions that apply to 457(b) plans, either governmental or nongovernmental? Other administrative needs are to accommodate governmental- or nongovernmental-specific functions, and possibly services such as automatic enrollment that are standard to 401(k) plans but may not be with some of these providers, Webb says.—PLANSPONSOR
Total assets
Total plans
Total participants
36,378
8,678,098
$551B
