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
NQDC, Excluding 457s
Nonqualified deferred compensation plans, regulated separately, require a different expertise than do qualified plans. NQDCs are used for retention but also where employers want to defer actual ownership of income. These plans can be custom designed for the sponsor, which must consider whether it wants an integrated platform. Laura Renshaw, senior consultant at North Pier Search Consulting, points to advantages in choosing a provider with a dedicated, vs. outsourced, nonqualified platform, as such options are limited. Yet, says Kim Cochrane, senior director of client services for Hub International, a recordkeeper offering a single sign-on solution that includes the main retirement plan makes submission of contributions seamless.—Judy Faust Hartnett
Total assets
Total plans
Total participants
9,387
754,331
$196B
