Research

DATA & RESEARCH | PLANADVISER February 2017

2017 PLANADVISER Micro Plan Survey

Small plans are big business.

By Alison Cooke Mintzer See Archive >

= Best in Class award; = Service Commendation; = Received too few ratings in category to be eligible for recognitions.
Technology
Participant call centerParticipant WebsiteSponsor websitePlan reportingPlan analytics/ benchmarking
Plan Assets <$5MM (minimum of 25 responses; Best in class benchmark of 60%)
American Trust
Ascensus
BB&T Retirement and Institutional Services
Correll Co.
CUNA Retirement Solutions
Empower Retirement
Fidelity Investments
John Hancock Retirement Plan Services
Nationwide
Newport Group
OneAmerica
Paychex, Inc.
Principal Financial Group
Sentinel Benefits & Financial Group
The Standard
Transamerica Retirement Solutions
T. Rowe Price
VALIC
Voya Financial
Education
Online tools/services/adviceParticipant statementsEducation programsPlan CommunicationsEnrollment assistanceOn-site meetings
Plan Assets <$5MM (minimum of 25 responses; Best in class benchmark of 60%)
American Trust
Ascensus
BB&T Retirement and Institutional Services
Correll Co.
CUNA Retirement Solutions
Empower Retirement
Fidelity Investments
John Hancock Retirement Plan Services
Nationwide
Newport Group
OneAmerica
Paychex, Inc.
Principal Financial Group
Sentinel Benefits & Financial Group
The Standard
Transamerica Retirement Solutions
T. Rowe Price
VALIC
Voya Financial
Plan Administration
General plan administrationRetiree services/paymentsForm 5500 processingCompliance support/testing
Plan Assets <$5MM (minimum of 25 responses; Best in class benchmark of 60%)
American Trust
Ascensus
BB&T Retirement and Institutional Services
Correll Co.
CUNA Retirement Solutions
Empower Retirement
Fidelity Investments
John Hancock Retirement Plan Services
Nationwide
Newport Group
OneAmerica
Paychex, Inc.
Principal Financial Group
Sentinel Benefits & Financial Group
The Standard
Transamerica Retirement Solutions
T. Rowe Price
VALIC
Voya Financial
Fees/Investment
Investment offeringsFee clarity/disclosureValue for price
Plan Assets <$5MM (minimum of 25 responses; Best in class benchmark of 60%)
American Trust
Ascensus
BB&T Retirement and Institutional Services
Correll Co.
CUNA Retirement Solutions
Empower Retirement
Fidelity Investments
John Hancock Retirement Plan Services
Nationwide
Newport Group
OneAmerica
Paychex, Inc.
Principal Financial Group
Sentinel Benefits & Financial Group
The Standard
Transamerica Retirement Solutions
T. Rowe Price
VALIC
Voya Financial
Service Teams
Legislative/Regulatory updatesService team knowledgeService team responsivenessService team consistency
Plan Assets <$5MM (minimum of 25 responses; Best in class benchmark of 60%)
American Trust
Ascensus
BB&T Retirement and Institutional Services
Correll Co.
CUNA Retirement Solutions
Empower Retirement
Fidelity Investments
John Hancock Retirement Plan Services
Nationwide
Newport Group
OneAmerica
Paychex, Inc.
Principal Financial Group
Sentinel Benefits & Financial Group
The Standard
Transamerica Retirement Solutions
T. Rowe Price
VALIC
Voya Financial

For more information on detailed research available by plan size, industry or plan provider, please contact Brian O’Keefe at Brian.Okeefe@strategic-i.com.

Methodology

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The following tables summarize provider service ratings in the micro-plan market—i.e., plans with less than $5 million in defined contribution (DC) assets. Recordkeepers qualified for award consideration by receiving a minimum of 25 total client responses from sponsors of micro plans.

If a recordkeeper received at least that many responses but fewer than the minimum number of service ratings within a specific service category, it was ineligible for awards only in that service category. “Best in Class” awards are based on an aggregated net satisfaction score ­derived from ratings of 56 areas of service.

The three highest net satisfaction scores in each of 22 major service categories earned a Best in Class Award, as did those providers with a net satisfaction score above the asset group’s benchmark of 60%. A “Service Commendation” was given to recordkeepers that did not receive Best in Class honors but exhibited strong client satisfaction within a service attribute. Specifically, providers needed to have 90% of clients either “completely” or “mostly” satisfied with a particular service offering to receive a Service Commendation