Research

DATA & RESEARCH | PLANADVISER February 2017

2017 PLANADVISER Micro Plan Survey

Small plans are big business.

By Alison Cooke Mintzer See Archive >

Top 10 Micro Plan Providers

Clients With 7-Plus Years of Tenure With Provider
1VALIC71.0%
2CUNA Retirement Solutions69.9%
3Correll Co.68.0%
4OneAmerica62.9%
5The Standard62.2%
6Newport Group57.1%
7John Hancock Retirement Plan Services49.7%
8T. Rowe Price48.8%
9American Trust46.4%
10Paychex, Inc.41.8%
Average Participant Account Balance
1Newport Group$103,687
2T. Rowe Price$88,774
3Voya Financial$87,875
4Sentinel Benefits & Financial Group$81,316
5Ascensus$81,025
6Correll Co.$80,145
7Fidelity Investments$78,831
8Empower Retirement$77,043
9American Trust$74,791
10The Standard$70,725
Net Promoter/Recommendation Score*
1Correll Co.96.2%
2BB&T Retirement and Institutional Services94.1%
3CUNA Retirement Solutions89.5%
4Sentinel Benefits & Financial Group84.6%
5Empower Retirement81.1%
6Newport Group79.4%
7American Trust71.4%
8The Standard69.8%
9Voya Financial69.0%
10VALIC67.7%
*Net Promoter/Recommendation Score is based on Satmetrix Systems’ Net Promoter Score methodology. Net Promoter Score and Net Promoter System are service marks of Bain & Co., Satmetrix Systems Inc., and Fred Reichheld.
Average Plan Participation Rate
1Principal Financial Group84.1%
2American Trust83.9%
3Voya Financial82.5%
4T. Rowe Price81.4%
5Empower Retirement80.0%
6Fidelity Investments79.8%
7CUNA Retirement Solutions77.9%
8Nationwide76.9%
9Ascensus75.9%
10John Hancock Retirement Plan Services75.0%
Clients Using a Financial Adviser
1John Hancock Retirement Plan Services72.8%
2Nationwide54.5%
3Voya Financial50.0%
4Sentinel Benefits & Financial Group47.6%
5Empower Retirement42.9%
6Principal Financial Group41.7%
7Correll Co.38.5%
8VALIC32.0%
9The Standard29.7%
10CUNA Retirement Solutions29.3%
Average Participant Deferral Rate
1VALIC7.3%
2T. Rowe Price7.1%
3Fidelity Investments7.0%
4The Standard6.7%
5Ascensus6.5%
5Newport Group6.5%
7Principal Financial Group6.4%
8Empower Retirement6.1%
8Paychex, Inc.6.1%
10Sentinel Benefits & Financial Group6.0%

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

back to top

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