RESEARCH |
2024
PLANADVISER Adviser Value Survey
The 2024 PLANADVISER Adviser Value Survey is a reminder that rigorous plan governance and fiduciary guidance is a benefit of working with retirement plan experts.
Reported by PLANADVISER
Survey Data: Plan Design
Plan Design
| Automatic Enrollment Offered | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| With adviser | Without adviser | ||||||||||||||||||||||||||||||||||||||||
| Yes | 52.0% | 31.1% | |||||||||||||||||||||||||||||||||||||||
| No | 47.0% | 66.9% | |||||||||||||||||||||||||||||||||||||||
| Unsure | 1.0% | 2.0% | |||||||||||||||||||||||||||||||||||||||
| Automatic Escalation–or Automatic Deferral Increases–Offered | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| With adviser | Without adviser | ||||||||||||||||||||||||||||||||||||||||
| Yes - participants are defaulted into auto-escalation at time of enrollment | 23.4% | 13.9% | |||||||||||||||||||||||||||||||||||||||
| Yes - participation is voluntary and participants must opt in to auto-escalation | 17.7% | 15.9% | |||||||||||||||||||||||||||||||||||||||
| No - plan does not offer auto-escalation to participants | 52.1% | 63.6% | |||||||||||||||||||||||||||||||||||||||
| Unsure | 6.9% | 6.6% | |||||||||||||||||||||||||||||||||||||||
| ‘True-Up’ Provision Offered* | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| With adviser | Without adviser | ||||||||||||||||||||||||||||||||||||||||
| Yes | 32.3% | 19.2% | |||||||||||||||||||||||||||||||||||||||
| No | 43.9% | 53.8% | |||||||||||||||||||||||||||||||||||||||
| Unsure | 23.8% | 26.9% | |||||||||||||||||||||||||||||||||||||||
| Options Offered to Help Participants Create or Manage Retirement Income | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| With adviser | Without adviser | ||||||||||||||||||||||||||||||||||||||||
| Systematic withdrawal plan (SWP) | 44.3% | 36.8% | |||||||||||||||||||||||||||||||||||||||
| IN-PLAN insurance-based products that guarantee income (i.e., annuities, GMIBs, GMWBs, etc.) | 5.7% | 8.7% | |||||||||||||||||||||||||||||||||||||||
| IN-PLAN managed account service (i.e., Financial Engines Income+, Morningstar's Income Secure, etc.) | 28.4% | 19.2% | |||||||||||||||||||||||||||||||||||||||
| IN-PLAN managed payout fund(s) designed to generate steady cash flow, but which lacks a guarantee | 7.9% | 1.0% | |||||||||||||||||||||||||||||||||||||||
| OUT-OF-PLAN annuity purchase or bidding service (i.e., Hueler, etc.) | 4.0% | 3.9% | |||||||||||||||||||||||||||||||||||||||
| NONE - do not offer any income-oriented products | 48.2% | 56.3% | |||||||||||||||||||||||||||||||||||||||
Footnote:
*A true-up match can be used to restore matching contributions “lost” when an employee reaches the annual contribution limit prior to year-end and thus foregoes the opportunity to make additional contributions that would have otherwise been matched. In such situations, a plan may elect to “true-up” the employer matching contribution.