SURVEY |
2023
Best in Class DC Providers
Tktk This year’s Best in Class providers represent an evolving set of best practices.
Reported by PLANSPONSOR
| Art by Giulio Bonasera
Industry Snapshot
Provider Industry Snapshot
Plan sponsors’ average service ratings of providers reflect high levels of satisfaction. The scale below shows the range of responses from all plan sponsors: the minimum and maximum scores received, plus the mean average.
Average Service Ratings
1 = Poor; 10 = ExcellentNet Recommendation/Promoter Score represents the percentage of respondents “very likely to recommend” the provider (rating it 9 or 10 on a 10-point scale) minus the percentage of those “likely to recommend against” (rating it 6 or below). See Methodology.
| Recordkeeping Platform | Min | Mean | Max |
|---|---|---|---|
| Plan administration | 8.39 | 9.09 | 9.59 |
| Plan design flexibility | 8.13 | 8.97 | 9.52 |
| Systems integration | 7.63 | 8.53 | 9.30 |
| Participant Services | Min | Mean | Max |
|---|---|---|---|
| Online/Mobile retirement planning tools | 7.82 | 8.73 | 9.09 |
| Online/Mobile financial wellness offerings | 7.64 | 8.48 | 8.93 |
| In-person/Virtual participant support | 7.49 | 8.35 | 9.00 |
| Enrollment materials and support | 8.07 | 8.88 | 9.24 |
| Print/Digital communications and education | 8.02 | 8.58 | 9.12 |
| Sponsor Services and Support | Min | Mean | Max |
|---|---|---|---|
| Sponsor website, reporting and tools | 7.70 | 8.75 | 9.21 |
| Account/Client service teams | 8.34 | 9.14 | 9.79 |
| Investments and Fees | Min | Mean | Max |
|---|---|---|---|
| Investment options | 8.46 | 9.04 | 9.67 |
| Fee value and transparency | 8.29 | 8.85 | 9.63 |