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
Giulio Bonasera
Service Ratings
Navigation
PURCHASE REPRINTWANT MORE INFO?

Service Ratings

testing content adding above csv

Plan Assets $5MM – $25MM

As in the micro market, participant services—also with 61% satisfied—lagged behind plan administration (66%) and sponsor services and support (70%). Investments and fees did somewhat better with sponsors here (68%) than with sponsors of micro plans.

Top 5 Providers

by Net Recommendation/Promoter Score*
1Charles Schwab87.50%
2Ascensus84.60%
3BOK Financial61.90%
4T. Rowe Price57.60%
5Voya56.90%
*Net Recommendation/Promoter Score is based on Satmetrix Systems' Net Promoter ScoreSM methodology and represents an overall percentage of respondents likely to recommend the provider minus those who are 'neutral' or 'likely to recommend against.

Other providers and their recommendation percentage listed in this market: The Standard (56.5%); Empower (50.0%); Nationwide (22.6%); Transamerica (12.5%).
Participant ServicesPromoter Satisfaction Rating# of BICs
1Charles Schwab77.70%5
2Ascensus72.70%4
3BOK Financial65.70%2
4Voya64.90%3
5T. Rowe Price62.20%0
Plan Sponsor ServicesPromoter Satisfaction Rating# of BICs
1Ascensus84.60%2
2Charles Schwab83.30%2
3BOK Financial76.20%1
4Voya70.70%1
5T. Rowe Price70.30%0
Plan AdmistrationPromoter Satisfaction Rating# of BICs
1Ascensus83.60%3
2Charles Schwab83.10%3
3T. Rowe Price73.60%1
4Voya67.30%0
5BOK Financial66.70%1
Investment & FeesPromoter Satisfaction Rating# of BICs
1Charles Schwab87.20%2
2Ascensus85.30%2
3BOK Financial81.00%2
4T. Rowe Price74.20%0
5The Standard71.70%0

Best in Class: $5MM – $25MM
Minimum of 15 responses; Best in Class benchmark of 70%

= Best in Class award.
= Service Commendation.
= Received too few ratings in category and was thus ineligible for recognitions.
◆ = The score was in the top quartile of all comparable scores for that area of service.

OVERALL

RECORDKEEPING PLATFORM

PARTICIPANT SERVICES

SPONSOR SERVICES AND SUPPORT

INVESTMENTS AND FEES

# Responses

Recommendation likelihood

% Service Star nominations

Ascensus5284.6% ◆56.90%
BOK Financial2161.9% ◆47.60%
Charles Schwab2487.5% ◆45.80%
Empower Retirement2250.0% 13.60%
Nationwide3122.6% 16.10%
T. Rowe Price3357.6% 35.50%
The Standard2356.5% 17.40%
Transamerica1612.5% 12.50%
Voya5856.9% 36.80%

Plan administration

Plan design flexibility

Systems integration

% “Completely satisfied”

Ascensus83.60% ◆
BOK Financial66.70%
Charles Schwab83.10% ◆
Empower Retirement66.70%
Nationwide46.00%
T. Rowe Price73.60% ◆
The Standard66.20%
Transamerica44.40%
Voya67.30%

Online/Mobile retirement
planning tools

Online/Mobile financial
wellness offerings

In-person/Virtual participant
support

Enrollment materials
and support

Print/Digital communications
and education

% “Completely satisfied”

Ascensus 72.70% ◆
BOK Financial 65.70% ◆
Charles Schwab 77.70% ◆
Empower Retirement 56.70%
Nationwide 47.80%
T. Rowe Price 62.20%
The Standard 61.90%
Transamerica 36.50%
Voya 64.90%

Website, reporting
and tools

Account/Client service teams

% “Completely satisfied”

Ascensus84.60% ◆
BOK Financial76.20% ◆
Charles Schwab83.30% ◆
Empower Retirement62.80%
Nationwide58.50%
T. Rowe Price70.30%
The Standard68.90%
Transamerica53.10%
Voya70.70%

Investment options

Fee value and transparency

% “Completely satisfied”

Ascensus85.30% ◆
BOK Financial81.00% ◆
Charles Schwab87.20% ◆
Empower Retirement59.10%
Nationwide42.30%
T. Rowe Price74.20%
The Standard71.70%
Transamerica50.00%
Voya63.70%

testing content adding below csv