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
Service Ratings
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Plan Assets >$200MM – $1B
Satisfaction with investments and fees averaged 68%, and sponsor services and support 65%, those being the second-lowest scores, over all the plan sizes, that these offerings received. This market also gave the lowest scores to plan administration and participant services, both at 60%.
Top 5 Providers
| by Net Recommendation/Promoter Score* | |||
|---|---|---|---|
| 1 | Milliman | 92.90% | |
| 2 | Charles Schwab | 87.10% | |
| 3 | T. Rowe Price | 73.30% | |
| 4 | Transamerica | 60.00% | |
| 5 | Principal | 50.00% | |
| *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: Empower Retirement (31.8%), Fidelity (20.0%). | |||
| Participant Services | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Transamerica | 80.90% | 3 |
| 2 | Charles Schwab | 72.70% | 3 |
| 3 | Milliman | 70.20% | 4 |
| 4 | T. Rowe Price | 61.10% | 0 |
| 5 | Empower Retirement | 50.90% | 0 |
| Plan Sponsor Services | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Milliman | 82.10% | 2 |
| 2 | Charles Schwab | 80.70% | 1 |
| 3 | Transamerica | 75.00% | 1 |
| 4 | Empower Retirement | 64.30% | 0 |
| 5 | Fidelity | 55.00% | 0 |
| Plan Admistration | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Milliman | 85.70% | 3 |
| 2 | Charles Schwab | 82.60% | 3 |
| 3 | Transamerica | 69.00% | 0 |
| 4 | Empower Retirement | 57.10% | 0 |
| 5 | T. Rowe Price | 54.60% | 0 |
| Investment & Fees | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Transamerica | 83.30% | 0 |
| 2 | Milliman | 81.50% | 2 |
| 3 | Charles Schwab | 79.00% | 2 |
| 4 | Fidelity | 62.50% | 0 |
| 5 | Principal | 57.10% | 0 |
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