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
testing content adding above csv
Plan Assets >$25MM – $50MM
The highest overall NPS score appeared in the $25 million through $50 million range. Plan administration averaged 75%, and participant services, 70%. Sponsor services and support received 77%—the highest score given for any plan offering in any of the asset classes. Investments and fees received its highest rating, 75%, in this market, as well as in the mega plan market, where that rating tied.
Top 5 Providers
| by Net Recommendation/Promoter Score* | |||
|---|---|---|---|
| 1 | Voya | 86.70% | |
| 2 | Charles Schwab | 77.80% | |
| 3 | The Standard | 73.30% | |
| 4 | Ascensus | 57.60% | |
| 5 | Empower Retirement | 52.60% | |
| *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.
| |||
| Participant Services | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Voya | 85.10% | 1 |
| 2 | The Standard | 77.10% | 2 |
| 3 | Charles Schwab | 69.50% | 4 |
| 4 | Empower Retirement | 60.60% | 4 |
| 5 | Ascensus | 58.70% | 4 |
| Plan Sponsor Services | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Ascensus | 87.70% | 2 |
| 2 | Charles Schwab | 80.60% | 2 |
| 3 | The Standard | 80.00% | 2 |
| 4 | Voya | 70.00% | 0 |
| 5 | Empower Retirement | 68.40% | 0 |
| Plan Admistration | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Charles Schwab | 81.50% | 3 |
| 2 | Voya | 78.60% | 1 |
| 3 | Ascensus | 73.10% | 2 |
| 4 | The Standard | 72.10% | 1 |
| 5 | Empower Retirement | 71.90% | 2 |
| Investment & Fees | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Charles Schwab | 82.40% | 2 |
| 2 | Ascensus | 79.00% | 2 |
| 3 | Empower Retirement | 78.40% | 2 |
| 4 | Voya | 72.00% | 0 |
| 5 | The Standard | 63.30% | 1 |
testing content adding below csv