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 >$50MM – $200MM
In the midsize-plan market, plan administration and sponsor services and support received their second-highest scores—74% and 76%, respectively. Satisfaction with participant services and investments and fees for this group of plans fell in the middle of scores for all of the plan markets.
Top 5 Providers
| by Net Recommendation/Promoter Score* | |||
|---|---|---|---|
| 1 | T. Rowe Price | 90.00% | |
| 2 | Charles Schwab | 89.40% | |
| 3 | Empower Retirement | 84.80% | |
| 4 | Voya | 80.00% | |
| 5 | Ascensus | 75.00% | |
| *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: Milliman (71.4%); Transamerica (55.6%). | |||
| Participant Services | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Charles Schwab | 70.10% | 5 |
| 2 | Voya | 68.00% | 4 |
| 3 | Empower Retirement | 64.70% | 4 |
| 4 | Milliman | 64.20% | 0 |
| 5 | T. Rowe Price | 61.70% | 2 |
| Plan Sponsor Services | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Empower Retirement | 89.40% | 2 |
| 2 | Charles Schwab | 81.70% | 1 |
| 3 | T. Rowe Price | 80.00% | 1 |
| 4 | Ascensus | 75.00% | 1 |
| 4 | Milliman | 75.00% | 1 |
| Plan Admistration | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Milliman | 85.40% | 3 |
| 2 | Charles Schwab | 83.50% | 3 |
| 3 | T. Rowe Price | 76.70% | 1 |
| 4 | Empower Retirement | 72.50% | 0 |
| 5 | Ascensus | 72.40% | 2 |
| Investment & Fees | Promoter Satisfaction Rating | # of BICs | |
|---|---|---|---|
| 1 | Empower Retirement | 81.00% | 2 |
| 2 | Charles Schwab | 75.30% | 2 |
| 3 | Milliman | 71.40% | 1 |
| 4 | Ascensus | 67.70% | 0 |
| 5 | Voya | 66.70% | 1 |
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