SURVEY |
2023
Recordkeeping Survey
Reported by PLANSPONSOR
| Art by Philip Lindeman
Providers
Empower
| empower.com |
| Assets ($MM) by Plan Type | |
|---|---|
| Ranked #2 | $1,231,212 |
| 401(k) | 78% |
| 403(b) | 5% |
| 457 | 10% |
| NQDC | 2% |
| Other | 5% |
| Participants by Plan Size | |
|---|---|
| Ranked #2 | 16,830,193 |
| <$10MM | 16% |
| $10MM - $50MM | 14% |
| >$50MM - $200MM | 14% |
| >$200MM | 55% |
| Plans by Count | |
|---|---|
| Ranked #4 | 80,401 |
| % Third-party administration | 0% |
| Related Offerings | |
|---|---|
| HSA Integration | Direct |
| Student Loan Repayment | 3rd party source(s) |
| Financial wellness options |
| Service Offerings | |
|---|---|
| New client restrictions | Not applicable. |
| Multiple service models | Yes |
| Offers corporate trustee services | Yes - either direct or via partnership |
| #of internal ERISA counsel | Yes |
| Will act as a 3(16) fiduciary | Yes - either direct or using third party offerings |
| Participant Services | |
|---|---|
| Call center hours | Weekdays: 8:00 AM - 10:00 PM ET Saturday: 9:00 AM - 5:30 PM ET Sunday: N/A |
| On-line chat support | No |
| Mobile app | Yes |
| Managed account options | Edelman Financial Engines |
| Recordkeeping Platform | Proprietary RK System |
| 0 |
Bottom part for Providers
Walgreens announced Wednesday the launch of its Student Loan 401(k) Match Program—a benefit for student loan borrowers made available for employers to implement by the SECURE 2.0 Act of 2022.
The new benefit will be available to Walgreens employees in January 2025 and will allow participants to qualify for company 401(k) match contributions as they pay down their student loans.