SURVEY |
2023
Recordkeeping Survey
Reported by PLANSPONSOR
| Art by Philip Lindeman
Providers
Paychex, Inc.
| paychex.com |
| Assets ($MM) by Plan Type | |
|---|---|
| Ranked #21 | $41,291 |
| 401(k) | 100% |
| 403(b) | 0% |
| 457 | 0% |
| NQDC | 0% |
| Other | 0% |
| Participants by Plan Size | |
|---|---|
| Ranked #16 | 1,832,377 |
| <$10MM | 96% |
| $10MM - $50MM | 3% |
| >$50MM - $200MM | 0% |
| >$200MM | 0% |
| Plans by Count | |
|---|---|
| Ranked #1 | 109,096 |
| % Third-party administration | 0% |
| Related Offerings | |
|---|---|
| HSA Integration | Direct |
| Student Loan Repayment | NR |
| Financial wellness options |
| Service Offerings | |
|---|---|
| New client restrictions | In general we do not set any restrictions on the types of clients we support, however, we do not offer Taft Hartley plans, defined benefit plans, nor union plans and we cannot support company stock. |
| Multiple service models | Yes |
| Offers corporate trustee services | Yes - either direct or via partnership |
| #of internal ERISA counsel | No |
| Will act as a 3(16) fiduciary | Yes - either direct or using third party offerings |
| Participant Services | |
|---|---|
| Call center hours | Weekdays: 8:00 AM - 8:00 PM ET Saturday: Sunday: |
| On-line chat support | Yes |
| Mobile app | Yes |
| Managed account options | GuidedChoice |
| 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.