SURVEY |
2023
Recordkeeping Survey
Reported by PLANSPONSOR
| Art by Philip Lindeman
Providers
The Standard
| www.standard.com |
| Assets ($MM) by Plan Type | |
|---|---|
| Ranked #22 | $40,942 |
| 401(k) | 92% |
| 403(b) | 5% |
| 457 | 1% |
| NQDC | 0% |
| Other | 2% |
| Participants by Plan Size | |
|---|---|
| Ranked #22 | 1,101,298 |
| <$10MM | 70% |
| $10MM - $50MM | 25% |
| >$50MM - $200MM | 4% |
| >$200MM | 1% |
| Plans by Count | |
|---|---|
| Ranked #27 | 6,083 |
| % Third-party administration | 18% |
| Related Offerings | |
|---|---|
| HSA Integration | Direct |
| Student Loan Repayment | Proprietary (Internal) Sources3rd party source(s) |
| Financial wellness options |
| Service Offerings | |
|---|---|
| New client restrictions | No ESOP |
| Multiple service models | No |
| 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 Saturday: Sunday: |
| On-line chat support | NR |
| Mobile app | Yes |
| Managed account options | Stadion, Mainspring Managed (proprietary) |
| Recordkeeping Platform | FIS Omni* |
| The Standard licenses the Omni Defined Contribution Administration System from FIS (formerly SunGard EBS) of Birmingham, Alabama. Contact information for SunGard EBS: FIS 104 Inverness Center Place Birmingham, AL 35242 800.327.6664 Toll Free 205.437.7991 Fax Internet: https://www.fisglobal.com/ Omni runs on an IBM z13s-J04. It has a capacity rating of 106 MSU. The Standard also runs an in-house-developed Trust Accounting System known as QASH, which is operated under a version of UNIX, Oracle Solaris, on an Oracle M5000 platform that accesses an Oracle 10.2 database. |
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.