SURVEY |
2023
Recordkeeping Survey
Reported by PLANSPONSOR
| Art by Philip Lindeman
Providers
Vanguard
| https://ownyourfuture.vanguard.com |
| Assets ($MM) by Plan Type | |
|---|---|
| Ranked #5 | $624,938 |
| 401(k) | 84% |
| 403(b) | 6% |
| 457 | 0% |
| NQDC | 0% |
| Other | 10% |
| Participants by Plan Size | |
|---|---|
| Ranked #7 | 5,989,246 |
| <$10MM | 12% |
| $10MM - $50MM | 8% |
| >$50MM - $200MM | 11% |
| >$200MM | 69% |
| Plans by Count | |
|---|---|
| Ranked #11 | 32,567 |
| % Third-party administration | 22% |
| Related Offerings | |
|---|---|
| HSA Integration | Direct |
| Student Loan Repayment | 3rd party source(s) |
| Financial wellness options | 4* |
| Service Offerings | |
|---|---|
| New client restrictions | N/A |
| 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: 8:30 AM - 9:00 PM Saturday: Sunday: |
| On-line chat support | Yes |
| Mobile app | Yes |
| Managed account options | Edelman Financial Engines, Proprietary in addition to Edelman Financial Engines and Morningstar. |
| Recordkeeping Platform | Proprietary RK System* |
| * Vanguard made the strategic decision to fully refactor our recordkeeping system to run in the cloud. We believe working with Infosys to transform our recordkeeping technology will deliver the best possible outcomes for plan sponsors and participants, delivering unprecedented personalization, ease, efficiency, and best-in-class experiences. In contrast, the average age of servers in our industry is 30 years, with recordkeepers relying on legacy mainframe hardware. Without total replacement, these legacy systems are vulnerable to bottlenecks in innovation and potential points of failure. Collaboration for results We determined that we could accomplish our platform transformation faster and more effectively by working with Infosys. This collaboration combines the best of Vanguard with the best of Infosys, to the ultimate benefit of sponsors and participants. We can focus on what we do best—building relationships with our clients, connecting with individuals supporting the plan to understand their personal challenges and goals, and delivering data-driven insights and solutions that make your job easier while delivering the best possible outcomes for your participants. As a global technology leader with experience completing similar transformations in other industries, Infosys connects us with an unmatched level of global technology talent and scale. Infosys focuses on technology transformation and business process improvement while bringing diverse experiences and expertise across multiple companies, industries, and continents. Working with a tech firm avoids a common challenge arising with in-house platforms: that they can become difficult to expand, challenging to maintain, and limited in their ability to learn, grow, and innovate. We’ve made a $2 billion investment in our recordkeeping technology and operations to rapidly accelerate and continuously innovate. This is a resounding, long-term commitment to the recordkeeping business and our clients. Ascensus The Ascensus recordkeeping system (ARK) is the core recordkeeping system. The system is extended to employees and employers through their developed, maintained, and hosted web sites. All of the core software products are owned and maintained by an Ascensus in-house development staff to improve and maintain the system. The hardware environment provides a scalable technology platform which allows it to handle growth effectively while maintaining flexibility to enhance solutions for market demands and client needs. Private cloud technologies are used within the Datacenter. The entire infrastructure has been virtualized to support scalability, reliability and performance. †We offer foundational experience to all participants. Plan sponsors can choose to enhance the foundational experience through Advice from Vanguard, Advice powered by Edelman Financial Engines, or Morningstar. |
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.