SURVEY |
2023
Recordkeeping Survey
Reported by PLANSPONSOR
| Art by Philip Lindeman
Providers
Ascensus
| ascensus.com |
| Assets ($MM) by Plan Type | |
|---|---|
| Ranked #8 | $253,475 |
| 401(k) | 61% |
| 403(b) | 9% |
| 457 | 1% |
| NQDC | 19% |
| Other | 10% |
| Participants by Plan Size | |
|---|---|
| Ranked #9 | 4,377,914 |
| <$10MM | 53% |
| $10MM - $50MM | 22% |
| >$50MM - $200MM | 11% |
| >$200MM | 15% |
| Plans by Count | |
|---|---|
| Ranked #2 | 95,289 |
| % Third-party administration | 20% |
| Related Offerings | |
|---|---|
| HSA Integration | Direct |
| Student Loan Repayment | Proprietary (Internal) Sources3rd party source(s) |
| Financial wellness options |
| Service Offerings | |
|---|---|
| New client restrictions | |
| 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 - 8:00 PM Saturday: N/A Sunday: N/A |
| On-line chat support | No |
| Mobile app | Yes |
| Managed account options | Stadion, Newport Advisory, Goldman Sachs Managed Advice, NextCapital Managed Advice, OneDigital Personalized Portfolios, Personal Retirement Path by Franklin Templeton utlizing the NextCapital platform |
| Recordkeeping Platform | Proprietary RK System* |
| *Ascensus leverages a proprietary platform, the Ascensus Recordkeeping (ARK) platform, to service clients' plans. DST Systems is now known as SS&C Technologies. |
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.