SURVEY |
2023
Recordkeeping Survey
Reported by PLANSPONSOR
| Art by Philip Lindeman
Providers
Corebridge Retirement Services*
| corebridgefinancial.com |
| Assets ($MM) by Plan Type | |
|---|---|
| Ranked #18 | $74,670 |
| 401(k) | 3% |
| 403(b) | 72% |
| 457 | 13% |
| NQDC | 0% |
| Other | 12% |
| Participants by Plan Size | |
|---|---|
| Ranked #15 | 1,992,209 |
| <$10MM | 33% |
| $10MM - $50MM | 24% |
| >$50MM - $200MM | 21% |
| >$200MM | 22% |
| Plans by Count | |
|---|---|
| Ranked #14 | 23,851 |
| % Third-party administration | 30% |
| Related Offerings | |
|---|---|
| HSA Integration | Direct |
| Student Loan Repayment | 3rd party source(s) |
| Financial wellness options | 3 |
| Service Offerings | |
|---|---|
| New client restrictions | No company stock, no Taft-Harley |
| 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 - 9:00 PM Saturday: Closed Sunday: Closed |
| On-line chat support | No |
| Mobile app | Yes |
| Managed account options | VALIC Financial Advisors, Inc. (VFA) offers its proprietary Guided Portfolio Services (GPS) advice and managed account program that utilizes Morningstar as the independent financial expert to the program. Corebridge also supports Morningstar Investment Managements LLC’s Advisor Managed Accounts service. This service gives a retirement plan’s registered investment advisor the ability to create portfolios and leverage the proprietary portfolio assignment process and other recommendations from Morningstar Investment Managements LLC. |
| Recordkeeping Platform | Proprietary RK System |
| *Through its Retirement Services recordkeepers The Variable Annuity Life Insurance Company (“VALIC”) and VALIC Retirement Services Company (“VRSCO”) |
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.