SURVEY |

2024
Best in Class DC Providers

Tktk This year’s Best in Class providers represent an evolving set of best practices.

Reported by PLANSPONSOR | Art by Giulio Bonasera
Giulio Bonasera
Service Ratings
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Service Ratings

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Best in Class: Plan Assets >$200MM – $1B
Minimum of 10 responses; Best in Class benchmark of 70%

= Best in Class award.
= Service Commendation.
= Received too few ratings in category and was thus ineligible for recognitions.
◆ = The score was in the top quartile of all comparable scores for that area of service.

OVERALL

RECORDKEEPING PLATFORM

PARTICIPANT SERVICES

SPONSOR SERVICES AND SUPPORT

INVESTMENTS AND FEES

# Responses

Recommendation likelihood

% Service Star nominations

Empower2231.8% 27.3%
Fidelity Investments1020.0% 20.0%
Milliman, Inc. 1492.9% ◆50.0%
Principal Financial Group1450.0% 21.4%
Schwab Retirement Plan Services, Inc.3187.1% ◆38.7%
Transamerica1060.0% 20.0%
T. Rowe Price1573.3% 28.6%

Plan administration

Plan design flexibility

Systems integration

% “Completely satisfied”

Empower57.1%
Fidelity Investments34.5%
Milliman, Inc. 85.7% ◆
Principal Financial Group33.3%
Schwab Retirement Plan Services, Inc.82.6% ◆
Transamerica69.0%
T. Rowe Price54.5%

Online/Mobile retirement
planning tools

Online/Mobile financial
wellness offerings

In-person/Virtual participant
support

Enrollment materials
and support

Print/Digital communications
and education

% “Completely satisfied”

Empower 50.9%
Fidelity Investments 38.8%
Milliman, Inc. 70.1%
Principal Financial Group 43.3%
Schwab Retirement Plan Services, Inc. 72.7% ◆
Transamerica 80.9% ◆
T. Rowe Price 61.1%

Website, reporting
and tools

Account/Client service teams

% “Completely satisfied”

Empower64.3%
Fidelity Investments55.0%
Milliman, Inc. 82.1% ◆
Principal Financial Group50.0%
Schwab Retirement Plan Services, Inc.80.6% ◆
Transamerica75.0%
T. Rowe Price46.7%

Investment options

Fee value and transparency

% “Completely satisfied”

Empower56.8%
Fidelity Investments62.5%
Milliman, Inc. 81.5% ◆
Principal Financial Group57.1%
Schwab Retirement Plan Services, Inc.79.0%
Transamerica83.3% ◆
T. Rowe Price55.6%

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