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 >$50MM – $200MM
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

Ascensus2075.0% 50.0%
Empower3384.8% 15.2%
Milliman, Inc. 1471.4% 14.3%
Schwab Retirement Plan Services, Inc.4789.4% ◆37.0%
Transamerica2755.6% 19.2%
T. Rowe Price1090.0% ◆40.0%
Voya Financial2080.0% 65.0%

Plan administration

Plan design flexibility

Systems integration

% “Completely satisfied”

Ascensus72.4%
Empower72.4%
Milliman, Inc. 85.4% ◆
Schwab Retirement Plan Services, Inc.83.5% ◆
Transamerica58.8%
T. Rowe Price76.7%
Voya Financial67.8%

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”

Ascensus 53.5%
Empower 64.7%
Milliman, Inc. 64.2%
Schwab Retirement Plan Services, Inc. 70.1% ◆
Transamerica 48.0%
T. Rowe Price 61.7%
Voya Financial 68.0% ◆

Website, reporting
and tools

Account/Client service teams

% “Completely satisfied”

Ascensus75.0%
Empower89.4% ◆
Milliman, Inc. 75.0%
Schwab Retirement Plan Services, Inc.81.7% ◆
Transamerica55.6%
T. Rowe Price80.0%
Voya Financial72.5%

Investment options

Fee value and transparency

% “Completely satisfied”

Ascensus67.6%
Empower81.0% ◆
Milliman, Inc. 71.4%
Schwab Retirement Plan Services, Inc.75.3% ◆
Transamerica60.0%
T. Rowe Price60.0%
Voya Financial66.7%

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