401k Plan Optimization, Compliance, Investment & Partners 401kTV Where Plans Thrive
Below is a list of the top defined contribution (DC) record-keepers (listed alphabetically)
There are hundreds of companies that provide record keeping services to 401k plans but only 37 that provide service nationally. 401kTV, in cooperation with affiliates TRAU (The Retirement Advisor University) and TPSU (The Plan Sponsor University), has compiled the only complete and current list of national record keepers (see Resource Guide) with the markets they serve by plan size as well as their distribution and service models. Institutional Investor is currently surveying experienced plan advisors to determine which of these providers is offering the best service to clients. Together, these lists can be a valuable resource for advisors and plans sponsors when evaluating and searching for a new provider.
Many plan sponsors are confused about what roles each of the DC providers play in servicing their plans so an analogy may be helpful. Using healthcare, the advisor is the doctor, the record keeper is the hospital and the money managers are the pharmaceutical companies. All of these parties are also known as service providers.
Not all record keepers serve all size plans and differ based on their distribution and service models. The 401kTV RK list includes which markets they service by plan size especially important when plans are looking for a new provider as well as to determine if a plan has outgrown their current RK and should start looking for a new one.
Though almost 90% of plans with 50-10,000 employees now use an advisor not affiliated with the RK, not all providers will work with an advisor as noted in our list of RKs. Many of the RKs that work with plans <$25 million partner with an independent TPA to provider administrative services called the “unbundled” service model while others provide those services themselves under a “bundled” model.
There are hundreds of other regional record keepers that provide good service to their clients and no service model is right for all plans.
401kTV will be publishing a list of money managers or DCIO’s (defined contribution investment only providers) and broker dealers/RIAs that focus on 401k plans in the future – Institutional Investor’s survey will also cover these providers as well. Stay tuned.
Updated February 16, 2017
| Record Keepers (37) | Small <$3m | Mid $3-$25m | Large $25-$500m | Mega +$500 m | Distribution | Service Model* |
| ADP | y | y | both | bundled | ||
| Alerus | y | both | bundled | |||
| Alliance Benefit Group | y | y | both | bundled | ||
| American Funds | y | y | advisor | both | ||
| Ameritas | y | advisor | both | |||
| Ascensus | y | advisor | both | |||
| ASPire | y | advisor | unbundled | |||
| BPAS | y | y | both | bundled | ||
| Cuna Mutual Retirement | y | both | both | |||
| Empower-Retirement | y | y | y | y | both | both |
| Epic | y | |||||
| Fidelity | y | y | y | y | both | bundled |
| Hewitt | y | y | direct | bundled | ||
| John Hancock | y | y | y | y | advisor | both |
| Lincoln | y | y | advisor | both | ||
| MassMutual | y | y | y | y | advisor | both |
| Merrill Lynch | y | y | y | both | bundled | |
| Milliman | y | y | both | both | ||
| Mutual of America | y | direct | bundled | |||
| Mutual of Omaha | y | advisor | both | |||
| Nationwide | y | advisor | both | |||
| Newport Group | y | y | y | advisor | both | |
| OneAmerica | y | y | y | advisor | both | |
| Pai | y | advisor | bundled | |||
| Paychex | y | both | bundled | |||
| Pentegra | y | direct | both | |||
| Principal | y | y | y | advisor | both | |
| Prudential | y | y | y | advisor | bundled | |
| Schwab | y | y | direct | bundled | ||
| Securian | y | y | advisor | both | ||
| Standard | y | y | advisor | both | ||
| T Rowe | y | y | y | y | both | bundled |
| Transamerica | y | y | y | y | advisor | both |
| Unifi | y | advisor | bundled | |||
| Vanguard | y | y | y | y | direct | bundled |
| Voya | y | y | y | y | both | both |
| Wells Fargo | y | y | y | y | both | bundled |
| Xerox | y | direct | bundled | |||
| * Service Models | ||||||
| Bundled – record keeper does admininistration | ||||||
| Unbundled – record keeper works with independent TPA | ||||||