2012 PLANSPONSOR Defined Contribution Survey Lists Standouts Among 401(k) Providers

NEW YORK, Nov. 28, 2012 /PRNewswire/ -- The 2012 PLANSPONSOR Defined Contribution [DC] Survey lists the standouts among 401(k) providers based on evaluations from more than 6,000 companies. For each designated service category aimed at plan sponsors and participants, those 401(k) providers ranked most highly received a Best in Class designation, illustrated by a "cup" in that category.

The winners of the most "cups" across all client size categories include BMO Retirement Services (formerly M&I Institutional Trust Services), Transamerica Retirement Services and Milliman Inc.

Other notables ranking highly in the survey include (in alphabetical order): Ascensus, Bank of America Merrill Lynch, DailyAccess Corporation, Diversified, ING U.S. Retirement Group, Putnam Investments and The Newport Group.

"This is an especially challenging time to be a 401(k) provider, in light of the growing emphasis on retirement readiness," said Quinn Keeler, head of research and surveys at PLANSPONSOR. "We expect providers to play an increasing role in creating programs that help better prepare participants to manage their finances effectively in retirement."

The 2012 PLANSPONSOR DC Survey also provides a deeper layer of insight into providers beyond rankings of services—capabilities that can't be measured by cups alone—in its Top 10 Provider rankings.

TIAA-CREF, Nationwide Financial and VALIC ranked among the top providers having the most clients with relationships lasting seven years or more. Providers ranking at the top of the those "extremely likely" to be recommended by plan sponsor clients included Correll Co., BMO Retirement Services and American Trust & Savings Bank. Ranking at the top of the list of providers with the most sponsors "comfortable with fee disclosure" were Securian, Putnam and Vanguard.

"Employers that sponsor 401(k) and other retirement plans for employees have become an absolutely crucial component of retirement readiness for U.S. workers," noted Keeler. She added, "The people in charge of these plans have to rely heavily on retirement plan providers to ensure that plan participants receive the best products, services and pricing available. Our survey is meant to help these plan sponsors benchmark not only provider satisfaction, but the design and success of their plans compared to peers."

About PLANSPONSOR

PLANSPONSOR magazine, an Asset International, Inc. publication, is the nation's leading authority on retirement issues and benefits programs. PLANSPONSOR.com provides comprehensive news and commerce services dedicated solely to helping employers and financial advisers navigate the complex world of retirement plans and benefit programs on behalf of their employees or clients. For more information, see www.plansponsor.com.  

About Asset International

Asset International is a privately-held provider of information and technology to global pension funds, asset managers, financial advisers, banking service providers and other financial institutions in the private and public sector. Its industry-leading brands include Strategic Insight, SIMFUND, PLANSPONSOR, PLANADVISER, aiCIO, Global Custodian, The Trade and Plan for Life. The company was acquired in January 2009 by Austin Ventures and has offices in New York; Boston; Hong Kong; London; Melbourne, Australia; and Stamford, CT.

SOURCE Asset International