401k Providers: 2017 Top 10 Lists. The good news is adp 401k investment choices plan sponsors have many choices when selecting a recordkeeper for their defined contribution plans.
The challenge for many businesses, especially for small businesses, is that day-to-day running of their businesses leaves little time to review, monitor, and optimize their DC plan. The result is that many plan sponsors lack a comprehensive understanding of who the top 401k providers are. For example, Empower Retirement was established as a rebrand of Great-West Retirement Services, Putnam Investment’s retirement business, and J. John Hancock Retirement Plan Services acquired New York Life Retirement Plan Services. No One-Size-Fits-All While choices for selecting a 401k provider remain abundant, plan sponsors are challenged to identify their needs and engage the best service providers to meet those needs.
Recordkeeping 401k providers can vary significantly in that some deliver more services while others promise less cost. Case in point, Paychex is the top 401k provider in the country based on number of DC plans. Your Needs Are a Moving Target Many business owners say that they’re not familiar with the variety of 401k provider options because they rely on the rep who sold them their plan. This comes as no surprise because business owners are focused on running their businesses. Even if your plan is set up perfectly today, your needs will change over time. Plan assets grow and the number of participants change. Therefore, it is a good best practice to review your plan regularly to see if plan design changes can be implemented to improve the plan and make sure that your costs are reasonable.
If your plan has changed so dramatically, it could call for a complete change in 401k providers. We Can Help The process of reviewing your plan does not have to be difficult or time consuming. When was the last time you reviewed your plan and service providers? Please share your experiences and thoughts. Share This Story, Choose Your Platform!
Please remember that past performance may not be indicative of future results. 47 0 0 0 13 6. The shift from college to the working world has always been a blur of living-on-your-own excitement and what-do-I-do-now anxiety. But you really can learn how to handle yourself on the road to smart money management. This guide, featuring questions submitted to MONEY from recent and soon-to-be graduates, can help.