The IRS announced that employees will be able to contribute an extra $1,000 to their 401(k) accounts in 2022. The change reflects higher cost-of-living adjustments to retirement accounts but does not affect IRA accounts.
Inflation means you probably should contribute more to your workplace retirement account in 2022.
Companies that offer employees a 401(k) plan have many choices when selecting service providers for defined contribution plans. The challenge for many businesses, especially those small- and medium-sized, is that day-to-day operations leaves little time to review, monitor, and optimize their retirement plan on a regular basis. The result is that many plan sponsors lack a comprehensive understanding of who the top 401k providers are. Because your plan assets change due to financial market conditions and retirement plan contributions, it's important for plan sponsors to understand the service provider landscape and ensure that their plan is with the best provider for their participants (employees.)
PLANSPONSOR magazine conducts an annual recordkeeping survey and in 2020 compiled self-reported data submitted by recordkeepers of defined contribution (DC) plans that represent more than $8.2 trillion in assets. It is estimated to account for 90% of the total DC market.
Here's their list of the 2020 top 401(k) providers and followed by my thoughts.
Companies that offer employees a 401(k) plan have many choices when selecting service providers for defined contribution plans. The challenge for many businesses, especially those small- and medium-sized, is that day-to-day operations leaves little time to review, monitor, and optimize their retirement plan on a regular basis. The result is that many plan sponsors lack a comprehensive understanding of who the top 401k providers are. Because your plan assets change due to financial market conditions and retirement plan contributions, it's important for plan sponsors to understand the service provider landscape and ensure that their plan is with the best provider for their participants (employees.)
PLANSPONSOR magazine conducts an annual recordkeeping survey and in 2017 profiled 55 leading providers that represent more than $6 trillion in assets and are estimated to account for 85% of the total defined contribution market.
Here's their list of the 2017 top 401(k) providers and my thoughts.
