Whether you are setting up a 401(k) plan for your business or already have one in place, it is helpful to understand the various service providers needed to run a retirement plan. Here are the major service providers you will likely deal with on your plan.
401K Providers: 2016 Top 20 Lists
Editor's note: There is a more up-to-date version of this article at 401k Providers: 2017 Top 10 Lists. Thanks!
Plan sponsors, that is companies that offer their employees a 401(k) plan, have many choices when selecting service providers for their defined contribution plans. The challenge for many businesses, especially for small businesses, is that the day-to-day running of their businesses leaves little time to review, monitor, and optimize their retirement plan. The result is that many plan sponsors lack a comprehensive understanding of who the top 401k providers are. PLANSPONSOR magazine conducts an annual recordkeeping survey profiling top providers. Here's their list of the 2016 top 401(k) providers and a few of my thoughts.
401K Providers: 2015 Top 20 Lists
Editor's note: There is a more up-to-date version of this article at 401k Providers: 2017 Top 10 Lists. Thanks!
The good news is that 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. PLANSPONSOR magazine conducts an annual recordkeeping survey profiling top providers. Here is their list of the 2015 top 401k providers and a few of my thoughts.