2020 Defined Contribution Plan Industry Report
Transcript of 2020 Defined Contribution Plan Industry Report
2020 Defined Contribution Plan Industry Report
Overall results from the 2019 PLANSPONSOR Defined Contribution (DC) Survey
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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Table of Contents
Summary of Findings 2
Plan Types and Design Features 6
Plan Loans & Withdrawals 13
“Auto” Features 22
Participation and Eligibility 32
Employer Contributions 37
Plan Investments 54
Fees/Expenses 64
Defined Contribution Providers 74
Advice and Advisers 78
Plan Oversight and Administration 89
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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Summary of Findings
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
3
Table of Contents
The PLANSPONSOR 2019 Defined Contribution (DC) Survey was conducted via an online questionnaire sent to approximately 35,000 DC plan sponsors in September and October 2019. Survey results incorporate the responses of 3,472 plan sponsors from a broad variety of U.S. industries. Of the 3,472:
• 253 (7.3%) are plans with <$1 million in DC assets• 792 (22.8%) are plans with $1 million-$5 million in DC assets• 443 (12.8%) are plans with >$5 million-$10 million in DC assets• 523 (15.1%) are plans with >$10 million-$25 million in DC assets• 380 (10.9%) are plans with >$25 million-$50 million in DC assets• 306 (8.8%) are plans with >$50 million-$100 million in DC assets• 192 (5.5%) are plans with >$100 million-$200 million in DC assets• 220 (6.3%) are plans with >$200 million-$500 million in DC assets• 125 (3.6%) are plans with >$500 million-$1 billion in DC assets• 238 (6.9%) are plans with >$1 billion in DC assets
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
Participation Rate Average Account Balance Average Deferral Rate Immediate Eligibility Immediate Vesting
1 Utilities [89.7%] Law Firms [$217,140] Utilities [9.2%] Govt: County/State/Federal [88.7%] Labor Unions [100.0%]
2 Insurance/Reinsurance [87.6%] Utilities [$180,015] Membership [8.8%] Education: Higher Ed [79.7%] Education: Higher Ed [68.7%]
3 Financial Services [87.2%] Financial Services [$149,827] Chemicals/Mining [8.4%] Healthcare (not for profit) [76.3%] Agriculture [54.8%]
4 Oil & Gas/Energy [86.4%] Engineering [$135,056] Engineering [8.4%] Education: K-12, Preschool [71.8%] Oil & Gas/Energy [53.5%]
5 Credit Unions [85.7%] Research/Development [$132,728] Technology [8.2%] Govt: City/Municipal [70.0%] Fortune 1000 [52.6%]
6 Chemicals/Mining [85.6%] Insurance/Reinsurance [$131,113] Fortune 1000 [8.0%] Fortune 1000 [67.4%] Pharmaceuticals [51.4%]
7 Engineering [84.9%] Consulting [$130,882] Consulting [8.0%] Labor Unions [66.6%] Chemicals/Mining [51.3%]
8 Banking: Commercial [84.5%] Fortune 1000 [$130,023] Research/Development [7.9%] Oil & Gas/Energy [62.5%] Education: K-12, Preschool [50.0%]
9 Labor Unions [84.4%] Chemicals/Mining [$128,507] Financial Services [7.9%] Utilities [59.0%] Accounting [48.8%]
10 Architecture [83.9%] Membership [$118,376] Law Firms [7.8%] Chemicals/Mining [56.8%] Research/Development [47.8%]
11 Research/Development [83.7%] Accounting [$116,715] Oil & Gas/Energy [7.7%] Religious/Social Svcs [54.0%] Business Services [47.3%]
12 Consulting [83.5%] Labor Unions [$115,612] Insurance/Reinsurance [7.7%] Research/Development [53.1%] Holding Co's/Inv Banking [46.4%]
13 Accounting [83.2%] Oil & Gas/Energy [$111,623] Education: Higher Ed [7.6%] Technology [52.8%] Govt: County/State/Federal [45.1%]
14 Distribution [83.1%] Distribution [$110,914] Aerospace/Defense [7.6%] Consulting [51.7%] Insurance/Reinsurance [44.3%]
15 Pharmaceuticals [82.9%] Architecture [$110,708] Media/Communications [7.5%] Non-Profit Orgs [50.8%] Utilities [44.2%]
16 Media/Communications [82.2%] Technology [$108,989] Accounting [7.4%] Financial Services [50.4%] Restaurants/Food Service [43.7%]
17 Technology [82.1%] Healthcare (for profit) [$108,381] Architecture [7.4%] Pharmaceuticals [47.7%] Environmental [43.4%]
18 Law Firms [80.8%] Holding Co's/Inv Banking [$107,439] Environmental [7.4%] Aerospace/Defense [44.4%] Membership [43.2%]
19 Wholesale [80.8%] Wholesale [$106,739] Pharmaceuticals [7.3%] Engineering [44.3%] Consulting [42.1%]
20 Automotive: Manufacturing [80.3%] Banking: Commercial [$101,905] Wholesale [7.2%] Insurance/Reinsurance [42.1%] Manufacturing: Consumer [41.9%]
21 Membership [80.3%] Aerospace/Defense [$101,870] Business Services [7.1%] Transportation/Airlines [40.7%] Financial Services [40.3%]
22 Aerospace/Defense [80.2%] Real Estate [$100,287] Manufacturing: Industrial [6.9%] Telecommunications [40.7%] Banking: Commercial [40.3%]
23 Environmental [79.9%] Media/Communications [$99,225] Building/Construction [6.9%] Environmental [37.0%] Architecture [40.0%]
24 Manufacturing: Industrial [79.6%] Building/Construction [$99,123] Transportation/Airlines [6.8%] Business Services [34.1%] Automotive: Manufacturing [38.2%]
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Overall Rankings: Top 50% industries in key plan areas
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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Participation Rate Average Account Balance Average Deferral Rate Immediate Eligibility Immediate Vesting
25 Advertising/Marketing [79.1%] Manufacturing: Industrial [$97,218] Holding Co's/Inv Banking [6.8%] Holding Co's/Inv Banking [32.8%] Healthcare (for profit) [38.1%]
26 Manufacturing: Consumer [79.0%] Education: Higher Ed [$95,922] Govt: County/State/Federal [6.8%] Architecture [32.5%] Retail [37.2%]
27 Holding Co's/Inv Banking [78.7%] Advertising/Marketing [$95,381] Govt: City/Municipal [6.8%] Accounting [32.4%] Law Firms [37.0%]
28 Non-Profit Orgs [78.6%] Environmental [$90,866] Non-Profit Orgs [6.8%] Law Firms [31.6%] Hotels/Gaming [36.0%]
29 Telecommunications [78.5%] Transportation/Airlines [$90,629] Education: K-12, Preschool [6.8%] Equipment [29.7%] Aerospace/Defense [35.7%]
30 Fortune 1000 [78.5%] Govt: City/Municipal [$89,180] Automotive: Manufacturing [6.6%] Automotive: Manufacturing [28.2%] Technology [35.4%]
31 Transportation/Airlines [77.6%] Consumer Services [$134,867] Advertising/Marketing [6.6%] Consumer Services [28.1%] Telecommunications [35.0%]
32 Education: Higher Ed [77.0%] Pharmaceuticals [$86,044] Manufacturing: Consumer [6.6%] Banking: Commercial [28.0%] Manufacturing: Industrial [34.7%]
33 Agriculture [77.0%] Automotive: Manufacturing [$85,356] Banking: Commercial [6.5%] Manufacturing: Industrial [26.8%] Real Estate [33.9%]
34 Equipment [76.8%] Equipment [$84,650] Healthcare (for profit) [6.5%] Healthcare (for profit) [26.4%] Building/Construction [33.8%]
35 Real Estate [76.8%] Agriculture [$78,599] Retail [6.5%] Agriculture [26.3%] Non-Profit Orgs [32.5%]
36 Govt: City/Municipal [76.6%] Manufacturing: Consumer [$77,586] Real Estate [6.4%] Manufacturing: Consumer [25.1%] Engineering [31.1%]
37 Building/Construction [75.9%] Non-Profit Orgs [$77,278] Telecommunications [6.4%] Media/Communications [24.3%] Religious/Social Svcs [30.7%]
38 Healthcare (for profit) [75.8%] Business Services [$76,502] Distribution [6.4%] Distribution [22.2%] Wholesale [29.5%]
39 Healthcare (not for profit) [74.4%] Retail [$74,027] Healthcare (not for profit) [6.3%] Advertising/Marketing [20.3%] Equipment [27.2%]
40 Retail [73.2%] Govt: County/State/Federal [$73,900] Hotels/Gaming [6.3%] Membership [20.0%] Distribution [25.9%]
41 Business Services [73.1%] Credit Unions [$69,626] Agriculture [6.2%] Retail [19.6%] Media/Communications [25.9%]
42 Consumer Services [71.1%] Telecommunications [$68,954] Restaurants/Food Service [6.0%] Building/Construction [17.8%] Healthcare (not for profit) [25.0%]
43 Auto: Dealerships & Service [67.9%] Auto: Dealerships & Service [$67,862] Credit Unions [5.8%] Real Estate [16.2%] Consumer Services [25.0%]
44 Govt: County/State/Federal [67.2%] Healthcare (not for profit) [$55,147] Labor Unions [5.8%] Wholesale [15.2%] Advertising/Marketing [25.0%]
45 Religious/Social Svcs [66.4%] Hotels/Gaming [$55,121] Consumer Services [5.7%] Hotels/Gaming [14.2%] Govt: City/Municipal [23.8%]
46 Education: K-12, Preschool [66.1%] Education: K-12, Preschool [$51,991] Equipment [5.6%] Restaurants/Food Service [12.8%] Transportation/Airlines [19.0%]
47 Hotels/Gaming [63.9%] Restaurants/Food Service [$50,659] Auto: Dealerships & Service [5.4%] Auto: Dealerships & Service [11.6%] Credit Unions [13.4%]
48 Restaurants/Food Service [61.7%] Religious/Social Svcs [$34,858] Religious/Social Svcs [4.7%] Credit Unions [9.2%] Auto: Dealerships & Service [10.7%]
Overall Rankings: Bottom 50% industries in key plan areas
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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Plan Types and Design Features
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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What type of DC plan does your organization offer?
All Industries
Overall <$1MM $1MM-$5MM$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
401(k) 87.9% 90.5% 92.6% 93.7% 88.0% 87.1% 82.7% 82.2% 80.9% 84.8% 79.7%
403(b) 10.6% 5.9% 7.2% 6.1% 11.3% 11.1% 14.4% 13.1% 19.1% 17.6% 14.8%
457 10.0% 4.7% 4.9% 4.1% 9.0% 9.2% 14.4% 13.1% 22.3% 17.6% 24.1%
Money Purchase 1.9% 1.2% 1.8% 1.1% 1.7% 1.1% 1.3% 2.6% 5.0% 2.4% 3.8%
Profit Sharing 17.5% 11.9% 15.7% 20.6% 18.4% 20.8% 18.3% 19.4% 19.5% 17.6% 12.2%
ESOP/KSOP 3.1% 0.0% 1.4% 2.0% 3.1% 3.4% 4.6% 3.1% 5.5% 4.0% 9.7%
Nonqualified Deferred
Compensation (NQDC)
9.7% 0.8% 1.8% 2.5% 3.1% 7.6% 11.1% 19.4% 20.9% 38.4% 41.8%
SEP 0.4% 0.8% 0.4% 0.2% 0.2% 0.3% 1.0% 0.0% 0.5% 0.8% 0.8%
SIMPLE IRA 0.7% 1.6% 0.9% 0.7% 0.6% 0.3% 1.0% 0.0% 0.5% 0.8% 0.0%
Other 2.9% 2.0% 2.0% 2.5% 2.1% 2.6% 2.6% 2.6% 5.9% 4.0% 6.3%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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Does your organization offer any of these additional workplace retirement/savings plans?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Defined Benefit Plan (Traditional)
26.5% 21.7% 20.0% 24.6% 22.1% 21.3% 27.2% 27.7% 33.8% 43.9% 56.4%
Defined Benefit Plan (Cash Balance)
4.8% 0.4% 2.2% 1.9% 1.8% 2.5% 3.0% 3.3% 12.7% 15.4% 23.9%
Defined Benefit Plan (Hybrid/Other Formula)
1.7% 0.0% 0.3% 0.5% 0.8% 1.6% 1.0% 2.7% 2.8% 2.4% 11.1%
Equity Compensation (e.g., Stock) Plan
6.9% 0.8% 1.8% 1.9% 1.8% 4.4% 9.6% 12.0% 17.4% 21.1% 29.5%
Health Savings Accounts (HSA)
45.2% 23.4% 31.3% 39.2% 44.2% 50.3% 54.3% 60.3% 59.2% 74.8% 66.7%
Retiree Health Benefits 12.3% 3.3% 1.7% 3.8% 6.1% 7.1% 17.5% 20.7% 31.9% 33.3% 51.7%
NONE - Do not offer any of these plans
34.7% 56.1% 50.3% 41.1% 37.8% 34.2% 22.5% 18.5% 16.0% 6.5% 4.7%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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Does your organization offer any of the following higher/continuing education programs to employees?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
529 college savings plan (via employee payroll
deductions)8.7% 2.2% 2.1% 5.0% 7.6% 9.6% 15.2% 14.1% 18.7% 17.4% 19.0%
Tuition assistance program(i.e., employer contribution
to 529 plan)3.3% 0.4% 1.5% 1.5% 4.0% 4.2% 5.2% 6.5% 2.6% 5.3% 7.6%
Tuition reimbursement program
(i.e., reimbursement for higher education/tuition expenses incurred while
employed)
47.8% 17.4% 23.4% 40.1% 44.3% 58.0% 69.7% 74.6% 73.5% 75.4% 76.8%
Student loan repayment/ reimbursement program
(i.e., employer contributions toward loans for new/recent graduates)
3.2% 1.3% 1.3% 2.3% 3.1% 4.2% 4.4% 6.0% 6.8% 3.6% 4.3%
NONE - Do not offer any assistance with higher
education expenses49.3% 81.3% 74.8% 57.0% 51.6% 38.1% 26.2% 23.8% 22.9% 22.3% 21.1%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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Does your DC plan allow for Roth contributions?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 76.9% 63.4% 72.0% 75.5% 77.9% 81.9% 77.4% 80.2% 83.0% 83.2% 84.5%
No 23.1% 36.6% 28.0% 24.5% 22.1% 18.1% 22.6% 19.8% 17.0% 16.8% 15.5%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
11
Does your DC plan allow for in-plan Roth conversions?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes - our plan currently allows for in-plan
conversions35.6% 27.4% 28.5% 28.7% 34.1% 37.6% 37.5% 38.5% 43.9% 44.8% 53.4%
No - but we are considering adding this feature in the next 12-
18 months
5.6% 3.2% 2.9% 5.0% 4.3% 5.0% 6.9% 11.2% 11.1% 6.3% 6.8%
No - and we are not currently considering
adding this feature35.5% 20.2% 31.6% 38.0% 33.6% 41.6% 44.4% 36.4% 33.3% 40.6% 34.6%
Unsure / Don't know
23.3% 49.2% 37.0% 28.3% 28.0% 15.8% 11.1% 14.0% 11.7% 8.3% 5.2%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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Is your DC plan a “Safe Harbor” plan?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 56.0% 68.7% 68.3% 59.2% 55.4% 51.8% 51.1% 42.6% 46.3% 43.6% 40.4%
No 44.0% 31.3% 31.7% 40.8% 44.6% 48.2% 48.9% 57.4% 53.7% 56.4% 59.6%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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Plan Loans & Withdrawals
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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Does your plan include a provision allowing for participant loans?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 82.0% 68.6% 75.0% 77.5% 85.7% 84.2% 86.1% 86.2% 91.8% 92.6% 91.5%
No 16.8% 24.2% 22.5% 22.3% 13.9% 15.6% 13.5% 12.8% 8.2% 7.4% 8.5%
Unsure / Don't know
1.3% 7.2% 2.4% 0.2% 0.4% 0.3% 0.4% 1.1% 0.0% 0.0% 0.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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Can a participant take loans against Roth balances?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 62.7% 30.5% 45.3% 54.4% 66.3% 65.3% 72.2% 76.5% 72.5% 79.3% 77.2%
No 14.9% 19.5% 20.6% 17.6% 12.0% 14.4% 11.2% 10.6% 13.7% 8.7% 14.4%
Unsure / Don't know
22.4% 50.0% 34.2% 28.0% 21.7% 20.3% 16.6% 12.9% 13.7% 12.0% 8.3%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
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How many loans can a participant have open at one time?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
One 56.8% 71.4% 65.2% 58.1% 59.6% 52.8% 49.6% 49.0% 58.1% 48.6% 39.8%
Two 33.8% 22.7% 25.0% 31.1% 32.9% 34.9% 41.0% 40.8% 33.9% 44.1% 49.8%
Three 5.1% 1.9% 5.6% 5.7% 2.5% 7.0% 5.1% 5.7% 5.4% 2.7% 7.6%
4 or more 4.3% 3.9% 4.1% 5.1% 5.0% 5.3% 4.3% 4.5% 2.7% 4.5% 2.8%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
17
If loans are offered, what % of plan participants have outstanding loans?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Average 14.2% 13.7% 14.4% 12.3% 12.1% 13.9% 14.2% 15.3% 16.2% 16.1% 17.4%
Median 10.9% 3.0% 8.0% 10.0% 10.0% 11.2% 13.0% 13.0% 14.0% 16.0% 17.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
18
Average loan balance for participants with open/outstanding loans:
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Average $10,121 $10,720 $9,904 $10,564 $10,433 $9,938 $8,857 $10,235 $10,088 $10,546 $10,454
Median $8,700 $9,091 $7,500 $7,948 $8,673 $8,781 $8,240 $9,695 $9,563 $10,000 $9,625
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
19
Does your plan allow separated employees to continue to make loan payments after termination?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes – feature has been or will soon be implemented in the
plan
32.5% 20.8% 21.2% 22.1% 24.1% 25.2% 34.9% 40.4% 43.7% 64.2% 74.5%
No – but we are considering adding it in
the future4.8% 5.4% 4.8% 2.6% 4.3% 5.9% 4.3% 6.4% 4.9% 7.3% 5.3%
No – feature is not currently available and we have not
discussed adding it
53.1% 45.6% 56.0% 66.0% 64.8% 61.7% 55.2% 50.0% 45.9% 25.7% 18.3%
Unsure / Don't know
9.6% 28.2% 18.1% 9.3% 6.8% 7.2% 5.6% 3.2% 5.5% 2.8% 1.9%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
20
Which of the following in-service distribution options are allowed by your plan document?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Hardship Withdrawals
86.4% 70.4% 83.1% 87.9% 88.1% 90.9% 87.5% 85.5% 91.4% 94.8% 91.0%
Distributions connected to attainment of a
specific age73.5% 44.2% 63.8% 73.6% 77.5% 81.5% 78.5% 77.4% 84.2% 88.8% 85.0%
Distributions to active duty military
personnel (as defined in the HEART Act)
33.9% 17.6% 23.7% 23.5% 35.2% 35.0% 46.2% 39.8% 44.0% 57.8% 56.0%
Distribution of rollover assets previously received from the
employee
38.6% 22.3% 28.2% 24.9% 34.8% 36.4% 47.7% 54.3% 54.1% 65.5% 72.2%
Distribution of after tax dollars
14.8% 4.3% 7.8% 8.6% 10.7% 9.4% 16.1% 24.7% 20.1% 40.5% 48.7%
NONE - we do not allow in-service distributions
of any type5.2% 18.9% 7.5% 4.3% 2.8% 2.8% 3.6% 3.8% 1.9% 1.7% 2.6%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
21
If allowed, what percentage of plan participants have made hardship withdrawals in the past year?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Average 1.4% 1.1% 0.8% 1.1% 1.6% 0.7% 1.9% 2.0% 2.6% 2.8% 1.7%
Median 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
22
“Auto” Features
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
23
Does your plan offer automatic enrollment?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 48.2% 26.1% 26.3% 37.2% 49.1% 58.7% 61.5% 71.7% 70.2% 76.7% 69.4%
No 49.8% 66.4% 69.4% 61.1% 49.7% 41.3% 38.5% 27.7% 29.3% 22.5% 30.6%
Unsure / Don't know
2.0% 7.5% 4.3% 1.7% 1.2% 0.0% 0.0% 0.5% 0.5% 0.8% 0.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
24
Which of the following, if any, types of "re-enrollment" has your plan used/tried in the past 3 years (since 2016)?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Re-enrolled employees not participating in
the plan (requiring them to opt out again else be
enrolled)
19.0% 13.2% 13.1% 16.6% 15.9% 20.5% 22.4% 21.9% 26.4% 20.9% 20.6%
Re-enrolled participants saving below the default
deferral rate (thus "boosting" their deferral
rate)
11.0% 5.9% 5.2% 7.0% 9.2% 14.9% 14.7% 12.5% 14.3% 16.5% 11.6%
Re-enrolled participants not invested in the default investment
(meaning current/futurecontributions are invested
in the plan default)
4.8% 2.9% 7.0% 5.7% 6.3% 4.7% 3.5% 3.1% 2.1% 6.6% 3.9%
NONE – We have NOT "re-enrolled" any employees/
participants75.4% 80.9% 78.9% 78.3% 77.0% 71.6% 74.7% 73.4% 69.3% 74.7% 76.1%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
25
What is the default investment for automatic enrollment?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Target-date Fund (all types)
75.0% 57.7% 60.7% 69.7% 69.7% 76.4% 75.0% 77.8% 80.1% 91.0% 90.5%
Risk-based Lifestyle Fund
3.5% 1.9% 5.4% 4.1% 4.4% 2.5% 4.3% 3.2% 2.1% 1.1% 3.2%
BalancedFund
7.3% 11.5% 7.1% 8.3% 8.8% 7.9% 9.8% 10.3% 5.7% 1.1% 1.9%
Professionally Managed Account (participant-
level allocation model)7.9% 13.5% 10.7% 7.6% 8.3% 6.9% 8.5% 7.1% 10.6% 3.4% 4.4%
Stable Value Fund / GIC 1.5% 0.0% 3.0% 0.7% 3.1% 3.0% 0.0% 0.8% 0.0% 2.2% 0.0%
Money Market Fund
2.6% 5.8% 7.1% 6.2% 3.5% 2.0% 1.2% 0.0% 0.0% 1.1% 0.0%
Other 2.2% 9.6% 6.0% 3.4% 2.2% 1.5% 1.2% 0.8% 1.4% 0.0% 0.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
26
Which of the following best describes the type of target-date fund used as a default investment for your plan?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Retail / Single Manager Fund
(Active Management)27.7% 13.0% 28.6% 23.1% 21.8% 30.5% 32.1% 33.0% 35.8% 32.9% 19.8%
Retail / Single Manager Fund (Indexed)
18.6% 21.7% 15.5% 23.1% 15.0% 15.6% 17.4% 18.7% 24.2% 18.6% 20.6%
Pre-packaged Institutional Investment
(i.e., single or multi-manager CIT, etc.)
24.3% 17.4% 15.5% 22.0% 30.1% 19.1% 27.5% 24.2% 21.1% 27.1% 31.0%
Custom Target-Date Fund
(using investments from plan lineup)
26.6% 47.8% 36.9% 30.8% 26.3% 33.3% 20.2% 23.1% 14.7% 20.0% 26.2%
Other Strategy/Type 2.8% 0.0% 3.6% 1.1% 6.8% 1.4% 2.8% 1.1% 4.2% 1.4% 2.4%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
27
Is your default investment option a proprietary investment affiliated with your plan recordkeeper/administrator?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 27.1% 28.6% 29.2% 29.9% 26.4% 28.4% 25.7% 33.6% 27.8% 26.9% 16.9%
No 55.3% 45.7% 35.8% 51.3% 53.3% 54.0% 58.8% 57.5% 59.3% 57.7% 72.8%
Unsure / Don't know
17.7% 25.7% 35.0% 18.8% 20.3% 17.6% 15.4% 8.8% 13.0% 15.4% 10.3%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
28
What is the default deferral rate as a percentage of the employee’s salary?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
1% 2.9% 1.9% 5.2% 4.0% 4.3% 1.5% 2.4% 0.8% 1.4% 2.2% 3.2%
2% 7.4% 7.5% 8.1% 11.4% 6.9% 6.3% 7.1% 6.3% 10.6% 1.1% 7.1%
3% 39.5% 35.8% 47.1% 47.7% 41.4% 37.4% 38.8% 39.1% 35.2% 42.4% 28.2%
4% 10.7% 15.1% 8.1% 10.7% 9.5% 16.5% 10.6% 10.2% 9.9% 9.8% 8.3%
5% 13.3% 17.0% 8.7% 8.1% 16.4% 12.1% 14.7% 14.1% 15.5% 13.0% 15.4%
6% 20.1% 7.5% 14.5% 12.8% 16.8% 21.4% 22.9% 23.4% 21.8% 25.0% 30.8%
More than 6% 3.2% 11.3% 0.6% 1.3% 2.6% 1.9% 1.8% 4.7% 4.9% 5.4% 5.1%
Other1 2.8% 3.8% 7.6% 4.0% 2.2% 2.9% 1.8% 1.6% 0.7% 1.1% 1.9%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
29
Does your plan offer “Auto Escalation” (i.e., automatic deferral increases)?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
No - we do not offer auto escalation to
participants54.5% 67.4% 71.8% 68.0% 59.8% 53.7% 40.1% 36.1% 27.7% 24.8% 24.9%
Yes - participants are defaulted into auto
escalation at time of enrollment unless they
opt out; all other participants can opt in at any time
22.3% 4.8% 8.3% 13.2% 22.3% 26.0% 36.6% 37.2% 38.8% 38.8% 41.0%
Yes - but participation is voluntary and
participants must opt in to auto escalation
17.7% 8.3% 10.0% 13.9% 14.3% 17.7% 21.8% 24.0% 32.5% 35.5% 33.2%
Unsure / Don't know
5.5% 19.6% 10.0% 4.8% 3.5% 2.5% 1.4% 2.7% 1.0% 0.8% 0.9%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
30
Which of the following best describes (as a percentage of salary) your organization's default/recommended automatic escalation rate?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Less than 1% 1.5% 0.0% 1.6% 2.7% 0.0% 3.2% 1.2% 0.9% 0.7% 1.1% 2.4%
Exactly 1% 71.7% 65.4% 58.7% 67.3% 70.2% 70.1% 72.7% 81.7% 76.6% 71.9% 76.3%
More than 1% 6.0% 3.8% 6.3% 9.1% 8.8% 6.5% 5.5% 4.6% 5.5% 4.5% 3.6%
Not applicable –Do not have a default or
recommended auto escalation rate
15.1% 26.9% 17.5% 12.7% 12.9% 15.6% 15.8% 9.2% 14.5% 20.2% 16.0%
Unsure / Don't know
5.7% 3.8% 15.9% 8.2% 8.2% 4.5% 4.8% 3.7% 2.8% 2.2% 1.8%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
31
Excluding IRS limits, does your automatic escalation policy have a cap (i.e., increase 1%per year up to 10% of salary)?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 58.2% 28.6% 39.3% 50.5% 55.4% 62.2% 62.8% 66.7% 63.5% 51.8% 69.6%
No 26.3% 35.7% 25.0% 22.3% 28.9% 25.7% 21.8% 23.1% 27.0% 39.8% 24.7%
Unsure / Don't know
15.5% 35.7% 35.7% 27.2% 15.7% 12.2% 15.4% 10.2% 9.5% 8.4% 5.7%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
32
Participation and Eligibility
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
33
What is the participation rate in your DC plan among eligible employees?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Average 78.9% 72.0% 74.4% 78.9% 81.4% 79.1% 80.9% 83.2% 81.1% 83.4% 82.9%
Median 87.0% 79.0% 79.0% 84.0% 87.0% 85.0% 91.0% 92.0% 90.0% 90.0% 91.5%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
34
What is the average participant account balance?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Average $103,108 $51,957 $85,278 $106,308 $108,339 $101,057 $108,651 $110,209 $127,969 $124,315 $137,832
Median $79,970 $36,242 $60,000 $77,778 $87,632 $83,209 $86,021 $85,014 $101,500 $106,346 $126,200
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
35
What is the average contribution/deferral rate among active participants?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Average 7.1% 6.2% 6.7% 6.7% 6.7% 7.1% 7.4% 7.7% 7.5% 7.8% 8.5%
Median 6.8% 5.0% 6.0% 6.0% 6.5% 7.0% 7.3% 7.2% 7.4% 8.0% 8.2%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
36
When are full-time employees eligible to participate in the plan?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Immediately upon hire
36.9% 20.1% 20.2% 25.2% 27.4% 38.8% 46.8% 51.4% 60.8% 72.5% 81.4%
Within 3 months of employment
30.5% 21.0% 24.1% 33.5% 39.4% 39.6% 37.0% 34.3% 31.9% 19.2% 14.6%
After 4 to 11 months of employment
12.3% 17.0% 17.0% 16.6% 15.7% 12.4% 7.4% 5.5% 2.9% 3.3% 1.8%
After 1 year of employment
18.6% 37.6% 36.5% 23.5% 16.1% 8.4% 7.0% 6.6% 2.9% 4.2% 1.3%
After more than 1 year of employment
1.2% 2.2% 1.8% 1.2% 1.2% 0.6% 1.4% 1.1% 1.0% 0.8% 0.0%
Unsure / Don't know
0.5% 2.2% 0.4% 0.0% 0.2% 0.3% 0.4% 1.1% 0.5% 0.0% 0.9%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
37
Employer Contributions
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
38
Does your organization offer a profit sharing or non-matching contribution to participant accounts?1
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 48.4% 38.8% 45.4% 52.1% 48.5% 53.6% 49.5% 46.0% 49.0% 50.9% 50.2%
No 48.3% 51.6% 49.5% 45.4% 49.2% 44.6% 47.3% 51.1% 50.5% 48.2% 47.9%
Unsure / Don't know
3.3% 9.6% 5.1% 2.5% 2.3% 1.7% 3.3% 2.8% 0.5% 0.9% 1.8%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
39
Which of the following profit sharing / non-matching plan types are associated with your designated defined contribution plan?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
"Pro-Rata" Profit Sharing Plan
(i.e. all employees receive the same % of compensation)
46.0% 46.8% 38.6% 43.1% 49.8% 49.2% 51.5% 59.0% 53.3% 47.4% 35.5%
Non-elective Safe Harbor
Contribution (i.e., 3% or more of pay to all
eligible employees)
22.0% 29.1% 28.0% 24.8% 22.3% 18.1% 20.8% 11.5% 13.0% 12.3% 23.4%
"New Comparability“ Profit Sharing Plan (i.e.,
employees groups receive contributions at
different rates)
14.5% 13.9% 17.1% 15.3% 17.1% 15.3% 15.4% 5.1% 10.9% 17.5% 7.5%
"Fixed Dollar“ Profit Sharing Plan (i.e., all
employees receive the same fixed dollar
amount)
3.0% 2.5% 4.4% 2.5% 1.9% 2.8% 1.5% 3.8% 3.3% 5.3% 2.8%
"Age weighted“ Profit Sharing Plan (i.e., older
employees receive a greater percentage of
profit sharing contributions)
2.5% 0.0% 2.0% 3.5% 0.5% 2.3% 1.5% 2.6% 4.3% 7.0% 5.6%
Other type 11.9% 7.6% 9.9% 10.9% 8.5% 12.4% 9.2% 17.9% 15.2% 10.5% 25.2%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
40
Which range best reflects your organization's profit sharing/non-matching contribution(as a percentage of pay) for the most recent plan year?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
0% (no contribution in last plan year)
6.8% 1.3% 10.8% 12.0% 6.3% 6.3% 6.3% 2.6% 4.3% 1.8% 0.0%
Less than 3% 22.4% 28.0% 22.7% 19.5% 23.2% 20.5% 28.1% 19.5% 21.7% 16.1% 24.3%
Exactly 3% 15.1% 22.7% 18.9% 17.0% 19.3% 14.2% 5.5% 7.8% 8.7% 8.9% 15.0%
3% - 5% 23.8% 22.7% 24.5% 24.5% 18.4% 29.0% 24.2% 18.2% 20.7% 21.4% 30.8%
5% - 7% 12.5% 9.3% 8.0% 7.5% 16.4% 12.5% 15.6% 26.0% 14.1% 19.6% 10.3%
7% - 10% 10.3% 10.7% 5.9% 9.0% 8.2% 9.7% 9.4% 15.6% 18.5% 28.6% 9.3%
More than 10% 4.8% 4.0% 4.9% 5.5% 3.9% 4.0% 5.5% 5.2% 6.5% 3.6% 5.6%
Other amount 4.1% 1.3% 3.5% 5.0% 4.3% 4.0% 5.5% 5.2% 5.4% 0.0% 4.7%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
41
Does your organization offer a matching contribution to participant accounts?1
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 75.0% 67.2% 70.5% 72.2% 74.5% 79.4% 79.8% 79.2% 71.9% 82.0% 85.0%
No 24.0% 29.9% 27.7% 26.8% 25.1% 19.8% 19.1% 19.7% 27.6% 18.0% 15.0%
Unsure / Don't know
1.0% 2.9% 1.6% 1.0% 0.4% 0.9% 1.1% 1.2% 0.5% 0.0% 0.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
42
If you provide a match, which of the following descriptions best describes your match formula?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Simple Stretch Match1 30.4% 15.7% 21.1% 32.8% 32.2% 36.6% 37.4% 41.2% 37.7% 29.2% 26.6%
Simple Traditional Match2 36.6% 43.3% 38.2% 34.3% 39.2% 30.7% 31.0% 35.3% 31.2% 40.4% 43.6%
Tiered Match3 22.4% 19.7% 25.3% 22.6% 20.1% 22.6% 22.2% 18.4% 26.1% 22.5% 20.7%
Fixed Dollar4 4.7% 5.5% 6.9% 4.7% 3.6% 5.8% 2.5% 2.2% 2.2% 5.6% 5.3%
NONE-- the match rate for our plan does not fit within these definitions
4.0% 6.3% 3.8% 3.6% 4.0% 3.9% 6.9% 2.9% 2.2% 2.2% 3.7%
Unsure / Don't know
2.0% 9.4% 4.7% 1.8% 0.9% 0.4% 0.0% 0.0% 0.7% 0.0% 0.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
43
If you provide a match, which option best describes the effective match rate (assuming a 6% baseline)?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
More than 100% of first 6% of salary
4.9% 5.9% 4.0% 4.2% 2.5% 5.2% 7.6% 5.3% 6.1% 4.5% 7.1%
100% of first 6% of salary
14.5% 13.6% 13.4% 13.5% 15.8% 14.3% 11.2% 14.3% 9.8% 22.5% 20.1%
51%-99% of first 6% of salary
34.5% 33.9% 37.3% 31.5% 30.7% 30.6% 33.5% 30.8% 37.1% 37.1% 44.6%
50% of first 6% of salary 22.4% 18.6% 21.8% 20.0% 22.0% 25.8% 26.4% 31.6% 26.5% 19.1% 13.6%
Less than 50% of first 6% of salary
17.5% 19.5% 17.6% 22.7% 22.4% 16.3% 16.8% 15.8% 16.7% 12.4% 7.1%
Other 6.2% 8.5% 5.9% 8.1% 6.5% 7.9% 4.6% 2.3% 3.8% 4.5% 7.6%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
44
Excluding IRS limits, is your match subject to a limit or cap on employer matching contributions (i.e., 100% of first 3% up to $2500)?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 30.5% 30.2% 31.0% 32.0% 31.2% 31.0% 28.6% 30.0% 31.3% 32.5% 26.7%
No 60.7% 50.0% 53.6% 57.0% 60.1% 63.1% 67.9% 66.2% 67.2% 62.7% 70.3%
Unsure / Don't know
8.8% 19.8% 15.5% 10.9% 8.8% 6.0% 3.6% 3.8% 1.5% 4.8% 2.9%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
Does your plan match catch-up contributions?
45
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 62.2% 46.3% 60.1% 64.5% 67.8% 74.4% 62.9% 65.7% 56.0% 58.4% 50.5%
No 28.7% 28.9% 24.6% 22.7% 25.0% 21.0% 33.7% 29.9% 41.8% 38.2% 45.7%
Not applicable - plan does not allow for
catch-up contributions1.5% 4.1% 3.0% 1.5% 0.3% 0.4% 1.0% 0.7% 0.0% 2.2% 2.2%
Unsure / Don't know
7.5% 20.7% 12.3% 11.4% 6.9% 4.2% 2.5% 3.7% 2.2% 1.1% 1.6%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
Does your plan match Roth contributions?
46
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 92.2% 89.9% 85.6% 95.1% 92.5% 91.5% 90.9% 95.6% 94.0% 98.6% 96.8%
No 5.1% 2.9% 8.5% 1.5% 5.2% 5.2% 7.3% 4.4% 6.0% 1.4% 3.2%
Unsure / Don't know
2.8% 7.2% 5.9% 3.4% 2.4% 3.3% 1.8% 0.0% 0.0% 0.0% 0.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
47
Does your plan include a provision to “true up” matching contributions?1
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 39.7% 18.9% 22.9% 32.3% 37.4% 44.7% 46.3% 54.5% 62.3% 57.1% 58.2%
No 41.9% 40.2% 42.9% 42.5% 45.0% 45.4% 46.3% 38.1% 31.9% 36.3% 37.6%
Unsure / Don't know
18.4% 41.0% 34.2% 25.2% 17.6% 9.9% 7.4% 7.5% 5.8% 6.6% 4.2%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
48
If you provide a match, how frequently are matching contributions made to plan participants?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Non-pay period -Annually
13.8% 13.9% 14.9% 14.9% 18.0% 14.6% 11.1% 12.6% 10.6% 12.1% 8.4%
Non-pay period -Quarterly
2.3% 0.7% 0.6% 2.5% 1.8% 3.0% 2.9% 4.4% 4.2% 3.3% 2.6%
Non-pay period -Monthly
1.9% 5.8% 1.9% 1.4% 1.5% 1.1% 1.4% 2.2% 2.1% 1.1% 1.6%
Non-pay period - Twice monthly (24 times per
year)0.6% 1.5% 1.1% 0.0% 1.2% 0.4% 0.0% 0.0% 0.0% 0.0% 1.1%
Non-pay period -Biweekly (26
times per year)1.7% 5.1% 1.9% 1.4% 1.2% 1.9% 1.0% 0.7% 3.5% 1.1% 0.5%
Per pay period 78.7% 73.0% 78.6% 79.7% 75.2% 78.3% 82.6% 79.3% 78.9% 78.0% 84.2%
Other frequency 1.0% 0.0% 1.1% 0.0% 1.2% 0.7% 1.0% 0.7% 0.7% 4.4% 1.6%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
49
Once an employee is eligible to contribute to your DC plan, are they immediately eligible to receive matching contributions?1
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes - participants immediately qualify to receive matching contributions once
eligible
80.4% 88.3% 83.0% 81.3% 78.6% 79.6% 80.8% 77.4% 73.0% 85.7% 75.8%
No - eligible participants must
wait up to 6 months before qualifying to
receive matching contributions
3.8% 2.9% 3.6% 3.5% 5.0% 3.7% 3.8% 4.4% 5.0% 2.2% 3.2%
No - eligible participants must
wait more than 6 months before
qualifying to receive matching contributions
15.3% 8.8% 11.9% 15.1% 16.1% 16.4% 15.4% 17.5% 21.3% 12.1% 21.1%
Unsure / Don't know
0.5% 0.0% 1.5% 0.0% 0.3% 0.4% 0.0% 0.7% 0.7% 0.0% 0.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
50
How long before participants are 100% vested in the match?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Immediately upon enrollment
36.8% 41.9% 35.1% 33.1% 32.3% 34.9% 38.8% 37.2% 36.6% 49.5% 45.3%
1 year or less 5.9% 10.3% 5.5% 6.3% 6.2% 3.0% 4.8% 6.6% 11.3% 4.4% 4.7%
2 years 5.9% 2.9% 3.6% 2.8% 5.3% 7.1% 9.1% 8.0% 11.3% 7.7% 7.9%
3 years 12.6% 5.9% 9.5% 10.2% 10.9% 11.9% 16.3% 15.3% 16.9% 14.3% 22.6%
4 years 3.9% 4.4% 2.7% 2.8% 4.1% 2.6% 5.3% 7.3% 3.5% 3.3% 6.3%
5 years 16.9% 11.8% 19.5% 22.5% 16.7% 19.7% 13.9% 15.3% 14.1% 11.0% 11.1%
6 years 15.9% 11.8% 19.5% 20.4% 23.2% 20.8% 11.5% 9.5% 6.3% 9.9% 2.1%
More than 6 years
0.9% 2.9% 2.5% 0.7% 0.3% 0.0% 0.0% 0.7% 0.0% 0.0% 0.0%
Unsure / Don't know
1.3% 8.1% 2.1% 1.1% 1.2% 0.0% 0.5% 0.0% 0.0% 0.0% 0.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
51
Are matching contributions vested on a “cliff” or graded basis/schedule?1
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Cliff Vesting --employees becomes fully (100%) vested
at a designated time of service
27.1% 15.9% 17.5% 19.3% 21.4% 24.0% 41.2% 28.2% 45.9% 44.2% 53.5%
Graded Vesting --employee becomes partially vested in
increasing amounts over time, until
fully vested
66.5% 58.7% 70.2% 73.7% 73.3% 73.1% 57.1% 70.5% 52.7% 53.5% 46.5%
Unsure / Don't know
6.4% 25.4% 12.3% 7.0% 5.2% 3.0% 1.7% 1.3% 1.4% 2.3% 0.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
52
What percentage of participants are deferring enough to take full advantage of the maximum match?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
All or nearly all participants
(90% or more)25.6% 36.4% 30.0% 26.0% 23.7% 18.1% 23.6% 22.5% 23.1% 23.0% 28.8%
Vast majority (75% or more)
26.7% 18.6% 22.4% 26.7% 28.2% 28.7% 25.6% 22.5% 29.9% 29.9% 36.7%
More than average (more than 50% but less
than 75%)21.1% 10.2% 16.0% 18.2% 19.0% 24.8% 29.1% 27.9% 26.9% 32.2% 19.8%
Less than average (more than 25% but less
than 50%)12.2% 11.0% 13.2% 12.4% 13.3% 13.0% 11.6% 16.3% 10.4% 12.6% 6.2%
A minority (10% to 25%)
4.8% 9.3% 5.2% 5.4% 5.7% 6.3% 3.0% 3.1% 3.7% 0.0% 2.8%
Very few (<10%) 4.0% 6.8% 6.4% 4.7% 4.4% 4.3% 2.5% 2.3% 1.5% 0.0% 1.1%
Unsure / Don't know
5.6% 7.6% 6.8% 6.6% 5.7% 4.7% 4.5% 5.4% 4.5% 2.3% 4.5%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
53
What is your plan’s most common policy (often defined in the Plan Document) for handling plan forfeitures?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Used to pay general plan expenses
36.0% 23.7% 40.2% 43.2% 43.0% 34.0% 38.2% 31.1% 29.3% 18.7% 28.3%
Used to reduce future employer
contributions38.1% 24.6% 26.3% 31.9% 30.5% 42.0% 40.7% 54.5% 45.7% 60.4% 60.7%
Allocated to existing participants on a
pro-rata basis6.4% 4.2% 6.0% 8.1% 8.8% 8.0% 8.8% 3.8% 7.9% 2.2% 0.0%
Varies – we do not have a formal/ documented
policy regarding forfeitures
5.6% 12.7% 8.3% 4.8% 4.9% 3.4% 3.4% 3.0% 7.9% 5.5% 2.6%
Not applicable –all employer
contributions are immediately vested and not subject to forfeiture
9.7% 22.0% 13.6% 7.7% 9.8% 8.8% 7.8% 6.1% 4.3% 9.9% 5.8%
Other policy 1.9% 2.5% 2.5% 1.8% 1.5% 2.3% 0.0% 0.8% 2.1% 3.3% 2.1%
Unsure / Don't know
2.3% 10.2% 3.1% 2.6% 1.5% 1.5% 1.0% 0.8% 2.9% 0.0% 0.5%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
54
Plan Investments
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
55
Which investment vehicles is your organization currently using in its DC plan?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Mutual Funds 93.1% 87.0% 89.9% 95.3% 94.7% 96.5% 96.3% 97.6% 93.1% 97.3% 85.1%
Separate Accounts 20.0% 20.1% 19.7% 21.3% 18.8% 18.2% 17.9% 13.2% 14.4% 14.4% 37.7%
Collective Investment Trust
18.5% 14.9% 9.4% 10.8% 10.7% 12.3% 16.7% 23.4% 27.1% 44.1% 57.5%
Exchange-Traded Funds (ETFs)
9.9% 11.0% 12.7% 14.0% 10.5% 8.8% 10.2% 6.0% 6.4% 3.6% 4.8%
Self-directed Brokerage Window
23.2% 15.6% 14.0% 14.6% 16.5% 23.3% 17.9% 31.7% 41.0% 41.4% 53.5%
Mutual Fund Window
4.6% 5.8% 6.3% 2.3% 3.0% 6.6% 3.3% 4.8% 2.7% 2.7% 6.6%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
56
Which of the following investment classes/options are available to your plan participants?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Target-Date Funds 80.7% 59.2% 75.8% 84.2% 80.9% 82.5% 81.3% 85.8% 87.3% 88.3% 90.9%
Target-Risk Funds (i.e., "growth",
"conservative", etc.)40.5% 39.3% 51.5% 49.6% 45.4% 42.3% 33.7% 31.3% 26.9% 26.1% 16.0%
Balanced Funds 65.7% 53.1% 67.6% 73.5% 67.8% 71.9% 61.0% 61.9% 63.5% 64.9% 55.8%
Professionally Managed Account Service (for
participants)31.1% 20.4% 27.4% 28.6% 25.0% 32.5% 30.3% 34.1% 41.1% 38.7% 51.1%
Money Market Fund
56.9% 43.4% 56.5% 67.3% 56.1% 57.7% 61.0% 62.5% 49.7% 62.2% 47.6%
Employer Stock 5.7% 1.0% 1.4% 1.3% 0.9% 1.8% 4.9% 7.4% 8.6% 20.7% 34.6%
Stable Value Fund
57.2% 24.0% 37.1% 52.7% 61.3% 63.6% 74.2% 71.6% 73.6% 73.0% 80.5%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
57
Which of the following investment classes/options are available to your plan participants?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Real Estate / REITS 26.9% 13.8% 20.5% 26.5% 33.5% 31.7% 27.0% 34.1% 31.5% 27.0% 28.1%
Alternative Investments (hedge funds, private
equity, etc.)4.8% 6.1% 5.2% 4.9% 4.6% 4.4% 5.2% 3.4% 5.6% 1.8% 4.3%
Sector Funds 11.2% 8.2% 10.3% 13.8% 12.6% 15.7% 13.1% 11.4% 8.1% 3.6% 6.1%
Commodity Funds (i.e., gold/precious metals,
oil, etc.)6.5% 3.1% 6.2% 8.1% 9.8% 7.7% 6.0% 5.1% 5.1% 2.7% 3.9%
Environmental, Social, and Governance (ESG)
fund(s)10.7% 5.6% 8.5% 9.6% 10.7% 11.2% 12.0% 10.8% 13.7% 16.2% 15.2%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
58
How many separate and distinct target-date fund families are included in your fund line-up?1
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
One 50.5% 38.4% 35.9% 40.3% 44.5% 47.8% 58.9% 65.4% 70.3% 74.4% 73.8%
Two or more
49.5% 61.6% 64.1% 59.7% 55.5% 52.2% 41.1% 34.6% 29.7% 25.6% 26.2%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
59
Which of the following (if any) index fund(s) are offered in your plan?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Target-date index fund(s)
54.7% 49.7% 59.1% 64.6% 55.8% 55.5% 46.0% 44.2% 51.1% 47.2% 52.0%
Domestic equity index fund
(i.e., S&P 500, Russell 2000, etc.)
68.4% 44.3% 56.3% 64.6% 70.5% 70.8% 73.0% 79.4% 78.4% 81.5% 91.6%
Domestic bond index funds
51.2% 33.5% 48.0% 54.0% 48.3% 48.3% 48.4% 53.3% 53.2% 63.0% 73.3%
International equity index fund (i.e.,
Europe/Asia, Global Market, etc.)
47.7% 28.6% 40.3% 50.4% 47.6% 54.5% 46.4% 53.3% 48.4% 56.5% 61.8%
International bond index funds
28.3% 23.2% 30.4% 31.2% 26.1% 31.0% 28.6% 27.3% 28.4% 25.0% 24.0%
Other categories of index funds
17.1% 16.8% 18.8% 14.8% 17.6% 16.3% 14.9% 15.8% 16.8% 14.8% 21.3%
NONE - plan does not offer index funds
of any type9.6% 30.8% 16.3% 7.8% 6.6% 6.3% 8.1% 6.1% 3.7% 1.9% 0.4%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
60
How many investment options are offered in your defined contribution plan?1
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Average 22.9 20.8 25.3 24.3 24.1 24.1 20.9 20.7 21.8 20.3 18.5
Median 21.0 20.5 24.0 23.0 22.0 22.0 20.0 19.0 20.0 18.0 16.0
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
61
What is the average number of investment options held by your DC plan participants?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Average 6.3 6.0 7.3 6.4 6.2 6.3 6.0 5.9 6.6 6.4 4.5
Median 4.0 3.0 5.0 4.0 5.0 4.0 4.0 4.3 4.2 4.0 4.0
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
62
How often do you formally review the investment options?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Quarterly 40.8% 18.6% 19.9% 26.6% 36.5% 47.0% 54.5% 67.3% 70.7% 71.4% 66.4%
Twice a year 16.3% 4.8% 13.5% 19.7% 22.5% 26.8% 18.2% 17.0% 11.0% 5.4% 7.1%
Annually 30.0% 42.0% 42.7% 42.6% 32.9% 19.6% 19.7% 12.1% 13.1% 17.0% 17.5%
Every 1-2 years 2.5% 4.3% 4.1% 2.9% 1.8% 1.5% 0.8% 0.6% 2.6% 0.9% 3.3%
Every 2-3 years 1.5% 1.6% 2.4% 1.3% 0.7% 0.9% 1.5% 1.2% 1.0% 0.9% 2.4%
Every 3+ years 0.7% 1.1% 1.9% 0.5% 0.5% 0.0% 0.8% 0.0% 0.5% 0.0% 0.0%
Unsure / Don't know
8.3% 27.7% 15.5% 6.4% 5.2% 4.2% 4.5% 1.8% 1.0% 4.5% 3.3%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
63
Does your plan offer any of the following features/options to assist participants with creating retirement income?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Systematic Withdrawal Plan (SWP) (i.e., scheduled series of
withdrawals fromplan at retirement)
44.3% 27.7% 28.6% 32.1% 38.9% 45.7% 50.9% 50.3% 59.2% 72.4% 75.9%
IN-PLAN insurance-based products that
guarantee monthly future income (i.e., fixed/variable
annuities, QLAC, GMIBs,GMWBs, etc.)
9.2% 9.4% 7.7% 8.1% 8.2% 10.1% 9.2% 10.6% 13.5% 8.5% 10.9%
IN-PLAN managed account that also helps with retirement
income(i.e., Financial Engines Income+, MorningstarIncome Secure, etc.)
24.4% 12.8% 17.6% 19.2% 18.4% 27.4% 23.3% 25.8% 33.3% 37.7% 47.4%
IN-PLAN managed payout fund(s) (i.e., traditional mutual
funds offeringmonthly, non-guaranteed
income)
10.0% 9.9% 8.8% 7.3% 9.1% 11.9% 12.9% 10.9% 17.3% 6.9% 7.9%
OUT-OF-PLAN annuity purchase/ bidding service
5.2% 4.0% 2.9% 4.1% 3.8% 3.7% 5.4% 10.1% 4.2% 8.0% 13.7%
NONE - does not offer any retirement income solutions
47.7% 64.9% 63.4% 60.0% 53.3% 43.9% 41.5% 39.5% 29.3% 19.6% 14.6%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
64
Fees/Expenses
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
65
What is the approximate average asset-weighted expense ratio of all investment options in your plan?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Less than 0.25% (<25 bps)
25.4% 28.1% 21.3% 26.7% 15.4% 23.6% 20.7% 25.4% 23.6% 32.5% 55.1%
More than 0.25-0.50% (25-50 bps)
38.5% 22.9% 31.9% 32.9% 34.8% 41.5% 47.7% 43.4% 53.5% 50.6% 38.3%
More than 0.50-0.75% (51-75 bps)
20.2% 22.9% 19.1% 18.2% 29.1% 20.1% 23.3% 25.4% 18.8% 14.5% 4.8%
% < 75bps 84.1% 74.0% 72.3% 77.8% 79.3% 85.2% 91.7% 94.3% 95.8% 97.6% 98.2%
More than 0.75%-1% (76-100 bps)
10.4% 15.6% 14.4% 15.6% 16.1% 9.6% 7.3% 4.9% 2.8% 2.4% 1.2%
More than 1%-1.5% (101-150 bps)
4.6% 6.3% 12.2% 6.2% 4.0% 4.4% 0.5% 0.0% 0.7% 0.0% 0.0%
More than 1.5% (more than 150 bps)
0.9% 4.2% 1.1% 0.4% 0.7% 0.9% 0.5% 0.8% 0.7% 0.0% 0.6%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
66
Does your plan include mutual funds that pay 12b-1 and/or sub-TA fees to recordkeepers/TPAs?1
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 29.6% 12.7% 16.2% 20.7% 31.8% 36.5% 39.6% 44.3% 47.8% 42.3% 37.5%
No 25.0% 28.2% 22.1% 24.9% 21.5% 19.9% 20.4% 24.7% 24.2% 36.5% 47.1%
Unsure / Don't know
45.4% 59.1% 61.6% 54.4% 46.7% 43.6% 40.0% 31.0% 28.0% 21.2% 15.4%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
67
Does your organization/plan have a policy to address fee equalization?*
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes – a policy is in place 42.2% 21.7% 31.3% 19.2% 34.1% 37.8% 46.9% 70.0% 51.2% 59.5% 54.4%
No – but plan to implement one in the
next 12 months5.0% 8.7% 2.0% 4.1% 5.2% 5.9% 4.1% 4.3% 5.8% 9.5% 5.1%
No – but currently trying to understand the
impact and may develop one in the
future
13.1% 13.0% 13.1% 16.4% 14.8% 10.1% 15.3% 12.9% 14.0% 11.9% 8.9%
No – and no intention to pursue a policy in the
short-term22.2% 52.2% 27.3% 35.6% 21.5% 21.8% 19.4% 7.1% 19.8% 9.5% 22.8%
Unsure / Don't Know
17.5% 4.3% 26.3% 24.7% 24.4% 24.4% 14.3% 5.7% 9.3% 9.5% 8.9%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
68
Does your plan employ an “ERISA account” or “plan expense reimbursement account” to capture appropriate revenue sharing credits?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 56.4% 54.5% 38.4% 34.7% 51.1% 56.8% 59.8% 72.5% 70.1% 60.5% 72.2%
No 26.5% 27.3% 37.4% 34.7% 31.6% 20.3% 25.8% 20.3% 21.8% 25.6% 17.7%
Unsure / Don't know
17.1% 18.2% 24.2% 30.6% 17.3% 22.9% 14.4% 7.2% 8.0% 14.0% 10.1%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
69
Recordkeeping Fees
Trustee Fees
How are the following plan expenses/fees paid?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Plan (via participants)
52.0% 20.9% 33.8% 44.1% 54.3% 58.5% 63.7% 70.3% 65.5% 69.2% 72.7%
Employer 33.4% 61.5% 51.8% 40.8% 33.5% 23.9% 21.5% 14.6% 17.5% 22.4% 15.1%
Both (shared) 14.6% 17.6% 14.4% 15.1% 12.3% 17.6% 14.8% 15.2% 16.9% 8.4% 12.2%
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Plan (via participants)
45.9% 24.2% 31.5% 38.3% 45.8% 49.2% 55.0% 61.0% 58.8% 57.3% 62.6%
Employer 43.7% 63.3% 56.3% 50.5% 46.8% 40.1% 33.6% 26.2% 29.4% 34.8% 31.6%
Both (shared) 10.4% 12.5% 12.3% 11.2% 7.4% 10.7% 11.4% 12.8% 11.8% 7.9% 5.9%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
70
Employee Communications & Education
Audit / Legal / Compliance Fees
How are the following plan expenses/fees paid?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Plan (via participants)
33.6% 21.8% 20.0% 31.6% 32.4% 36.1% 38.8% 41.6% 39.6% 42.7% 50.5%
Employer 55.0% 69.4% 70.3% 59.5% 58.3% 48.7% 49.1% 43.0% 43.2% 46.6% 38.1%
Both (shared) 11.5% 8.9% 9.8% 8.8% 9.4% 15.2% 12.1% 15.4% 17.2% 10.7% 11.4%
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Plan (via participants)
20.4% 17.6% 16.0% 18.4% 18.1% 17.5% 19.3% 21.2% 29.8% 28.8% 32.3%
Employer 69.5% 74.4% 77.2% 72.4% 74.9% 71.8% 66.7% 64.9% 56.1% 56.7% 54.7%
Both (shared) 10.1% 8.0% 6.8% 9.2% 7.0% 10.7% 14.0% 13.9% 14.0% 14.4% 12.9%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
71
Investment Management Fees
Investment Consulting Fees
How are the following plan expenses/fees paid?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Plan (via participants)
65.8% 48.9% 57.6% 63.4% 64.9% 67.8% 68.2% 69.4% 71.9% 77.7% 83.8%
Employer 22.4% 38.0% 28.2% 22.6% 25.6% 21.8% 15.7% 17.0% 18.7% 17.5% 9.1%
Both (shared) 11.8% 13.1% 14.3% 14.0% 9.5% 10.4% 16.1% 13.6% 9.4% 4.9% 7.1%
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Plan (via participants)
45.5% 38.3% 40.7% 46.6% 47.3% 48.9% 47.2% 48.0% 45.8% 43.4% 48.2%
Employer 45.0% 51.7% 49.1% 41.2% 45.0% 42.8% 41.0% 41.9% 45.2% 47.5% 45.6%
Both (shared) 9.5% 10.0% 10.3% 12.2% 7.6% 8.3% 11.8% 10.1% 9.0% 9.1% 6.2%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
72
For the prior plan year, did you calculate the total fees (all sources) paid to your DC provider/recordkeeper?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes – and plan fees were externally benchmarked
as part of the process
42.1% 15.1% 26.1% 31.9% 44.8% 50.3% 55.3% 59.1% 55.9% 60.4% 59.2%
Yes – and plan fees will be externally
benchmarked in the near future
7.2% 5.4% 5.6% 7.4% 7.0% 9.2% 5.7% 11.0% 5.6% 9.4% 9.2%
Yes – but plan fees were NOT externally
benchmark18.7% 16.9% 21.0% 22.7% 19.3% 16.1% 19.3% 11.0% 16.9% 17.0% 16.8%
No – but plan fees will be calculated in the
next 6 months3.4% 6.0% 4.9% 5.3% 3.8% 1.3% 2.0% 1.3% 3.4% 1.9% 0.5%
No – but plan fees may be calculated at
some point in the future14.2% 32.5% 24.0% 17.1% 9.8% 9.2% 7.8% 6.5% 7.9% 3.8% 6.6%
Unsure / Don't know
14.4% 24.1% 18.2% 15.6% 15.5% 13.8% 9.8% 11.0% 10.2% 7.5% 7.7%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
73
How often do you formally review actual administrative costs/fees?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Annually 73.5% 67.0% 74.2% 76.6% 74.7% 74.7% 77.2% 76.2% 69.5% 75.2% 62.9%
Every 1-2 years 10.1% 6.9% 9.8% 11.3% 9.3% 12.0% 8.5% 11.0% 12.1% 7.3% 11.4%
Every 2-3 years 6.1% 2.7% 3.8% 4.6% 6.2% 6.6% 6.9% 8.5% 10.5% 4.6% 11.4%
Every 3-5 years 2.1% 0.0% 1.3% 0.5% 1.8% 2.4% 1.9% 1.8% 3.7% 4.6% 7.6%
Every 5+ years 0.8% 0.5% 0.6% 0.5% 1.4% 0.9% 0.0% 0.6% 0.5% 1.8% 1.4%
Unsure / Don't know
7.4% 22.9% 10.3% 6.5% 6.6% 3.3% 5.4% 1.8% 3.7% 6.4% 5.2%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
74
Defined Contribution Providers
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
75
Which of the following descriptions best describes the service delivery model used by your designated plan?
All Industries
Overall <$1MM $1MM-$5MM$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Fully bundled – same recordkeeper and trustee, all of the investments are managed
by the recordkeeper
42.6% 37.7% 37.3% 46.0% 45.0% 49.6% 47.2% 40.2% 47.5% 46.0% 31.3%
Partially bundled – same recordkeeper and trustee, but not all of the investments are managed by the recordkeeper
11.2% 6.1% 5.0% 6.5% 8.7% 9.1% 15.7% 23.5% 20.8% 26.5% 22.4%
Partially unbundled – separate RK and trustee, but some of
the investments are managed by the recordkeeper
9.0% 6.1% 6.1% 10.4% 11.8% 10.2% 11.9% 11.2% 5.4% 3.5% 11.2%
Fully unbundled – separate RK and trustee, and none of the investments are managed by
the recordkeeper
20.3% 14.7% 22.4% 18.8% 19.9% 18.4% 18.5% 19.0% 18.8% 17.7% 32.7%
Unsure / Don't know
16.9% 35.5% 29.1% 18.3% 14.5% 12.7% 6.6% 6.1% 7.4% 6.2% 2.3%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
76
For how long has your organization used the recordkeeper for your DC plan(s)?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Less than 1 year 3.3% 6.4% 2.4% 3.9% 4.4% 2.8% 2.0% 3.1% 3.2% 4.6% 1.9%
More than 1 year but less than 3 years
13.6% 23.1% 18.1% 12.9% 13.9% 12.9% 12.0% 7.5% 10.3% 7.4% 7.1%
More than 3 years but less than 5 years
14.5% 16.8% 17.6% 17.4% 15.8% 13.8% 13.5% 8.1% 11.4% 11.1% 8.1%
More than 5 years but less than 7 years
12.4% 11.6% 13.7% 16.3% 11.8% 17.3% 11.6% 9.4% 10.8% 7.4% 4.3%
More than 7 years 56.0% 40.5% 48.0% 49.4% 54.1% 53.1% 60.6% 71.9% 64.3% 69.4% 78.6%
Unsure / Don't Know
0.1% 1.7% 0.0% 0.0% 0.0% 0.0% 0.4% 0.0% 0.0% 0.0% 0.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
77
How often do you formally evaluate/review your recordkeeper's overall performance?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Annually 64.3% 56.2% 69.0% 73.4% 69.2% 64.4% 60.8% 57.9% 55.0% 49.1% 56.9%
Every 1 to 2 years 8.8% 8.6% 7.3% 8.8% 9.6% 11.9% 6.3% 8.5% 10.6% 10.2% 8.6%
Every 2 to 3 years 8.8% 5.9% 5.3% 6.3% 8.2% 9.4% 12.9% 15.9% 12.7% 15.7% 8.6%
Every 3 to 5 years 6.2% 2.7% 3.5% 1.4% 4.1% 5.5% 12.2% 8.5% 12.2% 10.2% 14.4%
Every 5 or more years
1.9% 1.6% 1.1% 1.4% 0.9% 2.4% 1.6% 4.3% 4.2% 1.9% 2.9%
Unsure / Don't know
10.0% 24.9% 13.7% 8.8% 8.0% 6.4% 6.3% 4.9% 5.3% 13.0% 8.6%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
78
Advice and Advisers
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
79
Does your plan employ the services of a financial/retirement plan adviser or institutional/investment consultant to specifically assist with plan design decisions?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 70.1% 50.0% 62.5% 72.4% 73.1% 79.2% 76.2% 76.7% 73.2% 78.2% 66.5%
No 22.2% 31.3% 24.7% 22.8% 20.3% 14.8% 19.1% 21.5% 22.2% 16.4% 28.4%
Unsure / Don't know
7.6% 18.7% 12.7% 4.8% 6.6% 5.9% 4.7% 1.7% 4.5% 5.5% 5.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
80
How long have you been working with your current retirement plan advisor?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Less than 1 year 3.7% 7.3% 3.4% 4.0% 4.4% 2.8% 0.6% 2.5% 5.3% 5.0% 5.5%
1-2 years 11.7% 24.4% 13.0% 12.6% 10.5% 10.1% 12.4% 10.7% 11.5% 3.8% 8.7%
3-4 years 16.6% 17.1% 16.7% 15.8% 16.9% 17.7% 15.7% 19.0% 17.6% 17.5% 11.8%
5-7 years 15.6% 12.2% 15.8% 14.6% 13.9% 13.3% 15.7% 20.7% 19.1% 17.5% 17.3%
7 or more years 49.8% 37.8% 48.0% 50.2% 52.2% 53.2% 53.4% 44.6% 44.3% 53.8% 52.0%
Unsure / Don't know
2.7% 1.2% 3.1% 2.8% 2.0% 2.8% 2.2% 2.5% 2.3% 2.5% 4.7%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
81
Is your plan adviser a 3(21) or 3(38) fiduciary to your plan?1
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes – plan adviser is a 3(21) fiduciary
40.4% 21.4% 25.2% 33.3% 31.9% 38.6% 56.5% 59.3% 58.1% 62.4% 57.6%
Yes – plan adviser is a 3(38) fiduciary
19.2% 19.0% 18.1% 18.8% 23.3% 22.8% 19.9% 21.1% 16.9% 15.3% 8.3%
Yes - but plan uses separate advisers
for 3(38) and 3(21) fiduciary services
1.7% 1.2% 2.2% 2.0% 2.2% 2.8% 0.5% 2.4% 0.0% 0.0% 0.8%
No 10.0% 13.1% 13.4% 10.6% 8.3% 9.1% 6.8% 4.9% 8.8% 8.2% 15.2%
Unsure / Don't know
28.7% 45.2% 41.1% 35.3% 34.2% 26.8% 16.2% 12.2% 16.2% 14.1% 18.2%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
82
What is the adviser’s fee arrangement?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
% of plan assets (bps)
55.3% 70.1% 71.3% 73.4% 70.5% 59.3% 45.0% 40.9% 24.4% 18.3% 12.1%
Per participant 8.0% 14.3% 12.1% 10.0% 8.8% 4.9% 5.6% 5.5% 5.2% 7.3% 3.0%
Project-based 4.5% 3.9% 2.9% 1.2% 1.0% 4.1% 5.0% 4.7% 5.9% 9.8% 18.2%
Monthly/annual retainer
31.8% 15.6% 12.6% 12.4% 18.6% 28.5% 45.0% 48.8% 65.9% 67.1% 71.2%
Performance: investments
1.8% 2.6% 2.6% 1.7% 0.7% 1.6% 3.3% 1.6% 2.2% 2.4% 0.0%
Performance: participation
0.9% 1.3% 1.1% 0.4% 0.7% 0.8% 1.1% 0.8% 2.2% 1.2% 0.0%
Other arrangements
6.6% 5.2% 6.0% 4.1% 6.1% 9.3% 7.2% 6.3% 8.1% 7.3% 6.8%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
83
For the prior plan year, did you calculate the actual fees your plan paid to your adviser?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 56.7% 37.0% 42.3% 45.1% 57.0% 57.3% 64.4% 77.2% 67.2% 70.6% 78.9%
No 25.1% 39.5% 39.2% 35.2% 23.0% 22.2% 19.1% 12.2% 14.2% 12.9% 8.3%
Unsure / Don't know
18.2% 23.5% 18.5% 19.8% 20.0% 20.6% 16.5% 10.6% 18.7% 16.5% 12.8%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
84
What type(s) of services does the financial adviser provide your plan?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Fund performance review & monitoring
92.9% 83.0% 90.2% 91.4% 94.3% 94.0% 95.8% 97.6% 95.7% 94.3% 92.6%
Investment menu design/fund selection
82.3% 62.5% 75.9% 76.5% 84.7% 86.1% 92.1% 89.5% 92.8% 82.8% 79.3%
Plan provider selection 60.4% 42.0% 52.6% 56.9% 64.3% 69.7% 66.1% 66.9% 63.0% 60.9% 57.0%
Investment Policy Statement (IPS)
creation/monitoring64.9% 44.3% 50.7% 57.6% 67.5% 69.3% 75.7% 82.3% 77.5% 70.1% 69.6%
Fee evaluation/ benchmarking
77.4% 55.7% 67.2% 69.0% 79.6% 80.5% 90.5% 88.7% 86.2% 82.8% 83.7%
Plan design benchmarking
61.2% 44.3% 50.9% 58.4% 59.9% 69.7% 73.0% 71.0% 64.5% 63.2% 62.2%
Education program(s) design/assessment
52.1% 45.5% 58.0% 60.4% 59.9% 66.5% 52.9% 46.0% 38.4% 23.0% 17.0%
One-on-One meetings with participants
60.6% 62.5% 79.9% 75.7% 75.2% 70.1% 52.4% 37.9% 31.9% 24.1% 11.1%
Group meeting with participants
58.0% 52.3% 75.9% 75.7% 72.3% 70.1% 50.3% 41.9% 28.3% 14.9% 7.4%
Presenting to plan committees
72.1% 34.1% 56.6% 61.6% 74.2% 82.5% 83.1% 85.5% 87.0% 85.1% 83.7%
Developing/Delivering fiduciary training
35.2% 18.2% 27.9% 28.2% 36.0% 41.8% 43.9% 46.0% 50.7% 32.2% 28.9%
Technical help with corporate transactions
31.4% 23.9% 33.1% 31.4% 36.9% 35.9% 34.9% 28.2% 26.8% 23.0% 19.3%
Legal/Regulatory/Compliance tracking
46.6% 39.8% 43.1% 41.2% 54.1% 50.6% 56.6% 50.8% 46.4% 32.2% 37.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
85
Is investment advice offered to participants in your DC plan?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes - through one-on-one onsite meetings
with a financial planner/adviser outside
of the plan
45.0% 30.7% 45.6% 49.4% 56.2% 54.4% 48.7% 36.3% 35.9% 31.2% 27.7%
Yes - using a 3rd party (i.e., Financial Engines,
Morningstar, etc.) independent of our
recordkeeper
24.8% 19.8% 19.2% 20.5% 21.7% 25.5% 26.2% 31.0% 32.8% 29.4% 43.7%
Yes - using proprietary services/tools offered
through our DC provider's website, call
center, etc.
41.0% 24.3% 30.9% 40.3% 39.8% 46.8% 50.6% 49.4% 53.3% 48.6% 48.8%
Yes - through another source
3.1% 2.0% 2.9% 2.6% 3.1% 3.6% 2.7% 4.2% 4.6% 2.8% 3.8%
Total "Yes" (at least 1 source)
81.2% 62.4% 77.6% 82.9% 86.2% 89.8% 83.3% 79.8% 86.2% 76.1% 79.8%
No 18.8% 37.6% 22.4% 17.1% 13.8% 10.2% 16.7% 20.2% 13.8% 23.9% 20.2%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
86
Does your organization provide formal education/guidance to participants on these topics?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Saving strategies /prioritization
48.2% 22.1% 32.2% 39.0% 49.8% 59.5% 57.7% 53.2% 63.3% 70.8% 78.0%
Budgeting tools 40.0% 18.8% 25.2% 29.6% 36.9% 44.7% 54.0% 49.1% 55.3% 69.9% 70.6%
Financial markets and investing basics
42.1% 21.6% 28.8% 32.7% 40.0% 50.5% 52.5% 49.7% 56.9% 66.4% 67.3%
Credit/Debt management (excluding student
loans/debt)25.3% 11.1% 13.8% 16.6% 20.5% 29.1% 33.6% 31.0% 38.3% 53.1% 53.3%
Student loans/ debt 14.7% 2.9% 6.8% 7.4% 9.0% 14.7% 21.1% 19.3% 28.7% 32.7% 43.0%
Home buying 14.0% 5.8% 7.6% 8.7% 13.1% 13.2% 18.5% 13.5% 22.9% 29.2% 33.2%
College saving 22.8% 11.5% 13.4% 12.0% 17.7% 26.1% 29.8% 30.4% 35.6% 44.2% 50.5%
Tax/Estate planning 22.6% 10.6% 13.4% 13.0% 19.0% 24.0% 29.8% 31.0% 35.1% 39.8% 49.5%
Retirement healthcare costs/savings options
29.1% 12.5% 18.7% 18.6% 26.0% 33.6% 38.5% 34.5% 43.1% 47.8% 57.5%
Social Security withdrawal options/strategies
25.6% 10.1% 14.6% 16.6% 21.6% 28.2% 34.7% 29.8% 43.6% 50.4% 51.9%
Rolling over past balances into the plan (for newly hired)
36.3% 19.7% 28.8% 30.6% 36.9% 42.0% 44.9% 36.8% 47.9% 42.5% 51.4%
Rollover options for terminated/separating
employees31.5% 14.9% 25.5% 24.2% 31.2% 33.9% 43.8% 33.9% 43.1% 40.7% 44.4%
NONE - we do not currently offer any education targeted
on these topics37.6% 68.3% 53.3% 46.9% 34.3% 28.5% 23.8% 29.2% 23.4% 15.9% 11.2%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
87
In the past 12 months, which of the following channels has your organization used to support formal education/communication campaigns?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Email 56.8% 26.1% 45.9% 46.2% 55.6% 57.4% 71.9% 71.5% 74.6% 78.4% 81.4%
Postal mail 29.1% 9.4% 14.7% 18.2% 24.6% 30.2% 41.5% 47.1% 49.7% 50.5% 59.1%
Recordkeeper's participant website
(accessed via desktop, laptop, or mobile device)
58.6% 24.6% 38.3% 51.3% 60.0% 67.2% 73.7% 77.9% 79.2% 85.6% 80.9%
Corporate intranet / employee website
27.2% 4.4% 9.5% 14.1% 20.4% 35.5% 40.4% 48.3% 51.3% 53.2% 58.6%
Mobile apps 15.2% 2.0% 7.1% 9.2% 11.2% 19.5% 23.7% 26.2% 27.9% 33.3% 24.2%
Onsite group meetings (i.e., seminars, classes)
55.2% 20.2% 40.9% 47.7% 60.7% 67.8% 67.8% 64.0% 65.0% 69.4% 74.9%
Webinars (i.e., facilitated and interactive presentations)
27.4% 7.9% 11.9% 12.8% 22.4% 26.3% 40.7% 40.7% 49.2% 61.3% 66.0%
Videos (i.e., static, pre-produced content)
16.4% 7.9% 7.0% 6.2% 12.1% 16.3% 23.3% 28.5% 25.9% 35.1% 43.7%
Modern/Non-traditionalchannels (i.e., social media,
podcasts, text)4.1% 3.0% 1.7% 1.3% 2.9% 5.0% 3.7% 6.4% 6.6% 12.6% 11.2%
Indirect channels (i.e., in-office posters,
corporate intranet)14.5% 4.4% 9.0% 6.9% 10.1% 17.8% 21.1% 26.2% 23.9% 21.6% 28.8%
NONE - did not conduct formal C&E campaign in the
past 12 months18.3% 53.2% 29.9% 22.3% 14.7% 11.5% 7.0% 5.8% 5.6% 2.7% 4.7%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
88
Which of the following custom communications strategies do you use to communicatewith participants?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Personalized Communications (i.e., messaging is
unique to the participant because it
changes based on participant data))
31.9% 24.8% 24.4% 22.9% 27.1% 29.6% 38.9% 42.3% 44.7% 44.1% 56.4%
Targeted Communications
(i.e., custom group messaging targeted at employees that matcha target demographics, like women, millennials,
etc.)
40.8% 12.1% 18.6% 22.9% 36.8% 43.2% 57.4% 64.0% 74.4% 80.2% 82.6%
General Communications
(i.e., same message is sent to all participants)
51.7% 67.0% 65.4% 65.8% 55.2% 51.8% 41.9% 38.9% 28.1% 22.5% 20.6%
Unsure / Don't know
3.7% 7.3% 5.4% 3.8% 4.5% 3.8% 1.9% 2.3% 0.0% 0.9% 0.9%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
89
Plan Oversight and Administration
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
90
Does your organization have an investment committee for your designated DC plan?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes - committee includes only internal
employees42.7% 15.5% 24.9% 37.4% 45.4% 48.8% 54.1% 54.4% 55.9% 63.4% 66.7%
Yes - committee includes only people
external to our company
2.5% 3.9% 3.9% 3.2% 1.3% 1.8% 0.4% 1.2% 1.5% 3.6% 3.6%
Yes - committee includes a mix of
internal and external people
30.9% 9.9% 20.9% 31.3% 37.3% 42.3% 40.5% 40.9% 36.4% 29.5% 23.1%
Yes - but unsure of composition of
investment committee1.4% 1.1% 1.6% 2.1% 1.6% 0.9% 0.4% 0.0% 1.5% 0.9% 2.7%
No - we do not have an investment committee
18.2% 54.1% 41.1% 22.4% 10.6% 5.1% 3.5% 1.8% 2.1% 0.9% 3.1%
Unsure / Don't know
4.3% 15.5% 7.6% 3.7% 3.8% 1.2% 1.2% 1.8% 2.6% 1.8% 0.9%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
91
Have you or your retirement plan committee members received or participated in any formal fiduciary training within the past 2 years (since 2017)?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 41.5% 20.0% 23.8% 30.7% 39.5% 48.1% 50.4% 60.9% 63.5% 57.7% 72.6%
No 38.4% 56.1% 50.7% 46.6% 41.9% 35.3% 32.5% 26.7% 22.1% 19.2% 9.5%
Unsure / Don't know
20.1% 23.9% 25.5% 22.7% 18.6% 16.6% 17.1% 12.4% 14.4% 23.1% 17.9%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
92
Do you have a written Investment Policy Statement (IPS) for the DC plan? 1
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 70.2% 43.5% 52.2% 59.5% 72.0% 79.2% 84.1% 91.2% 89.8% 83.2% 88.5%
No 13.8% 27.4% 22.1% 21.2% 11.1% 10.6% 6.4% 3.5% 4.1% 8.0% 4.9%
Unsure / Don't know
16.0% 29.0% 25.8% 19.3% 16.9% 10.3% 9.5% 5.3% 6.1% 8.8% 6.6%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
93
Does your Investment Policy Statement (IPS) specifically cover target-date funds and their underlying funds?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes 61.6% 60.8% 57.6% 61.9% 57.1% 61.2% 62.5% 66.0% 66.1% 60.4% 68.4%
No 19.4% 15.2% 17.1% 15.8% 20.6% 18.6% 23.1% 20.0% 20.7% 23.1% 20.7%
Unsure / Don't know
18.9% 24.1% 25.2% 22.3% 22.2% 20.2% 14.4% 14.0% 13.2% 16.5% 10.9%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
94
Does your plan employ a 3rd party (i.e., TPA, adviser, recordkeeper, etc.) as a 3(16) fiduciary?1
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Yes – and the 3rd party has broad scope
acceptance of the administrator role, to
include being named as the plan administrator in the plan document
22.9% 18.8% 24.3% 26.4% 24.8% 25.5% 22.0% 23.4% 21.9% 19.1% 11.2%
Yes – but the 3rd party has only has limited scope acceptance of some (vs. all) of the
functions of the plan administrator;
responsibility for actions outside of scope
is retained by plan officials
33.6% 28.8% 31.1% 35.9% 33.9% 35.0% 33.6% 40.9% 35.9% 37.3% 29.3%
No 34.1% 28.3% 32.3% 29.3% 33.7% 32.3% 37.1% 32.7% 35.4% 35.5% 52.6%
Unsure / Don't know
9.4% 24.1% 12.3% 8.4% 7.5% 7.1% 7.3% 2.9% 6.8% 8.2% 7.0%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
95
Please indicate your level of agreement with each of the following statements (% “strongly agree" or "agree")
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Most of our employees will achieve their
retirement goals by age 65
37.5% 37.7% 32.1% 34.2% 34.0% 38.4% 39.7% 43.0% 42.2% 43.3% 50.0%
Our company has a responsibility to
improve the "financial wellness" of our employees
66.3% 63.9% 58.8% 61.4% 66.1% 68.3% 72.1% 70.6% 69.6% 74.8% 77.9%
When offered, financial wellness programs are
very useful to employees/participants
71.6% 65.6% 69.7% 69.0% 72.9% 74.4% 74.9% 66.9% 76.1% 75.5% 73.2%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
96
Excluding small-balance accounts, which statement best summarizes your organization's policy/strategy regarding separated and retired participant assets?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
We actively seek to retain assets of both
retirees AND separated employees
8.8% 4.3% 4.9% 5.3% 4.5% 8.5% 12.8% 10.1% 9.1% 18.0% 28.6%
We actively seek to retain assets of retirees
but not separated employees
3.8% 5.6% 5.4% 4.5% 3.2% 3.9% 2.1% 0.6% 5.1% 3.0% 1.5%
We would prefer for separated/retired
assets to remain in plan but do not actively
encourage it
19.5% 9.9% 13.7% 14.8% 15.7% 17.0% 22.1% 30.8% 27.4% 24.0% 42.9%
We would prefer assets were rolled out of the
plan upon separation/retirement
26.9% 29.0% 35.6% 39.8% 32.9% 27.5% 17.9% 14.5% 16.0% 9.0% 4.6%
NONE -- we do not have a preference either way
regarding separate/retired assets
40.9% 51.2% 40.4% 35.6% 43.6% 43.0% 45.1% 44.0% 42.3% 46.0% 22.4%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
97
Which of the following measures, if any, do you use to assess the success of your defined contribution plan?
All Industries
Overall <$1MM$1MM-$5MM
$5MM-$10MM
$10MM-$25MM
$25MM-$50MM
$50MM-$100MM
$100MM-$200MM
$200MM-$500MM
$500MM-$1B
>$1B
Participation rates 71.1% 37.6% 55.0% 68.5% 76.4% 80.8% 81.3% 81.1% 85.7% 85.3% 84.3%
Deferral rates 59.9% 26.4% 40.3% 52.0% 64.2% 70.8% 74.1% 74.4% 79.1% 80.7% 77.1%
% of participants meeting projected monthly retirement
income goals 10.3% 3.4% 6.0% 7.9% 10.8% 13.8% 13.9% 14.0% 16.5% 13.8% 11.9%
% of participants meeting retirement income
replacement ratio goals10.9% 5.1% 4.8% 5.3% 10.6% 13.5% 13.9% 14.0% 21.4% 19.3% 20.0%
% participants saving to match 24.6% 11.2% 14.5% 17.7% 20.0% 26.6% 28.3% 42.7% 38.5% 39.4% 44.3%
% of participants with "appropriate" asset allocations
14.8% 4.5% 6.5% 8.4% 13.9% 16.0% 17.5% 26.8% 25.8% 25.7% 29.5%
% of participants who increased deferrals in the prior 12 months
12.0% 2.8% 6.5% 7.0% 12.5% 14.4% 18.3% 15.9% 22.5% 14.7% 17.6%
% of participants using advice tools
14.6% 4.5% 5.8% 7.9% 14.4% 18.9% 16.7% 20.7% 25.3% 22.9% 32.4%
Employee satisfaction survey 16.0% 6.2% 12.7% 14.3% 17.2% 17.6% 19.1% 19.5% 18.1% 14.7% 24.8%
External/Competitive Benchmarking of Plan Design
29.5% 9.6% 16.2% 22.5% 27.8% 38.1% 39.8% 42.7% 47.3% 33.9% 46.2%
NONE - does not use any formal plan success measures
21.5% 52.8% 34.5% 23.9% 17.0% 14.4% 14.7% 9.1% 9.9% 9.2% 8.1%
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
98
If you are interested in seeing a report similar to this one for another industry, or if you would like to see additional topics explored in this report, please contact Brian O’Keefe at (203) 979-3091 or [email protected].
For more reports like this one…
For Sentinel Benefits & Financial Group use only.Source: PLANSPONSOR Defined Contribution Survey, 2019. Valid until December 2020
PLANSPONSOR Industry Reports currently available include:
99
• 403(b) plans
• 457 plans
• Accounting/CPA Firm/Financial Planning
• Advertising/Marketing/Printing
• Aerospace/Defense
• Agriculture
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• Automotive Dealerships/Service
• Automotive Manufacturing/Parts
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• Healthcare Organizations (not for profit)
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