RESEARCH |
2020
PLANADVISER Micro Plan Survey
Micro plans have much to gain from adviser help with fiduciary matters
Reported by PLANADVISER
Industry Data
DC Providers
Length of Relationship With Plan Recordkeeper
| All Plans | <$1MM | $1MM–$5MM | |
|---|---|---|---|
| <1 year | 3% | 6% | 2% |
| 1 year to 3 years | 14% | 23% | 18% |
| >3 years to 5 years | 15% | 17% | 18% |
| >5 years to 7 years | 12% | 12% | 14% |
| >7 years | 56% | 41% | 48% |
| Unsure/Don’t know | 0% | 2% | 0% |
| Frequency of Formal Review of Providers | |||
|---|---|---|---|
| All Plans | <$1MM | $1MM–$5MM | |
| Annually | 64% | 56% | 69% |
| Every 1 to 2 years | 9% | 9% | 7% |
| Every >2 to 3 years | 9% | 6% | 5% |
| Every >3 to 5 years | 6% | 3% | 4% |
| Every >5 years | 2% | 2% | 1% |
| Unsure/Don’t know | 10% | 25% | 14% |