RESEARCH |
2020
PLANADVISER Micro Plan Survey
Micro plans have much to gain from adviser help with fiduciary matters
Reported by PLANADVISER
Industry Data
Plan Design
| Plan Design Elements | |||
|---|---|---|---|
| All Plans | <$1MM | $1MM–$5MM | |
| Loan provision | 82% | 69% | 75% |
| Roth feature | 77% | 63% | 72% |
| Investment policy statement | 70% | 44% | 52% |
| Safe harbor | 56% | 69% | 68% |
| Automatic enrollment | 48% | 26% | 26% |
| Fee equalization policy | 42% | 22% | 31% |
| Automatic escalation | 40% | 13% | 18% |
Participation Eligibility
| All Plans | <$1MM | $1MM–$5MM | |
|---|---|---|---|
| Immediately upon hire | 37% | 20% | 20% |
| Within 3 months of hire | 31% | 21% | 24% |
| Within 4 - 11 months of hire | 12% | 17% | 17% |
| At 1 year from date of hire | 19% | 38% | 37% |
| After >1 year from date of hire | 1% | 2% | 2% |