The next year has the potential to bring massive turnover to 401(k) plans, as 75 percent of plan sponsors say they are likely to initiate a formal review of plan design and service providers in the next 12 months, according to Cogent Wealth Reports' most recent breakdown of sponsors' intentions.
After several months of surveying the people responsible for plan design, the selection of investment managers, and other plan providers, the conclusion from Cogent is pretty clear: complacency is not the friend of providers to 401(k) plans.
Half of the sponsors surveyed said a formal plan review is somewhat likely to lead to turnover in a plan provider. Only 36 percent of sponsors said they were sure they would not initiate changes in outside advisors or record keepers.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
