Coupled with enhanced plan design features like automatic enrollment and escalation, and the growth of target-date funds and managed accounts as qualified default alternatives, those initiatives have amounted to the private sector's response to the nation's retirement savings crisis.

The thinking among leading recordkeepers seems unified: providers, sponsors, and advisors need to be far more proactive in motivating better savings habits than they were just a few years ago.

But if the DOL's fiduciary rule is finalized as proposed, much of the innovation providers have channeled to 401(k) and other defined contribution plans could constitute advice, and that would effectively make those providers fiduciaries to all plan participants.

Many industry watchers fear that excessive restrictions on how recordkeepers communicate with participants could roll back much of the innovation that has been brought to bear in the past year.

Those who doubt that participants do not benefit from more targeted information are about as few as those who doubt the country is facing a savings crisis in the first place.

Throughout the debate, several industry leaders have told BenefitsPro, on and off the record, that they remain confident the DOL will finalize a rule that won't unintentionally come at participants' expense.

The devil will be in the details. Until those details are known, service providers continue to push the envelope on product and plan design.

BenefitsPro invited the industry's biggest recordkeepers to take a look back at 2015, then peer into their crystal balls for a look at what 2016 might hold.

In 2015, the median recordkeeping fee dropped to $64 per participant, down from $70 in 2014, and a precipitous decline from the $118 per-participant average in 2006, according to NEPC, a Boston-based consultancy to plan sponsors.

No doubt a boon to participants, those figures also translate to competitive pressure for plan providers. In light of that, we also invited providers to weigh in on the competitive realities facing the landscape.

This is the first of several installments documenting recordkeepers' perspectives on the state of the retirement industry. Responses are published in the order they were received.

Edmund F. Murphy III, President of Empower Retirement

Empower Retirement administers $440 billion in assets for over 7.5 million participants in more than 30,000 retirement plans

What was the biggest development in 2015 from your perspective?

Murphy: The Department of Labor's proposed rule on standards for investment advice was the most important story of the year.  The DOL sought and received hundreds of comments from industry players on this topic–so many that the hearings held in mid-August took almost a full week.

While this action from Labor was long-awaited we believe that it is in need of reconsideration.  In particular, we're concerned about our ability to educate participants on their retirement needs. 

As the nation's second largest retirement services provider, we have over 7.5 million participants who may want to have a conversation with us about their retirement plans. 

Americans need investment education now more than ever–it would be unfortunate if we are limited in how we can help them.

We are confident that the DOL will improve the proposed rules. 

What developments do you expect for the defined contribution space in 2016?

Murphy: The biggest developments will be spurred by those who are trying to drive change and improve what plan sponsors and participants know about retirement.  At Empower we believe that investments in product and service innovation will continue to drive that change.

Managed accounts–on-line or in-person–will continue to grow and offer an increasing number of participants the advice they need to make smart choices about their retirement. Empower found this year that the use of managed accounts can improve returns by about 2 percent annually–that's a significant amount over 30 years!

Information technology will lead the way. Leveraging the use of state-of-the-art recordkeeping with a dynamic web technologies gives plan sponsors precise information about how their participants are faring for retirement.

We know first-hand that offering participants detailed information about how they compare versus peers and how their health conditions impact their retirement savings spurs them to take informed action. These trends will soon become the new norm in retirement planning. 

Innovations in plan design will help plan providers serve the small end of the 401(k) plan market where an estimated 55 million American workers are currently uncovered by a retirement plan. 

Investments in technology will ultimately drive this improvement. The industry could use some help from legislators also.

Has there ever been more competition for sponsors' business?

Murphy: As the trend of consolidation–both by plan providers and advisors–continues we are seeing more business opportunities develop albeit with fewer players able to respond to those opportunities. Because of this trend, the stakes are higher and competition is more intense.

The ability to serve clients of different sizes across various market segments will continue to be an important competitive factor. The market is favoring providers who can offer scale and breadth.

We're also seeing a general trend toward higher quality proposals in the competition for new business. Plan providers are offering a suite of services that cover plan design, auto features, communications, advice and fiduciary services among other offerings. 

Plans have become more complex to meet the many needs of sponsors and participants. Providers who aren't investing in driving change through innovation will have a hard time competing in this new arena.

Our approach has been to focus on client needs, deliver innovative solutions of the highest quality and always work with sponsors to best serve their participants.  At Empower we believe that plan sponsors succeed when their participants succeed.

We believe any trend that drives change through innovation will make 2016 a happy new year for the retirement industry.

Douglas Fisher, Senior Vice President of Thought Leadership and Policy Development for Workplace Investing at Fidelity Investments

Fidelity administers $1.2 trillion in assets for 13.6 million participants in 21,400 corporate defined contribution plans

What was the biggest development in 2015 from your perspective?

Fisher: We continue to see two trends.  An increase in mergers and acquisitions across the business landscape, including a consolidation of retirement plan providers.

This adds pressure on recordkeepers to provider exceptional service levels to their clients and creates advantages by putting more plans in motion.

Also, cybersecurity became an increasingly important topic for plan sponsors, as well as across the financial services industry.

What developments do you expect for the defined contribution space in 2016?

Fisher: Companies will accelerate adoptingmore "outcomes"-based defined contribution plan designs. For example, adoption of auto enrollment at much higher levels based on plan designs that better correlate with workforce strategies. 

Furthermore, we expect employers to expand financial wellness programs for their employees.

Employers recognize that playing a larger role in the overall financial health of their workforce can lead to increased productivity, reduced stress, improved employee morale and lower turnover.

And financial wellness plans can be integrated into existing benefit programs and help manage a range of financial needs, including managing debt, paying off student loans, saving for college, or building an emergency fund.

Has there ever been more competition for sponsors' business?

Fisher: We're operating in a very competitive environment.

Industry consolidation is welcome because it drives the top providers to up their game and that is good for plan participants and plan sponsors.

The top providers will respond with greater investment in technology to bring scale to their business and participants will see innovations in benefit designs and engagement. 

In total, this is a good development.

Charles P. Nelson, Chief Executive Officer, Retirement, Voya Financial

Voya's Retirement business administers about $346 billion in assets for nearly 5 million participants in 46,000 plans

What was the biggest development in 2015 from your perspective?

Nelson: The DOL's proposed fiduciary rule has been one of the biggest developments in 2015, and one of the most significant issues to impact the retirement landscape in years. 

Despite the positive intention of regulators in developing these guidelines, certain government-imposed obstacles may be counterproductive to helping Americans workers save and invest for retirement.  

The retirement industry spent considerable time this year voicing its perspective on the matter.  We believe the regulations in their current form could produce unintended consequences, such as limiting access to investment information, education and–most importantly–consumer choice. 

For example, the provisions could likely result in many savers only having an option for a robo-advisor relationship.  While we know new and exciting technology is valuable, we do not want to undermine the continuing need for personal investment advice. 

We don't know exactly what the final rules will contain, but we can be certain they will affect how retirement providers and advisors deliver beneficial services to individuals.  Given the broad-reaching impact, it was encouraging to see many organizations involved in the DOL's process this year. 

Companies, like Voya Financial, submitted comment letters to the DOL and many employees were involved in grass roots campaigns, generating letters, emails and calls to lawmakers on this issue. 

I personally had the privilege of testifying at the DOL hearings in August.  We're hopeful that these efforts influence the outcome in a positive way for consumers, and we encourage our industry to embrace this responsibility of being part of the conversation.

What do you expect will be the biggest developments in the defined contribution space in 2016?

Nelson: Beyond the DOL proposal, additional legislative and regulatory developments that will be important in 2016 and beyond include those that focus on coverage, auto-enrollment, auto-escalation, open multiple employer plans, the greater sharing of electronic documents, and starter 401(k) plans to attract more small business owners with tax credits. 

Our industry must continue to help shape the dialogue on retirement security.  This is critical, especially as we enter an election year. 

One specific area of opportunity is the need to expand the availability of workplace retirement plans.  When 401(k) plans were first established over 35 years ago, they were never intended to be our primary retirement savings mechanism.  However, we've taken this supplemental voluntary system and transformed it into the cornerstone of retirement saving for most workers. 

Despite the incredible progress and successful foundation this system represents today, many workers still do not have access to a plan through their employer.  Coverage is relatively high for those who are working for large employers, but this gap gets more pronounced down market. 

For example, defined contribution plans are available to only about 50 percent of employees at organizations with 50-100 people.  This rate drops significantly for smaller businesses. 

And even for those who do have access, not all are participating or utilizing these plans effectively.  Our industry must continue to close this coverage gap by developing creative, affordable plan options that are easier for smaller employers to adopt. 

In recent years, we have seen a number of states beginning to show interest in this matter by discussing and proposing their own plan offerings.  While state-run plans may be seen as progress towards a bigger solution, addressing this issue at the federal level would be a more ideal scenario so that we have one single answer, and not fifty separate ones.

For consumers and plan participants, other important developments in 2016 will continue to focus on improving individual outcomes.  These include initiatives aimed at encouraging greater participation and savings rates, overcoming behavioral barriers to saving, and making it easier for people to take action. 

Digital and mobile technology developments will continue to be important, and our industry is making good progress on this front.  Many providers have created easier and more appealing tools and education resources to help "nudge" participants towards the right outcomes.  In a time when individuals and families are busier than ever, we need to reach them when, where and how they want to engage.

Additionally, the focus on generating sufficient "retirement income"–rather than simply building up a lump sum–will continue to be an area of attention.  We can expect to see more tools and solutions in the market that help reshape the conversation so that individuals understand their needs and what their savings will translate into during retirement.

For example, Voya launched its myOrangeMoney capability in 2014, to help the nearly 5 million participants in Voya-administered plans engage with their accounts in a more meaningful way.  The goal is shifting how consumers think about retirement saving.  Instead of seeing it as a deduction from our paychecks today, it should be viewed in the context of illustrating outcomes and bolstering our spending ability tomorrow.

And finally, we are seeing the workplace benefits landscape evolve through the merging of health and wealth.  There is a growing trend for employers to provide a menu of benefit options and let employees choose how they allocate their dollars. 

As they do this, employers are looking to providers for education, plan features and tools that can help their employees make some of these tough decisions and reduce the uncertainty and confusion. 

Has there ever been more competition for sponsors' business?

Nelson: The retirement plan market has always been highly competitive.  Many services and solutions that were differentiators only a few years ago–online account management platforms and mobile apps with transaction capabilities–have become table stakes.  Size and scale are a big advantage in this market. 

Successful providers recognize the need to keep making investments, and to embrace the next wave of technology and digital capabilities so their businesses are truly mobile-enabled.  Many smaller or specialized providers may no longer afford to keep pace with such dynamic change. 

Our industry is still somewhat fragmented.  As we continue to evolve, this may result in additional consolidation similar to what we've witnessed in recent years and months.

In response to employer needs, providers are increasingly being asked to demonstrate their value by how well they can get a workforce ready for retirement.  This includes leveraging data analytics to create tools and processes for plan sponsors that measure the average replacement income status of their workforce and can provide a total scan of their plan health. 

More employers want individual and demographic measurement capabilities, plan level reporting, and methods to score the future readiness levels of their workforce.  This can help them determine which employees are on track and participating in the plan, versus those who are not. 

Demonstrating the value of automatic plan design features (such as auto-enroll and auto-escalate), professional planning and managed account services, and investment options (such as target date funds and in-plan retirement income solutions) will also be important for providers and how they compete for a sponsor's business.