Manager Searches Down for Year Pensions & Investments (11/01) Vol. 29, No. 24 p.35; Jacobius, Arleen
A survey conducted by 401kExchange discovered that 11.7 percent of plan sponsors expect to change service providers in 2001, which decreased from the 13 percent that planned to change providers in 2000. About 50 percent of those dissatisfied with their providers were actively seeking new ones, compared with only 40.3 percent the previous year. Transamerica Retirement Services found that 78 percent of plans are serviced by a single provider, and 64 percent of those plans are satisfied with the service they receive. About 65 percent of plans with two or more providers are very satisfied with the services received. When service providers are ranked by plan sponsor satisfaction, CIGNA Retirement & Investment Services ranked No. 1, but when ranked by the number of large plan clients, Fidelity Investments came out on top. Plan sponsors are also happier with their record keeping service and customer service providers--22.6 percent, up from 18.8 percent, and 33.3 percent, up from 25.8 percent, respectively.