Retirement Planning Aid Falls Short of Demands Employee Benefit News (10/01) Vol. 15, No. 10 p.49; Albertson, David
According to a recent study by Boston Research Group, 1,700 401(k) plan sponsors gave their provider good marks for such items as participant statements, recordkeeping, and call center support. However, less than 20 percent of plan sponsors that hire their 401(k) providers to give investment advice and employee education are "very satisfied" with the level of service. Boston Research President Warren Cormier said: "We saw service satisfaction scores go up in every category this year, showing that companies are getting better and better." Some 12 percent of pension plan sponsors reported they are planning to hire 401(k) providers to give employee advice and education in the near future.