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Top 5 Sites for DC Plan Sponsors and Participants Take Center Stage

By Eric Daugherty

Asset management firms are making significant investments to improve their Web sites, particularly in the Defined Contribution (DC) space. Our latest study, Top 5 Web Sites for DC Plan Sponsors and Participants, shows that these investments are being made to improve functionality that is most vital to employers and their employees.
Much has changed since our 2007 study on the same topic. Notably:

• For asset managers - technology advances have allowed them to provide enhanced user experience and functionality


• For plan sponsors - squeezed budgets and continually increasing regulatory and fiduciary requirements make ease of administration more important; in addition, participant uncertainty over retirement and increasing reliance on DC plans ramps up importance of auto-enroll, auto-contribute, and auto-increase functionality


• For participants - declining markets and increased reliance on personal saving has people paying a lot more attention to their DC plans

Asset managers have responded to these challenges by hitting those areas of most concern to sponsors and participants. Specifically, we now see much more functionality for sponsors geared toward plan and participant analysis, fiduciary compliance and participant communication. T. Rowe Price's plan sponsor site below is a great example, as sponsors use a calendar to plan and track key activities. Additionally, firms have enhanced the analytical capabilities sponsors can use to do custom reporting and drive behavior for particular participant segments (e.g. those not maximizing their contributions.)

On the participant side, firms have recognized that clients go to their site primarily for a short list of activities: to get a comprehensive look at their account balances, make transactions, and get education and advice. Consequently, firms have organized Web sites to make these areas complete, prominent, and easy to navigate.

Specific results for the Top 5 DC Plan Sponsor and Participant sites are shown below. The full report has details, including best practice functionality for each of the top sites, and recommendations for all firms.

At kasina, we're looking forward to discussing the insights gleaned from this year's report with all of our subscribers. To discuss these findings, or other aspects of the report, e-mail us with questions or thoughts.