While defined contribution (DC) plan fees are plan sponsors’ top concern when selecting a recordkeeper, they are also greatly concerned about the websites they offer for both sponsors and participants, according to a survey by Corporate Insight.
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As to what, specifically, sponsors are looking for, Andrew Way, director of research, annuity, life and retirement at Corporate Insight, tells PLANSPONSOR, “first and foremost is website security, followed by plan level information and plan administrative capabilities, such as enrolling, updating participant data, completing requests such as distributions, and reporting functionality.”