58 percent of defined contribution sponsors surveyed for the 2021 PLANSPONSOR Defined Contribution (DC) Plan Benchmarking Report said their organization has been using its DC plan recordkeeper for more than seven years, and another 12.3% said it’s been between 5-7 years. These numbers don’t surprise me as most plan sponsors stick to a certain recordkeeper for a long time.

With such “loyalty” to the recordkeeper, I think most plan sponsors are in a position where they need to look at their third party administrator and/or recordkeeper, as to seeing what else is out there with the competition.