Executives at smaller 401(k) plan sponsors are more satisfied with their fund managers than are their counterparts at companies with larger plans, according to a study just released by Insight In Formation.
Of the 7.81% of plan providers dissatisfied with their fund managers, 4.96% of the plan sponsors with assets over $50 million are either searching for or in the process of changing managers, the survey reveals.
By comparison, of the 6.54% of the providers with plan assets between $5 million and $100 million that are dissatisfied with their fund managers, 3.97% are searching or changing. Those percentages are even lower for plans with under $5 million in assets, where only 3.13% of the 6.03% of the companies are not satisfied with, are searching for or are in the process of changing managers, survey results stated.
``What surprised me is that the under $5 million market is more satisfied than the larger market,'' said Fred D. Barstein, managing director of Insight In Formation. ``If you have that much money in a plan, people are looking at it as a major benefit and they want to make sure it is top notch.''