Of 401(k) plan sponsors surveyed by SPARK Research Group, 94% are satisfied or very satisfied with the performance of their service providers. Last year, 92% expressed satisfaction with their service providers, and 61% were very satisfied; this year, 68% were very satisfied.
Robert G. Wuelfing, co-director of SPARK, said the percentage of eligible employees participating in 401(k) plans, 76%, and the number of firms offering a match, 87%, have remained steady since 2001. Also, companies offer an average of 14 investment options, and 21% offer a self-directed brokerage option. He also said 99% of plan sponsors think the stock market has bottomed out, with 70% saying the market will rise over the next year.
The survey of 1,607 companies, each with plan assets of at least $5 million, was conducted in May and June.