MADISON, Wis. — Overall client satisfaction with CUNA Mutual Group's 401(k) plans is strong, according to two, independent research and information organizations.
The first survey was conducted by 401kExchange, a business development, market intelligence and due diligence services firm for the 401(k) and retirement industry serving the small and mid-sized corporate market. It provided year-end 2007 rankings and an overall ranking since the survey inception in 1999. Among more than 80 providers, CUNA Mutual was rated the number one plan administrator since 1999 in the less than $1 million plan assets category.
CUNA Mutual was also ranked the number two plan administrator in 2007 for plans in the $1 million to $10 million asset range, the 401k Exchange report noted. Since 1999, CUNA Mutual has ranked third as a fund manager for plans less than $1 million and sixth for plans between $1 million and $10 million, the company reported.
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The 401kExchange report results are compiled from nearly 50,000 plan sponsor satisfaction surveys conducted throughout the year. Ratings for each service provider are based on the information received from a minimum of 20 satisfaction surveys and are regularly updated to ensure data integrity, according to CUNA Mutual.
The second study was completed by the Boston Research Group, a strategic market research and consulting firm that specializes in the financial services industry. Its study measures plan sponsor customer satisfaction, brand loyalty and key market dynamics.
The Boston Research Group study for 2007 measured the ability of 25 401(k) service providers to satisfy the needs of sponsors with plans less than $5 million in assets. Highlights include CUNA Mutual's top rankings in understanding needs, partnering effectively, ease of doing business with, minimizing administration burdens and helping meet fiduciary responsibilities.
Published annually since 2000, the DCP Plan Sponsor Study profiles and compares all top 401(k) record keepers and provides a portrayal of plan sponsor
needs and measurement of the extent to which these needs are being met by major 401(k) providers. The study is based on interviews with nearly 3,000 key plan sponsor contacts.
"It's a testament to our commitment, experience, level of expertise and attention to detail that our plan sponsors give us glowing rankings year after year," said Tom Eckert, CUNA Mutual vice president of qualified retirement services. "These studies benchmark us against other major providers. We stack up well."
CUNA Mutual provides administration and funding services to more than 4,300 retirement plans for credit unions nationwide and is among the 12 largest retirement plan providers in the country, based upon plans serviced, the company reported.
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