Press Release

Corporate Insight Announces Retirement Plan Monitor – Institutional Year in Review Findings

Issued by Corporate Insight

Feb. 27, 2025

Research highlights major digital enhancements across plan sponsor websites with focus on plan health tools and administration

NEW YORK -- Corporate Insight (CI), the leading provider of competitive intelligence and customer experience research to the financial services industry, today announced the release of its Retirement Plan Monitor – Institutional Year in Review report. The comprehensive analysis examines the major digital enhancements that recordkeepers made to their sponsor sites over the past year across seven categories of site functionality.

“This year, firms enacted high-impact changes across a range of site areas that significantly bolstered functionality and overall usability,” said Kara Sostar, research manager at CI. “While the most significant updates occurred in traditional focus areas like plan health tools and reporting dashboards, we saw meaningful improvements across all seven categories of sponsor site functionality. Voya Financial Group led the way with nine changes in 2024, while TIAA made the most high-impact enhancements.”

The annual report highlights key trends that shaped retirement plan sponsor digital experiences in 2024:

1. Making plan health metrics digestible and actionable – T. Rowe Price and TIAA refreshed their plan health tools with modernized designs that balance robust data with streamlined views, helping sponsors easily understand complex plan information.
2. Updating login processes – Continuing a trend from 2023, three firms (Voya, Fidelity, and T. Rowe Price) enhanced security by updating their login interfaces and authentication processes, with T. Rowe Price notably introducing a unique passkey system.
3. Enhancing site design with focus on homepages – Multiple firms prioritized design improvements, with TIAA and Charles Schwab completely overhauling their homepages, while other firms like Principal, T. Rowe Price, and Voya updated specific site elements.
4. Expanding plan administration capabilities – Empower launched a case management tool for common administrative requests, while TIAA introduced a sleek Payroll Center with straightforward interfaces for managing payroll items.

“Our ongoing plan sponsor research shows that 83% of respondents rate the sponsor website as either ‘very important’ or ‘extremely important’ for managing their plans,” says Sostar. “The focus on enhancing these capabilities in 2024 demonstrates that recordkeepers are listening to sponsors’ needs and working to deliver more intuitive digital experiences.”

“By looking at the seven categories in this report—Participant Data & Management, Plan Information, Design & Navigation, Plan Administration, Profile & Settings, Reporting and Support—we were able to see where recordkeepers focused their efforts last year,” adds Sostar. “These categories will also guide our research in the coming year, in particular our benchmarking of these platforms in the upcoming Plan Sponsor Experience Benchmark.”

The Year in Review report includes detailed profiles of 11 retirement plan providers:

• Charles Schwab
• Empower
• Fidelity
• Lincoln Financial Group
• Principal
• T. Rowe Price
• TIAA
• Transamerica
• TruStage
• Vanguard
• Voya Financial Group

Learn more about Retirement Plan Monitor – Institutional and access a research sample here.

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