As many as 66,000 401(k) plans might be switching record keepers this year, with the likelihood of a transfer increasing along with the size of the plan.
That’s according to the annual Retirement Planscape, a Cogent Reports study from Market Strategies International. The study found that 11 percent of 401(k) plan sponsors said they were very likely to replace their current recordkeeper at some point in the next 12 months.
And the larger the plan, the more likely there will be a switch, with 13 percent of mid-sized plans, 20 percent of large plans and 18 percent of “mega” plans declaring their intention.
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