At the end of 2012, the first full year after Vanguard began its small-business Retirement Plan Access program, or VRPA, the iconic mutual fund company and recordkeeper was servicing 445 plans representing roughly 16,500 participants with a total of $830 million in plan assets.
Designed to service 401(k) plans with up to $20 million in assets, the program saw prolific growth in the ensuing three years. By the end of 2015, VRPA included 4,452 plans representing more than 199,000 participants with a total of $10.4 billion in plan assets.
Average plan assets increased from $1.9 million to $2.3 million in that time, with the average number of participants increasing from 37 to 45.
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