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The majority of plan sponsors (87 percent) in the small and medium-sized business (SMB) space said they spend less than 10 percent of their time managing their company’s retirement plan, and nearly 60 percent said plan success can be measured by the time it takes to manage the plan — the less time the better. A similar percentage said having no administration errors was a sign of a successful plan. Both markers fall under the category of saving time and work for the sponsor, according to a new report by digital recordkeeping platform Vestwell.

The report is based on a survey of 434 financial advisors, all who sell retirement plans, plus 64 plan sponsors to gauge their perceptions of recordkeeping technology and the challenges of selling and servicing in the SMB space.

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