For more information:
Phil Tschudy 608/231-7188 philip.tschudy@cunamutual.com
Rick Uhlmann 608/231-8940 rick.uhlmann@cunamutual.com
March. 14, 2008
CUNA Mutual Again Top-Ranked In 401(k) Plan Client Satisfaction
Plan Sponsor Studies Pit Company Against The Largest And Most Well-Known Providers
MADISON, Wis. – Retirement plan sponsor surveys conducted by two independent research and information organizations have again rated CUNA Mutual Group an industry leader in overall client satisfaction in the 401(k) plan marketplace.
The first survey was conducted by 401kExchange, a leading source of business development, market intelligence, and due diligence services for the 401(k) and retirement industry serving the small and mid-sized corporate market.
Their Provider Ratings Report 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 No. 1 plan administrator since 1999 in the less-than $1 million plan assets category. CUNA Mutual also was the No. 2 plan administrator in 2007 for plans in the $1 million to $10 million asset range. Since 1999, CUNA Mutual rates No. 3 as a fund manager for plans less-than $1 million and No. 6 for plans between $1 million and $10 million.
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.
The second study was completed by the Boston Research Group, a strategic market research and consulting firm that specializes in the financial services industry. Their 2007 Defined Contribution Plan Sponsor Satisfaction and Loyalty Study is the industry's most comprehensive, reliable and well-respected survey of plan sponsor customer satisfaction, brand loyalty and key market dynamics.
Published annually since 2000, the DCP Plan Sponsor Study profiles and compares all top 401(k) record keepers and provides a clear portrayal of plan sponsor needs and accurate measurement of the extent to which these needs are being met by major 401(k) providers. The DCP Plan Sponsor Study is based on in-depth interviews with nearly 3,000 key plan sponsor contacts.
The Boston Research Group study 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 the following categories: “understands your needs,” “partners effectively,” “easy to do business with,” “minimizes administration burden," and “helps you meet fiduciary responsibilities.”
“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 has been a leader in the credit union 401(k) plan marketplace for many years. The company 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.
“Our team will go the extra mile to keep our sponsors happy. I can’t think of a better success measurement than high satisfaction rankings,” Eckert said.
CUNA Mutual Group is a leading provider of financial services to cooperatives, credit unions, their members and valued customers worldwide. With more than 70 years of market commitment, CUNA Mutual’s vision is unwavering: to be a trusted business partner who delivers service excellence and customer-focused, best-in-class products and market-driven innovation. More information on the company is available on the company’s Web site at www.cunamutual.com.
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