Alight, a leading cloud-based human capital and technology services provider, announced today that it has been ranked as the top two defined contribution (DC) record keeper for assets under administration in the annual Pensions & Investments survey of record keepers. The survey, now in its 29th year, ranks the largest defined contribution providers in the United States.
This ranking is a result of significant wins and organic growth by Alight in the DC recordkeeping space in both the commercial and public sector, as well as strong retention of existing DC clients, leading to 113% YOY increase in the total number of assets under administration. In addition to its ranking by assets, Alight moved from seventh to third place in 2023 for the number of total DC participants it serves, advancing 161% to 11.7 million participants.
"We are honored to be recognized as one of the top DC record keepers in the country," said Virginia Maguire, vice president of wealth solutions and strategy at Alight. "Financial security is about more than just retirement savings — it impacts people’s wellbeing and career. This ranking is a testament to our continued commitment to delivering innovative, security-first solutions and exceptional service to help employees make more informed decisions about their financial wellbeing.”
Alight’s DC solutions are powered by Alight Worklife®, the company’s employee experience platform. Alight Worklife was released in 2021 and spans health, wealth, and payroll solutions. The AI-driven platform drives better wellbeing outcomes for individuals and employers at their point of need. In addition, Alight Worklife’s intelligent layered security model, multi-factor and biometric authentication, real-time fraud detection capabilities and security alerts provide robust security measures that continuously evolve to meet and exceed industry best practices and stay ahead of the latest threats.
With more than 40 years of experience in the recordkeeping space, Alight serves as the recordkeeper for some of the largest employers in the country. For more information about Alight’s DC recordkeeping solutions, visit Alight.com