The US retirement industry addressed a market of approximately US$37.5 trillion in assets as of Q1 2022, growing at a CAGR of 8-9% over the last four years. With growing inflation, uncertainty around social security benefits, and post-pandemic economic concerns – people are looking to retirement plan providers for guidance. However, market participants face multiple challenges, such as changing regulations around retirement and pensions, the increasing demand for digitization, the burden of age-old legacy systems, and evolving customer preferences and risks. Industry participants are undertaking technology-driven transformation to resolve these challenges and become more agile and scalable. In this report, we outline the key challenges and technology spend priorities for enterprises and evaluate significant retirement technology providers and their market offerings. Scope Industry: retirement technology Geography: North America Contents In this report, we: Provide an overview of the retirement technology provider market Examine the profiles of key retirement technology providers Membership(s) Insurance Information Technology Sourcing and Vendor Management

The US retirements industry represents the world’s largest addressable retirements market, encompassing over 75 million participants. It grew from US$25.3 trillion in 2016 to US$39.4 trillion in assets under management through December 2021. The industry is facing multiple challenges today – a shifting regulatory landscape, increasing burden of legacy systems and processes, evolving customer expectations, and increasing scrutiny on cybersecurity and data privacy measures. Players in this market are looking to adopt IT and technology to help them cope with the growing cost pressures and increase agility and scalability. We expect IT services spend to increase at 9-11% between 2020 and 2023 as the industry invests in a data-driven evolution. The IT services market is well-positioned to guide retirements industry players through their modernization and digitization roadmaps. This report highlights the key challenges and growth drivers of spending in the retirements IT services market. The study also looks at key IT service providers in this space and covers their scale, capability, offerings, and client success stories. Scope Industry: Retirements IT services Geography: North America Contents In this report, we share: Provide an overview of the retirements IT services market Retirements IT service provider profiles Membership(s) Insurance Information Technology Sourcing and Vendor Management

The US retirements industry represents the world’s largest addressable retirements market, comprising over 75 million participants. It grew from US$25.3 trillion in 2016 to US$35 trillion in assets in 2020. The US retirements market serves a demography with four generations and varying preferences. The workforce has shifted to more mobile workers and small business owners who have recently gained access to retirement plans. This market diversity is creating a wide range of consumer priorities. Upcoming proposals under the Biden administration are set to bring about increased regulatory scrutiny and amendments to legislations such as AUTO (K) and the tax credit structure, the SECURE Act 2.0, and the introduction of Pooled Employer Plans (PEPs). This report studies the market trends, participant strategies, and implications of the fast-evolving landscape on retirement market participants, IT service providers, and technology providers. Scope Industry: retirements Geography:US Contents In this report, we share: An overview of the US retirements market Challenges the industry faces due to evolving regulations, consumer demand shifts, and profitability pressures Key investment priorities for participants in the retirements industry Implications for retirement firms, technology providers, and IT service specialists in the market Membership(s) Insurance Information Technology Sourcing and Vendor Management

The US retirement plan industry is evolving rapidly, with factors such as demographic shifts, alternative employment options, participants’ changing financial needs, and regulatory changes impacting plan providers’ business priorities. Plan providers face unique challenges as they try to meet sponsors’ and participants’ growing expectations, while also coping with changing regulatory requirements, an ongoing need to reduce costs, and fee compression in a low interest-rate environment. The COVID-19 pandemic has compounded these pressures and the corresponding cost implications, which have accelerated the need for digital adoption and disruptive transformation. Plan providers are shifting their focus to a more holistic approach of managing financial wellness and are exploring ways to move away from a product-based differentiation to differentiated and personalized experiences for sponsors and participants to retain them in the long term. However, their reliance on legacy core systems is impeding progress. Retirement plan providers are viewing this as an opportunity to enhance their systems and adopt a cloud-first strategy to offer their stakeholders an end-to-end digital experience. While the need to modernize legacy systems is undeniable, different approaches to achieve that goal are emerging, and plan providers need to employ a modernization approach that best suits their strategic priorities, risk appetite, and targeted end state. Scope Industry: retirements Geography: US Contents In this study, we explore the changing market drivers and approaches to modernization in the retirement plan industry by examining: Business challenges driving transformation in the current technology landscape Potential benefits of modernization and key measures of success Alternate modernization approaches Best practices for successful modernization, learnings from plan providers’ experiences and commentary from Oculus Partners – a strategic consulting firm focused on the retirement plan and wealth management industry Membership(s) Banking Information Technology Sourcing and Vendor Management