I never thought posting a simple chart to make gathering information about PPA restatements pricing easy would be so controversial. (You can get a copy of the chart at http://www.erisafile.com/ppa_restatement_fees.pdf)
A few weeks ago, I blogged about the video of Steve Jobs speech about Apple’s battle with IBM that led to the 1984 Super Bowl commercial. The video is powerful because it was true – when the video was made, IBM controlled a large portion of the PC market and liked to crush its competitors.
With the IRS deadline for firms to make a decision about which plan document provider they will signing up with as a word-for-word sponsor of that company’s PPA DC Restatements fast approaching, I went back and took a look at the breakdown of the plan document industry six years ago using the EGTRRA DC Restatements. The information was eye-opening. As Steve Jobs said, George Orwell is alive and they do want it all.
Percentage of Market Share by EGTRRA Restatements Filings:
Corbel/Relius – 59.31%
McKay-Hochman – 17.01%
Datair – 8.29%
ASCi – 3.01%
Accudraft – 2.00%
FT William – 1.52%
Note: The percentages were calculated using the total number of EGTRRA DC filings (11,683) contained on the IRS DC EGTRRA Master List divided by the number of filings for each major document provider. The number of filings for McKay-Hochman and Brucker & Morra were combined as McKay-Hochman’s website says their volume submitter plans are created by the law firm of Brucker & Morra. Without the Brucker & Morra filings, McKay-Hochman’s percentage drops to 15.67%.