2018 defined contribution plan industry...

2018 Defined Contribution PlanIndustry Report

Healthcare Organizations (for profit)

For Plan Sponsor Use Only

Not For Use with Participants or the General Public. For FINRA purposes,

‘Institutional’ refers to plans with at least 100 participants.

This report is for informational purposes only and should not be construed as a

recommendation, offer or solicitation to buy or sell any specific investment.

Securities offered through LPL Financial, Member FINRA/SIPC.

Expressly prepared for:

For Plan Sponsor Use Only – Not For Use with Participants or the General Public.Source: PLANSPONSOR Defined Contribution Survey, 2017

Summary of Findings 2

Plan Types and Design Features 6

Plan Loans & Withdrawals 13

“Auto” Features 22

Participation and Eligibility 29

Employer Match 34

Plan Investments 49

Fees/Expenses 57

Defined Contribution Providers 67

Advice and Advisers 70

Plan Oversight and Administration 78

Table of Contents

1


Summary of Findings

2


About this report

The PLANSPONSOR 2017 Defined Contribution (DC) Survey results incorporate the responses of 3,437 plan sponsors from a broad variety of U.S. industries. Of the 3,437:

• 1,242 (36.1%) are “Micro” plans (<$5 million in DC assets) • 1,211 (35.2%) are “Small” plans ($5 million-<$50 million)• 416 (12.1%) are “Mid” plans ($50-<$200 million)• 327 (9.5%) are “Large” plans ($200 million-<$1 billion)• 241 (7.0%) are “Mega” plans (>$1 billion)

Within the survey, 238 respondents are from Healthcare Organizations (for profit). Of these Healthcare Organizations (for profit) respondents, 115 (48.3%) are “Micro” plans, 71 (29.8%) are “Small” plans, 32 (13.4%) are “Mid” plans, 11 (4.6%) are “Large” plans, and 9 (3.8%) are “Mega” plans.

This report compares the survey responses of plan sponsors from Healthcare Organizations (for profit) with those of respondents from All Industries, which includes Healthcare Organizations (for profit).

3


Overall Rankings: Top 50% industries in key plan areasParticipation Rate Average Account Balance Average Deferral Rate Immediate Eligibility Immediate Vesting

1 Financial Services [88.4%] Law Firm [$223,667] Engineering [8.0%] Govt: City/Municipal [82.6%] Education: K-12, Preschool [64.9%]

2 Utilities [88.0%] Utilities [$148,744] Fortune 1000 [7.9%] Utilities [80.6%] Pharmaceuticals [53.8%]

3 Insurance/Reinsurance [87.7%] Research/Development [$143,769] Financial Services [7.8%] Govt: County/State/Federal [79.2%] Education: Higher Ed [51.4%]

4 Labor Unions [87.6%] Fortune 1000 [$130,081] Utilities [7.5%] Education: K-12, Preschool [75.8%] Govt: City/Municipal [50.0%]

5 Accounting [87.6%] Oil & Gas/Energy [$121,414] Research/Development [7.5%] Telecommunications [72.7%] Fortune 1000 [50.0%]

6 Consulting [86.9%] Engineering [$119,930] Labor Unions [7.5%] Fortune 1000 [71.1%] Labor Unions [50.0%]

7 Membership [86.7%] Consulting [$119,635] Education: Higher Ed [7.5%] Oil & Gas/Energy [69.4%] Chemicals/Mining [50.0%]

8 Law Firm [86.5%] Financial Services [$119,409] Oil & Gas/Energy [7.4%] Healthcare (not for profit) [65.9%] Membership [50.0%]

9 Holding Co's/Inv Banking [86.5%] Chemicals/Mining [$117,903] Technology [7.4%] Education: Higher Ed [65.8%] Utilities [48.3%]

10 Architecture [85.8%] Pharmaceuticals [$117,565] Aerospace/Defense [7.4%] Labor Unions [65.2%] Banking: Commercial [47.8%]

11 Credit Unions [85.7%] Healthcare (for profit) [$115,992] Law Firm [7.3%] Research/Development [64.3%] Accounting [46.8%]

12 Chemicals/Mining [84.9%] Insurance/Reinsurance [$113,163] Insurance/Reinsurance [7.3%] Pharmaceuticals [64.3%] Oil & Gas/Energy [46.3%]

13 Telecommunications [84.5%] Accounting [$112,525] Chemicals/Mining [7.2%] Technology [59.7%] Insurance/Reinsurance [43.3%]

14 Engineering [84.5%] Distribution [$111,123] Pharmaceuticals [7.2%] Aerospace/Defense [53.7%] Advertising/Marketing [42.9%]

15 Banking: Commercial [84.0%] Architecture [$109,380] Environmental [7.2%] Religious/Social Svcs [50.0%] Financial Services [42.5%]

16 Auto Manufacturing [83.7%] Advertising/Marketing [$107,166] Consulting [7.1%] Chemicals/Mining [49.0%] Religious/Social Svcs [41.4%]

17 Non-Profit Orgs [83.0%] Technology [$105,869] Architecture [7.1%] Media/Communications [48.5%] Agriculture [41.0%]

18 Pharmaceuticals [83.0%] Membership [$103,181] Membership [7.1%] Consulting [47.3%] Manufacturing: Industrial [40.1%]

19 Environmental [82.9%] Aerospace/Defense [$101,930] Accounting [6.9%] Insurance/Reinsurance [43.6%] Environmental [39.1%]

20 Oil & Gas/Energy [81.5%] Real Estate [$101,714] Govt: City/Municipal [6.9%] Non-Profit Orgs [43.4%] Healthcare (for profit) [38.0%]

21 Fortune 1000 [81.2%] Consumer Services [$93,025] Non-Profit Orgs [6.8%] Holding Co's/Inv Banking [43.3%] Consulting [37.5%]

22 Distribution [81.2%] Banking: Commercial [$92,628] Credit Unions [6.8%] Transportation/Airlines [41.7%] Consumer Services [37.5%]

23 Media/Communications [80.9%] Labor Unions [$91,478] Media/Communications [6.6%] Financial Services [40.9%] Architecture [37.1%]

24 Technology [80.8%] Building/Construction [$91,342] Healthcare (for profit) [6.5%] Engineering [40.4%] Non-Profit Orgs [36.8%]

4


Overall Rankings: Bottom 50% industries in key plan areas

5

Participation Rate Average Account Balance Average Deferral Rate Immediate Eligibility Immediate Vesting

25 Manufacturing: Consumer [80.7%] Telecommunications [$91,226] Real Estate [6.5%] Environmental [35.7%] Govt: County/State/Federal [36.2%]

26 Research/Development [80.1%] Environmental [$91,075] Banking: Commercial [6.5%] Membership [34.8%] Business Services [36.0%]

27 Manufacturing: Industrial [79.8%] Media/Communications [$88,676] Holding Co's/Inv Banking [6.5%] Manufacturing: Consumer [32.6%] Aerospace/Defense [35.9%]

28 Agriculture [78.9%] Manufacturing: Consumer [$88,667] Auto Manufacturing [6.5%] Agriculture [32.6%] Manufacturing: Consumer [35.0%]

29 Wholesale [78.8%] Manufacturing: Industrial [$86,752] Manufacturing: Consumer [6.4%] Banking: Commercial [32.0%] Real Estate [34.5%]

30 Consumer Services [77.7%] Agriculture [$85,974] Agriculture [6.4%] Architecture [31.8%] Distribution [33.8%]

31 Building/Construction [77.3%] Equipment [$83,077] Business Services [6.4%] Auto Manufacturing [31.0%] Research/Development [33.3%]

32 Healthcare (for profit) [76.8%] Non-Profit Orgs [$80,903] Building/Construction [6.3%] Advertising/Marketing [30.2%] Holding Co's/Inv Banking [33.3%]

33 Equipment [76.7%] Education: Higher Ed [$79,472] Manufacturing: Industrial [6.3%] Accounting [29.9%] Law Firm [32.9%]

34 Aerospace/Defense [76.7%] Wholesale [$79,389] Distribution [6.2%] Restaurants/Food Service [28.6%] Hotels/Gaming [32.8%]

35 Advertising/Marketing [76.7%] Credit Unions [$76,148] Advertising/Marketing [6.2%] Business Services [26.8%] Technology [32.7%]

36 Business Services [75.7%] Holding Co's/Inv Banking [$75,592] Wholesale [6.2%] Credit Unions [26.4%] Retail [32.3%]

37 Real Estate [74.3%] Business Services [$74,862] Govt: County/State/Federal [6.2%] Consumer Services [23.8%] Engineering [32.1%]

38 Healthcare (not for profit) [74.2%] Govt: City/Municipal [$73,661] Consumer Services [6%] Law Firm [23.3%] Restaurants/Food Service [30.8%]

39 Transportation/Airlines [73.0%] Transportation/Airlines [$64,657] Religious/Social Svcs [5.9%] Manufacturing: Industrial [23.0%] Building/Construction [30.5%]

40 Religious/Social Svcs [72.8%] Auto Manufacturing [$63,250] Transportation/Airlines [5.8%] Healthcare (for profit) [21.7%] Wholesale [29.0%]

41 Auto Dealerships/Svc [68.4%] Retail [$61,424] Retail [5.8%] Distribution [21.6%] Auto Manufacturing [27.3%]

42 Educ: K-12, Preschool [68.3%] Auto Dealerships/Svc [$60,303] Healthcare (not for profit) [5.8%] Real Estate [20.9%] Healthcare (not for profit) [26.6%]

43 Education: Higher Ed [67.9%] Govt: County/State/Fed [$57,412] Telecommunications [5.7%] Equipment [20.7%] Credit Unions [25.6%]

44 Govt: City/Municipal [67.8%] Hotels/Gaming [$56,925] Equipment [5.7%] Building/Construction [17.5%] Media/Communications [25.0%]

45 Hotels/Gaming [67.3%] Healthcare (not for profit) [$48,501] Hotels/Gaming [5.7%] Retail [17.1%] Transportation/Airlines [22.6%]

46 Retail [66.3%] Restaurants/Food Service [$47,346] Restaurants/Food Service [5.7%] Wholesale [13.5%] Telecommunications [20.0%]

47 Govt: County/State/Fedl [64.7%] Religious/Social Svcs [$45,783] Education: K-12, Preschool [5.7%] Hotels/Gaming [8.2%] Equipment [20.0%]

48 Restaurants/Food Service [58.6%] Educ: K-12, Preschool [$45,100] Auto Dealerships/Svc [5.1%] Auto Dealerships/Svc [7.0%] Auto Dealerships/Svc [9.1%]


Plan Types and Design Features

6


What type of DC plan does your organization offer?

All Industries Healthcare Organizations (for profit)

Overall <$5MM$5MM-$50MM

>$50MM-$200MM

>$200MM-$1B

$>1B Overall <$5MM$5MM-$50MM

>$50MM-$200MM

>$200MM-$1B

$>1B

401(k) 87.8% 92.3% 88.6% 79.8% 81.0% 83.8% 94.1% 95.7% 93.0% 93.8% 81.8% 100.0%

403(b) 9.4% 4.8% 9.5% 14.9% 15.9% 13.7% 2.1% 0.0% 0.0% 6.3% 18.2% 11.1%

457 9.9% 3.5% 9.1% 15.4% 20.8% 22.8% 3.4% 0.9% 0.0% 6.3% 36.4% 11.1%

Money Purchase 2.3% 1.0% 1.8% 3.4% 6.4% 4.1% 2.1% 1.7% 0.0% 0.0% 9.1% 22.2%

Profit Sharing 20.0% 18.0% 22.5% 22.8% 20.8% 11.2% 31.1% 24.3% 40.8% 31.3% 45.5% 22.2%

ESOP 3.1% 1.0% 3.8% 3.6% 5.5% 7.1% 1.7% 0.0% 1.4% 6.3% 9.1% 0.0%

KSOP 0.3% 0.1% 0.5% 0.2% 0.0% 1.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Nonqualified Deferred

Compensation (NQDC)

10.2% 1.4% 4.6% 17.8% 30.6% 42.3% 7.1% 0.0% 2.8% 12.5% 36.4% 77.8%

SEP 0.4% 0.3% 0.5% 0.2% 0.0% 0.8% 0.8% 0.9% 0.0% 0.0% 0.0% 11.1%

SIMPLE IRA 0.6% 0.6% 0.9% 0.2% 0.3% 0.0% 1.3% 0.9% 2.8% 0.0% 0.0% 0.0%

Other 3.7% 2.3% 3.3% 4.3% 5.8% 9.1% 3.4% 1.7% 2.8% 9.4% 0.0% 11.1%

7


Does your organization offer any of these additional workplace retirement/savings plans?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Defined Benefit

Plan (Traditional)19.2% 11.5% 14.2% 23.2% 36.9% 50.8% 12.9% 11.8% 7.0% 9.7% 54.5% 33.3%

Defined Benefit

Plan (Cash

Balance)5.3% 1.9% 2.9% 4.6% 12.6% 25.4% 8.2% 3.6% 8.5% 16.1% 9.1% 33.3%

Defined Benefit

Plan (Hybrid/ other

formula)1.8% 0.3% 0.8% 2.2% 4.0% 11.3% 1.3% 0.0% 2.8% 0.0% 9.1% 0.0%

Equity

Compensation

(e.g., Stock) Plan7.4% 1.3% 4.7% 11.5% 18.2% 29.2% 4.7% 1.8% 2.8% 3.2% 9.1% 55.6%

Health Savings

Accounts (HSA)47.0% 30.3% 48.9% 61.5% 61.5% 75.8% 46.1% 26.4% 63.4% 71.0% 36.4% 77.8%

Retiree Health

Benefits12.0% 2.8% 6.3% 17.3% 32.6% 48.8% 6.5% 2.7% 2.8% 6.5% 45.5% 33.3%

529 College

Savings Plan6.9% 2.1% 6.7% 9.8% 18.2% 11.3% 3.9% 0.9% 2.8% 6.5% 27.3% 11.1%

8


Which of the following do you offer employees to assist with the cost of higher/continuing education?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Employer

contribution to

sponsored

529 plan

0.8% 0.3% 0.7% 1.5% 1.0% 2.7% 0.9% 0.9% 0.0% 3.4% 0.0% 0.0%

Tuition

reimbursement

program (for post

employment/

tuition expenses)

40.8% 19.6% 41.8% 62.4% 65.8% 73.5% 27.8% 14.7% 22.7% 62.1% 72.7% 62.5%

Student loan

repayment/

reimbursement

program (for

recent graduates)

1.7% 0.7% 1.7% 2.8% 3.9% 2.7% 4.9% 3.7% 7.6% 6.9% 0.0% 0.0%

Student loan

restructuring/

refinancing

assistance

1.5% 0.3% 0.7% 1.5% 4.8% 6.6% 1.3% 0.0% 1.5% 0.0% 0.0% 25.0%

None - does not

offer any of these

benefits58.1% 79.8% 57.2% 36.4% 31.3% 24.3% 69.5% 82.6% 75.8% 34.5% 27.3% 25.0%

9


Do you provide a Roth contribution option?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 68.5% 61.9% 70.7% 73.1% 69.6% 78.8% 75.1% 67.4% 82.4% 87.1% 60.0% 77.8%

No 31.5% 38.1% 29.3% 26.9% 30.4% 21.3% 24.9% 32.6% 17.6% 12.9% 40.0% 22.2%

10


Does your DC plan allow for in-plan Roth conversions?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes- currently offer 30.3% 25.6% 25.0% 33.8% 39.6% 52.9% 26.4% 20.6% 21.4% 40.7% 50.0% 42.9%

No, but

considering6.3% 2.9% 6.3% 8.3% 12.2% 8.4% 0.6% 0.0% 1.8% 0.0% 0.0% 0.0%

No, and not

considering36.9% 28.3% 41.5% 43.8% 39.2% 34.0% 27.7% 15.9% 41.1% 25.9% 16.7% 42.9%

Unsure /

Don’t know26.5% 43.2% 27.3% 14.1% 9.0% 4.7% 45.3% 63.5% 35.7% 33.3% 33.3% 14.3%

11


Is your DC plan a “Safe Harbor” plan?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 55.6% 65.8% 55.9% 42.9% 43.0% 41.6% 73.0% 78.4% 82.1% 50.0% 83.3% 22.2%

No 44.4% 34.2% 44.1% 57.1% 57.0% 58.4% 27.0% 21.6% 17.9% 50.0% 16.7% 77.8%

12


13

Plan Loans & Withdrawals


Does the plan include a loan provision?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 79.3% 72.7% 79.9% 81.8% 88.5% 92.1% 70.6% 63.3% 75.7% 71.9% 81.8% 100.0%

No 19.3% 23.7% 19.8% 18.0% 11.5% 7.5% 25.5% 28.4% 24.3% 28.1% 18.2% 0.0%

Unsure 1.4% 3.6% 0.3% 0.2% 0.0% 0.4% 3.9% 8.3% 0.0% 0.0% 0.0% 0.0%

14


Can a participant take loans against Roth balances?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 43.3% 28.3% 44.8% 53.5% 57.1% 60.6% 43.3% 25.4% 45.1% 81.8% 44.4% 75.0%

No 13.1% 13.8% 13.2% 13.1% 9.9% 14.4% 12.1% 7.5% 21.6% 4.5% 22.2% 0.0%

Not applicable 25.9% 32.4% 23.3% 21.7% 26.2% 17.6% 18.5% 28.4% 11.8% 4.5% 22.2% 12.5%

Unsure /

Don’t know17.7% 25.4% 18.8% 11.6% 6.7% 7.4% 26.1% 38.8% 21.6% 9.1% 11.1% 12.5%

15


How many loans can a participant have open at one time?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

One 59.5% 67.9% 59.1% 58.2% 51.2% 42.6% 62.1% 70.3% 58.0% 54.5% 77.8% 25.0%

Two 31.1% 23.6% 31.2% 30.7% 39.5% 48.1% 32.7% 23.4% 38.0% 40.9% 11.1% 75.0%

Three 4.7% 3.1% 4.8% 5.6% 7.1% 5.6% 2.6% 0.0% 4.0% 4.5% 11.1% 0.0%

Four or more 4.7% 5.4% 4.8% 5.6% 2.1% 3.7% 2.6% 6.3% 0.0% 0.0% 0.0% 0.0%

16


If loans are offered, what % of plan participants have outstanding loans?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Average 13.0% 9.6% 12.9% 14.8% 17.8% 18.6% 12.5% 10.7% 13.7% 12.3% 17.4% 14.1%

Median 10.0% 6.0% 10.2% 12.1% 16.2% 18.1% 10.0% 6.5% 12.0% 10.9% 14.8% 14.0%

17


Average loan balance for participants with open/outstanding loans:



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Average $10,189 $10,578 $10,155 $9,962 $9,646 $10,228 $11,588 $9,996 $13,869 $9,606 $12,544 $9,385

Median $8,500 $7,532 $8,355 $9,498 $8,800 $9,681 $7,720 $5,000 $9,428 $7,840 $10,574 $7,720

18


Does your plan allow separated employees to continue to make loan payments after termination?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes - feature has

been or will be

implemented in

our plan

26.2% 11.1% 18.3% 35.3% 55.7% 65.7% 17.7% 7.4% 13.7% 36.4% 44.4% 50.0%

No - but we are

considering adding

it in the future5.1% 3.5% 5.8% 4.9% 4.3% 9.7% 3.8% 0.0% 7.8% 0.0% 0.0% 25.0%

No - feature is not

available and we

have not discussed

adding it

56.4% 62.6% 66.6% 52.0% 36.4% 21.3% 60.1% 66.2% 62.7% 59.1% 44.4% 12.5%

Unsure / Don't

know12.3% 22.7% 9.3% 7.9% 3.6% 3.2% 18.4% 26.5% 15.7% 4.5% 11.1% 12.5%

19


Which of the following in-service distribution options are allowed by your plan document?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Hardship

withdrawals85.3% 80.3% 87.0% 87.1% 90.4% 92.0% 75.3% 69.3% 74.3% 90.6% 81.8% 88.9%

Distributions

connected to

specific age

67.9% 53.5% 72.9% 73.9% 80.5% 85.3% 60.5% 42.6% 65.7% 93.8% 72.7% 88.9%

Distributions to

active duty military

(HEART Act)

28.8% 16.2% 27.9% 39.8% 43.3% 55.5% 21.5% 10.9% 15.7% 40.6% 54.5% 77.8%

Distribution of

rollover assets from

previous employer

37.6% 25.5% 36.4% 47.1% 52.0% 66.8% 33.6% 20.8% 32.9% 62.5% 45.5% 66.7%

Distribution

of after-tax dollars15.8% 8.8% 11.2% 16.8% 30.7% 50.4% 11.2% 6.9% 8.6% 18.8% 27.3% 33.3%

Other specific

circumstances5.8% 4.5% 3.8% 9.0% 8.7% 13.0% 5.8% 5.0% 7.1% 6.3% 0.0% 11.1%

None - we do not

allow in-service

distributions of any

type

6.2% 11.0% 4.3% 3.2% 2.8% 2.1% 9.9% 15.8% 8.6% 0.0% 0.0% 0.0%

20


If allowed, what percentage of plan participants have made hardship withdrawals in the past year?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Average 1.4% 1.1% 1.1% 1.7% 2.2% 2.7% 1.3% 0.9% 1.5% 1.4% 2.8% 1.6%

Median 0.5% 0.0% 0.3% 1.0% 1.0% 1.3% 0.0% 0.0% 0.3% 0.7% 1.8% 0.7%

21


“Auto” Features

22


Does your plan offer automatic enrollment?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 41.3% 19.9% 44.2% 63.0% 65.3% 65.1% 37.6% 25.0% 34.3% 75.0% 54.5% 66.7%

No 55.4% 72.4% 54.6% 36.3% 34.4% 34.0% 52.6% 58.9% 60.0% 25.0% 36.4% 33.3%

Unsure 3.3% 7.7% 1.2% 0.7% 0.3% 0.8% 9.8% 16.1% 5.7% 0.0% 9.1% 0.0%

23


Which (if any) of the following types of "re-enrollment" has your plan used/tried in the past 3 years?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Re-enrolled

employees not

participating in

the plan

18.5% 13.7% 17.2% 23.4% 21.1% 17.4% 16.9% 8.7% 8.3% 34.8% 0.0% 33.3%

Re-enrolled

participants

saving below the

default deferral

rate

10.7% 5.0% 9.5% 14.5% 14.4% 11.6% 8.4% 0.0% 0.0% 21.7% 0.0% 33.3%

Re-enrolled

participants not

invested in the

default investment

2.4% 4.1% 1.6% 3.1% 0.5% 3.9% 2.4% 0.0% 4.2% 4.3% 0.0% 0.0%

We have not

attempted to re-

enroll any

employees

78.7% 83.1% 79.5% 74.2% 77.5% 78.7% 84.3% 91.3% 95.8% 65.2% 100.0% 66.7%

24


What is the default investment for automatic enrollment?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Retail Target-Date

Fund (Active)33.5% 28.4% 35.2% 36.7% 35.4% 26.9% 26.3% 16.7% 34.8% 30.4% 16.7% 16.7%

Retail Target-Date

Fund (Indexed)25.0% 17.5% 19.4% 25.9% 36.4% 36.5% 17.1% 5.6% 13.0% 17.4% 33.3% 50.0%

Custom Target-

Date Fund10.7% 2.8% 9.4% 11.2% 8.7% 26.9% 11.8% 0.0% 4.3% 21.7% 33.3% 16.7%

Risk-based

Lifestyle Fund3.5% 3.3% 3.1% 5.6% 1.9% 3.2% 1.3% 0.0% 4.3% 0.0% 0.0% 0.0%

Balanced Fund 8.9% 14.2% 10.8% 7.6% 5.8% 1.9% 10.5% 5.6% 21.7% 4.3% 16.7% 0.0%

Professionally

Managed Acct7.9% 9.5% 8.4% 8.0% 8.3% 3.2% 11.8% 11.1% 4.3% 21.7% 0.0% 16.7%

Stable Value Fund /

GIC3.0% 6.2% 4.3% 1.2% 1.0% 0.0% 6.6% 16.7% 8.7% 0.0% 0.0% 0.0%

Money Market

Fund4.5% 14.7% 5.1% 0.4% 1.0% 0.0% 9.2% 38.9% 0.0% 0.0% 0.0% 0.0%

Other 3.2% 3.3% 4.1% 3.6% 1.5% 1.3% 5.3% 5.6% 8.7% 4.3% 0.0% 0.0%

25


What is the default deferral rate as a percentage of the employee’s salary?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

1% 3.6% 8.4% 4.1% 0.8% 2.4% 1.3% 6.0% 7.7% 14.3% 0.0% 0.0% 0.0%

2% 6.5% 7.6% 7.8% 4.3% 5.3% 5.7% 3.6% 3.8% 4.8% 0.0% 16.7% 0.0%

3% 40.7% 44.9% 46.7% 36.7% 31.7% 33.8% 48.2% 46.2% 52.4% 41.7% 33.3% 83.3%

4% 12.3% 5.3% 12.7% 16.4% 14.9% 10.8% 12.0% 11.5% 4.8% 20.8% 16.7% 0.0%

5% 11.6% 9.3% 8.8% 16.8% 14.4% 11.5% 6.0% 0.0% 4.8% 12.5% 16.7% 0.0%

6% 17.6% 12.0% 13.5% 17.6% 25.5% 28.7% 13.3% 19.2% 4.8% 12.5% 16.7% 16.7%

Other 7.7% 12.4% 6.3% 7.4% 5.8% 8.3% 10.8% 11.5% 14.3% 12.5% 0.0% 0.0%

26


Does your plan offer “auto escalation” (i.e., automatic deferral increases)?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

No 61.4% 76.2% 65.8% 45.7% 35.2% 28.6% 65.7% 71.3% 80.0% 37.5% 45.5% 11.1%

Yes - participants

are defaulted into

auto escalation at

time of enrollment

unless they opt

out; all other

participants can

opt in at any time

18.3% 5.5% 18.5% 32.5% 33.3% 35.7% 12.6% 3.7% 7.1% 46.9% 9.1% 44.4%

Yes - but

participation

is voluntary and

participants must

opt in to auto

escalation

15.3% 7.7% 13.0% 20.8% 30.8% 34.4% 11.3% 9.3% 4.3% 15.6% 36.4% 44.4%

Unsure 5.0% 10.6% 2.7% 1.0% 0.6% 1.2% 10.4% 15.7% 8.6% 0.0% 9.1% 0.0%

27


Which of the following match your organization’s default/recommended automatic escalation rate?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Less than 1% 1.9% 4.0% 1.9% 2.3% 0.5% 1.2% 3.8% 7.7% 0.0% 5.3% 0.0% 0.0%

Exactly 1% 68.1% 51.7% 71.0% 76.7% 67.5% 66.1% 60.4% 38.5% 50.0% 78.9% 60.0% 62.5%

More than 1% 5.5% 6.0% 6.3% 4.2% 4.9% 6.0% 1.9% 0.0% 12.5% 0.0% 0.0% 0.0%

Not applicable 17.8% 22.8% 16.1% 11.6% 19.2% 23.2% 24.5% 23.1% 37.5% 15.8% 20.0% 37.5%

Unsure/Don't know 6.6% 15.4% 4.6% 5.1% 7.9% 3.6% 9.4% 30.8% 0.0% 0.0% 20.0% 0.0%

28


Participation and Eligibility

29


What is the participation rate in your DC plan among eligible employees?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Average 79.3% 76.7% 80.7% 80.4% 80.4% 80.8% 76.8% 72.9% 79.9% 81.7% 78.0% 78.9%

Median 87.0% 83.0% 87.0% 89.0% 89.0% 90.0% 86.0% 81.5% 89.7% 88.7% 80.0% 85.0%

30


What is the average participant account balance?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Average $97,903 $78,546 $103,139 $104,620 $105,816 $134,415 $115,992 $73,370 $157,491 $139,368 $115,417 $109,336

Median $75,000 $58,000 $75,000 $81,945 $82,852 $118,000 $92,680 $55,000 $118,907 $114,812 $98,505 $91,033

31


What is the average contribution/deferral rate among active participants?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Average 6.6% 6.1% 6.5% 7.0% 7.2% 8.1% 6.5% 5.9% 6.7% 7.1% 7.6% 7.5%

Median 6.1% 5.6% 6.0% 6.7% 7.0% 8.0% 6.0% 5.0% 6.0% 6.2% 6.1% 7.0%

32


When are full-time employees eligible to participate in the plan?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Immediately

upon hire36.0% 19.7% 28.8% 50.7% 68.4% 83.8% 21.7% 10.2% 21.4% 25.0% 81.8% 77.8%

Within 3 months

of employment26.8% 21.9% 32.9% 33.5% 24.1% 13.3% 18.7% 14.8% 14.3% 43.8% 9.1% 22.2%

After 4 to 11

months of

employment12.5% 16.4% 15.7% 6.2% 2.8% 1.3% 9.6% 12.0% 11.4% 3.1% 0.0% 0.0%

At 1 year of

employment23.2% 39.7% 21.4% 8.6% 3.7% 0.8% 46.1% 58.3% 48.6% 25.0% 9.1% 0.0%

After more than

1 year of

employment1.5% 2.3% 1.2% 1.0% 0.9% 0.8% 3.9% 4.6% 4.3% 3.1% 0.0% 0.0%

33


Employer Match

34


Does your organization offer a matching contribution* to participant accounts?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 73.7% 67.9% 74.9% 76.8% 78.1% 85.0% 57.8% 56.0% 55.7% 64.5% 63.6% 66.7%

No 25.6% 30.3% 24.9% 23.2% 21.6% 15.0% 39.1% 37.6% 44.3% 35.5% 36.4% 33.3%

Unsure 0.7% 1.8% 0.2% 0.0% 0.3% 0.0% 3.0% 6.4% 0.0% 0.0% 0.0% 0.0%

*NOTE: A matching contribution requires a participant contribution that is “matched” by the employer up to some defined limit (i.e., 50% match on first 6% of salary, dollar-for-dollar up to $1000, etc.).

35


Does your organization offer a non-elective or profit sharing contribution to participant accounts?*



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 48.4% 43.9% 53.0% 49.3% 48.6% 46.5% 63.6% 52.8% 76.8% 71.0% 81.8% 44.4%

No 47.7% 48.6% 45.1% 48.5% 50.5% 50.2% 31.1% 37.0% 23.2% 25.8% 18.2% 55.6%

Unsure 3.9% 7.5% 1.9% 2.2% 0.9% 3.3% 5.3% 10.2% 0.0% 3.2% 0.0% 0.0%

*NOTE: These contributions generally do NOT require participant contributions.

36


If you provide a match, which of the following descriptions best describes your match formula:



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Simple Traditional

Match134.5% 34.2% 33.5% 34.2% 34.3% 40.2% 30.2% 30.5% 32.4% 25.0% 14.3% 50.0%

Simple Stretch

Match230.3% 23.6% 33.3% 36.2% 33.9% 29.9% 27.1% 18.6% 24.3% 50.0% 42.9% 33.3%

Tiered Match3 19.3% 21.2% 17.8% 18.2% 17.3% 22.1% 24.0% 23.7% 24.3% 20.0% 42.9% 16.7%

Capped Dollar4 4.1% 4.3% 3.9% 4.9% 3.6% 3.9% 3.9% 6.8% 2.7% 0.0% 0.0% 0.0%

None of the above /

Other structure9.5% 12.4% 9.8% 5.9% 9.3% 3.4% 10.9% 13.6% 13.5% 5.0% 0.0% 0.0%

Unsure/

Don’t know2.3% 4.3% 1.6% 0.7% 1.6% 0.5% 3.9% 6.8% 2.7% 0.0% 0.0% 0.0%

37

1 Offers a full, flat-rate match (100% or greater) of the employee's contributions (i.e. 100% of first 3% of employee contribution)

2 Employee contributions are partially matched at a fixed/flat rate (i.e., 50% of for first 6% of employee contributions)

3 Match varies for different levels of employee contributions (i.e. 100% of the first 4% of employee contributions and 50% of the next 2%)

4Employer matches employee contributions on a "per dollar" basis up to a fixed amount (i.e., 100% of employee contributions up to $2500 maximum)


If you provide a match, which option best describes the effective match rate (assuming a 6% baseline)?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

More than 100%

of first 6% of salary7.9% 6.9% 7.8% 8.2% 7.8% 11.4% 5.8% 7.7% 2.8% 0.0% 14.3% 16.7%

100% of first 6%

of salary12.1% 12.8% 10.8% 8.9% 14.7% 16.8% 9.1% 9.6% 11.1% 5.0% 0.0% 16.7%

51%-99% of first

6% of salary33.8% 34.1% 30.1% 34.1% 37.1% 44.1% 38.8% 38.5% 36.1% 40.0% 57.1% 33.3%

50% of first 6%

of salary22.1% 20.6% 22.8% 27.2% 22.4% 15.8% 19.0% 15.4% 19.4% 30.0% 14.3% 16.7%

Less than 50% of

first 6% of salary17.5% 18.6% 21.2% 16.4% 13.5% 5.0% 22.3% 25.0% 19.4% 25.0% 14.3% 16.7%

Other 6.6% 7.1% 7.3% 5.2% 4.5% 6.9% 5.0% 3.8% 11.1% 0.0% 0.0% 0.0%

38


What is the maximum TOTAL annual employer contribution (as a % of salary) to employee account(s)?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

None 11.8% 15.5% 9.1% 9.7% 11.4% 11.3% 9.5% 15.8% 0.0% 6.5% 18.2% 11.1%

2% or less 8.1% 8.6% 9.9% 8.0% 4.4% 1.3% 7.3% 10.9% 2.9% 9.7% 0.0% 0.0%

3% - 4% 33.0% 40.2% 32.1% 30.3% 22.2% 21.3% 33.6% 46.5% 27.9% 19.4% 9.1% 11.1%

5% - 6% 20.2% 17.0% 21.8% 19.2% 25.0% 23.4% 18.6% 10.9% 25.0% 22.6% 18.2% 44.4%

7% - 10% 15.1% 9.0% 15.4% 18.4% 23.4% 26.4% 16.8% 9.9% 19.1% 29.0% 27.3% 22.2%

More than 10% 8.4% 6.3% 8.4% 12.2% 9.2% 10.9% 11.4% 4.0% 22.1% 12.9% 9.1% 11.1%

Other format

(i.e., contribution

not based on % of

salary)

3.5% 3.3% 3.3% 2.2% 4.4% 5.4% 2.7% 2.0% 2.9% 0.0% 18.2% 0.0%

39


Does your plan match catch-up contributions?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 54.4% 50.3% 61.7% 57.5% 45.2% 46.0% 50.0% 42.4% 67.6% 52.6% 42.9% 16.7%

No 34.5% 29.0% 30.6% 37.6% 49.6% 49.0% 31.3% 27.1% 21.6% 42.1% 42.9% 83.3%

Not applicable:

Plan does not

allow for catch-up

contributions

3.3% 4.6% 2.6% 3.3% 3.2% 1.5% 4.7% 5.1% 5.4% 5.3% 0.0% 0.0%

Unsure 7.8% 16.2% 5.1% 1.6% 2.0% 3.5% 14.1% 25.4% 5.4% 0.0% 14.3% 0.0%

40


Does your plan match Roth contributions?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 62.7% 52.3% 64.9% 67.8% 69.0% 77.7% 69.0% 55.9% 81.1% 85.0% 71.4% 66.7%

No 11.9% 16.3% 12.5% 10.4% 5.6% 2.5% 9.3% 11.9% 13.5% 0.0% 0.0% 0.0%

Not applicable:

Plan does not

allow for Roth

contributions

21.9% 24.0% 20.8% 19.9% 24.6% 17.8% 15.5% 20.3% 5.4% 10.0% 28.6% 33.3%

Unsure 3.5% 7.4% 1.7% 2.0% 0.8% 2.0% 6.2% 11.9% 0.0% 5.0% 0.0% 0.0%

41


Does your plan include a provision to “true up” matching contributions*?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 34.7% 20.6% 33.7% 47.6% 53.4% 51.0% 35.7% 20.3% 45.9% 35.0% 85.7% 66.7%

No 46.9% 46.3% 50.4% 44.3% 42.9% 43.1% 36.4% 39.0% 32.4% 45.0% 14.3% 33.3%

Unsure 18.4% 33.1% 15.9% 8.1% 3.6% 5.9% 27.9% 40.7% 21.6% 20.0% 0.0% 0.0%

*A “true up” match can be used to restore matching contributions “lost” when a participant reaches the annual contribution limit prior to year-end and thus foregoes the opportunity to make additional contributions that would otherwise have been matched. In such situation, a plan may elect to “true up” the employer matching contribution.

42


If you provide a match, how frequently are matching contributions made to plan participants?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Non pay period -

Annually 14.4% 15.9% 15.2% 13.9% 12.6% 7.8% 16.4% 8.5% 22.2% 35.0% 0.0% 16.7%

Non pay period -

Quarterly3.1% 2.3% 2.8% 5.8% 2.8% 3.4% 7.0% 3.4% 8.3% 10.0% 14.3% 16.7%

Non pay period -

Monthly2.7% 3.6% 2.9% 1.0% 2.8% 1.0% 2.3% 1.7% 5.6% 0.0% 0.0% 0.0%

Non pay period -

Twice monthly (24

times per year)

2.8% 3.9% 2.2% 2.6% 2.0% 2.0% 2.3% 3.4% 0.0% 0.0% 14.3% 0.0%

Non pay period -

Biweekly (26 times

per year)

4.9% 4.6% 5.1% 3.6% 6.9% 5.4% 6.3% 8.5% 2.8% 5.0% 14.3% 0.0%

Per pay period 70.7% 67.6% 71.1% 71.5% 71.3% 79.9% 63.3% 69.5% 61.1% 50.0% 57.1% 66.7%

Other 1.4% 2.2% 0.9% 1.6% 1.6% 0.5% 2.3% 5.1% 0.0% 0.0% 0.0% 0.0%

43


Once eligible for the plan, when are participants eligible to receive matching contributions?*



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Participants

immediately qualify

to receive the

match once eligible

80.9% 85.8% 80.1% 77.6% 76.5% 76.5% 82.9% 93.2% 78.4% 80.0% 57.1% 50.0%

Once eligible,

participants must

wait up to 6 months

before qualifying to

receive the match

4.0% 3.6% 4.0% 3.9% 5.7% 3.9% 2.3% 3.4% 0.0% 0.0% 14.3% 0.0%

Once eligible,

participants must

wait more than 6

months before

qualifying to

receive the match

14.3% 9.4% 15.3% 18.5% 17.0% 18.6% 14.7% 3.4% 21.6% 20.0% 28.6% 50.0%

Unsure 0.8% 1.3% 0.6% 0.0% 0.8% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

44

*NOTE: Matching contributions may be subject to a separate vesting schedule (see next question); this question is focused on when they qualify for matching contribution.


How long before participants are 100% vested in the match?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Immediately on

enrollment37.0% 38.4% 34.4% 35.5% 39.5% 41.4% 38.0% 37.3% 37.8% 40.0% 42.9% 33.3%

1 year or less 3.9% 3.6% 3.1% 4.6% 6.0% 5.4% 0.8% 0.0% 0.0% 0.0% 14.3% 0.0%

2 years 4.7% 2.2% 3.7% 6.5% 8.9% 10.3% 0.8% 0.0% 2.7% 0.0% 0.0% 0.0%

3 years 12.8% 7.7% 12.3% 17.6% 16.1% 23.2% 7.0% 5.1% 2.7% 20.0% 14.3% 0.0%

4 years 4.2% 3.2% 3.9% 6.2% 4.4% 6.4% 7.0% 5.1% 10.8% 5.0% 0.0% 16.7%

5 years 19.3% 22.0% 20.0% 17.6% 16.1% 12.8% 23.3% 28.8% 21.6% 15.0% 0.0% 33.3%

6 years 16.8% 19.8% 21.8% 12.1% 8.9% 0.5% 20.9% 18.6% 24.3% 20.0% 28.6% 16.7%

After more

than 6 years1.3% 3.1% 0.9% 0.0% 0.0% 0.0% 2.3% 5.1% 0.0% 0.0% 0.0% 0.0%

45


Are matching contributions vested on a “cliff” or graded basis/schedule?*



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Cliff vesting:

employees

become 100%

vested at a

designated time

of service

27.2% 18.8% 24.0% 31.9% 42.5% 51.9% 19.0% 16.2% 13.0% 41.7% 33.3% 0.0%

Graded vesting:

employees

become partially

vested in

increments over

time, until 100%

vested

65.8% 67.5% 70.5% 64.9% 57.5% 47.2% 70.9% 64.9% 87.0% 50.0% 66.7% 100.0%

Don’t know/

Unsure7.0% 13.8% 5.5% 3.2% 0.0% 0.9% 10.1% 18.9% 0.0% 8.3% 0.0% 0.0%

46

*Only asked of respondents who have vesting schedules of 2 years or longer


What percentage of participants are deferring enough to take full advantage of the maximum match?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

All or nearly all

participants

(90% or more)25.6% 32.5% 23.5% 21.3% 19.9% 21.3% 24.2% 28.8% 29.7% 15.8% 0.0% 0.0%

Vast majority

(75% or more)25.6% 22.2% 25.8% 26.9% 26.0% 36.0% 22.7% 30.5% 13.5% 21.1% 0.0% 33.3%

More than average

(more than 50% but

less than 75%)25.6% 16.4% 28.2% 28.5% 37.0% 31.5% 21.9% 8.5% 24.3% 31.6% 71.4% 50.0%

Less than average

(more than 25% but

less than 50%)13.8% 14.4% 15.6% 12.8% 12.2% 7.6% 17.2% 13.6% 24.3% 15.8% 14.3% 16.7%

A minority (between

10% and 25%)5.2% 6.4% 4.4% 7.9% 2.8% 2.5% 7.8% 6.8% 5.4% 15.8% 14.3% 0.0%

Very few (<10%) 4.2% 8.2% 2.4% 2.6% 2.0% 1.0% 6.3% 11.9% 2.7% 0.0% 0.0% 0.0%

47


What is your plan’s most common policy for handling plan forfeitures?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Used to pay

general plan

expenses

33.3% 32.5% 37.1% 34.6% 25.8% 27.2% 31.3% 19.0% 45.9% 35.0% 42.9% 33.3%

Used to reduce

future employer

contributions

36.9% 22.5% 35.7% 48.0% 56.5% 56.4% 33.6% 25.9% 27.0% 55.0% 42.9% 66.7%

Allocated to

existing participants

on a pro-rata basis

7.0% 8.1% 9.4% 3.9% 3.2% 1.5% 7.0% 8.6% 10.8% 0.0% 0.0% 0.0%

None - we do not

have a formal

policy regarding

forfeitures

6.3% 11.8% 4.2% 2.0% 4.8% 2.0% 6.3% 10.3% 5.4% 0.0% 0.0% 0.0%

Unsure/Don't know 12.8% 22.9% 9.8% 6.5% 2.8% 8.4% 18.0% 31.0% 10.8% 0.0% 14.3% 0.0%

Other 3.8% 2.2% 3.8% 4.9% 6.9% 4.5% 3.9% 5.2% 0.0% 10.0% 0.0% 0.0%

48


Plan Investments

49


Which investment vehicles is your organization currently using in its DC plan?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Mutual Funds 91.7% 88.8% 93.6% 94.5% 95.4% 85.1% 88.2% 81.5% 91.4% 93.1% 100.0% 100.0%

Separate

Accounts19.9% 19.6% 19.5% 15.8% 15.0% 35.5% 24.6% 25.9% 25.9% 10.3% 36.4% 37.5%

Collective

Investment Trust16.0% 7.1% 10.2% 18.6% 29.4% 57.0% 10.2% 8.6% 3.4% 17.2% 9.1% 50.0%

ETFs (outside of

brokerage

windows)13.0% 15.6% 14.0% 9.0% 10.5% 7.9% 18.7% 17.3% 17.2% 17.2% 27.3% 37.5%

Self-Directed

Brokerage

Window19.1% 9.8% 13.6% 23.2% 38.2% 49.6% 21.9% 4.9% 24.1% 44.8% 54.5% 50.0%

Mutual Fund

Window5.2% 5.5% 4.3% 5.5% 6.5% 5.7% 2.7% 3.7% 1.7% 0.0% 9.1% 0.0%

Other 4.9% 6.1% 3.3% 3.8% 7.2% 5.3% 7.0% 9.9% 6.9% 3.4% 0.0% 0.0%

50


Which of the following investment classes/options are available to your plan participants?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Target-Date Funds 77.0% 69.5% 77.3% 79.3% 85.6% 91.3% 70.3% 67.4% 69.0% 72.4% 90.9% 75.0%

Target-Risk Funds (i.e., "growth",

“moderate”, etc.)41.7% 52.4% 47.0% 32.4% 22.2% 15.6% 51.6% 52.3% 63.8% 31.0% 36.4% 50.0%

Balanced Funds 70.0% 69.6% 74.9% 67.4% 70.9% 52.4% 62.5% 51.2% 77.6% 62.1% 81.8% 50.0%

Professionally Managed Accounts

(for participants)34.0% 31.5% 32.1% 28.6% 39.2% 54.5% 37.5% 29.1% 39.7% 44.8% 45.5% 75.0%

Money Market Fund 59.8% 60.8% 62.1% 58.9% 53.3% 55.4% 54.7% 47.7% 60.3% 55.2% 72.7% 62.5%

Employer Stock 6.5% 1.2% 2.1% 6.4% 15.7% 36.4% 3.6% 0.0% 1.7% 6.9% 9.1% 37.5%

Stable Value Funds 57.5% 35.3% 62.3% 70.6% 82.7% 72.3% 43.8% 23.3% 56.9% 62.1% 63.6% 75.0%

Real Estate / REITS 27.8% 23.1% 30.9% 28.9% 30.4% 26.8% 22.4% 14.0% 31.0% 27.6% 18.2% 37.5%

Alt. Investments (hedge fund,

private equity, etc.)5.1% 6.1% 4.9% 5.0% 2.9% 4.8% 5.2% 7.0% 5.2% 0.0% 9.1% 0.0%

Socially Responsible Funds 11.8% 10.0% 11.3% 13.0% 13.7% 17.3% 5.2% 4.7% 5.2% 0.0% 18.2% 12.5%

51


Which of the following (if any) index fund(s) are offered in your plan?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Target-date index

fund(s)46.8% 46.2% 47.1% 42.5% 49.0% 52.4% 48.6% 55.1% 54.5% 19.2% 60.0% 25.0%

Domestic equity

index fund (i.e.,

S&P 500, Russell

2000, etc.)

70.5% 57.0% 71.7% 77.2% 86.3% 87.2% 57.6% 50.0% 61.8% 76.9% 40.0% 62.5%

Domestic bond

index funds52.3% 44.2% 52.2% 53.3% 61.6% 71.8% 43.5% 35.9% 50.9% 50.0% 30.0% 62.5%

International equity

index fund (i.e.,

Europe/Asia,

Global Market, etc.)

53.3% 43.7% 52.3% 55.6% 68.2% 72.2% 46.3% 35.9% 54.5% 50.0% 60.0% 62.5%

International bond

index funds27.3% 26.9% 28.0% 28.8% 28.1% 22.5% 26.6% 24.4% 34.5% 30.8% 0.0% 12.5%

Other categories of

index funds13.2% 11.5% 13.7% 14.2% 13.4% 15.9% 16.4% 14.1% 20.0% 19.2% 20.0% 0.0%

NONE - we do not

offer index funds of

any type

11.4% 20.8% 9.4% 6.6% 2.7% 1.3% 14.7% 23.1% 10.9% 7.7% 0.0% 0.0%

52


How many investment options are offered in your defined contribution plan?*



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Average 22.8 24.5 23.5 21.4 20.5 18.6 23.5 24.0 25.8 21.3 20.6 15.9

Median 20.0 21.0 21.0 20.0 18.0 15.5 21.0 22.0 21.0 20.5 19.0 15.0

* Target-date fund families/series are counted as one investment option.

53


What is the average number of investment options held by your DC plan participants?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Average 5.7 6.5 5.8 5.6 4.9 4.2 6.0 5.7 6.5 7.1 3.8 4.4

Median 4.1 5.0 4.7 4.2 4.0 4.0 4.0 4.0 4.7 4.4 4.0 3.5

54


How often do you formally review the investment options?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Quarterly 38.7% 15.1% 38.5% 62.4% 70.0% 64.0% 32.0% 10.8% 38.7% 63.3% 50.0% 87.5%

Twice a year 13.4% 10.7% 18.8% 12.5% 10.1% 5.3% 9.9% 7.5% 11.3% 13.3% 20.0% 0.0%

Annually 36.0% 51.3% 35.9% 20.0% 14.0% 24.1% 41.9% 53.8% 43.5% 16.7% 30.0% 0.0%

Every 1-2 years 3.7% 6.0% 2.7% 2.4% 2.0% 3.1% 3.4% 3.2% 4.8% 3.3% 0.0% 0.0%

Every 2-3 years 1.9% 3.4% 1.1% 0.8% 1.6% 1.8% 3.9% 6.5% 0.0% 3.3% 0.0% 12.5%

Every 3+ years 1.9% 3.2% 1.1% 0.5% 2.0% 1.8% 2.0% 4.3% 0.0% 0.0% 0.0% 0.0%

Never 4.4% 10.4% 1.9% 1.3% 0.3% 0.0% 6.9% 14.0% 1.6% 0.0% 0.0% 0.0%

55


Which of the following option does your plan offer to help participants with creating/managing retirement income?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Systematic

withdrawal

option at

retirement

35.5% 18.9% 36.8% 49.2% 51.0% 64.5% 24.8% 10.8% 30.2% 43.3% 54.5% 50.0%

In-plan income

products that

guarantee monthly

income

7.1% 5.0% 8.1% 8.2% 8.3% 8.5% 3.7% 3.9% 0.0% 6.7% 9.1% 12.5%

In-plan income

products that

guarantee a base

benefit

15.0% 9.9% 13.8% 18.2% 21.2% 32.1% 15.0% 7.8% 9.5% 30.0% 36.4% 62.5%

In-plan income

NOT offering

guarantees

4.7% 3.8% 4.7% 5.1% 5.8% 6.8% 4.2% 5.9% 1.6% 6.7% 0.0% 0.0%

Out-of-plan

annuity purchase/

bidding service

4.8% 2.1% 5.1% 4.6% 7.7% 13.2% 3.3% 2.0% 0.0% 6.7% 9.1% 25.0%

Unsure 20.9% 29.6% 21.8% 14.6% 6.4% 5.6% 30.4% 39.2% 28.6% 16.7% 9.1% 12.5%

No income

products offered37.4% 45.4% 36.4% 31.8% 34.3% 17.9% 41.1% 47.1% 44.4% 30.0% 27.3% 0.0%

56


Fees/Expenses

57


What is the approximate average asset-weighted expense ratio of all investment options in your plan?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Less than 0.25%

(<25 bps)19.3% 17.9% 15.5% 14.7% 18.2% 46.9% 18.4% 22.2% 18.6% 4.3% 20.0% 42.9%

0.25%-.50%

(25-50 bps)34.3% 28.3% 30.5% 41.1% 47.0% 40.2% 43.0% 47.2% 34.9% 47.8% 40.0% 57.1%

0.51%-.75%

(51-75 bps)22.9% 16.4% 25.5% 33.0% 28.3% 9.3% 18.4% 11.1% 18.6% 30.4% 40.0% 0.0%

<.75% (75 bps) 76.5% 62.6% 71.5% 88.8% 93.5% 96.4% 79.8% 80.6% 72.1% 82.6% 100.0% 100.0%

0.76%-1%

(76-100 bps)14.3% 18.4% 19.3% 8.8% 4.5% 2.6% 11.4% 8.3% 16.3% 13.0% 0.0% 0.0%

1.01%-1.50%

(101-150 bps)7.3% 15.1% 7.2% 1.8% 1.6% 1.0% 6.1% 11.1% 7.0% 0.0% 0.0% 0.0%

1.51%-2.00%

(151-200 bps)1.2% 2.4% 1.1% 0.7% 0.0% 0.0% 0.9% 0.0% 0.0% 4.3% 0.0% 0.0%

2.01%-2.50%

(201-250 bps)0.3% 0.5% 0.3% 0.0% 0.4% 0.0% 0.9% 0.0% 2.3% 0.0% 0.0% 0.0%

More than 2.50%

(more than 250 bps)0.5% 0.9% 0.6% 0.0% 0.0% 0.0% 0.9% 0.0% 2.3% 0.0% 0.0% 0.0%

58


Does your plan include mutual funds that pay 12b-1 and/or sub-TA fees to recordkeepers/TPAs?*



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 33.3% 17.3% 37.1% 48.7% 51.3% 39.2% 24.6% 14.6% 28.3% 40.0% 33.3% 50.0%

No 24.6% 22.5% 22.2% 21.1% 28.1% 46.3% 20.2% 16.7% 21.7% 23.3% 11.1% 50.0%

Unsure / Don’t

know42.1% 60.1% 40.7% 30.2% 20.5% 14.5% 55.2% 68.8% 50.0% 36.7% 55.6% 0.0%

59

*Certain mutual fund share classes pay 12b-1 fees and/or sub-transfer agency (“sub-TA”) fees to recordkeepers/TPAs to

assist with distribution and administration services—a practice that is commonly called “revenue sharing.”


Does your organization/plan have a policy to address fee equalization?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes, a policy is in

place31.0% 14.7% 28.1% 40.2% 40.8% 41.8% 26.0% 21.4% 29.4% 16.7% 33.3% 50.0%

No, but we plan

to implement in

the next year

5.7% 3.3% 4.8% 7.1% 7.9% 8.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

No, but we may

develop one in

future

15.1% 12.5% 13.5% 16.8% 19.7% 16.5% 16.0% 7.1% 17.6% 16.7% 66.7% 0.0%

No, and no

plans to28.7% 43.5% 31.3% 21.7% 18.4% 18.7% 22.0% 21.4% 23.5% 33.3% 0.0% 0.0%

Unsure 19.4% 26.1% 22.3% 14.1% 13.2% 14.3% 36.0% 50.0% 29.4% 33.3% 0.0% 50.0%

60


Do you use an “ERISA account” or “plan expense reimbursement account” to track revenue sharing credits?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 48.4% 31.5% 43.4% 55.2% 62.6% 66.3% 48.0% 21.4% 41.2% 75.0% 66.7% 75.0%

No 32.4% 45.1% 32.3% 28.4% 26.5% 25.0% 30.0% 50.0% 41.2% 8.3% 0.0% 0.0%

Unsure 19.2% 23.4% 24.3% 16.4% 11.0% 8.7% 22.0% 28.6% 17.6% 16.7% 33.3% 25.0%

61


How are the following plan expenses/fees paid?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Plan

(via participants)49.9% 31.1% 54.2% 63.8% 61.9% 69.7% 40.1% 23.0% 54.2% 39.3% 62.5% 75.0%

Employer 35.8% 54.8% 32.8% 20.9% 19.7% 17.2% 44.6% 55.4% 40.7% 39.3% 25.0% 12.5%

Both (shared) 14.2% 14.1% 13.0% 15.3% 18.4% 13.1% 15.3% 21.6% 5.1% 21.4% 12.5% 12.5%

62

Recordkeeping Fees



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Plan


Employer 44.6% 58.4% 44.3% 29.7% 34.0% 33.8% 50.3% 58.3% 50.0% 37.0% 50.0% 37.5%

Both (shared) 9.4% 10.2% 8.4% 10.6% 11.8% 6.1% 9.7% 16.7% 3.7% 11.1% 0.0% 0.0%

Trustee Fees





>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Plan


Employer 51.0% 64.6% 50.7% 42.1% 39.0% 35.8% 55.9% 60.9% 56.6% 50.0% 50.0% 37.5%

Both (shared) 11.9% 8.4% 11.1% 14.5% 17.3% 15.8% 14.3% 15.6% 9.4% 21.4% 0.0% 25.0%

63

Expenses associated with Employee Communications & Education



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Plan


Employer 67.7% 76.5% 69.7% 63.3% 60.7% 45.4% 71.4% 84.1% 66.7% 60.7% 50.0% 62.5%

Both (shared) 10.3% 8.6% 7.7% 13.5% 14.7% 16.7% 8.7% 9.5% 5.6% 14.3% 0.0% 12.5%

Audit / Legal / Compliance Fees





>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Plan


Employer 20.4% 29.4% 17.3% 16.4% 16.0% 13.0% 26.1% 39.7% 20.0% 11.5% 0.0% 25.0%

Both (shared) 13.6% 15.5% 14.0% 13.2% 11.3% 7.9% 17.6% 23.5% 12.7% 15.4% 25.0% 0.0%

64

Investment Management Fees



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Plan


Employer 41.1% 44.4% 36.0% 43.7% 47.2% 39.4% 38.2% 51.7% 27.5% 36.0% 37.5% 12.5%

Both (shared) 10.9% 13.6% 9.8% 9.5% 11.7% 7.7% 15.1% 20.0% 11.8% 12.0% 12.5% 12.5%

Investment Consulting Fees


For the prior plan year, did you calculate the total fees (all sources) paid to your DC provider/recordkeeper?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes, and we

externally

benchmarked our

plan's costs/fees

47.0% 31.7% 49.8% 62.3% 63.0% 57.8% 36.5% 21.4% 35.5% 70.0% 70.0% 62.5%

Yes, and we plan

to externally

benchmark our

plan's costs/fees

7.2% 5.2% 6.8% 7.1% 10.5% 13.4% 3.8% 3.1% 4.8% 3.3% 0.0% 12.5%

Yes, but we did

NOT externally

benchmark our

plan's costs/fees

16.2% 16.2% 18.0% 13.5% 10.8% 19.0% 19.2% 20.4% 24.2% 13.3% 0.0% 12.5%

No, but we intend

to3.4% 4.6% 2.8% 2.1% 3.3% 2.6% 3.4% 1.0% 6.5% 3.3% 0.0% 12.5%

No, but we may at

some point 12.6% 22.4% 10.1% 6.1% 4.9% 0.9% 15.9% 26.5% 9.7% 3.3% 0.0% 0.0%

Unsure 13.6% 19.9% 12.4% 9.0% 7.5% 6.5% 21.2% 27.6% 19.4% 6.7% 30.0% 0.0%

65


How often do you formally review actual administrative costs/fees?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Annually 75.8% 75.6% 78.4% 72.6% 73.6% 72.3% 73.2% 67.0% 77.0% 83.3% 80.0% 75.0%

Every 1-2 years 8.7% 9.5% 8.4% 9.5% 7.8% 5.6% 7.2% 7.0% 9.8% 6.7% 0.0% 0.0%

Every 2-3 years 7.8% 3.9% 7.4% 12.4% 13.0% 13.9% 7.2% 5.0% 6.6% 6.7% 20.0% 25.0%

Every 3-5 years 1.9% 1.0% 2.0% 2.1% 2.9% 3.9% 0.5% 1.0% 0.0% 0.0% 0.0% 0.0%

Every 5+ years 0.7% 0.6% 0.5% 0.8% 1.0% 1.3% 0.5% 0.0% 0.0% 3.3% 0.0% 0.0%

Never 5.1% 9.3% 3.3% 2.6% 1.6% 3.0% 11.5% 20.0% 6.6% 0.0% 0.0% 0.0%

66


Defined Contribution Providers

67


For how long has your organization used your DC provider?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Less than 1 year 3.4% 2.9% 4.1% 4.0% 2.3% 3.5% 2.5% 3.2% 0.0% 3.3% 10.0% 0.0%

More than 1 year

but less than 3

years12.6% 16.7% 11.4% 10.1% 8.5% 9.6% 16.7% 24.5% 16.4% 0.0% 0.0% 12.5%

More than 3 years

but less than 5

years13.6% 18.4% 13.2% 11.1% 7.2% 6.1% 16.7% 19.1% 14.8% 20.0% 0.0% 12.5%

More than 5 years

but less than 7

years12.2% 13.9% 12.1% 11.4% 10.1% 9.2% 10.8% 8.5% 13.1% 13.3% 10.0% 12.5%

More than 7 years 55.3% 43.7% 57.0% 60.2% 71.3% 70.3% 49.8% 38.3% 54.1% 63.3% 80.0% 62.5%

Don't know 2.8% 4.3% 2.3% 3.2% 0.7% 1.3% 3.4% 6.4% 1.6% 0.0% 0.0% 0.0%

68


How often do you formally evaluate your DC provider?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Annually 63.8% 65.8% 67.0% 57.4% 57.7% 58.5% 65.7% 58.5% 72.6% 66.7% 80.0% 75.0%

Every 1 to

<2 years9.0% 10.2% 9.0% 9.8% 7.2% 4.5% 8.8% 7.4% 14.5% 6.7% 0.0% 0.0%

Every 2 to

<3 years8.5% 5.5% 8.6% 12.4% 12.8% 9.8% 3.4% 3.2% 0.0% 10.0% 10.0% 0.0%

Every 3 to

<5 years6.5% 2.2% 4.9% 10.6% 13.8% 17.0% 4.9% 0.0% 6.5% 10.0% 10.0% 25.0%

Every 5+ years 3.2% 2.4% 3.3% 4.5% 2.3% 5.8% 1.0% 0.0% 1.6% 3.3% 0.0% 0.0%

Never 9.0% 13.9% 7.2% 5.3% 6.2% 4.5% 16.2% 30.9% 4.8% 3.3% 0.0% 0.0%

69


Advice and Advisers

70


Do you employ the services of a retirement plan adviser or institutional investment consultant?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 65.7% 61.4% 66.5% 72.8% 70.8% 63.6% 62.4% 57.6% 54.8% 80.0% 80.0% 87.5%

No 27.1% 27.0% 28.0% 22.4% 25.6% 32.9% 25.7% 21.7% 40.3% 16.7% 10.0% 12.5%

Unsure/Don’t Know 7.2% 11.5% 5.5% 4.8% 3.6% 3.6% 11.9% 20.7% 4.8% 3.3% 10.0% 0.0%

71


Is your plan adviser a fiduciary to the plan?*



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes – 3(38)

fiduciary17.9% 16.9% 20.4% 18.5% 15.8% 12.4% 22.5% 14.3% 26.5% 30.4% 28.6% 28.6%

Yes – 3(21)

fiduciary36.1% 20.1% 35.6% 54.4% 54.4% 45.5% 27.5% 14.3% 23.5% 47.8% 57.1% 42.9%

No 12.7% 15.3% 12.8% 5.6% 11.6% 15.9% 10.0% 12.2% 17.6% 0.0% 0.0% 0.0%

Unsure /

Don't know33.3% 47.7% 31.2% 21.5% 18.1% 26.2% 40.0% 59.2% 32.4% 21.7% 14.3% 28.6%

*[Note: A 3(21) fiduciary status relates to fiduciary roles lacking discretion while 3(38) fiduciary roles afford the adviser discretion over investment decisions.]

72


What is the adviser’s fee arrangement?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

% of plan assets

(bps)44.9% 51.5% 58.5% 31.7% 20.7% 10.1% 42.6% 38.0% 44.1% 60.9% 50.0% 0.0%

Per participant 6.8% 8.1% 7.1% 3.8% 4.8% 8.6% 12.3% 8.0% 26.5% 4.3% 12.5% 0.0%

Project-based 4.7% 3.8% 2.4% 5.3% 9.1% 11.5% 5.7% 8.0% 2.9% 0.0% 12.5% 14.3%

Monthly/Annual

retainer26.6% 8.8% 18.2% 46.0% 57.2% 64.0% 22.1% 12.0% 20.6% 26.1% 37.5% 71.4%

Performance

(investments)1.7% 1.5% 2.2% 1.5% 1.9% 0.7% 1.6% 2.0% 0.0% 0.0% 12.5% 0.0%

Performance

(participation)1.2% 1.2% 1.2% 1.1% 1.9% 0.0% 1.6% 2.0% 0.0% 0.0% 12.5% 0.0%

Other 6.2% 4.0% 4.9% 10.6% 11.1% 6.5% 5.7% 4.0% 2.9% 13.0% 0.0% 14.3%

Don’t know 18.7% 31.3% 15.4% 9.1% 9.6% 12.2% 25.4% 38.0% 20.6% 4.3% 37.5% 14.3%

73


For the prior plan year, did you calculate the actual fees your plan paid to your adviser?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 58.7% 38.4% 60.7% 75.6% 76.6% 77.5% 47.5% 26.5% 44.1% 79.2% 62.5% 85.7%

No 27.3% 43.7% 27.0% 11.7% 12.0% 10.1% 28.7% 40.8% 38.2% 8.3% 0.0% 0.0%

Don’t Know 14.0% 17.9% 12.3% 12.8% 11.5% 12.3% 23.8% 32.7% 17.6% 12.5% 37.5% 14.3%

74


What type(s) of services does the financial adviser or consultant provide?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Review of fund performance 94.7% 90.7% 96.3% 98.1% 96.2% 94.2% 90.8% 83.3% 91.2% 100.0% 100.0% 100.0%

Plan investment selection guidance 90.9% 86.8% 92.3% 94.8% 94.8% 88.3% 87.5% 83.3% 91.2% 91.3% 87.5% 85.7%

Provider selection/ due diligence 66.1% 61.0% 67.5% 72.5% 70.1% 62.8% 60.0% 62.5% 50.0% 69.6% 62.5% 57.1%

IPS review and monitoring 65.9% 51.5% 66.2% 84.8% 81.0% 65.7% 59.2% 45.8% 58.8% 82.6% 62.5% 71.4%

Provider fee analysis 79.2% 70.9% 80.5% 87.0% 85.8% 82.5% 72.5% 68.8% 64.7% 87.0% 62.5% 100.0%

Plan benchmarking 67.6% 53.5% 70.7% 77.0% 79.1% 76.6% 54.2% 39.6% 52.9% 65.2% 100.0% 71.4%

Plan education programs 50.7% 49.5% 61.9% 52.8% 32.7% 22.6% 46.7% 47.9% 41.2% 56.5% 62.5% 14.3%

1:1 participant education 54.5% 69.3% 67.7% 39.8% 17.5% 8.8% 60.8% 70.8% 67.6% 52.2% 50.0% 0.0%

Group participant education 56.8% 69.8% 70.8% 44.6% 19.9% 9.5% 60.8% 77.1% 52.9% 52.2% 62.5% 14.3%

Funds review with committee or plan

administrator71.4% 51.4% 77.1% 87.0% 86.7% 74.5% 60.0% 41.7% 64.7% 87.0% 75.0% 57.1%

Technical help with corp. transactions 32.4% 34.5% 35.3% 33.1% 25.1% 19.0% 38.3% 37.5% 38.2% 39.1% 50.0% 28.6%

Plan compliance review 53.2% 52.4% 58.7% 56.5% 46.9% 32.1% 50.0% 50.0% 52.9% 47.8% 62.5% 28.6%

75


Is financial/investment advice offered to participants in your DC plan?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes, via onsite

meetings with an

adviser outside the

plan

44.3% 45.4% 51.6% 40.7% 33.5% 24.3% 47.5% 42.9% 58.2% 38.7% 54.5% 44.4%

Yes, via 3rd party

(i.e., Financial

Engines, etc.)

independent of our

DC recordkeeper

24.4% 19.4% 21.3% 27.4% 32.0% 48.5% 30.9% 22.9% 22.4% 51.6% 63.6% 77.8%

Yes, via proprietary

services offered

through our DC

recordkeeper

37.6% 23.8% 40.6% 51.0% 52.2% 47.7% 30.0% 11.4% 38.8% 51.6% 72.7% 55.6%

Yes, via another

source5.1% 5.9% 5.1% 3.5% 5.7% 3.3% 6.7% 10.5% 3.0% 0.0% 0.0% 22.2%

Total "Yes" 79.4% 74.8% 82.9% 81.7% 79.7% 80.3% 83.9% 75.2% 89.6% 90.3% 100.0% 100.0%

No 20.6% 25.2% 17.1% 18.3% 20.3% 19.7% 16.1% 24.8% 10.4% 9.7% 0.0% 0.0%

76


Does your organization provide formal financial education/ guidance to participants on these topics?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Saving strategies 42.9% 23.5% 44.7% 57.8% 66.6% 70.7% 32.9% 21.6% 32.8% 41.9% 80.0% 77.8%

Budgeting 29.7% 13.6% 26.1% 42.9% 56.6% 65.5% 21.9% 11.8% 11.9% 48.4% 60.0% 77.8%

Financial markets & investing basics 35.3% 19.6% 35.0% 46.2% 55.9% 65.5% 21.0% 10.8% 19.4% 35.5% 50.0% 66.7%

Credit/debt management 19.4% 8.5% 16.8% 27.5% 38.9% 44.4% 16.9% 9.8% 7.5% 38.7% 50.0% 55.6%

Home buying 9.7% 4.0% 7.8% 13.1% 17.7% 29.7% 4.6% 2.0% 3.0% 3.2% 30.0% 22.2%

College saving 17.1% 7.6% 14.9% 21.7% 34.4% 42.7% 15.1% 10.8% 7.5% 19.4% 60.0% 55.6%

Tax/Estate planning 16.6% 7.6% 14.3% 22.2% 32.8% 39.2% 12.8% 8.8% 7.5% 19.4% 40.0% 44.4%

Retirement healthcare options 23.1% 11.3% 21.3% 31.1% 42.4% 48.7% 19.6% 12.7% 13.4% 25.8% 60.0% 77.8%

Social Security withdrawal

options/strategies21.2% 9.9% 18.3% 29.5% 40.5% 50.4% 17.8% 10.8% 10.4% 29.0% 60.0% 66.7%

Rolling past balances into the

plan28.0% 19.3% 28.5% 33.1% 38.9% 44.8% 21.0% 19.6% 19.4% 22.6% 40.0% 22.2%

Rollover options for separatedemployees

25.4% 17.3% 25.3% 27.0% 37.3% 45.7% 21.0% 18.6% 19.4% 22.6% 50.0% 22.2%

NONE – Do not offer any of these 44.3% 65.0% 41.7% 29.5% 20.3% 14.7% 59.4% 72.5% 59.7% 41.9% 10.0% 22.2%

77


Plan Oversight and Administration

78


Does your organization have an investment committee for the DC plan?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes - committee

includes only

internal

employees

41.4% 22.3% 45.4% 52.6% 62.2% 62.4% 29.7% 15.2% 35.5% 60.0% 30.0% 37.5%

Yes - committee

includes only

people external to

our company

2.8% 2.9% 2.6% 1.1% 2.3% 7.0% 2.5% 3.3% 1.6% 3.3% 0.0% 0.0%

Yes - committee

includes a mix of

internal and

external people

27.1% 18.0% 31.9% 39.4% 29.0% 22.7% 27.2% 14.1% 32.3% 36.7% 60.0% 62.5%

Yes - but unsure

of composition of

investment

committee

1.2% 1.0% 1.3% 0.8% 2.0% 1.7% 0.5% 1.1% 0.0% 0.0% 0.0% 0.0%

No investment

committee24.1% 49.2% 16.6% 5.3% 3.6% 4.8% 32.7% 52.2% 29.0% 0.0% 0.0% 0.0%

Don't know 3.3% 6.6% 2.2% 0.8% 1.0% 1.3% 7.4% 14.1% 1.6% 0.0% 10.0% 0.0%

79


Do you have a written investment policy statement (IPS) for the DC plan?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 65.9% 42.6% 70.3% 85.6% 88.9% 87.8% 52.9% 30.9% 59.7% 90.0% 70.0% 100.0%

No 19.7% 33.0% 16.8% 8.2% 7.2% 9.1% 21.1% 26.6% 29.0% 0.0% 0.0% 0.0%

Don’t know 14.3% 24.4% 12.9% 6.1% 3.9% 3.0% 26.0% 42.6% 11.3% 10.0% 30.0% 0.0%

80


If you have an IPS, does it specifically cover target-date funds and their underlying funds?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes 53.5% 49.4% 50.6% 59.6% 55.0% 61.2% 42.6% 34.5% 40.5% 51.9% 57.1% 37.5%

No 26.0% 22.0% 29.1% 24.2% 29.7% 21.4% 29.6% 20.7% 35.1% 33.3% 0.0% 50.0%

Unsure 20.5% 28.6% 20.3% 16.1% 15.2% 17.4% 27.8% 44.8% 24.3% 14.8% 42.9% 12.5%

81


Does your plan employ a 3rd party (TPA, adviser, recordkeeper, etc.) as a 3(16) fiduciary?*



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Yes, and the 3rd

party has broad

scope acceptance

of administrator

roles, including

being named as

plan administrator

20.2% 21.3% 22.2% 21.2% 15.3% 10.0% 22.3% 21.7% 27.4% 23.3% 0.0% 12.5%

Yes, but the 3rd

party has only

limited scope

acceptance of

some functions;

actions outside this

scope is retained by

plan officials

32.1% 29.8% 34.0% 35.1% 32.0% 28.6% 31.2% 25.0% 37.1% 30.0% 50.0% 37.5%

No 37.9% 33.9% 36.1% 38.1% 47.7% 51.4% 27.7% 21.7% 27.4% 40.0% 30.0% 50.0%

Don’t know 9.8% 14.9% 7.6% 5.6% 5.0% 10.0% 18.8% 31.5% 8.1% 6.7% 20.0% 0.0%

*An ERISA Section 3(16) plan administrator is the fiduciary responsible for overall governance of the plan with the exception of trustee functions. Examples of plan 3(16) plan governance actions include: 1. the authorization of distributions or loans; 2. actions to enforce or interpret the terms of the plan; 3. decisions on claims for benefits or other plan-related decisions.

82


Which of these channels do you use to support formal education and communication campaigns?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Personalized

communications30.3% 21.1% 27.3% 39.7% 46.4% 51.3% 32.7% 19.0% 32.8% 54.8% 54.5% 88.9%

Targeted

communications34.1% 11.6% 28.5% 56.4% 73.2% 79.2% 26.5% 8.6% 22.4% 54.8% 90.9% 88.9%

General

communications72.4% 58.2% 75.6% 85.5% 83.6% 87.3% 69.1% 55.2% 74.6% 90.3% 81.8% 100.0%

Recordkeeper's

participant website55.2% 35.3% 54.0% 74.1% 85.2% 84.7% 46.2% 29.5% 52.2% 64.5% 81.8% 88.9%

Onsite group

meetings52.8% 33.6% 58.2% 66.6% 70.7% 70.8% 43.9% 27.6% 47.8% 67.7% 90.9% 66.7%

Webinars 26.4% 10.7% 21.9% 40.4% 50.5% 66.9% 17.9% 10.5% 11.9% 41.9% 27.3% 55.6%

Videos 12.9% 4.5% 8.8% 21.2% 29.3% 37.3% 11.7% 6.7% 7.5% 29.0% 9.1% 44.4%

Modern/Non-

traditional channels

(i.e., social media,

podcasts, etc.)

3.7% 1.8% 2.1% 5.0% 9.1% 11.4% 4.5% 3.8% 3.0% 3.2% 18.2% 11.1%

Indirect channels

(i.e., in-office

posters, corporate

intranet, etc.)

15.4% 6.7% 13.2% 22.9% 27.1% 38.6% 12.6% 5.7% 14.9% 19.4% 18.2% 44.4%

83


Please indicate your level of agreement with each of the following statements (% “strong agree" or "agree")



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Most of our

employees will

achieve their

retirement goals by

age 65

16.8% 18.0% 14.7% 16.8% 19.2% 18.0% 13.0% 10.6% 16.1% 7.1% 22.2% 25.0%

Our organization

would prefer that

terminated

employees with

material balances

remain in our plan

23.2% 22.3% 20.8% 23.0% 30.2% 30.2% 20.6% 19.8% 22.6% 17.9% 20.0% 25.0%

Our organization

has a responsibility

to improve the

"financial wellness"

of our employees

41.0% 39.5% 39.3% 40.3% 49.7% 45.3% 40.4% 35.3% 48.4% 34.5% 66.7% 25.0%

Our organization

appropriately

documents the

reasoning behind

changes to plan

investments

49.5% 43.4% 50.7% 51.6% 62.2% 50.9% 53.9% 47.7% 55.7% 55.2% 100.0% 50.0%

84


Which of the following measures, if any, do you use to gauge the success of your plan?



>$50MM-$200MM

>$200MM-$1B


>$50MM-$200MM

>$200MM-$1B

$>1B

Participation rates 65.5% 46.6% 69.2% 81.7% 79.8% 86.2% 55.0% 27.6% 67.8% 92.6% 80.0% 100.0%

Deferral rates 51.6% 30.1% 55.0% 68.5% 73.2% 75.1% 42.9% 11.5% 50.8% 92.6% 90.0% 100.0%

% of participants meeting retirement

income goals 7.9% 3.3% 7.1% 15.6% 13.6% 11.6% 7.9% 0.0% 6.8% 25.9% 40.0% 0.0%

% of participant hitting income

replacement ratio9.2% 2.0% 6.9% 17.5% 21.9% 20.4% 5.8% 0.0% 1.7% 18.5% 20.0% 37.5%

% of participants saving to match 21.1% 8.7% 20.1% 33.2% 33.4% 44.0% 16.8% 9.2% 15.3% 40.7% 10.0% 37.5%

% of participants with "appropriate" asset allocations

13.6% 3.2% 10.9% 24.0% 28.5% 35.1% 11.0% 1.1% 8.5% 25.9% 40.0% 50.0%

% participants w/ increased deferrals 9.8% 3.8% 9.9% 16.7% 17.2% 14.7% 9.9% 2.3% 6.8% 29.6% 40.0% 12.5%

% of participants using advice tools 12.2% 3.4% 10.2% 21.3% 25.5% 27.6% 8.9% 2.3% 5.1% 22.2% 30.0% 37.5%

Satisfaction surveys 16.8% 13.4% 17.0% 18.3% 17.9% 26.7% 14.7% 4.6% 20.3% 18.5% 40.0% 37.5%

Plan benchmarking 26.1% 12.3% 26.5% 36.7% 42.1% 46.7% 23.0% 6.9% 23.7% 55.6% 50.0% 50.0%

No success measures 25.6% 43.0% 21.5% 10.8% 13.9% 7.6% 37.2% 63.2% 25.4% 3.7% 0.0% 0.0%

85


For more reports like this one…

If you are interested in seeing a report similar to this one for another industry, or if you would like to see additional topics explored in this report, please contact Brian O’Keefe at (203) 979-3091 or [email protected]

86


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