2019 PLANADVISER Micro Plan Survey continued Re-Enrollment Actions Taken in Past 12 - 18 Months Frequency of Formal Review of Investment Options All Plans <$1mm $1mm-$5mm All Plans <$1mm $1mm-$5mm All Plans <$1mm $1mm-$5mm l Quarterly All Plans <$1mm $1mm-$5mm l Re-enrolled employees not participating in the plan (requiring them to opt out again or else be enrolled) l Re-enrolled participants saving below the default deferral rate (thus boosting their deferral rate) l Re-enrolled participants not invested in the default investment (meaning current/ future contributions go into the plan default investment) l Have not re-enrolled any employees/ participants Investments Investment Committee for the DC Plan All Plans <$1mm $1mm-$5mm Internal employees only External non-employees only Employees and non-employees Unsure of composition No investment committee Unsure/Don't know 42% 19% 24% 2% 2% 1% 18% 12% 13% l Twice a year l Annually 11% 5% 4% l Every 1 to 2 years l Every 2 to 3 years l Every >3 years l Never 3% 2% 1% Types of Investment Options Offered All Plans <$1mm $1mm-$5mm 78% 82% 85% Target-date funds Target-risk funds7 Balanced fund(s) Professionally managed account service Money market fund Employer stock Stable value fund Real estate/REITs8 3% 29% 11% 21% 1% 1% 22% 57% 44% 4% 11% 7% Income-Oriented Products/Services Offered All Plans <$1mm $1mm-$5mm 44% 27% 33% 10% 7% 10% 27% 14% 22% 10% 10% 10% 5% 4% 3% 46% 64% 57% 7E.g., growth, conservative. 8Real estate investment trusts. 9 equity. Investment Vehicles Used in DC Plan Mutual funds Separate accounts At retirement: Systematic withdrawal option In plan: Guaranteed monthly income in-plan: Professional managed account service in-plan: No guarantees Out-of-plan: Annuity purchase No income-oriented products Collective investment trusts ETFs10 (outside of brokerage windows) Self-directed brokerage window Mutual fund window Other 10 Exchange-traded funds. All Plans <$1mm $1mm-$5mm 94% 91% 91% 19% 19% 18% 17% 8% 2% 2% 9% 3% 20% 13% 12% 5% 6% 1% 2% 6% 1% E.g., hedge funds, private Alternative investments9 Socially responsible fund(s) 81% 68% 79% 40% 50% 49% 69% 63% 72% 33% 32% 31% 60% 61% 63% 6% 1% 1% 59% 32% 38% 27% 20% 22% 5% 5% 8% 7% 6% 6% 40% 15% 17% 14% 8% 12% 34% 42% 51% 4% 9% 2% 4% 2% 4% 4% 16% 7% 3% 3% 7% 36 | planadviser.com January-February 2019http://www.planadviserdigital.com/planadviser/january_february_2019/TrackLink.action?pageName=36&exitLink=http%3A%2F%2Fplanadviser.com