Financial Education Offered by Employers All Plans 48% 42% 40% <$1mm $1mm-$5mm Saving strategies/prioritization Financial markets/Investing basics Budgeting Rolling over past balances into the plan Rollover options for separating employees Retirement health care costs/savings options Social Security withdrawal options/strategies Credit/Debt management College saving Tax/Estate planning Student loans Home buying Adviser Fiduciary Status 22% 32% 22% 29% 19% 25% 36% 20% 29% 32% 15% 26% 29% 13% 19% 26% 10% 15% 25% Plan Design Plan Design Elements All Plans Loan provision Roth feature Investment policy statement Safe harbor 11% 14% 23% 12% 13% 23% 11% 13% 15% 14% 3% 6% 7% 8% <$1mm All Plans $1mm-$5mm Automatic enrollment Fee equalization policy Automatic escalation Participation Eligibility 82% <$1mm $1mm-$5mm 77% 63% 70% 44% 69% 75% 72% 52% 56% 69% 68% 48% 42% 40% 26% 26% 22% 31% 13% 18% All Plans <$1mm All Plans $1mm-$5mm All Plans l 3(21) fiduciary l 3(38) fiduciary l Adviser is not a plan fiduciary l Have both a 3(21) and a 3(38) adviser l Unsure/Don't know 40% <$1mm $1mm-$5mm 21% 25% 19% 19% 18% 10% 13% 13% 2% 1% 29% 45% Does Your Plan Employ a Third Party as a 3(16) Fiduciary? 2% 41% l Immediately upon hire l Within 3 months of hire l Within 4 - 11 months of hire l At 1 year from date of hire l After 1 year from date of hire Automatic Features Auto-Enrollment Default Deferral Rate <$1mm $1mm-$5mm 37% 20% 20% 31% 21% 24% 12% 17% 17% 19% 38% 1% 2% 37% 2% <$1mm $1mm-$5mm All Plans All Plans All Plans l Yes, limited scope7 l Yes, broad scope8 l No l Unsure/Don't know <$1mm $1mm-$5mm 34% 29% 31% 23% 19% 24% 34% 28% 32% 9% l <3% l 3% 24% 12% l >3% - 5% l >5% <$1mm All Plans 10% 40% $1mm-$5mm <$1mm $1mm-$5mm 9% 13% 36% 47% 24% 32% 17% 23% 19% 15% 7 The third party has only limited-scope acceptance of some, vs. all, of the functions of the plan administrator; responsibility for actions outside of this scope is retained by plan officials. 8 The third party has broad-scope acceptance of the administrator role, including to be named as the plan administrator in the plan document. planadviser.com January-February 2020 | 27http://www.planadviser.com