2020 PLANADVISER Micro Plan Survey How Long Before Participants Are 100% Vested? Costs/Fees Who Pays for Plan's Administrative/Recordkeeping Costs? All Plans <$1mm $1mm-$5mm All Plans <$1mm All Plans l Immediately on enrollment l 1 year or less l 2 years l 3 years l 4 years l 5 years l 6 or more years l Unsure/Don't know DC Providers Length of Relationship With Plan Recordkeeper All Plans <$1mm $1mm-$5mm <$1mm $1mm-$5mm 37% 42% 35% 6% 10% 6% 3% 13% 6% 4% 4% $1mm-$5mm 6% 4% 10% 3% 17% 12% 20% 17% 15% 22% 1% 8% 2% Approximate Average Expense Ratio of Plan Investments All Plans <0.25% (<25 bps12 ) 0.25% - 0.50% (25 bps - 50 bps) >0.50% - 0.75% (51 bps - 75 bps) >0.75% -1.0% (76 bps - 100 bps) >1.0% - 1.5% (101 bps - 150 bps) >1.5% (>150 bps) Unsure/Don't know All Plans l <1 year l 1 year to 3 years l >3 years to 5 years l >5 years to 7 years l >7 years l Unsure/Don't know Frequency of Formal Review of Providers All Plans Annually Every 1 to 2 years Every >2 to 3 years Every >3 to 5 years Every >5 years Unsure/Don't know 12 Basis points. 30 | planadviser.com January-February 2020 <$1mm $1mm-$5mm 64% 56% 69% 9% 9% 6% 2% 9% 6% 3% 2% 10% 25% l Annually 7% 5% 4% 1% 14% l Every 1 to 2 years l Every >2 to 3 years l Every >3 to 5 years l Every >5 years l Unsure/Don't know All Plans <$1mm $1mm-$5mm 74% 67% 10% 7% 6% 2% 1% 3% 0% 1% 74% 10% 4% 1% 1% 7% 23% 10% 3% <$1mm $1mm-$5mm 6% 14% 23% 15% 17% 12% 12% 2% 2% 18% 18% 14% 56% 41% 48% 0% 0% Frequency of Formal Review of Administrative Costs/Fees 18% 15% <$1mm $1mm-$5mm 13% 27% 12% 19% 14% 12% 7% 3% 1% 8% 3% 2% 31% 48% 11% 9% 7% 1% 41% All Plans l Plan, via participants l Employer l Both l Unsure/Don't know <$1mm $1mm-$5mm 48% 17% 29% 31% 51% 13% 15% 8% 17% 45% 13% 13% All Plans <$1mm $1mm-$5mmhttp://www.planadviser.com