regulatory & compliance | analysis Sponsor formally reviews actual administrative costs/fees ... Annually Every 1-2 years Every 2-3 years Every 4-5 years Every >5 years Unsure / Don't know 70.5% 11.6% 8.0% 2.1% 1.2% 6.7% Sponsor formally reviews the investment options ... Quarterly Twice a year Annually Every 1-2 years Every 2-3 years Every >3 years Unsure / Don't know 42.7% 13.3% 31.3% 4.5% 0.1% 0.0% 8.1% Sponsor has a written investment policy statement (IPS) for the DC plan§ l Yes l No l Unsure / Don't know Sponsor calculated, in the past year, the fees it paid to the plan adviser 69.4% l Yes 13.4% l No 17.2% l Unsure / Don't know Sponsor's IPS addresses target-date funds (TDFs) and their underlying funds 55.9% l Yes 26.9% l No 17.1% l Unsure / Don't know 67.3% 15.3% 17.4% Sponsor or plan committee members had formal fiduciary training between 2017 and 2019 l Yes l No l Unsure / Don't know 44.1% 37.6% 18.3% §The IPS is a separate document from the summary plan description (SPD) and outlines procedures for evaluating investment options. 34 | planadviser.com January-February 2021http://www.planadviser.com