Micro=<$5mm; Small=$5mm-$50mm; Mid=>$50mm-$200mm; Large=>$200mm-$1b; Mega=>$1b What is the most important consideration for your plan when selecting a QDIA? (% ranked first) All Micro Small Mid Large Mega Low fees Investment transparency Investment allocation Quality of fund/underlying funds Best overall performance Fiduciary risk Participant demographics Other 16.1% 19.3% 14.6% 10.6% 17.0% 16.8% 5.0% 13.7% 5.1% 5.4% 4.3% 6.4% 2.7% 7.9% 12.7% 15.5% 18.6% 31.5% 21.4% 20.1% 21.6% 24.6% 24.5% 17.4% 28.3% 34.0% 30.3% 26.1% 17.6% 14.8% 10.1% 4.2% 1.3% 8.9% 10.1% 11.6% 10.1% 12.8% 3.5% 1.4% 4.1% 1.6% 6.3% 1.0% 4.8% 1.1% 3.4% 0.0% What type of target-date funds does your DC provider/record-keeper offer? All Micro Small Mid Large Mega TDFs composed of funds from one firm (single-manager funds) TDFs composed of funds from multiple firms (multi-manager funds) TDFs composed of funds from plan's current fund lineup (customized funds) Don't know Other TDF types 41.6% 31.0% 40.8% 48.7% 54.6% 62.6% 20.2% 20.9% 19.4% 21.1% 20.1% 20.2% 13.8% 11.5% 14.1% 13.2% 13.9% 22.1% 35.1% 45.9% 33.0% 27.6% 27.3% 20.2% 2.4% 1.2% 2.8% 2.2% 3.6% 4.3% How frequently do you evaluate or benchmark your target-date fund series to determine " best fit " for your participant demographics? All Micro Quarterly Semi-annually Annually Every 2-3 years More than 3 years Not sure Never CO-SPONSORED RESEARCH 17.6% 8.5% 36.7% 10.6% 2.1% 16.3% 8.0% 7.5% 7.5% 39.6% 8.8% 2.8% 22.0% 11.8% Small 18.8% 10.9% 38.7% 9.5% 1.1% 14.2% 6.9% Mid 31.1% 6.1% 30.7% 10.2% 2.0% 15.2% 4.5% Large Mega 27.3% 9.8% 30.2% 13.2% 2.0% 10.7% 6.8% 24.3% 4.7% 33.1% 20.7% 4.1% 9.5% 3.6% 100% 80% 60% 40% 20% 0% 2016 z Every 3 yrs or longer z Every 2-3 yrs z Annually z Semi-annually 2017 z Quarterly z Never z Not sure - Performance - Underlying funds - Low fees - Allocation - Fiduciary risk 30% 25% 20% 15% 10% 5% 2013 2014 2015 2016 2017 50% 40% 30% 20% 10% 0% 2016 z Single-manager funds z Multi-manager funds z Customized funds z Don't know 2017