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 16.5% 21.4% 14.0% 16.1% 13.4% 13.3% 5.8% 13.8% 7.8% 5.6% 3.3% 4.9% 4.7% 6.1% 13.3% 21.3% 18.0% 27.6% 23.5% 20.0% 26.0% 23.5% 22.7% 25.6% 27.1% 33.6% 28.7% 22.1% 19.6% 10.9% 9.5% 3.4% 0.4% 8.6% 10.1% 2.7% 0% 2.7% 7.7% 14.8% 3.3% 0% 2.7% 4.9% 1.7% What type of target-date funds does your DC provider/recordkeeper offer? Multiple answers possible 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 7.0% 8.5% 2.4% - Low fees - Allocation - Underlying funds - Performance - Fiduciary risk 30% 25% 20% 15% 10% 5% 2014 2015 2016 2017 2018 All Micro Small Mid Large Mega 45.9% 37.2% 45.7% 52.6% 40.0% 60.0% 23.3% 14.0% 32.6% 31.6% 13.3% 20.0% 11.3% 7.0% 15.2% 5.3% 6.7% 30.0% 32.3% 39.5% 28.3% 10.5% 40.0% 30.0% How frequently do you evaluate or benchmark your target-date fund series to determine " best fit " for your participant demographics? All Micro Quarterly Semiannually Annually Every 2-3 years More than every 3 years Not sure Never 18.1% 8.3% 36.7% 10.6% 2.5% 16.8% 7.0% 8.3% 6.4% 39.5% 9.5% 2.6% 22.1% 11.7% Small 19.3% 12.2% 37.0% 8.9% 2.3% 15.0% 5.2% Mid 30.0% 8.6% 30.0% 12.1% 1.2% 13.6% 4.7% Large Mega 31.7% 3.0% 32.3% 14.6% 2.4% 12.2% 3.7% 15.2% 2.3% 40.9% 15.9% 6.1% 15.2% 4.5% 100% 80% 60% 40% 20% 0% 2017 z Quarterly z Semiannually z Annually z Every 2-3 yrs 2018 z More than every 3 years z Not sure z Never 70% 60% 50% 40% 30% 20% 10% 0% 2017 z Single-manager funds z Multi-manager funds 2018 z Customized funds z Don't know CO-SPONSORED RESEARCH