2015 PLAN BENCHMARKING REPORT - Sentinel … PLAN BENCHMARKING REPORT A summary of overall results from the 2014 PLANSPONSOR Defined Contribution (DC) Survey Report courtesy of Sentinel

For TK use only. Source: PLANSPONSOR Defined Contribution Survey, 2013 0

All data as of November 2013 Updated data available November 2014

403(b) Plans

2015 PLAN BENCHMARKING REPORT A summary of overall results from the 2014 PLANSPONSOR Defined Contribution (DC) Survey Report courtesy of Sentinel Benefits & Financial Group



For use by Sentinel Benefits & Financial Group only. Source: PLANSPONSOR Defined Contribution Survey, 2014

Prepared December 2014 | page 1

Summary of Findings 2

Plan Types and Design Features 6

“Auto” Features 17

Participation and Eligibility 25

Employer Match 30

Plan Investments 39

Retirement Income 47

Fees/Expenses 51

Defined Contribution Providers 59

Advice and Advisers 63

Plan Oversight and Administration 70

Table of Contents





Summary of Findings





About this report The PLANSPONSOR 2014 Defined Contribution (DC) Survey results incorporate the

responses of DC retirement plan sponsors from a broad variety of U.S. industries. Between late June and early September 2014, approximately 50,000 survey questionnaires were sent to DC plan sponsors from the PLANSPONSOR magazine database, as well as to client lists supplied by DC providers; 4,426 total usable responses qualified for inclusion in this report.

Of these 4,426 respondents: • 410 (9.3%) are plans with less than $1 million in DC assets • 967 (21.8%) are plans with $1 million-$5 million • 601 (13.6%) are plans with $5 million-$10 million • 681 (15.4%) are plans with $10 million-$25 million • 487 (11.0%) are plans with $25 million-$50 million • 578 (13.0%) are plans with $50 million -$200 million • 278 (6.3%) are plans with $200 million -$500 million • 155 (3.5%) are plans with $500 million -$1 billion • 269 (6.1%) are plans with more than $1 billion





Overall Rankings: Top 50% industries in key plan areas Participation Rate Average Account Balance Average Deferral Rate Participants with Loans Hardship Withdrawals

1 Labor Unions [89.1%] Law Firm [$181,176] Labor Unions [9.4%] Fortune 1000 [21.3%] Labor Unions [2.49%]

2 Credit Unions [87.9%] Utilities [$129,703] Research & Development [8.3%] Utilities [20.4%] Fortune 1000 [2.25%]

3 Pharmaceuticals [86.3%] Accounting [$120,216] Pharmaceuticals [8.1%] Manufacturing: Consumer [19.8%] Healthcare (not for profit) [2.09%]

4 Utilities [86.3%] Fortune 1000 [$111,550] Aerospace/Defense [7.9%] Chemicals/Mining [19.7%] Aerospace/Defense [1.97%]

5 Accounting [86.2%] Research & Development [$110,071] Education: Higher Ed [7.8%] Automotive: Manufacturing [18.3%] Utilities [1.88%]

6 Insurance/Reinsurance [85.7%] Engineering [$109,294] Accounting [7.8%] Manufacturing: Industrial [18.0%] Manufacturing: Consumer [1.86%]

7 Financial Services [85.6%] Consulting [$108,555] Engineering [7.7%] Telecommunications [17.4%] Automotive: Dealerships/Svc [1.85%]

8 Membership Orgs [84.8%] Financial Services [$107,853] Consulting [7.7%] Insurance/Reinsurance [17.2%] Restaurants/Food Service [1.75%]

9 Consulting [84.6%] Pharmaceuticals [$107,524] Utilities [7.7%] Oil & Gas/Energy [17.1%] Manufacturing: Industrial [1.72%]

10 Engineering [84.2%] Aerospace/Defense [$107,392] Fortune 1000 [7.4%] Hotels/Gaming [16.7%] Oil & Gas/Energy [1.65%]

11 Banking: Commercial [83.3%] Membership Orgs [$102,457] Technology [7.3%] Media/Communications [16.1%] Insurance/Reinsurance [1.61%]

12 Law Firm [83.2%] Architecture [$101,254] Oil & Gas/Energy [7.2%] Distribution [16.0%] Automotive: Manufacturing [1.61%]

13 Telecommunications [82.0%] Chemicals/Mining [$100,939] Govt: City/Municipal [7.2%] Credit Unions [15.5%] Transportation/Airlines [1.59%]

14 Oil & Gas/Energy [81.5%] Oil & Gas/Energy [$98,098] Financial Services [7.2%] Transportation/Airlines [15.5%] Chemicals/Mining [1.58%]

15 Technology [81.4%] Insurance/Reinsurance [$97,866] Insurance/Reinsurance [7.0%] Labor Unions [15.4%] Wholesale [1.48%]

16 Holding Co's/Inv Banking [80.7%] Technology [$94,039] Membership Orgs [7.0%] Aerospace/Defense [15.3%] Education: K-12, Preschool [1.45%]

17 Research/Development [80.6%] Telecommunications [$92,117] Telecommunications [7.0%] Automotive: Dealerships/Svc [15.2%] Healthcare (for profit) [1.44%]

18 Aerospace/Defense [80.2%] Building/Construction [$91,163] Architecture [6.9%] Wholesale [15.2%] Banking: Commercial [1.42%]

19 Agriculture [80.0%] Healthcare (for profit) [$90,297] Govt: County/State/Federal [6.7%] Building/Construction [14.5%] Govt: County/State/Federal [1.40%]

20 Real Estate [79.9%] Education: Higher Ed [$87,867] Business Services [6.6%] Consumer Services [14.2%] Holding Co's/Inv Banking [1.40%]

21 Chemicals/Mining [79.7%] Agriculture [$87,433] Law Firm [6.5%] Retail [14.0%] Consumer Services [1.38%]

22 Fortune 1000 [79.6%] Environmental [$81,939] Chemicals/Mining [6.4%] Banking: Commercial [13.7%] Telecommunications [1.38%]

23 Equipment [79.2%] Labor Unions [$79,664] Real Estate [6.4%] Agriculture [13.6%] Hotels/Gaming [1.37%]

24 Govt: City/Municipal [78.7%] Equipment [$78,909] Media/Communications [6.3%] Govt: City/Municipal [13.4%] Distribution [1.33%]





Overall Rankings: Bottom 50% industries in key plan areas Participation Rate Average Account Balance Average Deferral Rate Participants with Loans Hardship Withdrawals

25 Architecture [78.5%] Real Estate [$78,769] Building/Construction [6.3%] Business Services [12.7%] Govt: City/Municipal [1.29%]

26 Non-Profit Orgs [78.1%] Manufacturing: Industrial [$78,588] Environmental [6.3%] Holding Co's/Inv Banking [12.6%] Building/Construction [1.28%]

27 Environmental [77.2%] Transportation/Airlines [$74,939] Equipment [6.2%] Financial Services [12.5%] Technology [1.26%]

28 Manufacturing: Industrial [77.1%] Advertising/Marketing [$74,829] Manufacturing: Industrial [6.2%] Healthcare (not for profit) [12.4%] Retail [1.26%]

29 Distribution [76.6%] Distribution [$73,309] Transportation/Airlines [6.2%] Law Firms [12.2%] Financial Services [1.26%]

30 Manufacturing: Consumer [76.4%] Wholesale [$72,731] Non-Profit Orgs [6.1%] Environmental [12.1%] Non-Profit Orgs [1.24%]

31 Education: Higher Ed [76.3%] Manufacturing: Consumer [$71,268] Banking: Commercial [6.1%] Research & Development [12.0%] Media/Communications [1.23%]

32 Automotive: Manufacturing [75.9%] Media/Communications [$71,011] Healthcare (for profit) [6.1%] Technology [12.0%] Education: Higher Ed [1.23%]

33 Healthcare (for profit) [75.1%] Holding Co's/Inv Banking [$70,921] Consumer Services [6.1%] Healthcare (for profit) [11.4%] Equipment [1.23%]

34 Business Services [74.0%] Automotive: Manufacturing [$70,813] Holding Co's/Inv Banking [6.1%] Religious Orgs/Social Svcs [11.0%] Religious Orgs/Social Svcs [1.18%]

35 Media/Communications [73.4%] Govt: City/Municipal [$70,674] Education: K-12, Preschool [6.0%] Engineering [10.8%] Real Estate [1.17%]

36 Advertising/Marketing [73.3%] Banking: Commercial [$70,636] Manufacturing: Consumer [6.0%] Membership Orgs/Industry Assns [10.7%] Business Services [1.08%]

37 Healthcare (not for profit) [73.2%] Business Services [$67,836] Credit Unions [5.9%] Pharmaceuticals/Biotech [10.5%] Pharmaceuticals [1.07%]

38 Building/Construction [72.8%] Non-Profit Orgs [$64,576] Healthcare (not for profit) [5.9%] Advertising/Marketing [10.2%] Research & Development [1.06%]

39 Wholesale [72.6%] Consumer Services [$63,411] Automotive: Manufacturing [5.8%] Non-Profit Orgs [9.9%] Agriculture [0.82%]

40 Religious Orgs/Social Svcs [71.1%] Automotive: Dealerships/Svc [$60,941] Agriculture [5.8%] Architecture [9.6%] Membership Orgs [0.77%]

41 Education: K-12, Preschool [70.5%] Credit Unions [$60,840] Wholesale [5.7%] Consulting [9.5%] Accounting [0.73%]

42 Transportation/Airlines [69.9%] Retail [$52,411] Automotive: Dealerships/Svc [5.6%] Accounting [9.2%] Law Firm [0.73%]

43 Consumer Services [66.5%] Govt: County/State/Federal [$50,091] Religious Orgs/Social Svcs [5.5%] Education: Higher Ed [8.9%] Advertising/Marketing [0.69%]

44 Automotive: Dealerships/Svc [66.0%] Healthcare (not for profit) [$46,215] Hotels/Gaming [5.4%] Education: K-12, Pre-School [7.6%] Consulting [0.66%]

45 Govt: County/State/Federal [63.1%] Education: K-12, Preschool [$43,930] Distribution [5.4%] Business Services [12.7%] Credit Unions [0.64%]

46 Retail [62.6%] Hotels/Gaming [$43,586] Retail [5.4%] Holding Co's/Inv Banking [12.6%] Engineering [0.64%]

47 Hotels/Gaming [57.0%] Restaurants/Food Service [$38,467] Advertising/Marketing [5.4%] Financial Services [12.5%] Architecture [0.56%]

48 Restaurants/Food Service [51.3%] Religious Orgs/Social Svcs [$33,875] Restaurants/Food Service [5.1%] Healthcare (not for profit) [12.4%] Environmental [0.54%]





Plan Types and Design Features





What type of DC plan does your organization offer?

Plan Size

Overall <$1MM $1MM -$5MM

$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

401(k) 87.0% 90.8% 92.6% 89.2% 88.0% 48.7% 80.4% 78.3% 80.8% 84.3%

403(b) 10.6% 5.7% 6.0% 8.2% 9.3% 5.5% 15.0% 22.8% 25.2% 13.1%

457 10.2% 2.2% 4.5% 6.7% 7.7% 5.9% 14.7% 25.7% 23.8% 18.4%

Money Purchase 2.9% 1.0% 1.2% 2.5% 2.1% 1.7% 4.1% 7.4% 6.0% 5.2%

Profit Sharing 20.3% 15.3% 21.4% 20.7% 23.5% 13.9% 19.8% 19.9% 20.5% 12.4%

ESOP 3.7% 0.0% 2.0% 3.9% 3.5% 1.7% 5.0% 7.0% 5.3% 9.4%

KSOP 0.6% 0.0% 0.4% 0.8% 0.3% 0.6% 0.5% 1.5% 0.0% 2.6%

Nonqualified Deferred Compensation (NQDC) 9.8% 0.7% 1.8% 1.5% 6.6% 4.6% 14.9% 30.5% 31.1% 39.0%

SEP 0.7% 1.0% 0.2% 0.5% 0.4% 0.8% 0.9% 1.5% 2.0% 0.7%

SIMPLE IRA 0.6% 1.2% 0.0% 0.3% 0.6% 1.1% 0.5% 1.8% 2.0% 0.4%

Other 3.5% 1.2% 1.7% 2.0% 2.7% 2.5% 5.0% 8.5% 8.6% 7.1%





Does your organization offer any of these additional workplace retirement/savings plans?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Defined Benefit Plan (Traditional) 21.9% 13.9% 14.2% 13.5% 16.6% 16.6% 27.9% 39.8% 49.7% 54.0%

Defined Benefit Plan (Cash Balance) 4.5% 0.5% 1.6% 1.5% 2.3% 2.6% 4.1% 11.5% 15.2% 24.5%

Defined Benefit Plan (Hybrid/Other formula) 1.9% 0.8% 0.6% 1.0% 0.8% 1.1% 1.4% 4.1% 6.0% 11.3%

Health Savings Account (HSA) 36.5% 18.4% 28.3% 32.6% 38.1% 38.4% 42.5% 49.8% 51.7% 59.2%

Retiree Health Benefits 10.4% 1.8% 1.2% 3.1% 3.9% 10.4% 16.8% 26.8% 35.8% 44.9%

529 College Savings Plan 7.6% 0.3% 2.4% 6.3% 7.1% 12.3% 13.5% 12.6% 14.6% 10.6%

NONE - Do not offer any of these benefits 43.9% 69.0% 58.6% 53.7% 45.2% 41.5% 27.9% 16.4% 13.9% 11.7%





Do you provide a Roth contribution option?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 54.6% 45.2% 51.0% 53.9% 57.8% 58.1% 54.3% 53.6% 56.8% 65.8%

No 45.4% 54.8% 49.0% 46.1% 42.2% 41.9% 45.7% 46.4% 43.2% 34.2%





Is your DC plan a “Safe Harbor” plan?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 46.9% 57.6% 55.0% 46.4% 48.7% 41.9% 38.7% 43.8% 40.7% 39.5%

No 53.1% 42.4% 45.0% 53.6% 51.3% 58.1% 61.3% 56.2% 59.3% 60.5%





If so, which of the following Safe Harbor matching formulas have you adopted?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Basic matching contribution (100% on first 3%; 50% on

next 2%) 27.3% 31.2% 34.0% 29.6% 21.0% 25.6% 25.9% 25.2% 16.1% 21.6%

Enhanced matching contribution (not to exceed 4%

total contribution) 10.5% 18.1% 9.6% 9.9% 8.5% 11.3% 9.6% 14.0% 12.5% 5.2%

Auto-Enrollment matching contribution (100% of first 1%;

50% of next 5%) 3.9% 1.4% 2.0% 2.3% 4.8% 4.4% 4.1% 9.3% 10.7% 5.2%

Non-elective contribution (guaranteed or flexible option

3%) 23.8% 29.7% 29.9% 24.9% 30.1% 20.0% 17.3% 12.1% 12.5% 9.3%

Other 23.4% 9.4% 12.2% 23.5% 25.4% 26.3% 31.5% 30.8% 33.9% 47.4%

Don't know 11.1% 10.1% 12.2% 9.9% 10.3% 12.5% 11.7% 8.4% 14.3% 11.3%





Does the plan include a loan and/or hardship withdrawal provision?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

A loan provision is included 79.2% 62.7% 74.5% 78.2% 79.4% 84.1% 84.7% 87.9% 83.9% 90.2%

A hardship withdrawal provision is included 88.3% 79.9% 86.9% 88.4% 89.8% 87.7% 92.5% 89.7% 89.9% 91.7%





If loans are offered, what percentage of plan participants have outstanding loans?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Average 14.0% 7.8% 11.8% 12.5% 14.2% 14.7% 15.6% 15.9% 18.3% 20.5%

Median 12.0% 3.0% 10.0% 10.0% 12.6% 12.1% 15.0% 15.0% 18.2% 21.0%





If offered, what percentage of plan participants have made hardship withdrawals in the past year?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Average 1.4% 0.7% 1.0% 1.2% 1.4% 1.4% 1.7% 1.9% 1.9% 2.6%

Median 0.5% 0.0% 0.0% 0.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.7%





Has your plan taken any of the following steps to limit a pre-retirement access to plan assets?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Imposed limits on loan amounts 69.9% 32.5% 62.0% 70.0% 77.1% 77.6% 78.5% 81.3% 71.0% 80.7%

Imposed limits on number of loans 69.4% 27.2% 59.7% 69.7% 75.0% 75.6% 82.1% 82.1% 78.2% 83.8%

Instituted/raised processing charges 14.7% 4.6% 12.1% 10.9% 18.4% 15.5% 16.0% 15.3% 21.0% 26.3%

Enrolled plan in rollover management service 2.5% 4.2% 1.9% 1.5% 3.2% 3.1% 2.3% 2.1% 4.0% 0.9%

Discourage early access in communications 14.1% 9.9% 10.9% 13.5% 15.9% 17.6% 15.0% 12.3% 13.7% 20.6%

No additional steps taken to limit access 19.1% 55.1% 25.9% 18.2% 11.6% 14.2% 10.8% 9.4% 13.7% 9.6%





Does your organization offer participants general education on any of the following financial topics?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Saving & budgeting 34.4% 14.0% 21.6% 28.0% 33.7% 44.7% 43.6% 53.0% 54.4% 59.6%

Investing strategies 51.7% 24.0% 38.6% 48.5% 55.4% 62.6% 63.4% 64.9% 70.5% 71.9%

Managing credit/debt 14.5% 4.0% 6.9% 11.0% 12.6% 17.4% 18.2% 26.1% 30.9% 37.3%

Home buying 7.1% 2.3% 3.9% 5.9% 6.7% 8.6% 7.0% 10.8% 14.8% 20.0%

College saving 11.7% 3.5% 5.0% 9.5% 9.6% 15.7% 13.9% 17.9% 27.5% 31.5%

Social Security options 11.6% 3.5% 5.2% 6.6% 11.7% 14.4% 18.0% 23.1% 24.8% 20.8%

Tax/estate planning 10.5% 4.3% 4.9% 7.1% 8.5% 13.3% 13.0% 20.9% 20.1% 26.9%

Retiree healthcare costs/savings 19.0% 6.5% 11.2% 12.7% 16.8% 23.9% 27.3% 31.3% 35.6% 37.7%

Long-term care 9.0% 3.0% 5.3% 6.1% 7.0% 11.0% 12.5% 13.4% 21.5% 19.6%

No financial education offered 40.3% 71.8% 54.5% 43.6% 37.7% 27.5% 25.7% 23.9% 22.1% 20.8%





“Auto” Features





Do you use automatic enrollment?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 40.0% 17.2% 20.0% 34.3% 45.2% 48.0% 55.4% 60.3% 64.9% 65.2%

No 55.9% 70.2% 71.6% 62.7% 52.9% 50.5% 44.1% 39.0% 34.4% 34.8%

Don't know 4.0% 12.6% 8.4% 3.0% 1.9% 1.5% 0.5% 0.7% 0.7% 0.0%





When you implemented auto enrollment, which employee groups were included in the rollout?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

New / future employees 90.5% 65.7% 88.7% 91.7% 93.0% 93.2% 91.7% 91.7% 90.7% 92.0%

Existing employees not enrolled in plan 30.1% 31.4% 31.5% 28.6% 29.5% 34.0% 30.8% 28.6% 27.9% 30.7%

Employees enrolled in plan but contributing below the default

rate (auto-boost) 14.9% 11.4% 6.5% 15.0% 16.0% 16.3% 17.2% 15.0% 7.0% 13.3%

Employees enrolled in plan but not invested in the QDIA 1.4% 2.9% 0.8% 0.8% 1.5% 1.4% 1.8% 0.8% 0.0% 1.3%

Other 2.9% 8.6% 3.2% 3.0% 1.0% 1.4% 4.1% 3.0% 4.7% 1.3%





Which of the following types of “re-enrollment” did your plan take in the past 12-18 months?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Re-enrolled employees not participating in the plan 11.9% 9.5% 8.4% 11.5% 10.4% 12.7% 17.8% 12.5% 10.2% 8.1%

Re-enrolled participants saving below the default deferral rate 6.7% 6.3% 1.1% 3.0% 6.7% 8.5% 12.2% 6.9% 7.1% 4.6%

Re-enrolled participants not invested in the default

investment 1.5% 1.6% 0.6% 0.5% 2.4% 0.5% 3.0% 0.6% 3.1% 1.2%

We have not attempted to re-enroll any employees/

participants 85.4% 85.7% 91.0% 88.0% 85.5% 84.0% 77.2% 85.6% 87.8% 90.8%





What is the default investment for automatic enrollment?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Retail Target-Date Fund (Active) 35.0% 42.3% 34.0% 33.3% 36.8% 27.3% 43.9% 33.7% 26.7% 29.8%

Retail Target-Date Fund (Indexed) 16.6% 5.8% 5.7% 16.2% 14.4% 18.4% 17.6% 27.9% 24.8% 29.3%

Custom Target-Date Fund 8.9% 0.6% 4.0% 8.1% 11.0% 9.4% 7.9% 11.0% 19.0% 14.4%

Risk-based Lifestyle Fund 5.1% 1.3% 5.0% 4.3% 5.2% 6.1% 5.2% 6.4% 9.5% 4.4%

Balanced Fund 10.5% 9.6% 16.0% 15.4% 11.0% 9.4% 10.3% 5.8% 6.7% 3.3%

Professionally Managed Acct 3.8% 2.6% 2.3% 4.7% 2.5% 6.5% 2.7% 5.2% 3.8% 5.5%

Stable Value Fund / GIC 5.8% 7.7% 9.3% 5.6% 8.6% 6.5% 3.0% 2.3% 2.9% 2.2%

Money Market Fund 4.1% 9.0% 8.7% 4.3% 4.6% 4.5% 1.8% 0.6% 0.0% 1.1%

Other 6.4% 4.5% 6.0% 5.6% 4.9% 9.4% 7.0% 6.4% 4.8% 8.8%





What is the default deferral rate as a percentage of the employee’s salary?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

1% 4.2% 2.6% 12.9% 6.4% 4.9% 2.2% 2.6% 0.6% 2.1% 1.7%

2% 10.0% 11.8% 9.3% 13.4% 13.4% 10.4% 10.6% 9.7% 2.1% 3.4%

3% 43.4% 42.1% 40.7% 42.6% 44.8% 52.6% 45.3% 33.9% 43.3% 38.5%

4% 11.6% 3.9% 10.3% 11.4% 12.1% 9.1% 13.8% 15.2% 11.3% 11.5%

5% 8.7% 7.9% 5.7% 6.4% 6.2% 6.5% 8.4% 15.2% 14.4% 13.8%

6% 12.8% 13.2% 9.3% 8.9% 12.1% 12.2% 10.9% 16.4% 16.5% 20.7%

Other 9.3% 18.4% 11.9% 10.9% 6.5% 7.0% 8.4% 9.1% 10.3% 10.3%





Does your plan offer “auto escalation” (i.e., automatic deferral increases)?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 25.5% 6.5% 8.4% 20.9% 25.6% 31.5% 35.9% 41.1% 47.0% 52.1%

No 67.1% 64.5% 77.7% 73.1% 69.8% 66.1% 62.4% 56.7% 53.0% 46.8%

Don't know 7.4% 29.0% 13.9% 6.1% 4.6% 2.4% 1.6% 2.2% 0.0% 1.1%





Which of the following ranges best matches your organization’s default automatic escalation rate?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Less than 1% 5.8% 10.5% 17.2% 6.0% 5.9% 3.9% 5.6% 1.9% 6.1% 4.8%

Exactly 1% 86.6% 68.4% 77.6% 85.0% 82.9% 89.0% 91.1% 91.7% 86.4% 86.3%

More than 1% 7.6% 21.1% 5.2% 9.0% 11.2% 7.1% 3.4% 6.5% 7.6% 8.9%





Participation and Eligibility





What is the participation rate in your DC plan among eligible employees?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Average 77.2% 72.6% 74.9% 77.9% 77.6% 79.1% 77.5% 80.0% 80.0% 80.8%

Median 83.0% 80.0% 80.0% 83.0% 82.0% 85.0% 84.3% 86.0% 85.0% 87.1%





Average participant account balances

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Average $84,166 $47,794 $81,122 $84,862 $82,357 $90,853 $85,334 $91,819 $95,666 $115,093

Median $65,099 $32,815 $62,940 $70,000 $62,778 $71,024 $69,069 $79,535 $83,941 $106,587





Average contribution/deferral rate among active participants

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Average 6.4% 6.1% 6.2% 6.1% 6.1% 6.5% 6.6% 7.0% 7.5% 7.7%

Median 6.0% 5.0% 5.7% 6.0% 6.0% 6.2% 6.2% 6.6% 7.0% 7.5%





When are full-time employees eligible to participate in the plan?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Immediately upon hire 36.7% 19.8% 17.5% 21.8% 31.4% 38.3% 55.5% 71.6% 76.8% 77.1%

Within 3 months 26.3% 19.6% 25.1% 30.5% 31.2% 34.5% 25.4% 21.8% 16.6% 16.9%

After 4 to 6 months 9.0% 8.9% 12.3% 11.8% 11.0% 8.2% 7.4% 1.8% 0.7% 2.3%

After more than 6 months 28.0% 51.7% 45.2% 35.9% 26.4% 18.9% 11.7% 4.8% 6.0% 3.8%





Employer Match





Does your organization offer a matching contribution* to participant accounts?

* A matching contribution requires a participant contribution that is “matched” by the employer up to some defined limit (i.e., 50% match on first 6% of salary, dollar-for-dollar up to $1000, etc.).

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 71.8% 49.2% 64.4% 69.3% 78.7% 81.3% 75.1% 79.8% 78.4% 85.1%

No 27.7% 48.5% 35.0% 30.4% 21.3% 18.0% 24.9% 20.2% 21.6% 14.4%

Don't know 0.5% 2.3% 0.5% 0.3% 0.0% 0.6% 0.0% 0.0% 0.0% 0.6%





Does your organization offer a non-elective or profit sharing contribution* to participant accounts?

* These contributions generally do NOT require participant contributions.

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 44.4% 32.1% 43.1% 44.8% 49.3% 48.7% 48.5% 44.6% 46.4% 37.9%

No 52.3% 55.8% 53.7% 51.6% 49.3% 49.1% 49.6% 53.0% 52.6% 60.9%

Don't know 3.3% 12.1% 3.2% 3.7% 1.5% 2.2% 1.9% 2.4% 1.0% 1.1%





If you provide a match, please select the option that most closely relates to your match formula:

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

More than 100% of first 6% of salary 7.7% 6.5% 6.3% 7.4% 8.9% 7.2% 5.4% 11.1% 10.7% 11.1%

100% of first 6% of salary 9.6% 8.9% 6.8% 5.4% 9.2% 8.8% 9.7% 13.3% 14.7% 20.1%

51%-99% of first 6% of salary 19.8% 22.0% 21.0% 17.1% 12.4% 16.8% 20.4% 25.2% 30.7% 29.9%

50% of first 6% of salary 27.1% 22.8% 22.2% 26.8% 28.6% 33.2% 33.3% 26.7% 22.7% 19.4%

Less than 50% of first 6% of salary 28.8% 30.1% 36.6% 35.0% 34.9% 26.8% 25.4% 19.3% 17.3% 9.0%

Other 7.0% 9.8% 7.1% 8.2% 6.0% 7.2% 5.7% 4.4% 4.0% 10.4%





If you provide a match, how frequently are matching contributions made to plan participants?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Each pay period 73.9% 70.4% 71.6% 74.5% 70.6% 130.6% 73.7% 81.7% 88.3% 81.9%

Monthly 5.3% 6.6% 7.4% 3.6% 6.1% 7.8% 5.7% 3.0% 2.3% 3.8%

Quarterly 3.1% 1.6% 2.8% 3.6% 3.0% 4.6% 4.3% 2.6% 0.8% 4.6%

Annually 15.9% 19.1% 16.6% 19.1% 18.0% 33.3% 15.2% 10.2% 7.8% 8.0%

Other 1.9% 2.3% 1.6% 2.5% 2.3% 3.2% 1.1% 2.6% 0.8% 1.7%





Does your plan include a provision to “true up” matching contributions*?

* A “true up” match can be used to restore matching contributions “lost” when a participant reaches the annual contribution limit prior to year-end and thus foregoes the opportunity to make additional contributions that would otherwise have been matched. In such situation, a plan may elect to “true up” the employer matching contribution.

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 27.8% 15.5% 17.6% 19.7% 25.0% 29.8% 38.7% 47.9% 41.4% 44.1%

No 56.6% 48.8% 56.5% 62.9% 61.5% 60.1% 54.8% 49.6% 50.8% 49.6%

Don't know 15.6% 35.7% 25.8% 17.4% 13.5% 10.2% 6.5% 2.6% 7.8% 6.3%





What percentage of active participants are deferring enough to take full advantage of the maximum employer match?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

All or nearly all participants (90% or more) 24.7% 35.1% 35.6% 28.6% 20.8% 15.0% 17.0% 16.9% 23.4% 20.0%

Vast majority (75% or more) 25.1% 16.8% 20.0% 22.1% 25.7% 26.4% 29.8% 30.7% 25.8% 37.8%

More than average (>50% but less than 75%) 25.1% 14.1% 16.2% 21.5% 28.7% 28.5% 33.0% 33.3% 32.8% 29.6%

Less than average (>25% but less than 50%) 14.1% 13.4% 13.3% 16.5% 15.3% 18.1% 12.8% 9.1% 12.5% 10.9%

A minority (Between 10% and 25%) 5.7% 8.4% 6.5% 5.4% 4.5% 8.0% 4.8% 6.9% 3.1% 1.3%

Very few (<10%) 5.4% 12.2% 8.3% 5.9% 5.0% 3.9% 2.6% 3.0% 2.3% 0.4%





How long before participants are 100% vested in the match?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Immediately upon enrollment 34.6% 40.9% 28.8% 29.6% 32.0% 33.2% 42.3% 40.3% 38.0% 42.6%

6 months 1.0% 1.5% 1.2% 0.6% 1.1% 0.0% 0.9% 2.1% 1.6% 0.9%

1 year 5.1% 12.4% 4.0% 3.8% 3.5% 4.7% 4.1% 7.2% 8.5% 6.0%

2 years 4.3% 1.9% 2.3% 4.3% 3.9% 2.5% 4.8% 8.5% 7.8% 10.2%

3 years 12.9% 8.1% 10.5% 7.5% 12.1% 15.7% 14.0% 19.9% 20.9% 19.6%

4 years 3.6% 1.9% 3.3% 3.4% 3.5% 4.2% 4.5% 5.5% 3.1% 2.1%

5 years 21.7% 17.0% 27.3% 24.5% 25.5% 23.4% 16.6% 11.4% 15.5% 15.7%

more than 5 years 16.7% 16.2% 22.6% 26.2% 18.3% 16.2% 12.7% 5.1% 4.7% 3.0%





Which of the following actions relating to the match has your organization taken in the past 3 years?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Increased matching contribution 11.9% 6.5% 10.3% 9.8% 13.7% 12.1% 14.0% 13.6% 12.4% 16.2%

Decreased matching contribution 3.1% 1.9% 2.5% 4.1% 2.8% 3.8% 2.6% 5.5% 3.1% 3.0%

“Stretched” matching contribution (i.e., was 100% on first 3%; now 50% on first 6%)

1.4% 0.0% 0.8% 2.1% 1.4% 1.8% 1.1% 3.0% 1.6% 1.3%

Changed match frequency 2.9% 1.9% 1.0% 2.3% 2.8% 2.5% 4.8% 5.5% 3.9% 4.7%

Suspended match 3.2% 4.6% 3.7% 4.3% 5.0% 2.3% 1.3% 1.7% 0.8% 1.3%

None: Have made no changes to match in past 3 years 80.6% 87.0% 83.3% 81.0% 78.1% 80.4% 79.7% 75.7% 79.8% 76.6%





Plan Investments





Do you currently offer any of the following types of investment options in your plan?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Target-date funds 69.8% 48.2% 60.3% 71.5% 72.5% 69.2% 76.5% 83.3% 78.9% 86.3%

Target-risk funds (i.e., "growth,” "conservative," etc.) 39.5% 50.3% 50.2% 48.8% 40.7% 32.6% 30.9% 31.4% 26.5% 12.5%

Balanced funds 73.1% 64.6% 75.6% 78.9% 77.4% 75.3% 72.1% 66.7% 71.4% 59.0%

Money Market Fund 63.5% 62.2% 66.8% 68.6% 61.5% 62.3% 62.9% 64.7% 57.8% 53.9%

Employer Stock 7.7% 1.5% 1.3% 2.9% 2.4% 4.8% 8.3% 17.1% 28.6% 43.4%

Stable Value Fund 59.7% 25.3% 43.7% 60.8% 65.1% 66.4% 73.2% 76.0% 79.6% 73.4%

Real Estate/REITS 27.8% 17.7% 24.9% 24.3% 32.5% 28.3% 32.7% 36.0% 29.9% 26.2%

Alternative Investments (hedge funds, private equity, etc.) 4.8% 5.2% 4.6% 6.5% 4.1% 4.1% 5.3% 4.3% 4.1% 4.3%

Socially Responsible Funds 11.3% 9.8% 8.9% 9.6% 11.2% 10.0% 13.6% 14.7% 21.1% 13.7%





Have you considered building a customized target-date series for your plan?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes--considering 13.0% 7.5% 7.8% 9.8% 11.9% 10.6% 14.3% 19.7% 21.5% 29.1%

No--have not considered 77.0% 87.1% 84.7% 79.1% 78.8% 80.3% 74.2% 71.1% 67.7% 54.3%

Already in place 10.0% 5.4% 7.6% 11.0% 9.3% 9.1% 11.5% 9.2% 10.8% 16.6%





Do you offer a professionally managed account to participants as an investment option?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 35.6% 39.0% 36.0% 29.8% 31.9% 16.9% 32.5% 35.7% 45.6% 48.8%

No 64.4% 61.0% 64.0% 70.2% 68.1% 83.1% 67.5% 64.3% 54.4% 51.2%





How many investment options are offered in your defined contribution plan?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Average 20.6 23.2 22.1 21.8 20.3 20.1 19.3 19.4 19.3 16.8

Median 19.0 24.0 20.0 20.0 19.0 18.0 18.0 18.0 17.0 15.0





What is the average number of investment options held by your DC plan participants?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Average 5.1 4.6 5.8 5.3 5.2 5.3 5.0 4.6 4.5 4.0

Median 4.0 4.0 5.0 4.0 4.4 4.8 4.0 4.0 4.0 4.0





Which investment vehicles is your organization currently using in its DC plan?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Mutual Funds 92.3% 88.3% 90.5% 91.3% 94.8% 93.1% 96.8% 94.9% 97.2% 83.9%

Separate Accounts 22.0% 19.5% 23.6% 22.1% 20.2% 18.4% 15.1% 19.9% 23.4% 46.3%

Collective Investment Trust 14.9% 8.7% 8.7% 8.5% 8.2% 10.1% 14.5% 24.2% 40.0% 58.4%

ETFs (outside of brokerage windows) 7.1% 12.0% 9.7% 7.5% 7.3% 4.6% 3.6% 5.1% 2.1% 7.1%

Self-directed Brokerage Window 18.3% 3.3% 8.8% 11.9% 13.5% 19.4% 26.4% 32.8% 42.1% 47.5%

Mutual Fund Window 4.5% 3.9% 5.0% 3.0% 4.2% 3.5% 4.7% 4.7% 3.4% 8.6%

Other 5.1% 4.8% 4.8% 4.7% 3.4% 4.6% 3.6% 9.4% 13.1% 7.1%





How often do you formally review the investment options?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Monthly 1.1% 1.3% 1.1% 0.3% 0.6% 1.5% 0.7% 2.2% 1.4% 2.7%

Quarterly 31.7% 9.3% 16.0% 20.1% 35.1% 42.3% 50.4% 50.4% 49.0% 49.8%

Twice a year 13.9% 8.0% 11.1% 18.0% 17.6% 18.9% 15.2% 11.6% 9.0% 7.8%

Annually 40.3% 44.1% 53.5% 49.0% 39.8% 29.7% 27.5% 30.6% 32.4% 30.2%

Every 1-2 years 4.4% 9.8% 5.6% 3.5% 3.5% 2.8% 2.9% 1.1% 6.2% 4.7%

Every 2-3 years 2.2% 4.3% 2.5% 3.1% 0.9% 2.0% 1.3% 2.2% 0.0% 2.7%

Every 3+ years 1.8% 3.2% 2.8% 2.2% 0.6% 1.7% 1.1% 0.7% 1.4% 1.6%

Never 4.6% 19.9% 7.5% 3.8% 1.8% 1.1% 0.9% 1.1% 0.7% 0.4%





Retirement Income





Which (if any) retirement income-oriented products/services do you offer in your plan?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

In-plan income products that guarantee monthly income 9.1% 6.6% 6.6% 11.1% 8.6% 8.5% 10.2% 11.8% 15.6% 11.0%

In-plan income products that guarantee a base benefit 4.0% 3.7% 3.3% 5.1% 3.2% 3.5% 3.8% 6.3% 7.1% 3.5%

In-plan income NOT offering guarantees 8.2% 5.5% 7.2% 7.1% 6.5% 8.3% 7.5% 13.7% 14.2% 14.1%

Out of plan annuity purchase/bidding service 4.7% 1.4% 3.0% 3.8% 3.0% 4.8% 4.4% 7.8% 9.2% 16.1%

Don't know 33.1% 52.3% 46.2% 38.3% 31.9% 31.3% 22.1% 17.6% 7.8% 7.8%

No income products offered 47.2% 34.2% 38.7% 42.4% 51.7% 47.5% 57.8% 54.9% 59.6% 57.3%





If you do not currently offer retirement income products, are you planning to in the future?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes: We expect to offer in the next 12-24 months 2.3% 0.9% 0.9% 3.0% 0.6% 3.8% 2.0% 4.2% 5.9% 4.0%

Maybe: We are considering it 20.3% 10.3% 12.3% 14.7% 19.2% 18.0% 24.1% 29.6% 25.9% 40.0%

No: We have researched income products and decided

not to add 8.8% 8.5% 7.9% 7.3% 6.7% 5.7% 10.9% 12.7% 8.2% 14.7%

No: We have NOT researched income products and have no

plans to 42.5% 57.3% 46.6% 46.6% 46.3% 45.0% 41.3% 28.2% 44.7% 18.7%

Don't know 26.2% 23.1% 32.3% 28.4% 27.1% 27.5% 21.8% 25.4% 15.3% 22.7%





Does your defined contribution plan design allow for systematic withdrawals* at retirement?

* Systematic withdrawals (vs. lump sum or partial distributions) allow participants to schedule a series of recurring payments, thus creating a predictable stream of retirement income.

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 55.7% 38.6% 48.4% 56.7% 58.5% 58.5% 57.8% 67.3% 60.6% 64.7%

No 23.9% 13.6% 19.4% 20.0% 24.4% 27.5% 29.8% 28.1% 32.4% 29.5%

Don't know 20.3% 47.8% 32.2% 23.3% 17.1% 14.1% 12.4% 4.6% 7.0% 5.8%





Fees/Expenses





What is the approximate average asset-weighted expense ratio of all investment options in your plan?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Less than 0.25% (<25 bps) 9.2% 7.7% 5.8% 5.6% 7.1% 9.3% 10.3% 13.1% 13.3% 28.3%

0.25%-.50% (25-50 bps) 16.7% 9.3% 11.2% 10.8% 12.8% 15.0% 21.0% 29.6% 37.1% 39.5%

0.51%-.75% (51-75 bps) 15.7% 2.6% 9.4% 11.5% 13.5% 20.2% 28.5% 33.1% 23.1% 15.5%

0.76%-1% (76-100 bps) 15.2% 5.6% 11.1% 22.2% 26.5% 22.7% 14.9% 6.5% 7.0% 1.6%

1.01%-1.50% (101-150 bps) 7.1% 6.1% 11.7% 12.2% 9.1% 4.1% 1.8% 1.2% 0.7% 1.9%

1.51%-2.00% (151-200 bps) 0.9% 2.6% 1.5% 1.2% 0.3% 0.7% 0.2% 0.0% 0.0% 0.0%

2.01%-2.50% (201-250 bps) 0.1% 0.5% 0.2% 0.0% 0.0% 0.2% 0.0% 0.0% 0.7% 0.0%

More than 2.50% (more than 250 bps) 0.1% 0.3% 0.0% 0.0% 0.2% 0.0% 0.2% 0.0% 0.0% 0.0%

Don't know 34.8% 65.1% 49.1% 36.2% 30.2% 27.5% 22.5% 16.5% 18.2% 13.2%





Does your organization/plan have a policy to address fee equalization?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes, a policy is in place 12.9% 6.6% 10.1% 10.8% 11.6% 15.4% 17.7% 17.9% 17.1% 18.5%

No, but we plan to implement in the next year 3.6% 2.1% 2.2% 2.3% 2.8% 5.6% 4.4% 6.1% 8.9% 5.9%

No, but we may develop one in future 13.7% 7.7% 10.4% 12.3% 14.1% 14.5% 17.3% 20.9% 20.5% 15.7%

No, and no plans to 27.0% 33.9% 28.2% 28.0% 27.6% 23.5% 27.7% 19.0% 20.5% 25.2%

Don't know 42.8% 49.7% 49.1% 46.7% 43.9% 40.9% 33.0% 36.1% 32.9% 34.6%





Does your plan employ an “ERISA account” or “plan expense reimbursement account”?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 34.5% 16.8% 21.6% 24.6% 32.0% 39.1% 52.3% 58.1% 62.1% 50.6%

No 35.0% 45.5% 39.5% 34.6% 35.7% 33.0% 28.2% 25.7% 26.4% 35.6%

Don't know 30.4% 37.7% 38.9% 40.8% 32.3% 27.9% 19.5% 16.2% 11.4% 13.8%





For the prior plan year, did you calculate the total fees paid to your DC provider/recordkeeper?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 51.4% 30.0% 39.3% 42.5% 54.6% 53.4% 62.8% 70.0% 74.8% 78.9%

No 28.9% 44.1% 39.3% 35.9% 24.8% 29.4% 20.0% 14.1% 12.9% 7.0%

Don't know 19.6% 25.8% 21.5% 21.6% 20.7% 17.2% 17.1% 16.0% 12.2% 14.1%





If you recently calculated your admin fees, have you benchmarked those fees against similar plans?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 68.5% 50.8% 63.4% 63.9% 68.2% 71.4% 73.9% 76.5% 69.6% 73.3%

No 27.7% 45.8% 33.6% 32.5% 28.5% 26.1% 22.1% 18.2% 25.9% 19.4%

Don't know 3.9% 3.4% 3.0% 3.5% 3.3% 2.4% 4.0% 5.3% 4.5% 7.3%





Who pays for the plan’s administrative/ recordkeeping costs?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Participants - Fees paid via fixed costs billed to participant

accounts 20.7% 9.2% 16.4% 20.8% 21.5% 24.6% 20.4% 24.4% 26.4% 38.1%

Shared Responsibility - Participants are charged some

fees directly while our organization covers other

expenses directly

20.6% 15.7% 17.7% 21.3% 22.2% 24.2% 21.5% 18.0% 26.4% 23.0%

Our organization - All fees paid exclusively by our company 36.4% 54.1% 44.3% 36.5% 33.4% 31.2% 32.1% 31.6% 20.9% 21.4%

Not applicable - All plan fees are paid via revenue sharing 12.0% 5.2% 8.2% 9.5% 11.6% 12.3% 18.1% 19.9% 24.3% 13.6%

Don't know 10.3% 15.7% 13.4% 11.9% 11.2% 7.7% 7.9% 6.0% 2.0% 3.9%





How often do you formally review actual administrative costs/fees?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Annually 70.5% 61.9% 68.3% 71.8% 77.4% 71.1% 70.5% 71.6% 66.9% 70.5%

Every 1-2 years 8.9% 8.3% 10.1% 8.8% 6.6% 9.4% 10.0% 6.3% 10.8% 9.3%

Every 2-3 years 7.0% 6.2% 5.6% 6.7% 5.6% 6.6% 9.5% 10.4% 14.2% 6.2%

Every 3-5 years 3.6% 2.1% 2.8% 3.3% 3.6% 4.6% 3.8% 4.1% 4.7% 7.0%

Every 5+ years 1.5% 2.3% 1.3% 1.0% 1.2% 2.0% 1.8% 2.6% 0.7% 0.8%

Don't know 8.4% 19.2% 12.0% 8.3% 5.6% 6.4% 4.5% 4.9% 2.7% 6.2%





Defined Contribution Providers





For how long has your organization used your DC provider?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Less than 1 year 3.3% 4.0% 2.5% 3.2% 4.1% 2.7% 2.4% 5.0% 3.3% 3.7%

More than 1 year but less than 3 years 14.6% 30.7% 18.0% 15.1% 15.2% 10.2% 9.6% 6.8% 7.2% 7.1%

More than 3 years but less than 5 years 14.0% 16.3% 15.6% 13.9% 15.1% 16.0% 13.1% 9.7% 5.9% 10.4%

More than 5 years but less than 7 years 13.0% 13.1% 15.4% 13.4% 12.9% 13.8% 12.2% 10.8% 13.2% 7.1%

More than 7 years 52.6% 30.2% 44.9% 52.4% 50.8% 55.8% 61.3% 65.8% 69.7% 70.3%

Don't Know 2.5% 5.7% 3.6% 2.0% 1.9% 1.5% 1.4% 1.8% 0.7% 1.5%





What role does your recordkeeping provider play in producing your plan’s 5500 form?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Delivers signature- ready Form 5500 documents 68.1% 67.6% 74.9% 77.3% 71.4% 70.2% 63.8% 57.2% 52.7% 40.8%

Supplies data needed to complete Form 5500

documents, but document is prepared by others

20.0% 18.5% 14.5% 14.4% 18.8% 19.3% 22.8% 27.9% 26.7% 40.8%

Not involved: Form 5500 is completed using other

providers 5.8% 9.0% 7.4% 4.1% 5.5% 4.3% 4.9% 3.7% 6.2% 5.1%

Not applicable: we are not required to complete a 5500 6.2% 4.9% 3.1% 4.3% 4.4% 6.1% 8.5% 11.2% 14.4% 13.3%





How often do you formally evaluate your DC provider?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Annually 57.8% 58.7% 62.5% 66.0% 60.2% 55.3% 50.3% 49.4% 41.7% 53.6%

Every 1 to <2 years 9.4% 11.2% 12.0% 8.4% 8.6% 10.4% 8.6% 8.5% 4.6% 4.9%

Every 2 to <3 years 9.8% 6.2% 8.4% 9.1% 10.5% 9.8% 14.1% 11.1% 13.2% 7.5%

Every 3 to <5 years 9.4% 2.5% 3.9% 5.2% 9.7% 11.1% 14.6% 16.2% 23.8% 18.9%

Every 5+ years 4.1% 1.2% 1.7% 1.9% 4.0% 6.2% 6.6% 7.0% 8.6% 7.5%

Don't know 9.6% 20.1% 11.6% 9.3% 7.0% 7.2% 5.9% 7.7% 7.9% 7.5%





Advice and Advisers





Does your plan use the services of a financial adviser or institutional retirement plan consultant?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 61.7% 43.7% 55.4% 56.6% 62.1% 66.7% 74.9% 70.6% 72.3% 68.2%

No 37.5% 52.5% 43.3% 43.1% 37.9% 32.7% 25.1% 29.4% 27.7% 31.8%





What is the adviser’s fee arrangement?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

% of plan assets (bps) 42.8% 43.3% 52.4% 58.4% 55.8% 49.7% 31.9% 19.1% 16.3% 13.1%

Per participant 3.3% 4.3% 4.2% 2.5% 3.8% 3.7% 1.9% 3.7% 1.0% 4.0%

Project-based 4.0% 1.8% 1.8% 1.6% 3.0% 2.3% 5.3% 5.9% 11.5% 11.9%

Monthly/ Annual retainer 26.5% 6.1% 7.6% 7.5% 16.0% 27.0% 46.3% 58.5% 64.4% 54.0%

Performance (investments) 1.3% 3.0% 1.4% 0.9% 2.0% 1.3% 0.5% 0.5% 1.0% 1.1%

Performance (participation) 0.2% 0.0% 0.2% 0.3% 0.5% 0.3% 0.0% 0.5% 0.0% 0.0%

Don’t know 20.9% 42.7% 31.0% 26.7% 17.5% 14.0% 12.7% 11.7% 9.6% 15.3%

Other 5.5% 3.0% 5.0% 5.0% 5.8% 7.7% 6.0% 3.2% 4.8% 7.4%





For the prior plan year, did you calculate the actual fees your plan paid to your adviser?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 50.9% 26.2% 33.8% 41.0% 52.4% 57.7% 63.4% 65.6% 70.9% 70.6%

No 34.1% 53.7% 51.2% 40.1% 33.4% 30.2% 23.2% 21.5% 17.5% 12.4%

Don't know 15.0% 20.1% 15.0% 18.9% 14.2% 12.1% 13.3% 12.9% 11.7% 16.9%





Is your plan adviser a fiduciary to the plan?*

*Note: A 3(21) fiduciary status relates to fiduciary roles lacking discretion while 3(38) fiduciary roles afford the adviser discretion over investment decisions.

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes – 3(21) and 3(38) fiduciary 15.4% 11.6% 10.0% 12.0% 20.1% 19.3% 19.8% 15.8% 15.7% 12.8%

Yes – 3(21) fiduciary only 25.8% 11.0% 13.1% 18.3% 25.6% 26.5% 34.3% 42.6% 41.7% 42.8%

Yes – 3(38) fiduciary only 5.4% 5.2% 6.9% 5.7% 6.5% 3.6% 5.5% 4.7% 2.8% 3.9%

No 27.9% 26.7% 36.5% 37.7% 25.1% 25.5% 22.1% 18.4% 23.1% 23.9%

Don't Know 25.4% 45.3% 33.4% 26.3% 22.7% 25.2% 18.3% 18.4% 16.7% 16.7%





What type(s) of services does the financial adviser or consultant provide?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Review of fund performance 94.3% 86.8% 91.8% 92.6% 97.8% 96.4% 95.7% 97.4% 94.3% 93.2%

Investment selection guidance 91.8% 85.0% 88.4% 90.8% 93.4% 95.1% 93.8% 94.2% 93.4% 93.2%

Provider selection/due diligence 65.8% 55.1% 60.3% 60.7% 73.8% 72.5% 69.5% 74.1% 67.0% 53.1%

IPS review and monitoring 63.1% 35.9% 48.7% 57.1% 67.4% 71.5% 74.3% 79.4% 73.6% 67.2%

Provider fee analysis 79.0% 68.9% 74.1% 76.1% 85.3% 80.7% 83.1% 84.7% 82.1% 73.4%

Plan benchmarking 65.8% 41.9% 55.5% 64.1% 73.0% 68.2% 74.5% 73.0% 78.3% 63.8%

Plan education programs 50.2% 47.9% 56.1% 62.0% 61.3% 60.7% 46.9% 30.7% 28.3% 13.0%

One-on-one participant education 51.6% 69.5% 70.3% 75.8% 64.5% 57.0% 32.1% 17.5% 10.4% 5.6%

Group participant education 55.2% 61.1% 73.9% 77.3% 70.1% 63.9% 40.2% 19.0% 12.3% 6.8%

Review of funds with committee or internal plan administrator 76.5% 43.7% 60.5% 74.5% 85.5% 86.9% 87.1% 86.2% 83.0% 80.2%

Technical help with corporate transactions impacting the plan 31.2% 37.7% 32.7% 35.0% 34.1% 31.1% 26.7% 31.7% 25.5% 20.9%

Plan compliance review 47.0% 47.3% 48.1% 52.5% 53.4% 50.5% 45.7% 41.3% 34.9% 27.7%





Is financial/investment advice offered to participants in your DC plan?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes, through a financial adviser outside the plan 34.5% 36.9% 43.6% 43.7% 37.0% 38.5% 26.1% 19.2% 13.3% 9.1%

Yes, using a 3rd party (i.e., Financial Engines,

Morningstar, etc.) independent of our recordkeeper

19.3% 10.6% 16.0% 15.6% 17.9% 21.5% 19.6% 23.0% 30.7% 41.7%

Yes, using proprietary services/ tools offered through our DC

provider's website/call center/etc.

29.6% 12.3% 21.8% 29.4% 32.9% 35.9% 37.3% 44.5% 33.3% 32.2%

Yes, through another source 4.2% 2.8% 4.8% 5.9% 4.4% 4.1% 3.6% 4.2% 2.0% 2.3%

Total "Yes" 70.4% 57.5% 72.5% 75.6% 73.8% 74.2% 66.8% 71.3% 64.7% 64.4%

No 29.6% 42.5% 27.5% 24.4% 26.2% 25.8% 33.2% 28.7% 35.3% 35.6%





Plan Oversight and Administration





Does your organization have an investment committee for the DC plan?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes - committee includes only internal employees 42.6% 13.4% 29.5% 39.8% 47.8% 52.9% 54.5% 56.1% 55.3% 63.6%

Yes - committee includes only people external to our

company 1.9% 1.5% 1.8% 1.4% 2.4% 1.9% 0.7% 3.0% 4.0% 3.0%

Yes - committee includes a mix of internal and external people 27.8% 7.3% 21.0% 28.7% 36.2% 33.6% 36.3% 30.5% 32.7% 25.8%

Yes - but unsure of composition of investment

committee 1.4% 1.0% 1.8% 1.4% 1.0% 1.3% 1.1% 2.6% 1.3% 1.5%

No investment committee 21.1% 63.4% 37.9% 21.8% 9.5% 7.1% 5.9% 6.7% 6.0% 4.2%

Don't know 5.2% 13.4% 8.0% 7.0% 3.0% 3.2% 1.6% 1.1% 0.7% 1.9%





Do you have a written investment policy statement (IPS) for the DC plan?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 64.7% 31.8% 48.5% 57.7% 69.4% 78.1% 81.5% 83.6% 83.2% 86.2%

No 16.3% 27.2% 20.5% 21.6% 15.8% 11.7% 10.0% 8.2% 11.4% 5.4%

Don't know 19.1% 41.0% 31.0% 20.7% 14.8% 10.2% 8.4% 8.2% 5.4% 8.4%





If you have an IPS, does it specifically cover target-date funds and their underlying funds?

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Yes 55.7% 38.6% 48.4% 56.7% 58.5% 58.5% 57.8% 67.3% 60.6% 64.7%

No 23.9% 13.6% 19.4% 20.0% 24.4% 27.5% 29.8% 28.1% 32.4% 29.5%

Don't know 20.3% 47.8% 32.2% 23.3% 17.1% 14.1% 12.4% 4.6% 7.0% 5.8%





How many Responsible Plan Fiduciaries (RPFs) does your plan have, as defined by regulation 408(b)(2)?*

* Note: 408(b)2 defined a RPF as “a fiduciary with authority to cause the covered plan to enter into, or extend or renew, the contract or arrangement.” In other words, it is the person or committee who has the power to hire and fire the particular service provider, e.g., the broker-dealer, recordkeeper or RIA.

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

One person 20.2% 34.2% 26.5% 19.1% 16.4% 11.5% 13.7% 14.4% 15.5% 25.3%

2-3 people 33.9% 28.8% 44.8% 45.2% 35.4% 32.1% 24.3% 20.5% 20.9% 17.6%

3-5 people 20.0% 4.1% 10.2% 14.6% 28.9% 29.9% 29.0% 31.1% 25.7% 17.6%

More than 5 people 11.6% 1.3% 2.0% 6.5% 10.7% 16.3% 22.7% 23.1% 22.3% 26.4%

Don't know 14.3% 31.6% 16.5% 14.6% 8.6% 10.2% 10.4% 11.0% 15.5% 13.0%





Please indicate your level of agreement with the following statement: “Most of our employees will achieve their retirement goals by age 65”

Plan Size


$5MM -$10MM

$10MM -$25MM

$25MM -$50MM

$50MM -$200MM

$200MM -$500MM

$500MM -$1B >$1B

Agree 8.8% 10.8% 8.9% 7.5% 7.6% 7.7% 9.6% 7.0% 13.0% 11.6%

Slightly Agree 20.4% 19.6% 18.5% 19.2% 19.3% 19.5% 22.3% 16.5% 29.3% 25.2%

Undecided 22.2% 24.1% 25.3% 25.5% 21.3% 18.1% 18.1% 26.6% 19.6% 22.6%

Slightly Disagree 28.2% 23.4% 27.2% 25.8% 29.2% 31.7% 29.7% 35.4% 18.5% 27.7%

Disagree 20.3% 22.2% 20.0% 21.9% 22.6% 23.0% 20.3% 14.6% 19.6% 12.9%





For more reports like this one…

If you would be interested in seeing a report similar to this one for another industry, or if you would like to see additional topics explored in this report, please contact Brian O’Keefe at (203) 979-3091 or [email protected].

mailto:[email protected]





2015 PLANSPONSOR Industry Reports currently available include:

• 403(b) plans • 457 plans • Accounting/CPA Firm/Financial Planning • Advertising/Marketing/Printing • Aerospace/Defense • Agriculture • Architecture • Automotive Dealerships/Service • Automotive Manufacturing/Parts • Banking: Commercial/Retail • Building/Construction/Contracting • Business Services/Staffing • Chemicals • Consulting • Consumer Services • Credit Unions • Distribution/Manufacturer's Rep/Import/Export • Education: Higher Ed • Education: K12/Preschool/Daycare • Engineering • Environmental, Recycling, Remediation, Testing, Consulting • Equipment Sales/Leasing/Service • Financial Services • Fortune 1000 • Government/Public Works: City/Municipal

• Government/Public Works: County, State and Federal • Healthcare Organizations (for profit) • Healthcare Organizations (not for profit) • Hotels/Gaming/Entertainment/Hospitality/Travel • Insurance/Reinsurance • Investment Banking/Holding Companies • Labor Unions • Law Firms • Manufacturing: Consumer Products • Manufacturing: Industrial Products • Media/Communications/Publishing • Membership Organizations/Industry Associations • Nonprofit Organizations/Endowments/Foundations • Oil & Gas/Energy/Mining • Pharmaceuticals • Real Estate Management, Investment and Development • Religious Organizations/Social Services • Research & Development • Restaurants/Food Service • Retail • Technology/Computers/Software • Telecommunications • Transportation/Airlines • Utilities • Wholesale

For information on any of these reports, or to see additional topics explored in future report, please contact Brian O’Keefe at (203) 979-3091 or [email protected].

mailto:[email protected]

Documents

2015 PLAN BENCHMARKING REPORT - Sentinel … PLAN BENCHMARKING REPORT A summary of overall results from the 2014 PLANSPONSOR Defined Contribution (DC) Survey Report courtesy of Sentinel