Annual Program Review August 2021 - Data.treasury.ri.gov

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Rhode Island State Investment CommissionAnnual Program ReviewAugust 25, 2021

401(a) and 457(b) Annual Program ReviewSummary of FindingsInvestment Menus The Plans’ investment menus follow best practices by: utilizing a proper default option (an age-appropriate Target DateFund), offering a broad range of investment alternatives, and allowing participants to exercise control over their assets. The utilization and monitoring of the current Target Retirement Funds (Vanguard, Voya and Fidelity) position the Planswell relative to peers and within the context of the DOL’s guidance. The Plans offer investment options that provide exposure to each major asset class, which allow participants to buildtheir own diversified portfolios.Manager Due Diligence The vast majority of the investment options rank good to excellent, per the Investment Policy Statement guidelines. Capital Cities is currently closely monitoring the Invesco Diversified Dividend Fund on Watchlist status, within theFidelity 457(b) Plan.Investment Policy Statements The Plans’ Investment Policy Statements were reviewed. No amendments are required. Updates were made to the Appendices, including market values and Target Date options.Note: There are no SIC votes required within this presentation.INSTITUTIONAL INVESTING MADE PERSONAL2

Fiduciary ResponsibilitiesToday’s Focus: Diversify Plan Assets & Review IPS Ensure Fees areReasonableAvoidConflicts of InterestAct with Loyalty andPrudenceDiversify Plan AssetsFollow PlanDocumentsINSTITUTIONAL INVESTING MADE PERSONAL3

Investment Structure FrameworkConfirming the Current Investment StructureIs the Plan’s investment menu:Designed to meet ERISA 404(c) and Qualified Default Investment Alternative (QDIA)regulations?*Providing an investment solution for each type of investor?Offering an appropriate number of investments that provides sufficient diversificationopportunity while minimizing participant confusion?Appropriate in light of the current industry trends, regulations and Department ofLabor guidance?Meeting the SIC’s unique objectives?*While Rhode Island is not subject to ERISA, Capital Cities utilizes ERISA guidelines as a framework for best practices.INSTITUTIONAL INVESTING MADE PERSONAL4

5Defined Contribution ProgramTIAA 401(a) PlanINSTITUTIONAL INVESTING MADE PERSONAL

TIAA 401(a) PlanAsset Breakdown as of June 30, 2021% of PlanInvestment Option# ofStyleMarket ValueAssetsExpense RatioParticipantsVanguard Target Retirement 2065Target Date 1,645,8240.1%0.055%293Vanguard Target Retirement 2060Target Date 15,391,0321.0%0.055%1,822Vanguard Target Retirement 2055Target Date 51,893,2453.2%0.055%3,098Vanguard Target Retirement 2050Target Date 107,445,5306.6%0.055%3,751Vanguard Target Retirement 2045Target Date 171,794,48610.6%0.055%4,256Vanguard Target Retirement 2040Target Date 217,085,33813.4%0.055%4,567Vanguard Target Retirement 2035Target Date 261,699,33316.2%0.055%5,670Vanguard Target Retirement 2030Target Date 224,722,77713.9%0.055%6,066Vanguard Target Retirement 2025Target Date 193,741,15112.0%0.055%5,819Vanguard Target Retirement 2020Target Date 134,461,0188.3%0.055%4,146Vanguard Target Retirement 2015Target Date 45,323,2282.8%0.055%1,821Vanguard Target Retirement IncomeTarget Date 12,313,2030.8%0.055%680 1,437,516,16489.0%State Street S&P 500 IndexLarge Cap Core 57,798,7663.6%0.01%2,511Vanguard FTSE Social IndexLarge Cap Broad 10,015,2520.6%0.14%639SMID Broad 45,967,9502.8%0.02%2,369Non-US Equity 22,670,1641.4%0.045%1,858TIPS 10,316,4190.6%0.53%1,235State Street US Bond IndexCore Bond 10,305,6640.6%0.02%1,176TIAA Stable ValueStable Value 21,134,6191.3%0.43%1,390 178,208,83511.0% 1,615,724,999100.0%State Street Russell Small-Mid IndexState Street Global All Cap ex-US IndexPIMCO Real ReturnINSTITUTIONAL INVESTING MADE PERSONAL6

TIAA 401(a) Plan Investment MenuInvestment Menu OverviewInvestment MenuRisk SpectrumTier I. Target Date OptionsTier II. Core OptionsTier III. Additional OptionsVanguard Target Retire Income Trust PlusTIAA Stable ValuePIMCO Real ReturnVanguard Target Retire 2015 Trust PlusState Street US Bond IndexVanguard FTSE Social IndexVanguard Target Retire 2020 Trust PlusState Street S&P 500 IndexVanguard Target Retire 2025 Trust PlusState Street Global All Cap Ex-US IndexVanguard Target Retire 2030 Trust PlusState Street Russell Small-Mid Cap IndexConservativeVanguard Target Retire 2035 Trust PlusVanguard Target Retire 2040 Trust PlusVanguard Target Retire 2045 Trust PlusVanguard Target Retire 2050 Trust PlusVanguard Target Retire 2055 Trust PlusVanguard Target Retire 2060 Trust PlusAggressiveVanguard Target Retire 2065 Trust PlusThe TIAA 401(a) Plan’s investment menu follows best practices by: utilizing a proper default option (an ageappropriate Target Date Fund), offering a broad range of investment alternatives, and allowing participants toexercise control over their assets.INSTITUTIONAL INVESTING MADE PERSONAL7

Tier I: Target Date FundsTarget Date Fund StudyVanguard Target Retirement Trusts’ ReviewGlide Path & Portfolio Construction:Vanguard Target Retirement Trusts: Passive approach with simplistic and strategicconstruction Managed through retirement—lands sevenyears post-retirement Near Morningstar industry average assetallocation, but deviates with a higher equityallocation near retirement Offered in five-year increments Performance closely tied to the Trusts’benchmarks and ranks favorably relative topeers The Vanguard Target Retirement Trusts serve as the 401(a) Plan’s default option, meaning that Rhode Islandinvests a participant’s assets in an age-appropriate Target Date Fund in the absence of investment direction from aparticipant. The utilization and monitoring of the Vanguard Target Retirement Trusts position the 401(a) Plan well relative topeers and within the context of the DOL’s guidance.* Assumes retirement age of 65, source: VanguardINSTITUTIONAL INVESTING MADE PERSONAL8

Tier II Core and Tier III Additional OptionsEquityFixedIncomeCore and Additional Options’ ReviewStyle:TIAA 401(a) Investment Option(s):% of Plan Assets:Capital PreservationTIAA Stable Value1.3%Core Fixed IncomeState Street US Bond Index0.6%Real Return/TIPSPIMCO Real Return0.6%Large Cap EquityState Street S&P 500 Index3.6%Socially Responsible EquityVanguard FTSE Social Index0.6%International EquityState Street Global All Cap ex-US Index1.4%Small/Mid Cap EquityState Street Russell Small-Mid Index2.8%Legend:Tier II Core OptionsTier III Additional Options The 401(a) Plan’s Tiers II and III Options offer exposure to each major asset class, allowing participants tobuild their own broadly diversified portfolios or express a particular bias within their portfolios. The Tiers II and III Options represent a small portion (11%) of the overall Plan assets.INSTITUTIONAL INVESTING MADE PERSONAL9

TIAA 401(a) Plan’s Manager Due DiligenceStoplight Grid SummaryVanguard TgtRetirementCriteriaTrustsQualitative Review Long Term Performance (5-Yr)Short-Term Performance (3-Yr)State Street Vanguard FTSES&P 500 Index Social Index State StreetState StreetRussell Small- Global All CapMid Cap Index ex-US Index PIMCO RealState StreetTIAA StableReturnUS Bond IndexValue Legend WL Everything is good to excellent in this areaCaution is warranted but action is not required at this timeWatchlist StatusAction is recommended or is being taken (as applicable) All of the investment options rank good to excellent, from both a qualitative and performance standpoint, perthe Investment Policy Statement guidelines.INSTITUTIONAL INVESTING MADE PERSONAL10

11Deferred Compensation ProgramTIAA 457(b) PlanINSTITUTIONAL INVESTING MADE PERSONAL

TIAA 457(b) PlanAsset Breakdown as of June 30, 2021# ofInvestment OptionStyleVanguard Target Retirement 2065Target Date 16,4620.0%0.055%3Vanguard Target Retirement 2060Target Date 178,6700.3%0.055%39Vanguard Target Retirement 2055Target Date 297,3550.6%0.055%54Vanguard Target Retirement 2050Target Date 339,8000.6%0.055%56Vanguard Target Retirement 2045Target Date 345,6450.6%0.055%49Vanguard Target Retirement 2040Target Date 370,1060.7%0.055%52Vanguard Target Retirement 2035Target Date 1,020,1901.9%0.055%70Vanguard Target Retirement 2030Target Date 2,618,9814.9%0.055%106Vanguard Target Retirement 2025Target Date 1,301,5252.4%0.055%60Vanguard Target Retirement 2020Target Date 885,9791.7%0.055%40Vanguard Target Retirement 2015Target Date 652,6571.2%0.055%13Vanguard Target Retirement IncomeTarget Date 37,4530.1%0.055%8 8,064,82415.1%State Street S&P 500 IndexLarge Cap Core 13,607,03125.5%0.01%437Vanguard FTSE Social IndexLarge Cap Broad 1,207,9612.3%0.14%72Vanguard Mid Cap IndexMid Cap Core 6,888,06612.9%0.04%354Vanguard Small Cap IndexSmall Cap Core 3,924,7907.4%0.04%264State Street Global All Cap ex-US Index Non-US EquityMarket Value% of Plan Assets Expense Ratio Participants 615,0451.2%0.045%47American Funds EuroPacific GrowthNon-US Equity 2,597,1614.9%0.46%213American Century Inflation AdjustedTIPS 1,505,3762.8%0.22%153PIMCO Total ReturnCore Plus 927,3441.7%0.70%103State Street US Bond IndexCore Bond 650,0611.2%0.02%44TIAA TraditionalCapital Preservation 11,463,44021.5%0.45%473VALIC Fixed 1.5%Capital Preservation 9,3010.0%28VALIC Fixed 3.0%Capital Preservation 1,863,3813.5%339Self DirectedBrokerage 1,8080.0%1 45,258,95684.9% 53,323,781100.0%Notes: The fifth and final distribution from VALIC should occur on or about 10/10/2021. Revenue-sharing is detailed within the Fee Analysis presentation.INSTITUTIONAL INVESTING MADE PERSONAL12

TIAA 457(b) Plan Investment MenuInvestment Menu OverviewInvestment MenuRisk SpectrumTier I. Target Date OptionsTier II. Core OptionsTier III. Additional OptionsTier IV. Self-Directed Brokerage AccountVanguard Target Retire Income Trust PlusTIAA TraditionalAmerican Century Inf-Adjusted BondSDBA Mutual Fund Only WindowVanguard Target Retire 2015 Trust PlusState Street US Bond IndexPIMCO Total ReturnVanguard Target Retire 2020 Trust PlusState Street S&P 500 IndexVanguard FTSE Social IndexVanguard Target Retire 2025 Trust PlusState Street Global All Cap ex-US IndexAmerican Funds EuroPacific GrowthConservativeVanguard Target Retire 2030 Trust PlusVanguard Mid Cap IndexVanguard Target Retire 2035 Trust PlusVanguard Small-Cap IndexVanguard Target Retire 2040 Trust PlusVanguard Target Retire 2045 Trust PlusVanguard Target Retire 2050 Trust PlusVanguard Target Retire 2055 Trust PlusVanguard Target Retire 2060 Trust PlusAggressiveVanguard Target Retire 2065 Trust PlusThe TIAA 457(b) Plan’s investment menu follows best practices by: utilizing a proper default option (an ageappropriate Target Date Fund), offering a broad range of investment alternatives, and allowing participants toexercise control over their assets.INSTITUTIONAL INVESTING MADE PERSONAL13

Tier I: Target Date FundsTarget Date Fund StudyVanguard Target Retirement Funds’ ReviewGlide Path & Portfolio Construction:Vanguard Target Retirement Trusts: Passive approach with simplistic and strategicconstruction Managed through retirement—lands sevenyears post-retirement Near Morningstar industry average assetallocation, but deviates with a higher equityallocation near retirement Offered in five-year increments Performance closely tied to the Trusts’benchmarks and ranks favorably relative topeersThe utilization and monitoring of the Vanguard Target Retirement Trusts position the TIAA 457(b) Plan well relative topeers and within the context of the DOL’s guidance.* Assumes retirement age of 65, source: VanguardINSTITUTIONAL INVESTING MADE PERSONAL14

Tier II Core and Tier III Additional OptionsIncomeEquityFixedCore and Additional Options’ ReviewStyle:TIAA 457(b) Investment Option(s):% of Plan Assets:Capital PreservationTIAA Traditional21.5%Core Fixed IncomeState Street US Bond Index1.2%Core Plus Fixed IncomePIMCO Total Return1.7%Real Return/TIPSAmerican Century Infl Adjusted Bond2.8%Large Cap EquityState Street S&P 500 Index25.5%Socially Responsible EquityVanguard FTSE Social Index2.3%State Street Global All Cap Eq ex-US Index1.2%American Funds EuroPacific Growth4.9%Vanguard Mid Cap Index12.9%Vanguard Small Cap Index7.4%International EquitySmall/Mid Cap EquityLegend:Tier II Core OptionsTier III Additional Options The TIAA 457(b) Plan’s Tier II Core Options offer exposure to each major asset class, primarily through passiveinvestment management, allowing participants to build their own diversified portfolios. The Plan’s Tier III Additional Options are appropriate offerings that provide further diversification opportunities withactively managed options (Core Plus Fixed Income, Real Return/TIPS and International Equity), along with a passivelymanaged Socially Responsible Equity Fund (Vanguard FTSE Social Index). The Tiers II and III Options represent nearly 85% of the Plan’s assets.INSTITUTIONAL INVESTING MADE PERSONAL15

Tier IV: Self-Directed BrokerageSelf-Directed Brokerage Accounts (SDBA) ConsiderationsEvaluating Factors for Plan Sponsors: Is the proposed provider qualified tooffer the brokerage window service?What is the quality of the provider’sservice?Are the fees reasonable?TIAA SDBA Overview: Mutual Fund Only Window Transaction Fee Funds: 35 for buys andsells. Recurring contributions do not getcharged. No Transaction Fee Funds: 0 for buysand sells if held for more than threemonths. 50 fee if sold within threemonths of buying. The TIAA SDBA allows participants to invest outside of the 457(b) Plan’s investment menu. There is currently one participant, representing 1,808 (0.0%) in assets, utilizing TIAA’s SDBA option.INSTITUTIONAL INVESTING MADE PERSONAL16

TIAA 457(b) Plan’s Manager Due DiligenceStoplight Grid SummaryVanguard TgtRetirementTrustsCriteriaQualitative ReviewLong Term Performance (5-Yr)Short-Term Performance (3-Yr) State Street Vanguard FTSE Vanguard MidS&P 500 Index Social Index Cap Index VanguardState StreetSmall CapGlobal All CapIndexex-US Index AmericanFundsEuroPacificGrowth AmericanCentury InflAdjusted Bond PIMCO TotalState StreetTIAAReturnUS Bond IndexTraditional Legend WL Everything is good to excellent in this areaCaution is warranted but action is not required at this timeWatchlist StatusAction is recommended or is being taken (as applicable) All of the investment options rank good to excellent, from both a qualitative and performance standpoint, per theInvestment Policy Statement guidelines.INSTITUTIONAL INVESTING MADE PERSONAL17

Voya 457(b) PlanINSTITUTIONAL INVESTING MADE PERSONAL18

Voya 457(b) PlanAsset Breakdown as of June 30, 2021# ofFundStyleMarket Value % of Plan Assets Expense Ratio ParticipantsVoya Solution 2065 PortfolioTarget Date 25,1690.0%0.80%6Voya Solution 2060 PortfolioTarget Date 171,7510.1%0.80%65153Voya Solution 2055 PortfolioTarget Date 930,4490.4%0.80%Voya Solution 2050 PortfolioTarget Date 109,2590.0%0.80%51Voya Solution 2045 PortfolioTarget Date 1,567,0850.7%0.80%154Voya Solution 2040 PortfolioTarget Date 114,5190.0%0.77%32Voya Solution 2035 PortfolioTarget Date 1,934,4020.8%0.77%120Voya Solution 2030 PortfolioTarget Date 208,0680.1%0.74%19Voya Solution 2025 PortfolioTarget Date 2,187,9490.9%0.74%59Voya Solution Income PortfolioTarget Date0.68%82,042 203,4480.1% 7,452,0993.1%Voya U.S. Stock IndexLarge Cap Core 18,186,8207.7%0.27%Vanguard FTSE Social IndexLarge Cap Broad 510,2560.2%0.14%91Voya Growth and IncomeLarge Cap Broad 36,937,52615.6%0.62%1,924BlackRock Equity DividendLarge Cap Value 5,273,8812.2%0.71%919Large Cap Growth 18,242,6547.7%0.67%1,820Mid Cap Broad 15,192,5176.4%0.60%1,380SMID Broad 4,905,0112.1%0.02%728Small Cap Broad 9,604,6064.0%0.91%1,288SSgA Global All Cap ex-US IndexNon-US Equity 4,934,1822.1%0.045%1,750American Funds EuroPacific GrowthNon-US Equity 8,972,3723.8%0.81%1,841Balanced 14,173,0816.0%0.64%317High Yield 697,8090.3%0.54%106TIPS 752,9420.3%0.53%157Core Plus Bond 8,903,1193.8%0.36%1,672Voya Large Cap GrowthPrincipal Mid Cap FundSSgA Russell Small-Mid Cap IndexVoya Small CompanyVY T Rowe Price Capital AppreciationPGIM High Yield FundPIMCO Real ReturnVoya Intermediate BondSSgA US Bond IndexCore Bond 799,0530.3%0.02%155Voya Fixed AccountGuaranteed 65,721,41027.7%0.00%2,445Voya Fixed Account - 457/ 401 II AGuaranteed 15,889,1876.7%0.00%1,894Voya Long-Term AccumulationGuaranteed 25,8080.0%0.00%8 229,722,23496.9% 237,174,333100.0%Note: Revenue-sharing is detailed within the Fee Analysis presentation.INSTITUTIONAL INVESTING MADE PERSONAL19

Voya 457(b) Plan Investment MenuInvestment Menu OverviewInvestment MenuRisk SpectrumTier I. Target Date OptionsTier II. Core OptionsTier III. Additional OptionsTier IV. Self-Directed Brokerage AccountVoya Solution Income PortfolioVoya Fixed AccountPIMCO Real ReturnSDBA Full Brokerage WindowVoya Solution 2025 PortfolioSSgA U.S. Bond IndexVoya Intermediate Bond FundVoya Solution 2030 PortfolioVoya U.S. Stock Index PortfolioPGIM High Yield FundVoya Solution 2035 PortfolioSSgA Global All Cap ex-US IndexVY T. Rowe Cap. Apprec. PortfolioVoya Solution 2040 PortfolioSSgA Russell Small-Mid Cap IndexVoya Growth and Income PortfolioConservativeVoya Solution 2045 PortfolioVoya Solution 2050 PortfolioVanguard FTSE Social IndexVoya Solution 2055 PortfolioVoya Large Cap Growth PortfolioVoya Solution 2060 PortfolioAm. Funds EuroPacific GrowthVoya Solution 2065 PortfolioAggressiveBlackRock Equity Dividend FundPrincipal MidCap FundVoya Small Company Portfolio The Voya 457(b) Plan’s investment menu offers a broad range of investment options and allows participantsto exercise control over their assets.INSTITUTIONAL INVESTING MADE PERSONAL20

Tier I: Target Date FundsVoya Solution Portfolios’ ReviewGlide Path & Portfolio Construction:Voya Solution Portfolios: Blended approach with active and passive broadmarket exposure to major asset classes Flexible asset allocation within reasonableguardrails Multi-manager construction (proprietary andnon-proprietary funds) Automatically becomes more conservative overtime until landing at a static asset allocation atretirement Asset allocation is slightly more aggressive thanpeers, with the exception at retirement (moreconservative) Offered in five-year increments Performance can deviate relative to the Funds’strategic indexesThe utilization and monitoring of the Voya Solution Portfolios position the 457(b) Plan well relative to peers andwithin the context of the DOL’s guidance.INSTITUTIONAL INVESTING MADE PERSONAL21

Tier II Core and Tier III Additional OptionsCore and Additional Options’ ReviewStyle:Voya 457(b) Investment Option(s):Active:% of PlanAssets:Voya Fixed Accounts34.4%Voya Intermediate Bond3.8%Real Return/TIPSPIMCO Real Return0.3%High YieldPGIM High Yield0.3%Voya Growth & Income15.6%BlackRock Equity DividendVoya Large Cap Growth2.2%7.7%VY T Rowe Price Capital Appr6.0%American Funds EuroPacific Gr3.8%Principal Mid Cap6.4%Voya Small Company4.0%Fixed IncomePassive:% of PlanAssets:Capital PreservationCore/Core Plus Fixed IncomeLarge Cap EquitySSgA US Bond IndexVoya U.S. Stock Index0.3%7.7%EquityBalancedSocially Responsible EquityVanguard FTSE Social Index0.2%International EquitySSgA Global All Cap ex-US Index2.1%Small/Mid Cap EquitySSgA Small-Mid Cap Index2.1%Legend:Tier II Core OptionsTier III Additional Options The Voya 457(b) Plan’s Tiers II and III Options offer exposure to each major asset class, allowing participants tobuild their own broadly diversified portfolios or express a particular bias within their portfolios. An active and passive track is offered in appropriate asset classes, which provides a greater opportunity to meet participants’needs. The majority of the Plan’s assets (97%) are within the Tiers II and III Options.INSTITUTIONAL INVESTING MADE PERSONAL22

Tier IV: Self-Directed BrokerageSelf-Directed Brokerage Accounts (SDBA) ConsiderationsEvaluating Factors for Plan Sponsors: Is the proposed provider qualified tooffer the brokerage window service?Voya SDBA Overview: Full Brokerage Window (Mutual Funds,Common Stock and Bonds) Annual Fee: 50What is the quality of the provider’sservice?Are the fees reasonable? Trade fees vary depending on type.Examples: No-Transaction Fee MutualFunds, 6.95/online Equities and ETFstrades, etc. The Voya SDBA option offers a full brokerage window (mutual funds, common stock and bonds), in whichparticipants are allowed to invest outside of the Plan’s investment menu. There are currently no participants enrolled in Voya’s SDBA.INSTITUTIONAL INVESTING MADE PERSONAL23

Voya 457(b) Plan’s Manager Due DiligenceStoplight Grid SummaryVoya SolutionVoya U.S.PortfoliosStock IndexCriteriaQualitative ReviewLong Term Performance (5-Yr)Short Term Performance (3-Yr) State StreetGlobal All CapCriteriaQualitative ReviewLong Term Performance (5-Yr)Short Term Performance (3-Yr)ex-US Index AmericanFundsEuroPacificGrowth VanguardFTSE SocialIndex VY T RowePrice CapitalAppreciation Voya Growthand Income BlackRockEquityDividend PGIM HighPIMCO RealYieldReturn State StreetVoya LargePrincipal MidRussellVoya SmallCap GrowthCap FundSmall/Mid CapCompanyIndex VoyaState StreetIntermediateUS BondBondIndex Voya FixedAccount Legend WL Everything is good to excellent in this areaCaution is warranted but action is not required at this timeWatchlist StatusAction is recommended or is being taken (as applicable) The majority of the investment options rank good to excellent, from both a qualitative and performancestandpoint, per the Investment Policy Statement guidelines. Capital Cities is currently monitoring short- and long-term performance for Voya Large Cap Growth and VoyaSmall Company. Relative underperformance is within expectations given the market environment and each Fund’sphilosophy/process.INSTITUTIONAL INVESTING MADE PERSONAL24

Fidelity 457(b) PlanINSTITUTIONAL INVESTING MADE PERSONAL25

Fidelity 457(b) PlanAsset Breakdown as of June 30, 2021# ofMarket Value% of Plan Assets Expense Ratio ParticipantsInvestment OptionStyleFidelity Freedom 2065Target Date 13,1470.0%0.75%4Fidelity Freedom 2060Target Date 288,2630.1%0.75%39Fidelity Freedom 2055Target Date 1,382,7640.7%0.75%62Fidelity Freedom 2050Target Date 580,0080.3%0.75%76Fidelity Freedom 2045Target Date 2,237,5851.1%0.75%75Fidelity Freedom 2040Target Date 2,822,3761.3%0.75%78Fidelity Freedom 2035Target Date 4,027,2831.9%0.72%96Fidelity Freedom 2030Target Date 18,145,0988.6%0.68%263Fidelity Freedom 2025Target Date 5,802,2642.7%0.64%111Fidelity Freedom 2020Target Date 17,015,8588.0%0.60%203Fidelity Freedom 2015Target Date 2,138,6721.0%0.55%45Fidelity Freedom 2010Target Date 2,734,3851.3%0.51%64Fidelity Freedom 2005Target Date 396,0460.2%0.47%8Fidelity Freedom IncomeTarget Date 1,326,4020.6%0.47%44 58,910,15127.9%State Street S&P 500 IndexLarge Cap Core 17,389,5958.2%0.01%467Fidelity Large Cap StockLarge Cap Broad 10,879,3155.1%0.47%381Vanguard FTSE Social IndexLarge Cap Broad 3,245,7291.5%0.14%213Invesco Diversified DividendLarge Cap Value 2,555,9411.2%0.53%108Fidelity ContrafundLarge Cap Growth 51,186,81224.2%0.45%751State Street Russell Small-Mid IndexSMID Cap Broad 5,637,0462.7%0.02%326Fidelity Low-Priced StockTotal Equity445 12,503,7235.9%0.69%State Street Gl All Cap Eq ex-US Index Non-US Equity 3,107,3981.5%0.045%245American Funds EuroPacific GrNon-US Equity 6,110,5522.9%0.46%380PIMCO Total ReturnCore Plus Bond 7,274,4723.4%1.04%333State Street US Bond IndexCore Bond 4,148,7532.0%0.02%250T Rowe Price Stable ValueBrokerage LinkStable Value 10,036,929 18,460,457 152,536,7234.7%8.7%72.1%0.30%406123 211,446,874100.0%Note: Revenue-sharing is detailed within the Fee Analysis presentation.INSTITUTIONAL INVESTING MADE PERSONAL26

Fidelity 457(b) Plan Investment MenuInvestment Menu OverviewInvestment MenuRisk SpectrumTier I. Target Date OptionsTier II. Core OptionsTier III. Additional OptionsTier IV. Self-Directed Brokerage AccountSDBA Full Brokerage WindowConservativeFidelity Freedom IncomeT Rowe Price Stable ValuePIMCO Total ReturnFidelity Freedom 2005State Street US Bond IndexFidelity Large Cap StockFidelity Freedom 2010State Street S&P 500 IndexVanguard FTSE Social IndexFidelity Freedom 2015State Street Global ex-US IndexInvesco Diversified DividendFidelity Freedom 2020State Street Small-Mid Cap IndexFidelity ContrafundFidelity Freedom 2025American Funds EuroPacific GrowthFidelity Freedom 2030Fidelity Low-Priced StockFidelity Freedom 2035Fidelity Freedom 2040Fidelity Freedom 2045Fidelity Freedom 2050Fidelity Freedom 2055Fidelity Freedom 2060AggressiveFidelity Freedom 2065The Fidelity 457(b) Plan’s investment menu follows best practices by: utilizing a proper default option (an ageappropriate Target Date Fund), offering a broad range of investment options, and allowing participants toexercise control over their assets.INSTITUTIONAL INVESTING MADE PERSONAL27

Tier I: Target Date FundsFidelity Freedom Funds’ ReviewGlide Path & Portfolio Construction:Fidelity Freedom Funds: Active approach with broad market exposureto major asset classes Flexible asset allocation within reasonableguardrails Automatically becomes more conservativeover time until landing at a static assetallocation 19 years post retirement Asset allocation is generally more aggressivethan peers throughout the glide path untilapproximately ten years post retirement Offered in five-year increments Performance can deviate relative to theFunds’ strategic indexesThe utilization and monitoring of the Fidelity Freedom Funds position the 457(b) Plan well relative to peers andwithin the context of the DOL’s guidance.INSTITUTIONAL INVESTING MADE PERSONAL28

Tier II Core and Tier III Additional OptionsCore and Additional Options’ ReviewStyle:Fidelity 457(b) Investment Option(s):IncomeEquityFixedPassive:% of PlanAssets:Capital Preservation% of PlanActive:Assets:T. Rowe Price Stable Value4.7%PIMCO Total Return3.4%Fidelity Large Cap Stock5.1%Invesco Diversified DividendFidelity Contrafund1.2%24.2%Core/Core Plus Fixed IncomeState Street US Bond Index2.0%Large Cap EquityState Street S&P 500 Index8.2%Socially Responsible EquityVanguard FTSE Social Index1.5%International EquityState Street Global ex-US Index1.5%American Funds EuroPacific2.9%Small/Mid Cap EquityState Street Small-Mid Index2.7%Fidelity Low-Priced Stock5.9%Legend:Tier II Core OptionsTier III Additional Options The Fidelity 457(b) Plan’s Tiers II and III Options offer exposure to each major asset class, allowing participantsto build their own broadly diversified portfolios or express a particular bias within their portfolios. An active and passive track is offered in appropriate asset classes, which provides a greater opportunity to meet participants’needs. 72% of the Plan’s assets are within the Tiers II and III Options.INSTITUTIONAL INVESTING MADE PERSONAL29

Tier IV: Self-Directed BrokerageSelf-Directed Brokerage Accounts (SDBA) ConsiderationsEvaluating Factors for Plan Sponsors: Fidelity SDBA Overview:Is the proposed provider qualified tooffer the brokerage window service? Full Brokerage Window (Mutual Funds,Common Stock and Bonds) Fidelity Funds: No transaction feesWhat is the quality of the provider’sservice?Are the fees reasonable? FundsNetwork Funds: Fees vary based oninvestment type. Examples: TransactionFee Funds: 49.95 or 75/onlinepurchase; Stocks/ETFs: 0/trade (online),etc. The Fidelity SDBA option offers a full brokerage window (mutual funds, common stock and bonds), in whichparticipants are allowed to invest outside of the Plan’s investment menu. There are 123 participants, representing 18.5 million (8.7%) in assets, utilizing Fidelity’s SDBA option.INSTITUTIONAL INVESTING MADE PERSONAL30

Fidelity 457(b) Plan’s Manager Due DiligenceStoplight Grid SummaryFidelityCriteriaQualitative ReviewLong Term Performance (5-Yr)Short-Term Performance (3-Yr)Freedom Funds S&P 500 Index Fidelity Low-CriteriaQualitative ReviewLong Term Performance (5-Yr)Short-Term Performance (3-Yr)State StreetPriced Stock Fidelity LargeVanguard FTSECap StockSocial Index State StreetAmerican FundsGlobal All CapEuroPacificex-US IndexGrowth InvescoDiversifiedDividendWLWL FidelityContrafundState StreetRussell SmallMid Cap Index PIMCO Total State Street US T Rowe PriceReturn Bond Index Stable Value Legend WL Everything is good to excellent in this areaCaution is warranted but action is not required at this timeWatchlist StatusAction is recommended or is being taken (as applicable) The majority of the investment options rank good to excellent, from both a qualitative and performancestandpoint, per the Investment Policy Statement guidelines. Invesco Diversified Dividend is closely monitored on Watchlist status, with quarterly calls with Invesco, given theFund’s long-term underperformance (last five-year time period) and a recent personnel change. Short- and long-term performance is currently being monitored for Fidelity Large Cap Stock and Fidelity LowPriced Stock. Relative underperformance is within expectations given the market environment and each Fund’sphilosophy/process.INSTITUTIONAL INVESTING MADE PERSONAL31

32Defined Contribution TrendsINSTITUTIONAL INVESTING MADE PERSONAL

Defined Contribution Plan TrendsExploring Recent Investment Management Trends/TopicsCapital PreservationInflation HedgingStrategies Capital preservationoptions are beingreexamined by many plansponsors, particularly asMoney Market funds areat zero to near-zero rates. Stable Value has generallydisplayed a favorablerisk/return profile relativeto Money Market andDefensive Fixed Incomefunds. Inf

Vanguard Target Retirement 2050 Target Date 107,445,530 6.6% 0.055% 3,751 . Vanguard Target Retire 2050 Trust Plus Vanguard Target Retire 2055 Trust Plus Vanguard Target Retire 2060 Trust Plus Aggressive Vanguard Target Retire 2065 Trust Plus

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