U.S. RETIREMENT MARKETS

U.S. RETIREMENT MARKETS 2017 The Rise of Fiduciary Services Overview & Methodology In its fifteenth iteration, this annual report represents Cerulli s broadest coverage of the U.S. retirement market and addresses the following retirement segments: individual retirement accounts (IRA), corporate and not-for-profit (NFP)/governmental defined contribution (DC) plans, and corporate and public defined benefit (DB) plans. Important metrics such as historical and projected assets, number of plans/ accounts, and number of participants for each of the five retirement market segments are detailed. The report also examines demographic trends within U.S. employer-sponsored retirement plans. The primary data sources for this report are Cerulli s proprietary Form 5500 Series Database and an annual proprietary survey of 800 401(k) plan sponsors. This year s report also includes select leaderboards of the largest 401(k) plans and ERISA-covered 403(b) plans by industry. This report is also informed by a number of proprietary surveys conducted throughout 2017 related to DC plan recordkeepers and defined contribution investmentonly (DCIO) asset managers. Qualitative insight is provided from nearly 100 interviews with individuals or firms across the industry. Benefits: y Analyze U.S. retirement market sizing by detailed segmentation y Examine corporate DB and DC assets, plans, and participants by plan asset and participant segments y Review trends in 401(k) plan design by plan asset segmentation, and explore plan sponsor attitudinal behaviors with corresponding strategy recommendations y Access to select 401(k) and ERISA-covered 403(b) plan leaderboards by industry Questions Answered: y How do asset managers view third-party fiduciary service providers and how do they fit into their distribution coverage model? y What attributes do 401(k) plan sponsors consider when selecting a targetdate fund? y Who are the top DC asset managers? What opportunities are there for asset managers without a recordkeeping affiliation? y How has funded status volatility impacted DB plan sponsors decisions to adopt liability-driven investing strategies? y Which segment of the total IRA market is expected to experience the greatest asset growth between 2017 and 2022? SUBSCRIPTION DETAILS $19,000 PURCHASE INCLUDES y Digital copy and hardcopy in color y Online access to 20 related reports y Unlimited online firm-wide access y Exhibits in Excel y Key findings y Analyst support For more information, contact us: ``info@cerulli.com ANNUAL COST 227 PAGES 181 EXHIBITS y Interactive Report Dashboards NEW y Executive Summary Video NEW RESEARCH INCLUDED WITH SUBSCRIPTION y 14 years of The Cerulli Report U.S. Retirement Markets y Retirement Plan Distribution Dynamics: Small- and Mid-Sized Plan Focus y State of Large and Mega Defined Contribution Plans: Investment Innovation and the Plan Sponsor Perspective 2012 y State of DCIO: Evolving Asset Manager Opportunities in the Mid-Sized and Small Marketplaces y State of Retirement Income: Addressable Opportunity Strategies and Future Outlook y IRA Rollover and Retention: Strategies and Positioning y Pension and Investment Consulting: Insight for Asset Managers in DB and DC Cerulli Interactive Report Dashboards NEW Experience Cerulli s digital platform and interact with analyses from this report With this report subscription, we re pleased to include this interactive dashboard: 1. Retirement Markets Comprehensive Overview: Explore historical, current, and projected assets for each retirement market segment. CERULLI ASSOCIATES info@cerulli.com www.cerulli.com

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Chapter 1 The Rise of Fiduciary Services and Implications for Asset Managers Exhibit 1.04 Outsourced Fiduciary Services in the Small DC Plan Market, 2017 Flexible 3(38) is not a separate or distinct service from ERISA 3(38); however, it speaks to the evolution of this service and providers overall emphasis on positioning themselves as accommodating to advisors. Source: Cerulli Associates Analyst Note: This information is intended to be a summary. Please seek ERISA counsel for specific questions. "ERISA 3(21)" "ERISA 3(38)" Flexible 3(38) Provides a screened list of funds from which the plan fiduciary selects and implements Nondiscretionary Provides a screened list of funds Selects and implements funds from list Discretionary Provides a screened list of funds Selects and implements funds from list with advisor dialogue Reviews and provides approval for existing funds offered Discretionary ADOPTION INCREASING FOR "ERISA 3(38)" SERVICES 30 The Cerulli Report U.S. Retirement Markets 2017

Table of Contents: Expanded Key Questions Answered... 18 1. How are fiduciary services being offered in the DC plan market?...18 2. Which sub-asset classes do asset managers identify as the best opportunity to gather DC core menu assets?...19 3. What was the distribution of 401(k) plans by plan participant segment in 2016?...20 4. Where do investment consultants expect asset allocation shifts within corporate DB plans?...21 5. Which segment of the IRA market has exhibited the strongest recent growth?...22 6. For what reasons do 401(k) plan sponsors offer financial wellness programs?...23 Chapter 1: The Rise of Fiduciary Services and Implications for Asset Managers... 24 Fiduciary 101: A Brief Refresher...25 Exhibit 1.01. Three Principal Fiduciary Roles, 2017....26 Fiduciary Services: A Spectrum...26 Exhibit 1.02. DC Plan Segments: Fiduciary Services Spectrum, 2017....27 Baked In Focus...29 Exhibit 1.03. Select Fiduciary Service Providers, 2017...29 Exhibit 1.04. Outsourced Fiduciary Services in the Small DC Plan Market, 2017...30 Exhibit 1.05. 401(k) Plans and Assets in the Less Than $10 Million Asset Segment, 2016...31 Exhibit 1.06. 401(k) Plan Sponsors: Reasons for Conducting an Advisor/Consultant Search, 2017...32 Conclusion: Evaluating Fiduciary Services from a Distribution Perspective...33 Exhibit 1.07. Asset Manager Perspective: Key Decision Maker by 401(k) Plan Asset Segment, 2017...33 Exhibit 1.08. Top DC Recordkeepers in Micro Plan Asset Segment by Number of Participants, 2016...34 Chapter 2: Retirement Markets Overview... 36 U.S. Retirement Market Sizing Exhibit 2.01. Total Retirement Market Assets, 2006 2022E....37 Exhibit 2.02. Historical Retirement Market Assets by Segment, 2006 2016....38 Exhibit 2.03. Projected Retirement Market Assets by Segment, 2017E 2022E...39 Exhibit 2.04. Historical vs. Projected CAGRs by U.S. Retirement Market Segment, 2011 2016 vs. 2017E 2022E....40 Exhibit 2.05. Percent of Total Retirement Market Assets by Plan Type, 2006 2022E...41 Exhibit 2.06. Percent of Private Sector Workers with Access to a Retirement Plan, 2016 vs. 2017...42 The Cerulli Report U.S. Retirement Markets 2017 7

U.S. Retirement Market Assets by Sub-Segment Exhibit 2.07. Retirement Market Assets by Segment and Sub-Segment, 2016....43 Exhibit 2.08. Retirement Markets Overview: Assets and Participants, 2016....44 Exhibit 2.09. Defined Contribution Assets by Segment, 2006 2016....45 Exhibit 2.10. Defined Benefit Assets by Segment, 2006 2016...46 Exhibit 2.11. IRA Assets by Type of IRA, 2006 2016...47 Chapter 3: DC Plan Recordkeeper Landscape.... 48 DC Recordkeeper Landscape Exhibit 3.01. DC Recordkeeper Landscape, 2010 vs. 2016...50 Exhibit 3.02. Top-25 DC Recordkeepers: DC Assets, Plans, and Participants, 2016...51 Exhibit 3.03. Top-25 DC Recordkeepers by Recordkept Assets with Proprietary TDF and MA Offerings, 2016...52 Top DC Recordkeepers Exhibit 3.04. Top DC Recordkeepers by Plan Asset Segment: Number of Plans, 2016...53 Exhibit 3.05. Top DC Recordkeepers by Plan Asset Segment: Number of Participants, 2016...54 Exhibit 3.06. Top-25 401(k) Recordkeepers by Number of Plans, 3Q 2016....55 Top 401(k) Plan Providers Exhibit 3.07. Top-10 401(k) Recordkeepers by Recordkept Assets, 3Q 2016...56 Exhibit 3.08. 401(k) Plan Employee Participation Rates by 401(k) Plan Size, 2002 2015...57 DC Plan Recordkeeper Perspectives Exhibit 3.09. DC Recordkeeper Perspective: Metrics Used to Measure Plan Health, 2017....58 Exhibit 3.10. DC Recordkeeper Perspective: Supporting DC Plan-to-Plan Roll-Ins, 2016 vs. 2017....59 Exhibit 3.11. DC Recordkeeper Perspective: Timing for Communicating to Plan Participants to Retain Rollover Assets, 2017...60 401(k) Plan Sponsor Perspectives Exhibit 3.12. 401(k) Plan Sponsors: Length of Time with Current Recordkeeper, 2017...61 Exhibit 3.13. 401(k) Plan Sponsors: Reasons for Recordkeeper Search, 2017...62 Exhibit 3.14. 401(k) Plan Sponsors: Expected Recordkeeper Search Databank, 2017....63 Exhibit 3.15. 401(k) Plan Sponsors: Important Factors in Selecting a Recordkeeper, 2017...64 Exhibit 3.16. 401(k) Plan Sponsors: Managed Accounts Offered in 401(k) Plan and Reasons for Offering, 2017...65 Exhibit 3.17. 401(k) Plan Sponsors: Top Priorities for 401(k) Plan, 2017...66 8 The Cerulli Report U.S. Retirement Markets 2017

Chapter 4: Corporate DC Plan Investments... 67 Corporate DC Plan Investment Vehicles Exhibit 4.01. Asset Managers DCIO Assets by Investment Structure, 2017...69 Exhibit 4.02. 401(k) Assets by Investment Vehicles, 2016...70 Exhibit 4.03. Asset Manager Perspective: Greatest Growth Opportunity by Plan Asset Segment, 2017...71 Exhibit 4.04. Asset Manager Perspective: Investment Vehicle Providing Best DC Asset Growth Opportunity by Plan Asset Segment, 2017....72 Exhibit 4.05. Asset Manager Perspective: Availability and Use of Non-Revenue-Sharing Share Class in DC Plans, 2017...73 Exhibit 4.06. Asset Managers Anticipated Changes to Mutual Fund Share Classes, 2017...74 DC Asset Manager Leaderboards Exhibit 4.07. Top-25 Asset Managers by DC Plan Assets, 2016....75 Exhibit 4.08. Top-25 DC Mutual Fund Managers, 2016...76 Exhibit 4.09. Top-25 DC Separate Account Managers, 2016...77 Asset Allocation Opportunities Exhibit 4.10. 401(k) Investment-Only Assets vs. Proprietary Assets, 2016...78 Exhibit 4.11. Asset Manager Perspective: Opportunity for Gaining DC Assets by Category Over the Next 12 Months, 2017....79 Exhibit 4.12. 401(k) Asset Allocation by Plan Asset Segment, 2016...80 Exhibit 4.13. Asset Manager Perspective: Investment Strategies Presenting the Greatest Potential to Gather DC Core Menu Assets, 2017...81 Target-Date Funds and Managed Accounts Exhibit 4.14. Total Mutual Fund and Collective Investment Trust Target-Date Assets, 2006 2016...82 Exhibit 4.15. Top-15 Target-Date Managers by Assets, 2015 2016...83 Exhibit 4.16. Managed Account Sponsors by DC Assets, 3Q 2015 3Q 2017....84 Chapter 5: Corporate DC and 401(k) Market Sizing................................................ 85 Corporate DC Market Exhibit 5.01. Corporate DC Plan Assets and Growth Rate, 2006 2022E...87 Exhibit 5.02. Corporate DC Plan Contributions and Distributions, 2006 2022E...88 Exhibit 5.03. Corporate DC Participant Accounts by Type, 2006 2022E...89 Exhibit 5.04. Taft-Hartley DC Plan Overview, 2009 2022E....90 Exhibit 5.05. 401(k) Assets as a Percentage of Corporate DC Assets, 2006 2016...91 Exhibit 5.06. 401(k) Plans as a Percentage of Corporate DC Plans, 2006 2022E...92 The Cerulli Report U.S. Retirement Markets 2017 9

401(k) Market by Assets Exhibit 5.07. 401(k) Assets and Growth Rate, 2006 2022E...93 Exhibit 5.08. 401(k) Market: Assets by Plan Asset Segment, 2016...94 Exhibit 5.09. 401(k) Assets by Plan Participant Segment, 2006 2022E...95 401(k) Market: Contributions and Distributions Exhibit 5.10. 401(k) Contributions by Source and Growth Rate, 2006 2022E....96 Exhibit 5.11. 401(k) Contributions and Distributions, 2006 2022E...97 Exhibit 5.12. 401(k) Contributions and Distributions by Plan Participant Segment, 2016...98 Exhibit 5.13. 401(k) Distributions and Growth Rate, 2006 2022E....99 Exhibit 5.14. 401(k) Market Net Flows, 2006 2022E...100 401(k) Market by Number of Plans Exhibit 5.15. 401(k) Market: Plans by Plan Asset Segment, 2016...101 Exhibit 5.16. 401(k) Plans by Plan Participant Segment, 2006 2022E...102 Exhibit 5.17. 401(k) Average Asset Plan Size by Plan Participant Segment, 2006 2016...103 401(k) Market by Accounts Exhibit 5.18. 401(k) Participant Accounts by Type, 2006 2022E...104 Exhibit 5.19. 401(k) Market: Active Participants by Plan Asset Segment, 2016....105 Exhibit 5.20. 401(k) Active Participant Accounts by Plan Participant Segment, 2006 2022E...106 Exhibit 5.21. Average 401(k) Account Balance, 2006 2016...107 Chapter 6: Not-for-Profit/Governmental DC Market.... 108 Not-for-Profit/Governmental DC Market Overview Exhibit 6.01. Not-for-Profit/Governmental DC Assets by Segment, 2009 2022E...109 Exhibit 6.02. Not-for-Profit/Governmental DC Plans: Segment Descriptions, 2016....110 403(b) Market Exhibit 6.03. 403(b) Assets: ERISA vs. Non-ERISA, 2009 2022E...111 Exhibit 6.04. 403(b) and 401(k) Plan Types Comparison, 2016............................................................. 112 Exhibit 6.05. 403(b) Assets by Sector, 2016...113 Exhibit 6.06. ERISA 403(b) Market: Assets and Plans by Plan Asset Segment, 2015...114 Exhibit 6.07. Top 403(b) Providers by Number of Plans, 3Q 2016...115 Exhibit 6.08. Top 403(b) Providers by Assets, 3Q 2016...116 Exhibit 6.09. DC Recordkeeper Perspective: Expectations for AUA Growth by 403(b) Plan Segment, 2017...117 Exhibit 6.10. DC Recordkeeper Perspective: Most Important Differentiators to Win 403(b) Plans, 2017....118 Exhibit 6.11. Marketshare of 403(b) Plan Assets: Life Insurance, VA Mutual Funds, and Non-VA Mutual Funds, 2006 2016....119 Exhibit 6.12. 403(b) Plan Mutual Fund Asset Allocation, 2006 2Q 2017...120 10 The Cerulli Report U.S. Retirement Markets 2017

457 Market Exhibit 6.13. 457 Plan Assets and Growth Rate, 2006 2022E...121 Exhibit 6.14. Top 457 Providers by Number of Plans, 3Q 2016...122 Exhibit 6.15. Top 457 Providers by Assets, 3Q 2016....123 Exhibit 6.16. 457 Plan Mutual Fund Asset Allocation, 2006 2Q 2017...124 401(a) Market Exhibit 6.17. 401(a) Plan Assets and Growth Rate, 2009 2022E...125 Exhibit 6.18. Average Asset Allocation of Select 401(a) Plans, 2017....126 Federal Thrift Savings Plan (TSP) Exhibit 6.19. Federal Thrift Savings Plan Assets and Growth Rate, 2006 2022E...127 Exhibit 6.20. Federal Thrift Savings Plan Contributions and Distributions, 2006 2016....128 Exhibit 6.21. Federal Thrift Savings Plan Asset Allocation, 2006 2016...129 Chapter 7: Corporate DB Plan Market... 130 Corporate DB Market Sizing Exhibit 7.01. Corporate DB Plan Assets and Growth Rate, 2006 2016...132 Exhibit 7.02. Corporate DB Plan Asset Projections, 2017E 2022E...133 Exhibit 7.03. Corporate DB Plan Net Flows, 2006 2022E....134 Exhibit 7.04. Corporate DB Plan Participants by Status, 2006 2016...135 Exhibit 7.05. Asset Allocation of Corporate DB Plans, 3Q 2012 3Q 2016...136 Exhibit 7.06. Corporate DB Assets, Plans, and Participants by Plan Asset Segment, 2016....137 Exhibit 7.07. Corporate DB Assets, Plans, and Participants by Plan Participant Segment, 2016...138 Corporate DB Plan Sponsor and Asset Manager Leaderboards Exhibit 7.08. Largest U.S. Corporate Pension Sponsors, 2016...139 Exhibit 7.09. Top-10 DB Asset Managers by AUM, 2014 2016...140 Exhibit 7.10. Top-25 Managers in LDI Strategies, 2016...141 Consultants, Providers, and Sponsors Perspective of Corporate DB Market Exhibit 7.11. Consultant Penetration in Corporate DB, 2017...142 Exhibit 7.12. Consultants Expected Allocation Shifts for Corporate DB Plans During the Next 12 Months, 2017...143 Exhibit 7.13. Consultants Expected Change in Passive Strategies for Corporate DB Plans During the Next 12 Months, 2017...144 Exhibit 7.14. Institutional Custom Solution Provider Perspective: Opportunities for Institutional Custom Solutions for DB Plans During the Next 12 24 Months, 2017...145 Exhibit 7.15. Institutional Custom Solution Provider Perspective: Corporate DB Client Goals, 2017............................. 146 Exhibit 7.16. DB Plan Sponsor Perspective: Significant Drivers of Derisking, 2017...147 The Cerulli Report U.S. Retirement Markets 2017 11

Chapter 8: Public DB Plan Market... 148 State and Local Government DB Systems Exhibit 8.01. State and Local Government DB Plan Assets and Growth Rate, 2006 2016...149 Exhibit 8.02. Projected State and Local Government DB Assets, 2017E 2022E...150 Exhibit 8.03. State and Local Government DB Plan Contributions, Distributions, and Net Flows, 2006 2016...151 Exhibit 8.04. State and Local Government DB Plan Participants by Status, 2006 2016E...152 Exhibit 8.05. Asset Allocation of the Largest State and Local DB Plans, 3Q 2012 3Q 2016...153 Exhibit 8.06. Consultants Expected Manager Search Activity for State/Local Government DB Plans, 2017...154 Exhibit 8.07. Consultants Expected Allocation Shifts for State/Local DB Plans During the Next 12 Months, 2017...155 Exhibit 8.08. Funding Levels of State Retirement Systems, 2006 2016....156 Exhibit 8.09. Public DB Mandates Placed by Manager, 2015 3Q 2017...157 Exhibit 8.10. Largest Public Retirement Plan Sponsors, 2016...158 Taft-Hartley Plans Exhibit 8.11. Taft-Hartley Assets and Growth Rates, 2009 2016...159 Exhibit 8.12. Top-35 Taft-Hartley Sponsors by Assets, 2016...160 Exhibit 8.13. Asset Allocation of Taft-Hartley DB Plans, 3Q 2012 3Q 2016....161 Exhibit 8.14. Top-25 Taft-Hartley Asset Managers by Assets, 2Q 2017...162 Federal DB System Exhibit 8.15. Federal DB: Civil Service Retirement Systems (CSRS) and Federal Employee Retirement System (FERS) Assets and Projections, 2006-2022E....163 Chapter 9: IRA Market... 164 IRA Market Sizing and Leaderboard Exhibit 9.01. Total IRA Assets and Growth, 2009 2022E...166 Exhibit 9.02. Top-15 IRA Providers by AUA, 2Q 2015 2Q 2017...167 IRA Market by Account Type Exhibit 9.03. IRA Assets by Traditional and Nontraditional Assets, 2009 2022E...168 Exhibit 9.04. Nontraditional IRA Assets by Type, 2009 2022E...169 IRA Rollovers Exhibit 9.05. IRA Year-Over-Year Growth Rates by Registration Type, 2006 2016....170 Exhibit 9.06. Annual IRA Rollover Contributions from DC Plans, 2009 2022E...171 Exhibit 9.07. Components of Traditional IRA Asset Growth, 2011 and 2016...172 12 The Cerulli Report U.S. Retirement Markets 2017

IRA Investments Exhibit 9.08. Total IRA Assets by Investment Product, 2008 2Q 2017....173 Exhibit 9.09. IRA Target-Date and Target-Risk Mutual Fund Assets, 2007 2016...174 Exhibit 9.10. Total IRA Mutual Fund Asset Allocation, 2008 2Q 2017...175 Chapter 10: 401(k) Plan Sponsors... 176 Exhibit 10.01. 401(k) Plan Sponsors Survey Population Statistics, 2017...177 Participation and Plan Design Features Exhibit 10.02. 401(k) Plan Sponsors: 401(k) Plan Participation Rate, 2017...178 Exhibit 10.03. 401(k) Plan Sponsors: Employer Contributions Offered Databank, 2017....179 Exhibit 10.04. 401(k) Plan Sponsors: Company Match Formula Databank, 2017....180 Exhibit 10.05. 401(k) Plan Sponsors: Expected Change to 401(k) Match, 2017....181 Exhibit 10.06. 401(k) Plan Sponsors: Reasons for Not Offering Employer Contribution in 401(k) Plan, 2017...182 Exhibit 10.07. 401(k) Plan Sponsors: Use of Automatic Enrollment Summary, 2017....183 Exhibit 10.08. 401(k) Plan Sponsors: Use of Automatic Enrollment Databank, 2017...184 Exhibit 10.09. 401(k) Plan Sponsors: Average Participant Deferral Rate and Use of Automatic Escalation Summary, 2017....185 Exhibit 10.10. 401(k) Plan Sponsors: Use of Automatic Escalation Databank, 2017...186 Exhibit 10.11. 401(k) Plan Sponsors: Reasons for Not Implementing Automatic Features, 2017...187 Exhibit 10.12. 401(k) Plan Sponsors: Perspective on Plan Re-enrollments, 2017....188 Plan Priorities and Perspectives on Retirement Saving Exhibit 10.13. 401(k) Plan Sponsors: Available Distribution Options for Retired/Separated Participants, 2017...189 Exhibit 10.14. 401(k) Plan Sponsors: Availability of Retirement Income Projection, 2017...190 Exhibit 10.15. 401(k) Plan Sponsors: Preference for Retired/Separated Participants, 2017....191 Exhibit 10.16. 401(k) Plan Sponsors vs 401(k) Plan Participants: Perspectives on Retirement Savings and Investing Responsibility, 2017...192 Exhibit 10.17. 401(k) Plan Sponsors: Metrics Used to Benchmark Plan Success, 2017...193 Exhibit 10.18. 401(k) Plan Sponsors: Financial Wellness Program Offered, 2017...194 Exhibit 10.19. 401(k) Plan Sponsors: Reasons for Offering a Financial Wellness Program, 2017...195 Exhibit 10.20. 401(k) Plan Sponsors: Reasons for Not Offering a Financial Wellness Program, 2017....196 Exhibit 10.21. 401(k) Plan Sponsors: In-Plan Retirement Income Products Under Consideration, 2017...197 401(k) Plan Investments Exhibit 10.22. 401(k) Plan Sponsors: Reasons for Selecting Current Target-Date Fund, 2017...198 Exhibit 10.23. 401(k) Plan Sponsors: Attributes Considered When Selecting Target-Date Fund, 2017....199 Exhibit 10.24. 401(k) Plan Sponsors: Reasons for Conducting a New Target-Date Manager Search, 2017...200 The Cerulli Report U.S. Retirement Markets 2017 13

Exhibit 10.25. 401(k) Plan Sponsors: Investment Vehicles Offered, 2017...201 Exhibit 10.26. 401(k) Plan Sponsors: Primary Reason for Selecting Passive Option(s) for the 401(k) Plan, 2017...202 Exhibit 10.27. Large 401(k) Plan Sponsors: Perspective on Appropriateness of Alternative Investments in a 401(k) Plan, 2017....203 401(k) Plan Advisors and TPAs Exhibit 10.28. 401(k) Plan Sponsors: Length of Time with Current Advisor/Consultant Databank, 2017....204 Exhibit 10.29. Small 401(k) Plan Sponsors: Use of Third-Party Administrator, 2017...205 Exhibit 10.30. Small 401(k) Plan Sponsors: Reason for Selecting Third-Party Administrator, 2017....206 Chapter 11: Select 401(k) and ERISA-Covered 403(b) Plan Leaderboards... 207 401(k) Plan Leaderboards Exhibit 11.01. Top-25 401(k) Plans by Assets, 2015...210 Exhibit 11.02. Manufacturing: Top-25 401(k) Plans by Assets, 2015...211 Exhibit 11.03. Professional, Scientific, and Technical Services: Top-25 401(k) Plans by Assets, 2015...212 Exhibit 11.04. Finance and Insurance: Top-25 401(k) Plans by Assets, 2015...213 Exhibit 11.05. Healthcare and Social Assistance Services: Top-25 401(k) Plans by Assets, 2015...214 Exhibit 11.06. Retail Trade: Top-25 401(k) Plans by Assets, 2015...215 Exhibit 11.07. Information: Top-25 401(k) Plans by Assets, 2015...216 Exhibit 11.08. Wholesale Trade: Top-25 401(k) Plans by Assets, 2015...217 Exhibit 11.09. Management of Companies (Holding Companies): Top-25 401(k) Plans by Assets, 2015...218 Exhibit 11.10. Transportation and Warehousing: Top-25 401(k) Plans by Assets, 2015...219 Exhibit 11.11. Construction: Top-25 401(k) Plans by Assets, 2015...220 ERISA-Covered 403(b) Plan Leaderboards Exhibit 11.12. Top-25 ERISA-Covered 403(b) Plans by Assets, 2015...221 Exhibit 11.13. Educational Services: Top-25 ERISA-Covered 403(b) Plans by Assets, 2015...222 Exhibit 11.14. Healthcare and Social Assistance Services: Top-25 ERISA-Covered 403(b) Plans by Assets, 2015...223 Exhibit 11.15. Other Services: Top-25 ERISA-Covered 403(b) Plans by Assets, 2015...224 Exhibit 11.16. Professional, Scientific, and Technical Services: Top-25 ERISA-Covered 403(b) Plans by Assets, 2015...225 Index of Companies... 226 14 The Cerulli Report U.S. Retirement Markets 2017

Index of Companies Index of Companies ADP Retirement Services... 53, 55 AON Hewitt... 48, 49 AXA... 116 Alight Solutions...49 BMO...49 Bank of America... 139 BlackRock... 17, 67, 75, 77, 82, 108, 127, 129, 140, 157, 200, 202 Blackstone Group...49 Blue Prairie...71 CAPTRUST...71 Callan,... 28, 194 Charles Schwab... 164, 167 Conduent... 48, 49 Empower Retirement... 49, 84, 123 Envestnet...17, 18, 24, 25, 28, 29 Fidelity Investments...17, 30, 48, 53, 54, 56, 67, 76, 83, 84, 108, 116, 167 Financial Engines...84 GE Asset Management... 78, 140 Geode Capital Management...76 Great-West...49 HelloWallet... 194 ICMA-RC... 122, 123 IRON Financial...29 Inspira... 85, 89 Invesco... 82 J.P. Morgan... 49, 74 LPL... 167 LearnVest... 194 Legal & General Investment Management... 141 Lincoln Financial... 116 Lockton... 28, 71 MassMutual... 29, 49 Mercer,... 49, 72, 194 226 The Cerulli Report XXXX 2017

Index of Companies Mesirow... 17, 18, 24, 25, 28-30 Millennium Trust Company... 85, 89 Morningstar... 17, 18, 24, 25, 28-30, 35 Multnomah Group...71 NFP Retirement...28 Nationwide... 29, 54, 123 Natixis...82 OneAmerica...49 Paychex... 53, 55 Putnam Investments...49 Retirement Clearinghouse... 85, 89 SEI...27 Sheridan Road... 28, 71, 72 Stadion...82 State Street Global Advisors (SSgA)...77, 140, 162 T. Rowe Price...83 The Hartford...49 TIAA... 108, 115, 116, 197 Transamerica Retirement Solutions...49 VALIC...54 Vanguard... 17, 48, 56, 67, 76, 77, 83, 164, 200, 202 Voya Financial...29, 30, 49, 115, 122, 123, 188 Wells Fargo...49 Willis Towers Watson...28 Wilshire...17, 18, 24, 25, 28-30, 34, 35 The Cerulli Report XXXX 2017 227