HomeMy WebLinkAboutRESPONSE - RFP - 7286 PENSION ADMINISTRATOR REVIEW AND BENCHMARKING STUDYI N S I G H T E M P L O Y E E B E N E F I T C O M M U N I C A T I O N S
Poudre Fire Authority
Pension Administrator Review and Benchmarking
Responses and Supplemental Information to Prop 1 7286
October 19, 2011;,
+►; ,.1_ __l Fri , 45 .. ' +
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NOW
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. Poudre Fire Authority RFP Number 7286
Plan Administrator Review and Benchmarking
completed their review and evaluation of the responses to this RFP. Our firm has already established an
■ action plan and deadlines for this project in order to ensure there is no conflict with our current
workload. Furthermore, we anticipate completion of this project prior to the Boards' proposed deadline
of December 31, 2011. While the proposed deadline calls for a completion timeline that is shorter than
typically recommended for a project scope of this nature, the workload falls in the final two months of
the year when financial services firms tend to experience lighter workloads. The timing of this project
. will permit Insight to implement a more aggressive timeline by allowing this project to consume a
greater portion of our associates' workload during a traditionally slow time of the year.
Cost & Work Hours:
■ Insight EBC shall charge a flat fee of $17,500 for work performed within the scope of this engagement.
■ Firm Capability:
Insight EBC proposes a three step process in completing this benchmarking analysis, while closely
following the 22 practices that define the Global Fiduciary Standard of Excellence. First, Insight EBC will
■ work together with ICMARC and the Boards in order to obtain all pertinent information from your
current arrangement. This includes, but is not limited to, the Fee Schedule, Service Agreement, Trust
■ Agreement, Investment Policy Statement, Education Policy Statement, the most recent Plan audit
results, and Plan level reports. In addition to these documents, we would request a copy or detailed
. overview of any formal workflows, best practices, and/or atypical processes that may currently be in
place between the Plan and ICMARC. This information will allow us to formally evaluate the products
and services offered by ICMARC as a whole, as well as perform a general fiduciary assessment on the
documentation in place, in order to determine if the Plan may be subject to additional costs going
forward.
L�
Next, Insight EBC will perform a quantitative analysis based on the services, documentation, and fees
the Plan is currently subject to under the ICMARC service model. In conjunction with Fiduciary
Benchmarks, Insight EBC will extrapolate industry wide data in order to perform a quantitative
comparison based on fees assessed to other retirement plans with a similar structure, assets under
■ management, and participant base. The initial ICMARC analysis will also allow us to take into
consideration special workflows that may influence the overall fee. Upon completion of this step,
■ Insight EBC intends to deliver our quantitative findings to the Boards in order to provide a baseline
comparison of the ICMARC service model to industry wide standards, based on fees alone. Throughout
this step in the benchmarking analysis, our goal will be to seek full fee transparency from all qualified
firms, based on compliance with ERISA 404(c) regulations. We understand that the Plan is not subject to
ERISA guidelines, but we believe ERISA lays out a definitive framework for compliance and governance.
■ In addition, we will also closely follow fee disclosure guidelines set forth by UPIA during this step of our
analysis. With our cost analysis at hand, Insight EBC will work together with the Boards in order to
. determine 3-5 vendors in addition to ICMARC that will move on to the final step in our process.
8
Poudre Fire Authority RFP Number 7286
Plan Administrator Review and Benchmarking
The final round of analysis will provide a breakdown of the qualitative aspects of ICMARC's service
model, in comparison to the other finalists' services. In this step, Insight EBC intends to take a hands-on
approach by gaining access to and working with the automated systems, call centers, sample participant
statements, as well as the participant and plan sponsor website(s) at each firm. In doing so, we will rate
each qualitative aspect based on ease of access, navigation, and the firm's ability to convert industry
terminology to easy -to -understand terms for novice investors. Upon completion of our qualitative
comparison, Insight EBC representatives will once again meet with the Boards in order to discuss our
findings. At this point, the Boards will have enough quantitative and qualitative data to determine if
ICMARC provides an effective product at a competitive cost, or if a change in service providers may be
required.
0
ME NOW OWN
Benchmarks Report
Fees, Plan Design and Participant Success Measures
ABC COMPANY 401(K) PLAN (w/Advisor Services Summary)
Report Provided by: Jane Jones
Acme Consulting, Inc.
jjones@acmeconsulting.com
Fiduciary Benchmarks
i Comprehensive I Report Generation Date: January 17, 2011
Fiduciary Benchmarks Report: Fees, Plan Design, & Participant Success Measures
Benchmarks
Table of Contents
Page
The Benchmarks Report Reader's Guide and Benchmark Group
1
Plan Fees Summary
2
Service Providers' Fee Disclosure
3
Investment Lineup Summary
5
Relative Plan Complexity
7
Participant Success Measures
8
Advisor/Consultant Services
9
Appendix Investment Offering and Plan Fees Summary
A-1
Total Expense Ratio
A-2
Investment Fees Paid to Recordkeeper
A4
Investment Fees Paid to AdvisorlConsultant
A-5
Investment Fees Paid to Investment Managers
A-7
Investment Fees Paid to Others
A-8
Managed Accounts
A-9
Self -Directed Accounts
A-10
Participant Fees
A-11
Other Fees
A-12
ERISA Spending Account
A-13
Disclosure Important Information and Disclosures
A-14
Fiduciary Benchmarks, Inc. (FBi) is a leading authority on fees, participant
success measures, support, and services for defined cont ibution plans.
FBi's proprietary software and database of current plan information is used
to build the comparisons in this report.
Throughout this report. numbers have been rounded to the nearest I001h of
one percent and the following designations have been used:
Benchmark Group Fees Chart Designations
Low = 5th percentile = This Plan
Below average = 25th percentile ■ = Better than average
Average = 50th percentile ■ = Average
Above average = 75th percentile ■ = Worse than average
High = 95th percentile Blue = Better than average
Red = Worse than average
See Important Information and Disclosures at the end of this document for additional information. including key considerations about the information reflected in this report.
................................
M" Fiduciary
Benchmarks
This Fiduciary Benchmarks Fees, Plan Design, and Participant
Success Measures Report provides comprehensive "apples -to -
apples" comparisons of a plan's fees, design, and participant
success measures to those of a Benchmark Group of 55 similar
plans.
Note: Your report does not include performance evaluations
of the plan's investment options. This important information
is beyond the scope of this report.
Department of Labor regulations under ERISA and, speciftcall ,
section 408(b)(2) require that all fees be "reasonable" for services
being provided. The information in this report can help in working
with service providers to meet this requirement and improve the
plan.
We used a four -step process to build the report:
1. We identified 55 similar plans for comparison (Benchmark
Group).
2. We summarized fees being paid for the plan based on the
information provided by the plan sponsor and the plan's
service providers.
3. We examined the plan's design and associated complexity.
4. We examined 10 participant success measures that
indicate how well plan participants are preparing for
retirement.
We considered 9 relevant sort factors to identify the 55 similar plans that comprise the Benchmark
Group.
Benchmark Group Sort Factors
This Plan
Benchmark Group
Plan Assets
$6,494,656
$5mm - $9mm
Number of Participants
187
105 to 395
Last Year You Bid or Reviewed Your Plan
2010
Last 3 years
Company Industry
Primary Metal Manufacturing
All
Plan Type
401(k)
Defined Cont ibution
Uses Auto -Enrollment
For New Hires
16%
Has Employer Match
Yes
91%
• of Plan Assets in Index Funds
15%
0% to 50%
°/ of Plan Assets in Managed Accounts
3%
0% to 5%
Service Providers Used Across the Benchmark Group
Service Provider Type
% of Benchmark Group
Using Service Provider Type
This Plan's Specific
Service Providers
Recordkeeper
100%
Yamane Plan Services
Advisor! Consultant
91%
Acme Consulting, Inc.
Third -Party Administrator
16%
None
Other Service Providers
4%
None
FBi Reports are a key element in an annual plan review process. Maximum value is achieved when the
plan's sponsor, its advisor or consultant, recordkeeper and other plan service providers participate.
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
1
■ ■ MEN ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ MEMO MEN NON ■ ■ ■ ■ MEN
MFiduciary
Benchmarks
This page provides an overall summary of the plan's fees, with comparisons to the Benchmark Group. It's important to consider plan services when assessing whether fees are
reasonable. Please note that self directed account and participant level activity fees are not included in the information below.
Distribution of Total Plan Fees by
Source
Investment Fees
Commissions
Finders' Fees
Managed Account Fees
Other Fees
ERISA Spending Account Credit
Grand Total
Plan Fee in Dollars
%of Total Fee
$82,623
94%
0%
-
0%
$1,050
1 %
$4,244
5%
$(2,500)
$85,417
100%
Total Plan Fees vs. Benchmark Group in percent
Distribution of Total Plan Fees by
Service Provider
Recordkeeper
Advisor/Consultant
Investment Managers
Managed Accounts Provider
Other Service Providers & Fees
Grand Total
Plan Fee in Dollars
% of Total Fee
$36.795
43%
$16,227
19%
$29,108
34%
$1,050
1%
$2,237
3%
$85,417
100%
2%
1.65% to the average in the Benchmark Group?
1.31% 1.32%
1.14% . this plan's fees are approximately 1.32% per year
1% 1.00%
0.71%
this is 0.18 % more per year
I
. this is equal to $11,690 more per year
. this is $63 more per participant per year
Low Below Average Above Your High
Average Average Plan
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
2
................................
M
Fiduciary
Benchmarks
This page summarizes the fees paid to the plan's primary service providers. It's important to consider plan services when assessing whether fees are reasonable. Please note
that self directed account and participant level activity fees are not included in the information below.
Disclosure of Recordkeeper Fees
Investment Fees
Managed Account Fees
Other Fees
ERISA Spending Account Credit
Total Fees
Plan Fee In Dollars
% of Total Fee
$35,051
89%
0%
$4,244
11%
$(2,500)
-
$36.795
100%
Recordkeeper's Fees vs. Benchmark Group in percent
0.29%
o. L 7'c
Doe
Low Below
Average
Disclosure of Advisor/Consultant Fees
Investment Fees
Commissions
Finders' Fees
Other Fees
Total Fees
1%
0.66%
0ss% 0.57%
0.41% 0
Average Above Your High
Average Plan
to the average in the Benchmark Group?
. this plan's recordkeeper fees are approximately 0.57% per year
• this is 0.16% more per year
. this is equal to $10,391 more per year
• this is $56 more per participant per year
Plan Fee in Dollars
% of Total Fee
$16,227
100%
-
0%
0%
-
0%
$16.227
100%
Advisor/Consultant's Fees vs. Benchmark Group in percent
Low Your Below Average Above High
Plan Average Average
to the average in the Benchmark Group?
• this plan's advisor/consultant fees are approximately 0.25% per
year
. this is equal to $0 more per year
. this is $0 more per participant per year
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
3
IN MEN .... �I ......... ■ ............ .
Fiduciary Service Providers' Fee Disclosure
1 Benchmarks
This page summarizes the fees paid to the plan's primary service providers. It's important to consider plan services when assessing whether fees are reasonable. Please note
that self directed account and participant level activity fees are not included in the information below.
Disclosure of Investment Manager Fees
Investment Fees
Total Fees
o.
Plan Fee in Dollars
% of Total Fee
$29.108
100%
$29,108
100%
Investment Manager's Fees vs. Benchmark Group in percent
Low Below Average Your
Average Plan
to the average in the Benchmark Group?
Above High
Average
• this plan's investment manager fees are approximately 0.45% per year
• this is 0.01 % more per year
• this is equal to $649 more per year
• this is $3 more per participant per year
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
4
■ ONO ■ ■ ■ ■ ■ ■ ■ ■ ■ A ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
Fiduciary Investment Lineup Summary
Benchmarks
This page provides a high-level comparison of the investment expenses for this plan versus the Benchmark Group. Investment expenses are typically the largest component of
plan costs. These costs, however, should always be considered in conjunction with investment performance. Additional important investment fee data is available in the appendix
and should be reviewed carefully as part of an investment review and monitoring process.
rnTkl_ INIF`;71,9Er1I l s f'f-r.1cF r;�AnnRF
to the Benchmark Group?
2%
-
1.55%
1.16% 1.27%
1%
0 99%
0.77%
0. 04
Low
Below
Average Above This High
Average
Average Plan
. the fees are 0.28% more than average
to the Benchmark Group?
zu
zo
No funds are well below
18- - -
average cost
14-
2 funds are below average cost
10
1.
No funds are average cost
B
. 2 funds are above average
fi -
4- 2 -
2
cost
o
-'
20 funds are well above
well Below Below Average
Average Average
Above Well Above
Average Average
average cost
This Plan
Benchmark Group
Disclosure
of Total
Expense
In percent
Comparison of Total Expense
of Benchmark Group in percent
Fund Name
Asset Category
for This Fund
Benchmark
Plans with
This Asset
Category
Assets as of
Dec -2010
Total
Expense
Ratio
Low
Below
Average
Average
Above
Average
High
Difference
from
Average
Core Options
Stable Value Fund
Stable Value
65%
$1,399,961.28
1.14%
0.30%
0.65%
0.67%
0.89%
1.33%
Harbor Bond Instl
Intermediate -Term
Bond
85%
$407.417.46
1.39%
0.46%
0.71%
0.90%
1.15%
1.58%
0'l-
T Rowe Price Equity Income
Large Value
96%
$386,101.29
1.36%
0-70%
0.97%
1.12%
1.31%
1.76%
0 .'-'
Vanguard 500 Index Signal'
Large Blend
78%
$421,729.87
0.86%
0.07%
0.24%
0.35%
0.70%
1.09%
T Rowe Price Blue Chip Growth
Large Growth
100%
$485,390.16
1.45%
0.64%
0.97%
1.14%
1.32%
1.77%
Vanguard PRIMECAP Inv
Large Growth
100%
$188,441.38
1.28%
0.64%
1 0.97%
1 1.14%
1.32%
1 1.77%
JPMorgan Mid Cap Value Instl
Mid -Cap Value
80%
$329.192.90
1.45%
0.74%
IA6%
1.23%
1.44%
1.64%
Federated Mid -Cap Index Instl Svc
Mid -Cap Blend
44%
$567,871.22
1.05%
0.10%
0.30%
0.44%
0.72%
1.13%
T Rowe Price Mid -Cap Growth
Mid -Cap Growth
as%
$564,670.14
1.47%
0.82%
1.12%
1.31%
1.44%
1.69%
Allianz NFJ Small Cap Value Instl
Small Value
73%
$263,649.86
1.54%
0.82%
1.20%
1.29%
1.54%
1.88%
Vanguard Explorer Adm
Small Growth
73%
$346,922.82
1.13%
1.02%
1.24%
1.35%
1.52%
1.83%
-0.22".
Harbor International Instl
Foreign Large Blend
91%
$575,867.31
1.64%
0.85%
I A 5%
1.26%
1.46%
1.90%
o
'Index Fund -Passively Managed
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
5
NON■ ad allona a■ m ON mom ONE w A an w■■■■
MFiduciary
Benchmarks
This Plan
Disclosure
of Total
Expense
In percent
Benchmark
Plans with
Total
Asset Category
This Asset
Assets as of
Expense
Fund Name
forThls Fund
Cateaory
Dec • 2010
Ratio
Low
Benchmark Group
Comparison of Total Expense
of Benchmark Group in percent
Difference
Below Above I I from
Vanguard Wellington Adm
Moderate Allocation
51%
$390.441.61
1,02%
0.34 %
1.04%
118%
1.48%
2.06%
-0,26 %
T. Rowe Price Retirement 2005
Target Date 2000.2010
58%
$1,575.85
1.25%
0.51%
0.67%
0.91%
1.15%
1.36%
"1
T Rowe Price Retirement 2010
Target Date 2000-2010
58%
$12,574.50
1,28%
0.51%
0.67%
0.91%
1.15%
1.36%
T Rowe Price Retirement 2015
Target Date 2011-2015
42%
$11,657.54
1.32%
0.68%
0.68%
1.14%
1.23%
1.71%
T Rowe Price Retirement 2020
Target Date 2016-2020
65%
$54.347.00
1.35%
0.74%
0.76%
1.02%
1.23%
1.63%
T Rowe Price Retirement 2025
Target Date 2021-2025
40%
$34,564.57
1.38%
0.76%
0.76%
1.16%
1,29%
2.05%
T. Rowe Price Retirement 2030
Target Date 2026-2030
64%
$8,984.79
1.40%
0.79%
0.79%
1.12%
1.29%
1.73%
T. Rowe Price Retirement 2035
Target Date 2031-2035
42%
$6.543.78
1.41%
0.81%
0.81%
1.18%
1.33%
1.95%
T. Rowe Price Retirement 2040
Target Date 2036-2040
62%
$16,948.00
1.41%
0.81%
0.82%
1.09%
1.30%
1.52%
T. Rowe Price Retirement 2045
Target Date 2041-2045
35%
$6,958.21
1.41%
0,82%
0.82%
1.16%
1.34%
1.46%
T. Rowe Price Retirement 2050
Target Dale 2050+
47%
$7.859.00
1,41%
0.84%
0.86%
1.10%
1.34%
1,46%
-
T Rowe Price Retirement 2055
Target Date 2050+
47%
$1,235.38
1.41%
0.84%
0.86%
1.10%
1.34%
1.46%
Other Options
Self -Directed Brokerage
Self -Directed
Brokerage
2%
$3,750.00
0'D
-
-
-
-
-
-
Grand Totals $6,494,655.92 1.27% 0.47% 0.77% 0.99% 1.16% 1.55%
Total Investment Fees $82,623.05
Index Fund -Passively Managed
The Investment Lineup Summary provides a summary of all investment assets held in the plan for which the requisite information was made known to Fiduciary Benchmarks. If you
determine that any investments are missing, please inform your financial advisor and/or Fiducia y Benchmarks.
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
6
■
■ Insight Employee Benefit
Communications
■
■ October 19, 2011
■
James B. O'Neill
Director of Purchasing & Risk Management
. City of Fort Collins Purchasing Division
215 N. Mason Street, 2nd Floor
■ Ft. Collins, CO 80522
■ RE: Pension Administration Review and Benchmarking Proposal No. 7286
■ Dear Mr. O'Neill,
■ On behalf of everyone at Insight Employee Benefit Communications, I want to thank you for including
InSight in your RFP for pension administration review and benchmarking services. Pursuant to the
guidelines provided with the REP, we are providing electronic and hard copies of the responses. This
hard copy packet includes the following:
■ 1. Written responses to REP
2. InSight RFP Services Brochure
3. Sample Fiduciary Benchmarks Report
4. Sample Fi360 Monitoring Report
Should you have any questions surrounding this proposal or desire additional information, do not hesitate
■ to contact us. We look forward to working with you.
■ Sincerely,
■ Rick Rodgers, AIF� Pri ipal
■
■
■
■
■
InSight Employee Benefit Communications, Inc. 14643 S. Ulster St. Suite 800 Denver, CO 80237
P: 720.228.4157 F 720.228.4158
■
Nun r a r■ am mad NON■■ MEN am MEN Q■■■ N:
Fiduciary Relative Plan Complexity
Benchmarks
Plan Complexity is an indicator of how the plan's design compares to other plan designs. Plan Complexity is neither good nor bad since every plan is designed to suit each
employer's situation. What is important to know is that a plan that is more complex, can cost more to administer. Please note that the cost impact scoring system utilized below is
a subjective measurement developed by Fiduciary Benchmarks.
Percentage of Plans The
This In Benchmark Group Maximum Plan's
Plan's with a "Yes" for Cost Cost
Plan Provisions Provisions t Plan Provision Impact" Impact Maximum cost impact expresses how much difficulty a ce tain
Eligibility plan provision adds to a plan's design. For example, multiple
- Service Requirement Yes 15% 1 1 loans adds quite a bit of complexity to a plan versus an auto-
-Age Requirement Yes 40% 1 1 enrollment feature. In addition, for a provision like "Number of
-Automatic Enrollment For New Hires 16% new hires _ 4 p Investment Options," a plan with a high number of investment
Employee Contributions options compared to industry standards would receive 5 points.
- Employee Pre -Tax Yes 100% 5 5 Alternatively, a plan with a low number of investment options
-Automatic Increase No 13% 1 0 would receive only 1 point.
- Employee Catch-up Yes 100% 2 2
- Employee After -Tax No 4% 3 0 Relative Plan Complexity Score vs. the Benchmark Group
- Employee Roth No 35% 3 0
- Employee Rollover Yes 98% 1 1
Employer Contributions 50
as ��
- Employer Matching Yes 91% 3 3 40
35 32
- Employer Matching Vesting Schedule Graded 69% graded 2 2 30 - 25
- Employer Profit Sha ing Yes 78% 3 3 25 -
20
- Employer Profit She ing Vesting Schedule Graded 65% graded 2 2 is
1011
- Employer Required Basic No 5% 3 0 5
0
- Employer Required Basic Vesting Schedule - 0% 2 0 1 Benchmark Benchmark Benchmark This
Investments Low Average High Plait
- Number of Investment Options 25 Avg 26 5 4
- Auto Rebalancing Yes 2% 1 1
- Risk -Based or Target Retirement Date Funds Yes 98% 1 1
- Managed Account Yes 9% 3 3 to the
- Mutual Fund Window or Self -Directed Account Yes 2% 3 3 Benchmark Group with respect to PLAN COMPLEXITY?
- Company Stock No 0% 4 0
Distributions . the maximum (most complex) score possible is 65
- Loans Allowed Yes - up to 2 Avg: 1 5 2 points
- In -Service Withdrawals Yes 98% 2 2 . the average plan's score was 32
- Hardship Withdrawals Yes 91% 2 2
- Installments Yes 55% 2 2 . this plan's score was 42
- Lifetime Income Option No 27% 1 0
^Low to High - 1 to 5 This Plan 42
- =plan provision not provided or not applicable
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
■■■an aMa■ganonopo■panosno"saw■IN
L Fiduciary Participant Success Measures
Benchmarks
Participant Success Measures refers to 10 recognized industry statistics that measure how well a plan helps participants prepare for retirement. This page lists each of these 10
statistics and compares them to the Benchmark Group. Few areas are more central to reviewing fees from the perspective of "what you get for what you pay." Here. small changes
can make big differences for participants.
Participant Success Measures
Plan's Current Participation Rate
Average Deferral Percentage for Non -Highly Compensated Employees
Average Deferral Percentage for Highly Compensated Employees
% of Participants Maximizing Company Match
% of Plan Assets in Automatically Diversified Options
• of Eligible Participants Making Catch-up Contributions
% of Participants Using Auto -Rebalance Option
% of Terminated Participants NOT "Cashing Out"
% of Participants with a Personal Retirement Goal
% of Participants On Track to Achieve That Goal
This Plan's Participant Success Measures vs. The Benchmark Group
of Plans
Measuring
This Plan
Low
Below
Average
Average
Above
Average
High
Difference
from
Average
84%
68%
31%
59%
72%
83%
95%
--1
75%
6.1%
1.8%
3.5%
4.5%
5.8%
6.6%
1.60/
75%
7.2%
2.5%
5.9%
6.60/
T3%
9 4%
0.6%
24%
59%
17%
31°%
55%
65%
92%
4%
98%
34%
1%
12%
22%
41%
87%
13%
18%
11%
1%
2%
11%
23%
36%
10/.
11%
22%
2%
3%
24%
46%
74%
-
25%
61%
2%
44%
67%
83%
97%
-
4%
77%
3%
3%
40%
77%
77%
37?0
4%
28%
13%
13%
21%
28%
28%
8%
` Includes balanced funds, risk or target -based retirement choices, model portfolios, and managed accounts.
- = NIA or not available.
# of Participant
7 or
Success Measures
0
1
2
3
4
5
6
more
Average or Better
for 10
for 10
for 10
for 10
for 10
for 10
for 10
for 10
Percentage
11%
31%
22%
22%
9%
0%
0%
5%
of Plans in
Benchmark Group
to the Benchmark Group with respect to these 10 important
participant success measures?
. This plan ranks average or better in 7 out of 10
categories
95% of plans rank lower than this plan
NO PLAN ranks above this plan
. 5% of plans rank average or better in more than 6
categories
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
8
■■ ova ■■■■■0aamMassa* ■■aanaam■nan
Fiduciary Advisor/Consultant Services
Benchmarks
This section details a variety of key services that an Advisor/Consultant may be providing a plan. When assessing fees reasonableness, these services (and other services
provided) should be considered - along with service quality, volume and associated impact on plan and participant success.
elect -$@twice_ Do Ivory tems
Services Provided
Benchmark Group
Com arison of Fee when additional fee Is being aid
This
Plan
One-time
or
ongoing?
% of plans
In
Benchmark
Group
Receiving
This Plan's
unit Cost or
Ind'd in plan
level fee
Low
Below
Averse
Average
Above
Average
High
Difference
From
Average
%, of plans
paying
added
fee for
service
Plan Sponsor Services:
Review Plan Governance Structure
No
-
13%
-
0%
Review 404(c) Protection
No
-
63 %
-
-
-
-
-
-
6%
Analyze Plan Design Options
Yes
Once
38%
$1,500.00
$500.00
$750.00
$1,500.00
$3,250.00
$5.000.00
$0.00
31%
Meet With Plan Committee
Yes
-
88%
Incl'd
-
-
-
0
Plan Investment Services:
Assess Plan's Investment Objectives
No
-
38%
-
-
-
-
0%
Design Overall Investment Structure
No
-
38%
-
-
-
-
0%
Review ODIA Option
No
-
13%
-
-
-
-
0%
Review Company Stock Option
No
-
5%
$1,500.00
$1.500.00
$2.600.00
$6.550.00
$7.500.00
-
5 %
Develop, Maintain & Monitor IPS
Yes
-
81%
Incl'd
$500.00
$850.00
$2.150.00
$3,375.00
$3,700.00
-
25%
Implement Investment Structure
Yes
-
94 %
Incl'd
-
-
-
-
0%
Build Model Portfolios
Ves
-
38%
Ind'd
-
-
-
-
25"/"
Provide & Review Performance Reporting
Yes
-
94 %
Incl'd
1
0%
Search For New Investment Manager
Yes
-
44"/"
Ind'd
$2,500.00
$4,062.50
$9.375.00
$11,500,00
$12,000.00
-
25%
Vendor Management:
Monitor Service Provider
No
-
38%
0%
Ensure All Fees Are Disclosed
Yes
-
56%
Incl'd
$225.00
$262.50
$437.50
$1.062.50
$1,250.00
-
25%
Benchmark Fees & Value For
Reasonableness
Yes
-
50 %
Ind'd
$200.00
$275.00
$625.00
$2,062.50
$2,500.00
-
25%
Review Use Of ERISA Spending Accounts
No
-
6%
-
-
-
-
-
0%
Generate & Evaluate Service Provider RFP
Yes
Once
44 %
$8,000.00
$3.750.00
$4 687.50
$7.750.00
$10.250.00
$12, 500.00
38%
Generate & Evaluate Service Provider RFI
No
-
19%
-
-
-
-
0%
Support Contract Negotiation
as
-
6"/o
Incl'd
-
-
-
0%
Support Service Provider Transition
No
-
69/
-
-
-
-
0%
Fiduciary Status:
No Fiduciary Status Acknowledged
No
-
50 %
-
-
-
-
0%
Acts As A Fiduciary Under 1940 Act (RIA)
Yes
-
13%
Ind'tl
-
-
0%
ERISA 3(21) Fiduciary (Limited Scope)
No
-
0%
-
-
_
_
_
0%
ERISA 3(38) Fiduciary (Discretionary)
No
-
31%
-
0.10 %
0.10%
0.15 %
0.16 %
0.18%
25%
ERISA 3(16) Fiduciary (Full Scope)
No
-
6%
-
-
-
-
0%
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
9
swung i0opossums"MU"dodwas Qua■nwr
RFiduciary
Benchmarks
This section details a variety of key services that an Advisor/Consultant may be providing a plan. When assessing fees reasonableness, these services (and other services
provided) should be considered - along with service quality, volume and associated impact on plan and participant success.
$elect service Delivery Items
Services Provided
Benchmark Group
Comparison of Fee when additional fee is being paid)
This
Plan
One-time
or
ongoing?
% of plans
In
Benchmark
Group
Receivinglevel
This Plan's
unit Cost or
Incl'd in plan
fee
Low
Below
Average
Average
Above
Average
High
Difference
From
Average
% of plans
paying
added
fee for
service
Participant Education Services:
Review Of Education Strategy
No
-
13%
-
-
-
-
0%
Provide Group Meetings
Yes
-
63%
Incl'd
-
-
-
-
0%
Provide One -On -One Meetings
No
-
44%
-
-
-
-
6%
Provide Participant Phone/Email Support
No
-
25%
-
-
-
-
-
-
0%
Provide Financial Planning Services
No
-
38%
$750.00
$750.00
$1.500.00
$2.500.00
$2.500.00
19%
Provide Participant Newsletter
No
-
6%
-
-
-
-
-
-
-
0%
Review Progress Against Goals
Yes
-
13%
Incl'd
-
-
0%
Rendering Of Participant Advice
No
-
0%
-
-
-
-
-
0%
Select Service Delivery Volumes This Plan's
Service Volume
Benchmark Group - Range of Service Volumes
Low
Below
Average
Average
Above
Average
High
Difference
From
Average
Plan Sponsor Support:
Number Of Retirement Plan Committee/Board Meetings Attended 4 1 1 2 5 7 2
Participant Education Volumes
Number Of Locations Served
3
1
1
2
4
7
1
Number Of Group Participant Meetings
16
5
7
15
20
24
1
Number Of One -On -One Participant Meetings
9
10
16
34
38
Number Of Financial Plans
-
1
1
2
4
4
-
Number Of Hours Spent Per Year On Participant Issues (E.g. Phone Calls, Emails)
6
7
11
17
18
Plan Investment Volumes:
Number Of Investment Manager Searches 3 1 1 3 4 5 0
Vendor Management Volumes:
Number Of Vendor Requests For Information (RFIs) Conducted
0
i
1
1
2
2
Number Of Vendor Requests For Proposal (RFPs) Conducted
1
1
1
1
1
1
0
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
10
soago ■Ovo•a•o■n�■•anomn @Oman"0a
Fiduciary
Benchmarks
This section is available to outline additional services provided and previously provided by the plan's advisor/consultant, as well as any explanatory notes related to the advisor/
consultant's delivery of services to the plan.
Other Services Provided
• Assisted with the evaluation of 5 accounting firms related to plan audit services
. Supported a working group of company executives evaluating employee benefits
related to employer match structures
• Worked a booth at the annual Employee Benefits Fair
Relationship Service NotesfTimeline
Jan 2005
ABC Company and ACME Consulting relationship inception
May 2005
Replaced 3 money managers, implemented core menu - risk based model
portfolios
Nov 2006
RFP for recorkeeper. Hiring of Yamane Plan Services.
Apr 2007
Supported roll out of new employer match education initiative - increased
participation by 25%.
Aug 2008
Developed and implemented investment committee protocols for plan oversight
May 2010
Added target retirement date funds to the core line up
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
11
n■ono" •rN■■�wrw�r■M�rrnow monsoon
1 11 Fiduciary
l 9 Benchmarks
This page assists plan sponsors and their advisors in comparing the scope of their investment offerings. It also provides additional details on investment program fees. This
information provides perspective on what similar plans are offering.
For participants who prefer to have someone else build their investment
portfolios
Automatically Diversified Options
This Plan
Offers
Percentage of Benchmark Group
Offering
Target Retirement Dale Funds
Yes
71%
Risk -Based Funds
Yes
60%
Managed Accounts
Yes
9%
Total Number of Choices
17
Average: 8
For participants who prefer to build their own investment portfolios
(This plan may have more than one fund in any cateoorv. )
Core Options
This Plan
Offers
Percentage of Benchmark Group
Offering
Stable Value
Yes
67%
Money Market
No
51%
Fixed Income
Yes
100%
Large Cap Index Fund
Yes
78%
Large Cap US Stock
Yes
100%
Mid Cap US Stock
Yes
98%
Small Cap US Stock
Yes
96%
Foreign Stock
Yes
100%
Real Estate
No
38%
Total Number of Choices
12
Average: 19
For participants who want more choice than is available in the Core Options
Flexible Options
This Plan
Offers
Percentage of Benchmark Group
Offering
Self -Directed Accounts
Yes
2%
Additional investments made available
Other Options
This Plan
Offers
Percentage of Benchmark Group
Offering
Company Stock
No
0
Fees by Source
Investment Fees
Commissions
Finders' Fees
Managed Account Fees
Other Fees
ERISA Spending Account Credit
Total Plan Fees
Fees by Service Provider
Recordkeeper
Advisor/Consultant
TPA
Investment Managers
Managed Accounts Provider
Other Service Providers and Fees
Total Plan Fees
Other Sources of Compensation
Finders Fees - Initial Plan Transfer'
Benchmark Group
Total Fee
Paid
% of Plans
Subject to Fee
Average Fee
When Paid
1.27%
100%
0.99%
0%
2%
0.29%
0.02%
9%
0.14%
0.07%
69%
0.20%
(0.04)%
13%
(0.10)%
1.32%
100%
1.14%
Benchmark Group
Total Fee
Paid
% of Plans
Subject to Fee
Average Fee
When Paid
0.57%
100°!
0.41 %
0.25%
91%
0.25%
-
16%
0.10%
0.45%
1 100%
0.44%
0.02%
9%
0.14%
0.03%
56%
0.04%
1.32%
100%
1.14%
Benchmark Group
Total Fee
Paid
% of Plans
Subject to Fee
Average Fee
When Paid
0%
See Important information and Disclosures at the end of this document for additional information. including key considerations about the information reflected in this report.
A-1
Fiduciary
Benchmarks
Fund Name
Core Options
Stable Value Fund (1) (2)
Harbor Bond Instl
T Rowe Price Equity Income
Vanguard 500 Index Signal'
T. Rowe Price Blue Chip Growth
Vanguard PRIMECAP Inv
JPMorgan Mid Cap Value Instl
Federated Mid -Cap Index Insil Svc'
T Rowe Price Mid -Cap Growth
Allianz NFJ Small Cap Value Instl
Credits
Assets as of to
Dec-2010 Participar
Disclosure of Total Expense
in percent
Advisor/ linvestmenti to Total
onsultantl Manaaer I ERISA I Other I Fee
1,399,961.28
0%
0.54%
0.25%
$407,417.46
0%
0.54%
0.25%
$386,101.29
0%
0.54%
0.25%
$421,729.87
0%
0.54%
0.25%
$485,390.16
0%
0.54%
0.25%
$188.441.38
0%
0.54%
0.25%
$329.192.90
0%
0.54%
0.25%
$567.871.22
0%
0.54%
0.25%
$564,670.14
0%
0.54%
0.25%
$263.649.86
0%
0.54%
0.25%
0.35%
0.00%
10.00%
1.14%
0.48%
0.00%
0.12%
1.39%
0.56%
0.00%
0.01%
1.36%
0.04%
0.00%
0.03%
0.86%
0.61%
0.00%
0.05%
1.45%
0.46%
0.00%
0.03%
1.28%
0.26% 0.00% 0.00% 11.05%
0.66% 0.00% 0.02% 1.47%
0.75% 0.00% 0.00% 1.54%
Vanguard Explorer Adm
$346,922.82
0%
0.54%
0.25%
0.30%
0.00%
0.04%
1.13%
Harbor International Instl
$575.867.31
1 0%
1 0.54%
0.25%
0.69%
0.00%
0.16%
1.64%
Automatically Diversified Options
Vanguard Wellington Adm
$390441.61
0%
0.54%
0.25%
0.21%
0.00%
0.02%
1.02%
T Rowe Price Retirement 2005
$1.575.85
0%
0.54%
0.25%
0.46%
0.00%
0.00%
1.25%
T. Rowe Price Retirement 2010
$12.574.50
0%
0.54%
0.25%
0.49%
0.00%
0.00%
128%
T. Rowe Price Retirement 2015
$11.657.54
0%
0.54%
0.25%
0.53%
0.00%
0.00%
1.32%
T. Rowe Price Retirement 2020
$54.347.00
0%
0.54%
0.25%
0.56%
0.00%
0.00%
1.35%
T. Rowe Price Retirement 2025
$34,564.57
0%
0.54%
0.25%
0.59%
0.00%
0.00%
1.38%
T. Rowe Price Retirement 2030
$8,984.79
0%
0.54%
0.25%
0.61%
10.00%
10.00%
1.40%
T. Rowe Price Retirement 2035
$6,543.78
0%
0.54%
0.25%
0.62%
0.00%
10.00%
1 1.41%
T. Rowe Price Retirement 2040
$16,948.00
0%
0,54%
1 0.25%
1 0.62%
10.00%
10.00%
1 1.41%
Benchmark Group
Comparison of Total Expense
In percent
Low
Below
Average
Average
Above
Average
High
Difference
from
Average
0.30%
0.65%
0.67%
0.89%
1,33%
0.46%
0.71%
0.90%
1.15%
1.58%
0.70%
0.97%
1.12%
1.31%
1.76%
0.07%
0.24%
0.35%
0.70%
1.09%
0.64%
0.97%
1.14%
1.32%
1.77%
0.64%
0.97%
1.14%
1.32%
1.77%
0.74%
1.16%
1 1.23%
1.44%
11.64%
0.10%
0.30%
0.44%
0.72%
1.13%
0.82%
1.12%
1.31%
1.44%
1.69%
0.82%
1.20%
1.29%
1.54%
1.88%
1.02%
1.24%
1.35%
1.52%
1.83%
-0.22%
0.85%
1.15%
1.26%
1.46%
1.90%
0.34%
1.04%
1.28%
1.48%
2.06%
-0.26 %
0.51%
0.67%
0.91%
1.15%
1,36%
0.51%
0.67%
0.91%
1.15%
1.36%
0.68%
0.68%
1,14%
1.23%
1.71%
0.74%
0.76%
1.02%
1.23%
1.63%
0.76%
0.76%
1.16%
1.29%
2.05%
0.79%
1 1.12%
1.29%
1.73%
0.81°/
0.81%
1.18%
1.33%
1. 15%
0.81 %
0.82%
1.09%
1.309
11.52%
(1) This fund may be subject to a market value adjustment upon termination. If due to its structure, this investment does not report an explicit expense ratio and or fee credit, a market based average
may be applied. The market based average is established by Fiduciary Benchmarks based on the reported levels of expense and fee offsets for similar vehicles across similar benchmark groups.
The resulting combined total expense ratio will be used for benchmarking. The characteristics and associated value of Guaranteed Rate investments varies based on such things as the current
guaranteed rate, the minimum guaranteed rate, the terms and conditions of rate resets, the credit quality of the guarantor and other accruing benefits associated with i vestment. Accordingly, cost
should always be considered in conjunction with an investment's overall value characteristics.
(2) A proprietary fund is defined as 'I vestments that are managed by the recordkeeper or its affiliates and xcludes choices where a sub -advisor has been hired'. The amount of assets or number of
funds that are managed by the recordkeeper should not be the determining factor of the plan's final i vestment lineup. Ultimately, each option must be able to withstand the normal fiducia y due
diligence of people, process, performance, cost, and other factors. This plan's allocation to proprietary choices is 22% of plan assets. The Benchmark Group average amount of assets in
proprietary choices (where applicable) is 20%.
(3) Default option for the plan.
(4) This fund, referred to as an inactive choice, is no longer accepting new contributions.
(5) Where company stock exists in Benchmark Group it averages 0.00% of plan assets with a range of 0.00% to 0.00%.
Index Fund-Passivety Managed
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
A-2
monsoons mmum masommom mamma monsoon
1 11 Fiduciary
t J Benchmarks
This Plan
Disclosure of Total Expense
in percent
Credits Credits
Assets as of to Advisor/ Investment to Total
Dec - 2010 Participants Recordkeeper Consultant Manager ERISA I Other Fee
T Rowe Price Retirement 2045
$6,958.21
0%
0.54%
0,25%
0.62%
0.00%
0,00 %
1.41%
T. Rowe Price Retirement 2050
$7,859.00
0%
0.54%
0.25%
0.62%
0.00%
0.00%1.41%
T. Rowe Price Retirement 2055
$1235.38
0 %
0.54 %
0,25%
0.62%
0.00%
0.00%
Other Options
Self -Directed Brokerage
$3,750.00
0%
0.00%
0.00°/
0.00%
1 0.00%
1 0.00%
1 0.00%
Benchmark Group
Comparison of Total Expense
In percent
Low
Below
Average
Average
Above
Average
High
Difference
from
Average
0.82%
0.82%
1.16%
1.34 %
1.46%
0.84%
0.86%
1,10%
1.34%
1.46%
0.84%
0.86%
1.10%
1.34%
1.46%
Grand Totals $6,494,655.01 0.54% 1 0.25% 1 0.45% 10.00% 10.03% 11.27% 110.47% 1 0.77% 1 0.99°k 1.16°/a 1.55%
Total Expense Ratio in dollars $82,623.05
(1) This fund may be subject to a market value adjustment upon termination. If due to its structure, this investment does not report an explicit expense ratio and or fee credit, a market based average
may be applied. The market based average is established by Fiduciary Benchmarks based on the reported levels of expense and fee offsets for similar vehicles across similar benchmark groups.
The resulting combined total expense ratio will be used for benchmarking. The characteristics and associated value of Guaranteed Rate investments varies based on such things as the current
guaranteed rate, the minimum guaranteed rate, the terms and conditions of rate resets, the credit quality of the guarantor and other accruing benefits associated with i vestment. Accordingly, cost
should always be considered in conjunction with an investment's overall value characteristics.
(2) A proprietary fund is defined as 'i vestments that are managed by the recordkeeper or its affiliates and xcludes choices where a sub -advisor has been hired'. The amount of assets or number of
funds that are managed by the recordkeeper should not be the determining factor of the plan's final i vestment lineup. Uhimately, each option must be able to withstand the normal fiducia y due
diligence of people, process, performance. cost, and other factors. This plan's allocation to proprietary choices is 22% of plan assets. The Benchmark Group average amount of assets in
proprietary choices (where applicable) Is 20%.
(3) Default option for the plan.
(4) This fund, referred to as an inactive choice, is no longer accepting new contributions.
(5) Where company stock exists in Benchmark Group it averages 0.00% of plan assets with a range of 0.00% to 0.00%.
Index Fund -Passively Managed
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
A-3
MFiduciary
Benchmarks
This Plan
Benchmark Group
Disclosure of
Recordkeeper Fee in percent
Comparison of Recordkeeper Fee
in percent (when it is being paid)
Fund Name
Assets as of
Dec -2010
Fees from
Investments"
Wrap
Fee
Credits
to
ERISA
Credits
to
Participants
Payments
to
Advisor
Total Fee
for
Recordkeeper
Low
Below
Average
Average
Above
Average
High
Difference
from
Average
Percentage
of Plans
Paying Fee to
Recordkeeper
Core Options
Stable Value Fund
$1.399.961.28
0.25%
0.54%
0.00%
0.00%
0.25%
0,54%
0.10%
0.30%
0.45%
0.52%
0.91%
62%
Harbor Bond Instl
$407.417.46
0.00%
0.79%
0.00%
0.00%
0.25%
0.54%
0.10%
0.21%
0.25%
0.45%
0.71%
82%
T. Rowe Price Equity Income
$386,101.29
0.15%
0.64%
0.00%
0.00%
0.25%
0.54%
0.10%
0.30%
0.40%
0.55%
0.75%
91%
Vanguard 500 Index Signal'
$421.729.87
0.00%
0.79%
0.00%
0.00%
0.25%
0.54%
0.01%
0.11%
0.25%
0.43%
0.72%
60%
T. Rowe Price Blue Chip Growth
$485,390.16
0.15%
0.64%
0.00%
0,00%
0.25%
0.54%
0.10%
0.34%
0.40%
0.51%
0.71%
-
93%
Vanguard PRIMECAP Inv
$188,441.38
0.00%
0.79%
0.00%
0.00%
0.25%
0.54%
0.10%
0.34%
0.40%
0.51%
0.71%
93%
JPMorgan Mid Cap Value Instl
$329,192.90
0.10%
0.69%
0.00%
0,00%
0.25°%
0.54%
0.15%
0.25%
0.43%
0.52%
0.77%
78%
Federated Mid -Cap Index Instl Svc
$567,871.22
0.30°/
0.49%
0.00%
0.00%
0.25%
0.54%
0,01%
0.24%
0.37%
0.54%
0.73%
33%
T Rowe Price Mid -Cap Growth
$564,670.14
0.15%
0.64%
0.00%
0.00%
0.25%
0.54%
0,14%
0.25%
0.35%
0.50%
0.70%
-
87%
Allianz NFJ Small Cap Value Instl
$263,649.86
0.00%
0.79%
0.00%
0.00%
0.25%
0.54%
0.08%
0.22%
0.35%
0.50%
0.82%
71 %
Vanguard Explorer Adm
$346,922.82
0.00%
0.79%
0.00%
0.00%
0.25%
0.54%
0.14%
0.25%
0.45%
0.55%
0.77%
69%
Harbor International Instl
$575,867.31
0.00%
0.79%
0,00%
0.00%
0.25%
0.54%
0.11%
0.35%
0.40%
0,54%
0.76%
-
84%
Automatically Diversified Options
Vanguard Wellington Adm
$390,441.61
0.00%
0.79%
0.00%
0.00%
0.25%
0.54%
0.15%
0.43%
0.45%
0.50%
0.71%
42%
T Rowe Price Retirement 2005
$1,575.85
0.15%
0.64%
0.00%
0.00%
0.25%
0.54%
0.16%
0.25%
0.25%
0.42%
0.55%
56%
T Rowe Price Retirement 2010
$12,574.50
0.15%
0.64%
0.00%
0.00%
0.25%
0.54%
0.16%
0.25°%
0.25%
0.42%
0.55%
56°%
T. Rowe Price Retirement 2015
$11,657.54
0.15%
0.64°%
0.00%
0.00%
0.25%
0.54%
0,18%
0.35%
0.35%
0.45%
0.65%
40%
T Rowe Price Retirement 2020
$54.347.00
0.15%
0.64%
0.00%
0.00%
0.25%
0.54%
0.03%
0,28 %
0.35%
0.45%
0.58 %
64%
T Rowe Price Retirement 2025
$34.564.57
0.15%
0.64%
0.00%
0.00%
0.25%
0.54%
0.06%
0.35%
0,35%
0,45%
0.67%
38%
T Rowe Price Retirement 2030
$8.984.79
0.15%
0.64%
0.00%
0.00%
0.25%
0.54%
0.12%
0.32%
0.35%
0.45%
1 0.59%
-
62%
T. Rowe Price Retirement 2035
$6,543.78
0.15%
0.64%
0.00%
0.00%
0.25%
0.54%
0.07%
0.35%
0,35%
0.45%
0.67 %
-
40 %
T Rowe Price Retirement 2040
$16,948.00
0.15%
0.64%
0.00%
0.00%
0.25%
0.54%
0.13%
0.30%
0,35%
0.46%
0.60%
-
60°%
T. Rowe Price Retirement 2045
$6,958.21
0.15%
0.64%
0.00%
0.00%
0.25%
0.54%
0.05%
0.35%
0.35%
0.43%
0.70%
35%
T Rowe Price Retirement 2050
$7,859.00
0.15%
0.64%
0.00%
0,00%
0.25%
0.54%
0.05%
0.35%
0.35%
0.47%
0.62%
47%
T Rowe Price Retirement 2055
$1,235.38
0.15%
0.64%
0.00%
0.00%
0.25%
0.54%
0.05%
0,35%
0.35%
0.47%
0,62%
47%
Other Options
Self -Directed Brokerage
$3,750.00
0.00% 10.00% 1 0.00% 0.00% 0.00% 0.00% - - - - - - 0%
0.12% 0.67% 1 0.00% 0.00% 0.25% 0.54% 0.09% 0.24% 0.32% 0.47% 0.66%
Grand Totals
$6,494,655.92
Total Recordkeeper Fee in dollars
$35,050.89
a.• Fees are inclusive of amounts referred to as revenue sharing, payments from insurance companies, and subsidies from investment managers.
Index Fund -Passively Managed
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
A-4
a■■■■■■aaago manna awn a■■a■ama■ama
PEIFiduciary
Benchmarks
This Plan
Benchmark Group
Disclosure of
Advisor/Consultant Fee
in percent
Comparison of Advisor/Consultant Fee
In percent (when It is being paid)
Fund Name
Assets as of
Dec - 2010
Fee for
Advisorl
Consultant
Other
Payments•
Low
Below
Average
Average
Above
Average
High
Difference
from
Average
7Ad
Core Options
Stable Value Fund
$1,399.961.28
0.25%
0.12%
0.25%
0,25%
0.27%
0.47%
0.00%
51%
Harbor Bond Instl
$407,417.46
0.25%
0.16%
0.25%
0.25%
0.29%
0,50%
0.00%
65%
T. Rowe Price Equity Income
$386.101.29
0.25%
0.15%
0.25%
0.25%
0.26%
0.50%
0.00%
71 %
Vanguard 500 Index Signal'
$421.729.87
0.25%
0.15%
0.23%
0.25%
0.25%
0.40%
0.00%
53%
T Rowe Price Blue Chip Growth
$485.390.16
0.25%
0.14%
0.25%
0.25%
0.35%
0.50%
0.00%
73%
Vanguard PRIMECAP Inv
$188,441.38
0.25%
0.14%
0.25%
0.25%
0.35%
0.50%
0.00%
73%
JPMorgan Mid Cap Value Instl
$329,192.90
0.25%
0.15%
0.25%
0.25%
0.28%
0.49%
0.00%
58%
Federated Mid -Cap Index Instl Svc
$567,871.22
0.25%
0,20%
0.23 %
025%
0.25%
0.30°/
0.00%
25 %
T Rowe Price Mid -Cap Growth
$564,670.14
0.25%
0.17%
0,25%
0.25%
0.30%
0.50%
0.00%
65%
Allianz NFJ Small Cap Value Instl
$263,649.86
0.25%
0.19%
0.25%
0.25%
0.26%
0.50%
0.00%
58%
Vanguard Explorer Adm
$346,922.82
0.25%
0.14%
0.25%
0.25%
0.25%
0.45%
0.00%
53%
Harbor International Instl
$575,867.31
0.25%
0.20%
0.25%
0.25%
0.34%
0,50%
0.00°/
67%
Automatically Diversified Options
Vanguard Wellington Adm
$390.441.61
0.25%
0.14%
0.25%
0.25%
0.37%
0.50%
0.00%
40%
T Rowe Price Retirement 2005
$1.575.85
0.25%
0.20%
0.25%
0.25%
0.30%
0.50%
0.00%
40%
T Rowe Price Retirement 2010
$12,574.50
0.25%
0.20%
0.25%
0.25%
0.30%
0.50%
0.00%
40%
T. Rowe Price Retirement 2015
$11,657.54
0.25%
0.10%
0.25%
0.25%
0.40%
0,50%
0.00%
31%
T Rowe Price Retirement 2020
$54,347.00
025%
0,16%
0.25%
0,25%
0.30%
0.50%
0.00%
47%
T Rowe Price Retirement 2025
$34.564.57
0.25%
0.10%
0,25%
0.25%
0.42 %
0.50%
0.00 %
29%
T. Rowe Price Retirement 2030
$8,984.79
0.25%
0,20%
0.25%
0.25%
0.32%
0.50%
0.00%
45°%
T Rowe Price Retirement 2035
$6,543.78
0.25%
0.10°%
0.25%
0.25%
0.40%
0.50%
0.00%
31%
T. Rowe Price Retirement 2040
$16.948.00
0.25%
0.16%
0.25%
0.25%
0.29%
0.50%
0.00°%
44%
T. Rowe Price Retirement 2045
$6.958.21
0,25%
0.10%
0.24%
0.25%
0.40%
0.50%
0.00%
25%
T Rowe Price Retirement 2050
$7,859.00
0.25%
0.10%
0.25%
0.25%
0.28%
0,50%
0.00%
33%
T Rowe Price Retirement 2055
$1.235.38
0.25%
0.10%
0,25%
0.25%
0.28%
0.50%
0.00%
33%
Other Options
Self -Directed Brokerage
$3.750.00
0.00% - - - - 0%
0.25% 0.14% 0.25% 0.25% 0.31%
Grand Totals
$6,494.655.92
Total Advisor/Consultant Fee in dollars
$16,227.26
FF = Finders' Fee applies to this fund: C = Commissions apply to this fund, Calculated on New Contributions into the plan.
Index Fund -Passively Managed
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
5
L_J
Poudre Fire Authority RFP Number 7286
Plan Administrator Review and Benchmarking
Scope of Proposal:
InSight Employee Benefit Communications (Insight EBC) is an independent retirement plan service
company that provides a series of comprehensive services to governmental and private -sector
retirement plans. Our services cover multiple facets of retirement plan solutions including participant
education, fiduciary education, RFP consultation, vendor benchmarking, and comprehensive due
diligence services. While we offer an array of retirement plan services, all such services are focused on
only two very distinct practice areas —fiduciary due diligence and improving participant outcomes. The
firm operates in a very strict independent, objective fashion, consistent with its approach to helping
clients prudently manage their due diligence process. InSight EBC is not affiliated with any retirement
plan administrators, investment management companies, insurance companies, or any other financial
services institutions. Furthermore, InSight EBC is a fee -based organization, receiving 100% of its revenue
from clients, and does not receive any compensation from financial services companies for the
distribution of investment products or services.
InSight EBC's greatest strength, and asset to its clients, is our associates who have decades of hands-on
experience in the retirement plan administration, participant education, and fiduciary due diligence
industries. These industry experts have a unique opportunity to apply various aspects of their prior
work in an interdisciplinary manner throughout this benchmarking analysis project. Our service model
. does not involve using interns or inexperienced, lower -level personnel to conduct the analysis. The
InSight EBC associates responsible for conducting your benchmarking project have extensive industry
knowledge, with first-hand experience working with participants, vendors, plan sponsors, and plan
fiduciaries. Rick Rodgers, AIF®, Principal, has more than 23 years of experience in retirement plan
. administration, due diligence and participant education, both internally and in conjunction with
consulting firms. Ryan Tucci, AIF®, Director of Operations, started his career working directly with plan
' sponsors and participants at Vanguard. At InSight EBC, Ryan serves as a liaison between retirement plan
clients, vendors and other key professionals. He is also responsible for oversight of the firm's RFP
Services practice. Both professionals assigned to your project have received formal fiduciary training
and have earned the Accredited Investment Fiduciary (AIF®) designation through the University of
Pittsburgh, Joseph M. Katz Graduate School of Business.
We will expand on this general overview of our associates' past industry experience and current
responsibilities at InSight EBC later in this proposal. However, it is of utmost importance to stress that
r InSight EBC is not a broker or general consulting firm. Instead, our team is comprised of industry
professionals with functional hands-on knowledge of the inner workings of retirement plans. InSight
■ EBC firmly believes that this experience will result in a thorough and successful benchmarking analysis.
� 1
Fiduciary rks Investment Fees Paid to Advisor/Consultant
Benchma
+d.-lif, Mutual fund Finders fees are generally not deducted from investments and are not paid directly by the plan. They are paid from the investment manager's resources.
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
A-6
■■■rr■■■■r■■■■■r■■■mum ■r muumuu ■r
Fiduciary
Benchmarks
This Plan
Benchmark Group
Disclosure of
Investment
Manager Fee
In percent
Comparison of Investment Manager Fee
in percent
Fund Name
Assets as of
Doc -2010
Net Fee for
Investment
Manager
Low
Below
Average
Average
Above
Average
High
Difference
from
Average
Core Options
Stable Value Fund
$1,399,961.28
0.35%
0,01%
0.09%
0.15%
0.40%
0.50%
Harbor Bond Instl
$407,417.46
0.48%
0.21%
0.26%
0.45%
0.46%
0.55%
T Rowe Price Equity Income
$386,101.29
0.56%
0.24%
0.35%
0.52%
0.60%
0.70%
-
Vanguard 500 Index Signal!
$421.729.87
0.04%
0.04 %
0.05%
0.07 %
0.14%
0.23%
-0.03-::
T. Rowe Price Blue Chip Growth
$485,390.16
0.61%
0.27%
0.29°/
0.45%
0.60%
1.01%
Vanguard PRIMECAP Inv
$188,441.38
0.46%
0.27%
0.29%
0.45%
0.60%
1,01%
JPMorgan Mid Cap Value Instl
$329,192.90
0.65%
0.36%
0.58%
0.69%
0.74 %
0.81%
-0. 04'.
Federated Mid -Cap Index Instl Svc
$567.871.22
0.26%
0.05%
0.05%
0.07%
0.22%
0.36%
T Rowe Price Mid -Cap Growth
$564,670.14
0.66%
0.43%
0.54%
0.67%
0.75°%
0.93°/
-0.01 %
Allianz NFJ Small Cap Value Instl
$263.649.86
0.75%
0,45%
0.66%
0.75%
0.81%
1.01%
0.00%
Vanguard Explorer Adm
$346.922.82
0.30%
0.46%
0.62%
0.74%
0.82%
1.00%
-0.44%
Harbor international Instl
$575,867.31
0.69%
0.40%
0.43%
0.66%
0.72%
0.82%
!* `-
Automatically Diversified Options
Vanguard Wellington Adm
$390.441.61
0.21%
0,21%
0.31%
0.50%
0.68%
1.10%
-0.29°%
T. Rowe Price Retirement 2005
$1.575.85
0.46%
0.24%
0.39%
0.42%
0.49%
0.63%
�� a
T. Rowe Price Retirement 2010
$12.574.50
0.49%
0,24%
0.39%
0.42%
0.49%
0.63%
T. Rowe Price Retirement 2015
$11,657.54
0.53%
0.32%
0.33%
0.48%
0.52%
0.80%
T. Rowe Price Retirement 2020
$54,347.00
0.56%
0,37%
0.41%
0.48%
0.56%
0.75%
T. Rowe Price Retirement 2025
$34.564.57
0.59%
0.39%
0.40%
0.50%
0.57%
1,14%
T. Rowe Price Retirement 2030
$8.984.79
0.61%
0.41 %
0.44%
0.52%
0.60%
0.84%
T Rowe Price Retirement 2035
$6,543.78
0.62%
0.41%
0.43°/
0.53°/
0.58°/
1,05%
T Rowe Price Retirement 2040
$16,948.00
0.62°%
0.43%
0,46%
0.53%
0.61%
0.77%
�
T. Rowe Price Retirement 2045
$6.958.21
0.62%
0.41%
0.45%
0.50%
0.58%
0,62%
T. Rowe Price Retirement 2050
$7.859.00
0.62%
0.46%
0.49%
0.54%
0.60%
0.64%
T Rowe Price Retirement 2055
$1,235.38
0.62%
0,46%
0.49%
0.54%
0.60%
0.64%
Other Options
Self -Directed Brokerage
$3.750.00
0,00%
-
-
-
-
-
GrandTotals
$6.494,655.92
0.45% 0.24% 0.37% 0.44% 0.51% 0.64%
Net Investment Mgr Fee In dollars
$29,107.54
Index Fund -Passively Managed
See Important Information and Disclosures at the end of this document for additional information. including key considerations about the information reflected in this report.
A-7
Fiduciary
Benchmarks
This Plan
Benchmark Group
Disclosure
In percent
Comparison of Other Fee
in percent (when It Is being paid)
Fund Name
Assets as of
Dec - 2010
Other Fee*
Low
Below
Average
Average
Above
Averse
High
Difference
from
Average
Percentage
of Plans
Paying Fee
to "Others"
Core Options
Stable Value Fund
$1,399,961.28
0.00%
0.00°%
0.00%
0,00%
0.00%
0.00%
0.00%
60%
Harbor Bond Instl
$407,417.46
0.12%
0.00%
0.00%
0.00%
0.09%
0.35%
85%
T. Rowe Price Equity Income
$386,101.29
0.01°%
0.00%
0.00%
0.00%
0.05°%
0.32°%
96°%
Vanguard 500 Index Signal'
$421.729.87
0.03%
0.00°%
0.03%
0,03%
0.03%
0.08%
0.00%
73%
T. Rowe Price Blue Chip Growth
$485,390.16
0.05%
0.00%
0.00%
0.05%
0.08°%
0.21 °%
0.00%
100°%
Vanguard PRIMECAP Inv
$188,441.38
0.03%
0.00%
0.00%
0.05%
0.08%
0.21%
-0.020,6
100%
JPMorgan Mid Cap Value Instl
$329,192.90
0.01%
0.00%
0.00%
0,00%
0.04%
0.40%
80%
Federated Mid -Cap Index Instl Svc
$567,871.22
0.00%
0.00%
0.00%
0,02%
0.04°%
0.05%
-0.02",
42%
T Rowe Price Mid -Cap Growth
$564,670,14
0.02%
0.00%
0.00%
0.01%
0,09%
0.22%
89%
Allianz NFJ Small Cap Value Instl
$263,649.86
0.00%
0.00%
0.00%
0.04°%
0.11°%
0.48%
-0.04"%
65%
Vanguard Explorer Adm
$346,922.82
0.04%
0.00%
0.00%
0.00%
0,07°%
0.30°%
-
73%
Harbor International Instl
$575,867,31
0.16%
0.00%
0.00%
0.05%
0.09%
0.18%
91%
Automatically Diversified Options
Vanguard Wellington Adm
$390,441.61
0.02°%
0.00%
0.00%
0.00%
0.03%
0.13°%
49%
T. Rowe Price Retirement 2005
$1.575.85
0.00%
0.00°%
0.01%
0.02%
0,03°%
0.48%
-0,02%
58%
T. Rowe Price Retirement 2010
$12,574.50
0,00%
0.00%
0.01%
0.02%
0.03%
0.48%
-0.02°%
58%
T. Rowe Price Retirement 2015
$11.657.54
0.00%
0.00%
0.00%
0.01%
0,02%
0.35%
-0.01%
42%
T. Rowe Price Retirement 2020
$54,347.00
0,00%
0.00%
0.00%
0.00%
0.03°%
0.35%
0.00%
65°%
T Rowe Price Retirement 2025
$34.564.57
0.00%
0.00%
0,00%
0.02%
0.04%
0.44%
-0.02°%
38%
T Rowe Price Retirement 2030
$8,984.79
0.00%
0.00%
0.00%
0.02%
0.04%
0.39%
-0.02%
64%
T. Rowe Price Retirement 2035
$6.543.78
0.00%
0.00%
0.00%
0.03°%
0.05%
0.48%
-0.03%
42%
T. Rowe Price Retirement 2040
$16.948.00
0.00%
0.00%
0.00%
0.02%
0.05°%
0.45%
-0.02%
62°%
T. Rowe Price Retirement 2045
$6,958.21
0.00%
0.00%
0.00%
0.02%
0,04%
0,49%
-0,02%
35%
T Rowe Price Retirement 2050
$7,859.00
0.00%
0,00%
0.00%
0.00%
0.05%
0.52°%
0.00%
44%
T Rowe Price Retirement 2055
$1,235.38
0.00%
0.00%
0,00%
0.00%
0,05%
0.52%
0.00%
44%
Other Options
Self -Directed Brokerage
$3.750.00
0.00%
-
-
-
-
0°%
Grand Totals
$6,494,655.92
0.03% 0.00% 0.02% 0.03°% 0.05% 0.07%
Total Other Fee in dollars
$2,237.36
' The fees on this page represent the portion of total expense ratio for each investment choice paid out for custodial, legal. accounting. transfer agent, insurance and annuity, and other administrative
expenses.
Index Fund -Passively Managed
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
A-8
■ mom ■ NNNNNEW NOMEN ONNONE ■ o WON N N o m ■
L J_ Fiduciary Managed Accounts
Benchmarks
Your Managed Account Program
% Plans Offering in Benchmark 9%
Group:
Managed Account Provider Managed Account Provider,
Number of Plan Participants Using:
Assets in Managed Accounts
Total Fees Paid for Managed
Accounts
Average Fee per Participant
Inc.
5
$175.000
$1,050
$210
Not all Managed Account programs are alike. These are some
of the factors that distinguish one Managed Account program
from another.
. the ability to consider a participant's complete financial
picture
. the ability to modify savings and investment
recommendations based on that complete picture
. the ability to modify investment recommendations before
and after retirement
All these items may combine to generate more customized
portfolios and higher levels of confidence that a participant will
reach their retirement goals.
% of Participants Using Managed Accounts
% of Assets in Managed Accounts
Fee Disclosure and Reasonableness
Employer Annual Fee
Employer Minimum Fee
Fee for $10,000 participant account
Fee for $25.000 participant account
Fee for $50,000 participant account
Fee for $100.000 participant account
Fee for $250.000 participant account
Fee for $500,000 participant account
Total Fees Paid for Managed Accounts
• of Fees Paid to Recordkeeper or Their Affiliates
• of Fees to Managed Accounts Provider
Benchmark Group
Tllls Plan
Low
Below
Average
Average
Above
Average
High
3%
3%
20%
37%
47%
50%
3%
3%
12%
22%
46%
57%
Benchmark Group
This Plan
Low
Below
Average
Average
Above
Average
High
$0
$0
0.60%
0.60%
0.63%
0.65%
0.88%
1.00%
0.60%
0.60%
0.63%
0.65%
0.88%
1.00%
0.60%
0.60%
0.63%
1 0.65%
1 0,88%
1.00%
0.50%
0.50%
0,58%
0.65%
0.88%
1.00%
0,45%
0 A5%
0.52%
0.59%
0.88%
1,00%
0.42%
0.42%
0.46%
0.50°%
0.88%
1.00%
$1.050
33%
1 100%
100%
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
A-9
Rim.Fiduciary
Benchmarks
Your Self -Directed Account (SDA)
% Plans Offering in Benchmark Group:
2%
SDA Provider
Brokerage Services, Inc.
Assets in SDA
$3,750
Number of Plan Participants Using:
6
% of Participants Using SDA
3%
% of Assets in SDA
0%
Not all Self -Directed Account programs are alike. These are
some of the features that distinguish one Self -Directed
Account program from another:
fewer steps required
. easier to use
. more robust financial planning
. better investment information
. more sophisticated web -trading tools
. more in -person assistance
All of these, as well as other factors may be important to the
types of investors who use a Self -Directed Account program.
• of Participants Using SDA
• of Assets in SDA
Benchmark Group
This
Plan
Low
Below
Average
Average
Above
Average
High
3%
3%
3%
3%
3%
3%
0%
0.06%
0.06%
0.06%
0.06°/
0.06%
Fee Disclosure and Reasonableness'
Employer Annual Fee
Participant Annual Fee
Internet Trades
Phone -Assisted Trades
% of Revenues to SDA Provider
% of Revenues Paid to Recordkeeper
Benchmark Group
This Plan
Low
Below
Avera a
Average
Above
Average
High
$500
$500
$500
$500
$500
$500
$125
$125
$125
$125
$125
$125
$39.95
$39.95
$39.95
$39.95
$39,95
$39.95
$19.95
$19.95
$19.95
$19.95
$19.95
$19.95
100%
100%
' Applicable to mutual fund windows and brokerage accounts.
Fees from Self -Directed Accounts are not included in Plan Level Fee totals.
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
A-10
IN 0 0 ON NON M ME ON NON NON NON 0 ON ON NON N.
MFiduciaryBenchmarks
This page provides a detailed list of other fees being paid by participants.
Participant Paid Fees
- Annual per participant advice charge
- Loan origination fee (per occurrence)
- Loan maintenance fee (annual)
- Hardship approval fee (per occurrence)
- QDRO approval fee (per occurrence)
- QDRO processing fee (per occurrence)
- Periodic payment processing fee (per occurrence)
- Non -Periodic payment processing fee (per occurrence)
=" indicates that no participant -paid fee was identified or this service
Benchmark Group Unit Cost
% of Plans
Paying
This Fee
This Plan's
Unit Cost
Low
Below
Average
Average
Above
Average
High
Difference
from
Average
2%
-
$25
$25
$25
$25
$25
62%
$125
$40
$40
$75
$106
$156
';50
42%
$0
$8
$10
$25
$44
$95
$(25)
7%
$100
$25
$38
1 $75
$94
$100
7%
$100
$100
$106
$248
$805
$950
$(148)
4%
$0
$50
$50
$300
$550
$550
$(300)
15%
$25
$2
$8
$25
$36
$40
-
25%
$50
$20
$32
$50
$71
$100
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
A-11
NON a NON NONE a am 0 ME NON SON MEMO NON
L. Fiduciary
Benchmarks
This page provides a detailed list of other fees being paid by the plan or the plan sponsor.
Service Provider
Description
Fee Type Unit
Other Fee Total
How Fee is Paid
Recordkeeper
Recordkeeper
Total Other Fees
- Base plan fee
- Per participant fee (187 participants @ $12 p/p)
$ amount $2,000
$ amount $2,244
$2,000
By Sponsor
$2,244
By Participants
U 244
Amounts identified as paid through an ERISA Account m y exceed credited plan revenue or the assigned credit amount. When this occurs, the balance of listed fees are billed directly to the plan
sponsor or against participant accounts.
See Important Information and Disclosures at the end of this document for additional information, including key considerations about the information reflected in this report.
A-12
................................
I ducla ERISA Spending Account
Benchri arks Also referred to as a Plan Expense Reimbursement Account or PERA
ERISA Spending Account Credits
for the 12 months prior to the as of date of this report
Benchmark Group
Response
Basic ERISA Spending Account Questions
Yes
No
Do You Have an ERISA Spending Account?
15 %
85 %
Benchmark Group
Response
What Are the Most Common Expenses Paid from
ERISA Spending Accounts?
Yes
No
Plan Administration Services (including compliance)
0 %
100 %
Plan Document Services
0 %
100 %
Start-up. Conversion. and M&A Services
0 %
100 %
Trust and Custody Services
0 %
100 %
Plan Communication Services
0 %
100 %
On -site Education Services
0 %
100 %
If a Remainder Exists at Year End,
How is it Disbursed?
Benchmark Group
Response
Carried Over to Next Year
2 %
Reverts Back to the Recordkeeper
0 %
Credited to Participant Accounts
0 %
See Important Information and Disclosures at the end of this document for additional information. including key considerations about the information reflected in this report.
A-13
L Fiduciary
Benchmarks
The information set forth in this report is based upon (1) that we have received from you (and/or your adviser or agent) regarding your retirement plan (the
"Subject Plan Data") and (2) information that we have received from third party sources, including other retirement plan sponsors and their service providers,
regarding retirement plans sponsored by third parties (the 'Benchmark Group Data'). Fiduciary Benchmarks, Inc. (FBi) has not verified the accu acy or
completeness of either the Subject Plan Data or the Benchmark Group Data. FBi cannot be responsible for any inaccuracies in the Subject Plan Data or the
Benchmark Group Data.
This report includes a number of comparisons between your retirement plan and plans sponsored, by other employers that have certain similarities with your
plan (the "Benchmark Group"). FBi made a number of assumptions, which are described in the report, in compiling the plans in the Benchmark Group. You
should review this report carefully and independently analyze whether the Benchmark Group includes plans that are sufficiently similar to our plan to make the
information set forth in this report useful to you in carrying out your fiducia y functions.
This report is based partially on the methodology utilized by FBi to gather, compile and present information. The methodology is more completely described at
www.fiducia ybenchmarks.com. You should review the description in order to understand the approaches taken by FBi in preparing this report and in order to
properly evaluate the report and the information in the report.
This report is for informational purposes only. You must independently determine how to use and interpret the information set forth in this report, including
whether you need the assistance of any professionals to assist you in your interpretation of that information and if so, the nature of professional assistance that
you may need. FBi cannot be responsible for the manner in which you interpret the information in this report.
Please note: some, and perhaps all, of the information may be time -sensitive. You should consider that in using this report.
Investors should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The
prospectus contains this and other information about the investment company. You can obtain a prospectus from your financial representative. Read
carefully before investing.
Investing in mutual funds involves risk, including possible loss of principal.
International and emerging market investing involves special risks such as currency fluctuation and political instability and m y not be suitable for all investors.
Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values and yields will decline as interest rates rise and bonds are subject to
availability and change in price.
High yield/junk bonds are not investment grade securities, involve substantial risks and generally should be part of the diversified po tfolio of sophisticated
investors.
The price of small and mid -cap stocks are generally more volatile than large cap stocks.
See Important Information and Disclosures at the end of this document for additional information. including key considerations about the information reflected in this report
A-14
M s o ADVISDRs'-
Monitoring Report
Prepared on: 5/23/2011 1 Investment data as of 3/31/2011
Sample 401k Client - MR
1300 Liberty Ave
Pittsburgh, PA 15222
Committee Members
Name
James Smith
Steve Jenkins
Sally Booth
Alice Advisor, AIF9
M & D Advisors
452 Fourth Ave
Suite 200
Pittsburgh PA 15222
Position
Vice President
CFO
Treasurer
Accountant: Eptor Inc.
Attorney: HWB LLP
Plan Admin: Bisys
Custodian: A&T Bank
Pacle 1 of 38
Analysts, search process, and layout are ® 2000-2011, Fidunary Mavocs (www.h350.com). All rights reserved. The analysis and opinions', (1) do not constitute professional Investment advice; (2)
are provided solely for Informational purposes; (3) are not warraned or represented to be correct, complete, or accurate; and (4) are for the excluawe use of wbscnbers to FIduClary Analybcs The data
source o ® 2011 Momugstar, Inc. NI rights reserved. The data wntmxd "rem: (1) Is proprietary to Morningstar, Inc and/or Its Content providers; (2) may not be Copied or distributed; and (3) Is not L 00
warranted to "accurate, Complete or timely, Neither Morningstar, Inc nor Its Content providers are responsible for any damages or losses arising from any use of this Information. Part performance Is
no guarantee of future rewlts. fi3V
11350_Port2R_v1_5 Investment data as. of 3/3112011
L�
Poudre Fire Authority RFP Number 7286
Plan Administrator Review and Benchmarking
Scope of Services
In this section we would like to provide assurance to the Boards that our firm possesses a clear
understanding of the project objective, methodology and desired results. Additionally, we will provide a
■ description of our approach to benchmarking each of the 14 components contained in the RFP Scope of
Services.
■ Our approach to assisting investment stewards (fiduciaries) with the management of their fiduciary
responsibilities begins with an understanding of such responsibilities and our demonstrated ability to
implement a structured prudent process. Furthermore, we recognize regulatory authorities permit and
encourage Trustees to delegate many of the tasks involved with the administration of a retirement plan
. to prudent experts. While Trustees may delegate certain tasks, they cannot abdicate their fiduciary
responsibilities to such experts. Fiduciaries are required to act in the best interest of plan participants
and ensure expenses authorized by Trustees, payable from trust assets, are reasonable and justifiable.
In order to meet such requirements, Trustees should maintain a formal monitoring process that includes
periodic benchmarking and a review of due diligence practices. This RFP for Benchmarking Services
demonstrates your understanding of these requirements. The selection of professionals to assist with
such project is paramount in ensuring this important fiduciary duty is executed in a fashion consistent
with the Global Fiduciary Standard of Excellence. Ultimately, your objective is to document a formal due
diligence process that measures the fees, expenses and services contained under your current
. arrangement compared to industry benchmarks in numerous areas. Ultimately, performance of your
fiduciary duties will be measured based upon the process utilized to produce this work product.
r
■ The benchmarking process encompasses both quantitative and qualitative analysis, which will be
described below when addressing our approach to benchmarking each of the various services contained
in the Benchmarking RFP. Additionally, the cornerstone of a benchmarking project is all about process.
Insight EBC utilizes a disciplined process containing 22 practices that define the Global Fiduciary
Standard of Excellence. These formalized practices, created by Fi360 and the Center for Fiduciary
' Studies, represent contemporary defined standards that are substantiated by legislation, case law, and
regulatory opinion letters from: Uniform Prudent Management of Institutional Funds Act (UPMIFA),
■ Uniform Prudent Investors Act (UPIA), Employee Retirement Income Security Act (ERISA), and Uniform
Management of Public Employee Retirement Systems Act (MPERS). These ethical and procedural
a standards are the foundation of the work product we will provide in your benchmarking project
1. Record -keeping and Administration:
■
The majority of this evaluation involves quantitative analysis because the primary consideration
is that of fees and expenses for same or similar services relative to benchmarks of plans with
1
similar specifications and characteristics. However, a limited degree of qualitative analysis shall
be included to assess certain criteria. Such qualitative analysis shall include researching the type
.
and quality of available reporting, along with determining backup and redundancy systems and
practices. This shall include disaster recovery programs and alternate -site services to maintain
plan sponsor and participant services.
Quantitative analysis includes data obtained from independent sources, including but not
limited to, Fiduciary Benchmarks, Morningstar, and Fi360. These companies provide data and
i
2
1
Prepared for: Sample 4011, Client - MR
Table of Contents
Performance Summary - Broad Market
■ This section presents a review of the broad market over several time periods.
Performance Summary - Equity
. This section presents a review of the equity market over several time periods.
Performance Summary - Fixed Income
■ This section presents a review of the fixed income market over several time periods.
Holdings Summary
■ This section displays the complete investment lineup.
Grouping: Broad asset class using the fi360 default ordering I Investment ordering: ascending
. Asset Allocation Analysis
This section compares the current portfolio to the IPS-defined strategic allocation.
■ Style Analysis
This section presents the allocation of investments using the Morningstar style box.
■ Portfolio Performance Analysis
This section compares the performance of the current portfolio to the hypothetical returns for a median manager and blended benchmark
■ index.
Standardized Performance Disclosure
■ This section displays standard disclosures for performance and fees as defined by FINRA.
Grouping: Broad asset class using the fi360 default ordering I Investment ordering: ascending
Investment Performance
This section compares an investments return to the median peer group manager and an index benchmark.
Grouping: Broad asset class using the fi360 default ordering I Investment ordering: ascending
Investment Expenses
■ This section provides expense analysis for the investments including the prospectus net, prospectus gross, and audited net expense ratios.
Fi360 Fiduciary Score® Scatter Plot
This section displays the fi360 Fiduciary Score (Quarter and Average (3yr)) for each investment using a scatter plot graph.
Fi360 Fiduciary ScoreO Breakdown
This section presents specific fiduciary due diligence analysis for each investment using the fi360 Fiduciary Score criterion.
Grouping: Broad asset class using the 11360 default ordering I Investment ordering: ascending
■ Due Diligence Criteria Breakdown
This section reports the due diligence analysis for each investment compared to the selected monitoring criteria. An optional second section
displays an evaluation of the last 12 periods against the selected criteria.
■ Investment Commentary
This section displays any investment level commentary or notes.
■ Grouping: Broad asset class using the fi360 default ordering I Investment ordering: ascending
Watch List - Action Items
This section facilitates the watch list and replacement decisions for investments on the Watch List.
Peer Group Definitions
■ This section defines each peer group used in the report.
Index Definitions
. This section defines each benchmark index used in the report.
Glossary
■ This section displays terms and descriptions for all of the relevant data points usedthroughout the report.
Investment Company Contact Information
This section provides the phone number and website address for the portfolio managers of the investments in the report.
■
■
Pace 2 of 30
Analysts, search process, and layout are ® 2(100-2011, Fiduciary Analytics (www.t1360.cOm). All rights reserved, The analysis and Opinions: (1) do not constitute professional Investment advice; (2)
are provided solely for Informational purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary Analytics. The data
source is C 2011 mommostar, Inc. Ali rights reserved. The data contained herein: (1) Is proprietary to Morningstar, Inc end/or its content providers; (2) may not be copied or distributed; and (3) Is not 1 6 oe
warranted to b, accurate, complete or timely. Neither Mommgstar, Inc nor its content providers are responsible for any damages or losses arising from any use Of this Information, Past performance Is J
■ no guarantee of future results.
fl360_Portrait_v1_S Investment data as of 3/31/2011
■
Prepared for. Sample 401k Client - MR
Performance Summary - Broad Market
(Total Returns)
Large Blend
5.70%
5.70%
14,69%
1.98%
2.17%
3.10%
Mid -Cap Blend
8.06%
8.06%
23,57%
6.90%
4.45%
7.75%
Small Blend
7.79%
7.79%
25,12%
7.93%
3.14%
8.26%
Foreign Large Blend
3.06%
3.06%
12,01%
-2.82%
1.18%
4.84%
Short -Term Bond
0.56%
0.56%
2,94%
3.44%
3.95%
3.64%
Intermediate -Term Bond
0.91%
0,91%
5.87%
5.72%
5.73%
5.17%
High Yield Bond
3.64%
3.64%
13.57%
10.11%
7,17%
7.21%
Money Market Taxable
0.00%
0.00%
0.04%
0.56%
2.13%
1.93%
28
24
20
16
12
8
4
0
-4
Quarter YID
Large Blend
Short -Term Bond
1 Year 3 Year 5 Year 10 Year
Mid -Cap Blend 0 Small Blend 0 Foreign Large Blend
Intermediate -Term Bond N High Yield Bond 0 Money Market Taxable
Returns are based on the median mutual fund/ETF manager for each respective. peer group.
Investors should consider the investment objectives, risks, and charges and expenses of a fund carefully before investing. Prospectuses
containing this and other information about the fund are available by contacting your financial consultant. Please read the prospectus
carefully before investing to make sure that the fund is appropriate for your goals and risk tolerance. The performance information
shown represents past performance and is not a guarantee of future results. The investment return and principal value drain investment
will fluctuate so that the shares, when redeemed, may be worth more or less than their original cost. The performance information
shown reflects performance without adjusting for sales charges. If adjusted for sales charges, the load would reduce the performance
quoted. Current performance may be lower or higher than the performance information shown.
Analysis, search process, and layout are K, 2WO-2011, Fiduciary Anaiyti¢ (www.fi360.codl All rights reserved. The analysis and opinions: (1) do not constitute professional investment advice; (2)
am provided solely for informational purposes; (3) are not warranted or represented to be correct, complete, or accurate, and (a) are for the exclusive use of subsvibers to Fiduciary Analytics. The data L
Source is C 2011 Morningstar, Inc. All rights reserved. The data contained herein'. (I) is proprietary to Morningstar, Inc and/or its content providers; (2) may not be Copied or distndoted, and
(3) is not ■ OOr
wa .anted to be accurate, complete or timely. Neither Morningstar, Inc nor its content providers are responsible for any damages or losses arising from any use of this infurmanon. Past performance Is ■■■111
no guarantee of future result,
fi360_Portrait_v1_5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Performance Summary - Equity
(Total Returns)
Large Value
5.90%
5.90%
13.82%
1.26%
1.53%
3.95%
Large Growth
5.46%
5.46%
16,39%
3.45%
3,01%
2.76%
Large Blend
5.70%
5.70%
14.69%
1,98%
2.17%
3.10%
Mid -Cap Value
7.19%
7.19%
20.76%
6.24%
3.82%
7.96%
Mid -Cap Growth
7.81%
7.81%
25.54%
6.79%
4.57%
5.87%
Mid -Cap Blend
8.06%
8.06%
23.57%
6.90%
4.45%
7.75%
Small Value
6.71%
6.71%
22.66%
8.42%
3.28%
9.76%
Small Growth
9.28%
9.28%
28.91%
8.72%
3.54%
6.63%
Small Blend
7.79%
7.79%
25.12%
7.93%
3.14%
8.26%
Foreign Large Blend
3.06%
3,06%
12.01%
-2.82%
1.18%
4.84%
World Stock
4.17%
4.17%
14.04%
0.50%
2.60%
4.75%
30
25
20
15
10
5
0
-5
Quarter
0 Large Value
MId-Cap Blend
World Stock
YTD
Large Growth
Small Value
1 Year
Large Blend
f= Small Growth
3Year 5Year
Returns are based on the median mutual fund/ETF manager for each respective peer group.
0 Mid -Cap Value
E Small Blend
10 Year
E Mid -Cap Growth
0 Foreign Large Blend
Investors should consider the investment objectives, risks, and charges and expenses of a fund carefully before investing. Prospectuses
containing this and other information about the fund are available by contacting your financial consultant. Please read the prospectus
carefully before investing to make sure that the fund is appropriate for your goals and risk tolerance. The performance information
shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment
will fluctuate so that the shares, when redeemed, may be worth more or less than their original cost. The performance information
shown reflects performance without adjusting for sales charges. If adjusted for sales charges, the load would reduce the performance
quoted. Current performance may be lower or higher than the performance information shown.
Analy9s, search process, and layout are C 2000-2011, Fiduciary Analybcs (www.f136D.cm). All rights reserved. The analysis and opinions: (1) do not constitute professional Investment advice; (2)
art provided solely far mrormMlonal p.mose, (3) are not waman[ed or mpresen[ed to be corredt. complete, or accurate, and (a) are for the exclusive use of subscribers to Fiduciary Anal "a The data
source Is V 2011 Morningstar, Ino, All rights reserved. The data contained herein: (1) is proprietary to Morningd ar, Inc and/or Its content providers; (2) may not be cooled or dlsm0asd; and (3) Is no[ O0
warranted to be accurate, complete or [Imply. Neither Momingstar, Inc nor Its content providers are responyble for any damages or losses. arising from any use of this Information Vast dericrmance Is
no guarantee of future rewl[s.
1`1360_Portrait_v1 5 Investment data as of 3/31/2011
Prepared for: Sample 403k Client - MR
Performance Summary - Fixed Income
(Total Returns)
Short -Term Bond
0.56%
0.56%
2.940/c
3.44%
3.95%
3.64%
Intermediate -Term Bond
0.91%p
0.91%
5.87%
5.72%
5.73%
5.17%
Intermediate Government
0.21%
0.21%O
4.16%O
4.35%O
5.25%
4.62%
Muni Single State Interm
0.46%d
0.46%
1.54%
3.54%
3.42%
3.70%
Long -Term Bond
0.78%
0.78%d
8.40%g
7.19%
6.43%
6.75%
High Yield Bond
3.64%
3.64%
13.57%
10.110/0
7.17%
7.21%
World Bond
1.49%
1.49%p
7.14%
4,46%
6.36%
6.63%
Money Market Taxable
0.00%
0.00%
0.049/o
0.56%
2.13%
1.93%p
14
12
10
8
6
4
2
0
Quarter YTD 1 Year 3 Year 5 Year 10 Year
■ Short -Term Bond
I Intermediate -Term Bond
N Intermediate Government
0
Muni Single State Interm
Long -Term Bond
High Yield Bond
World Bond
Money Market Taxable
Returns are based on the median mutual fund/ETF manager for each respective peer group.
Investors should consider the investment objectives, risks, and charges and expenses of a fund carefully before investing. Prospectuses
containing this and other information about the fund are available by contacting your financial consultant. Please read the prospectus
carefully before investing to make sure that the fund is appropriate for your goals and risk tolerance. The performance information
shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment
will Fluctuate so that the shares, when redeemed, may be worth more or less than their original cost. The performance information
shown reflects performance without adjusting for sales charges. If adjusted for sales charges, the load would reduce the performance
quoted. Current performance may be lower or higher than the performance information shown.
Analysis, search process, and layout are 3; 2000-2011, Fiduciary Anil (www.11360.com). All rights reserved. The analysis and opinions: (1) do not constitute professional Investment advice; (2)
are provided solely for informational Purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary Analytics. The data L
source is ® 2011 Morningstar, Inc. All rights reserved. The data contained herein: (1) is proprietary to Morningstar, Inc and/or Its content providers; (2) may not be copied or distributed; and (3) is not 113
L Os
warranted to be accurate, complete Or timely. Neltl Morningstar, Inc nor Its Content providers are residor lCle for any damages or losses arising from any use Of this information: Past pertprma oe Is V
no guarantee of future rewlts,
f1360_Portrait_v1_5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
a
Holdings Summary
Investment Name
Peer Group
Tickler
Type $
Amount Invested Percentage
Action
Large -Cap Equity
495,000.00
American Century Fundamental Equity A
Large Blend
AFDAX
MF
495,000.00
31.04 Watch
Mid -Cap Equity
302,000.00
Dreyfus Structured Iiii A
Mid -Cap Blend
DPSAX
MF
302,000.00
18.94 Watch
Small -Cap Equity
40,000.00
CRM Small Cap Value Instl
Small Blend
CSRSX
MF
40,000.00
2.51 -
■
Developed International Equity
225,500.00
Manning & Napier World Opportunities A
Foreign Large Blend
EXWax
MF
225,500.00
14.14 -
■
Emerging Market Equity
65,000.00
Acadian Emerging Markets Instl
Diversified Emerging Mitts
AEMGX
MF
65,000.00
4.08 -
■
US Real Estate
28,000.00
Cohen & Steers Realty Shares
Real Estate
CSRSX
MF
28,000.00
1.76 -
.
Long -Term Fixed Income
110,000.00
PIMCO Long -Term US Government A
Long Government
PFGAX
MF
110,000.00
6.90 Watch
Intermediate Fixed Income
186,500.00
Pioneer Bond A
Intermediate -Terre Bond
PIOBX
MF
186,500.00
11.70 -
.
Allocation
142,500.00
T. Rowe Price Retirement 2020
Target Date 2016-2020
TRRBX
MF
36,000.00
2.26 -
Target Date 2026-2030
T. Rowe Price Retirement 2030
TRRCX
MF
45,000.00
2.82 -
T. Rowe Price Retirement 2040
Target Date 2036-2040
TRRDX
MF
39,000.00
2.45 -
■
T. Rowe Price Retirement Income
Retirement Income
TRRIX
MF
22,500.00
1.41 -
■Total
$1,594,500.00
tt•
Large -Cap Equity
$495,000
31.0%
r Mid -Cap Equity
$302,000
18.9%
Small -Cap Equity
$40,000
2.5%
Developed International Equily
$225,500
14.1%
Emerging Market Equity
$65.000
4.1%
US Real Estate
$28,000
1.8%
* Long -Tenn Filed lncom is
$110,000
6.9%
Intermediate Fixed Income
$186,500
11.7%
Allocation
$142,500
8.9%
Total:
$1,594,500 100.0%
Analysis, search process, and layout are v 20002011, Rduoary Analyb6 (www.fi360.com). All rights reserved. The analysis and opinions: (1) do not constitute professional Investment advice; (2)
are provided solely for informational purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary An ice. The data L
source is ® 2011 Morningstar, Inc. All rights reserved. The dam contained herein: (1) is proprietary to Morningstar, Inc and/or its content providers; (2) may not be copied or disblbuted; and (3) is no[ ■ 7 � L Oa
warranted to pe accurate, complete or timely. banner Morningstar, Inc nor its content providers are responsible for any damages or losses arising from any use of this information. Past pertormance is ■■■iil ■■■iii V
no guarantee of future results.
fi360_Portrait_v1 5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Style Analysis
The Morningstar Style Box'" is a nine -square grid that provides a graphical representation of the investment style of mutual funds, variable
annuity sub -accounts and separately managed accounts.
a. US and Intl. equities are classified according to market capitalization (the vertical axis) and growth and value factors (the horizontal
axis).
b. Fixed income funds are classified according to credit quality (the vertical axis) and sensitivity to changes in interest rates (the horizontal
axis)
Please note:
(1) A Style Box is only displayed if the investment has > 20% allocation in the corresponding asset class (ex. > 20% in US Stocks for the
US Equity Style Box);
(2) Some investments do not fit into a style box and will be identified at the end of the section;
(3) Investments that have receive BOTH an equity and fixed income style box using the methodology above will be excluded from the
charts and identified at the end of the section.
The number of investments in each style is indicated in the charts below.
US Equity Style Box Fixed Income Style Box
S0
1
2
2
1
1
International Equity Style Box
Value Blend Growth
Ltd Mod
Ext
Value Blend Growth
Company Style
Duration
Company Style
Style Box Detail
Displayed
Investment Name
Large -Cap Equity
Peer Group
Type
Above
Stocks
Bonds Equit Income
Equity
American Century Fundamental Equity A
Large Blend
MF
Yes
97.08
0.00
Mid -Cap Equity
Dreyfus Structured Midcap A
Mid -Cap Blend
MF
Yes
99.47
0.00
Small -Cap Equity
CRM Small Cap Value Instl
Small Blend
MF
Yes
93.71
0.00
is
Developed International Equity
Manning & Napier World Opportunities A
Foreign Large Blend
MF
Yes
91.79
0.00
Emerging Market Equity
Acadian Emerging Markets Instl
Diversified Emerging Mkts
MF
Yes
100.51
0.00
US Real Estate
Cohen & Steers Realty Shares
Real Estate
MF
Yes
97.04
0.00
Long -Term Fixed Income
PIMCO Long -Term US Government A
Long Government
MF
Yes
0.00
118.66
Intermediate Fixed Income
Pioneer Bond A
Intermediate -Term Bond
MF
Yes
0.00
92.17
Allocation
T. Rowe Price Retirement 2020
Target Date 2016-2020
MF
No
72.29
22.26 1
- Reason: A Style Box was reported for 2 asset classes with >= 20% allocation.
....
Pag 7 of 38
andorm layout are o es; (3) are not
searchsolely
Arated or cs,re resented to e, Correa, All co complete,or The
are provided
are ly foi s.informational purposes; are not warranted represented to De or
ton ingstar, €to
analysis(Q do not constiuse of utesub pribersi to Fi investment ytics.advice; he
and and re to, the
and (4s are for the d use of Analy[Ics. The data
source 011 its.
sours is 19 Inc.
is Morningstar, reserves. The Earn
reserves
in
contained hereon: opmmorn,
I IS proprietary, to tar,
Incaccurate;
In
its content
vi not behest d r d1stnib
(I) may not be oapmtl tllm aria t3) is not
rs; (
a
naguaraE be accurate, om or For,
le Or timely Neither Morningstar, Inc nor In tpn[!nt DrOVltlers are rCSjlon31b1! For
content responsible
dandioramages selling
any tlama9e5 Or IO35t3 afisma
rrpm anY use of [hl31nf0lTa[IOn. Ve3[ DertORrlenC! IS
n Past o
300
e a
no guarantee M hturo results.
its.
fi360_Portrait _v1_5
Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Style Analysis (Cont.)
Allocation
T. Rowe Price Retirement 2030 Target Date 2026-2030
MF Yes
84.07 11.81
T. Rowe Price Retirement 2040 Target Date 2036-2040
MF Yes
89.16 7.11
T. Rowe Price Retirement Income Retirement Income
MF No
41.78 48.59
- Reason: A Style Box was reported for 2 asset classes with >= 20% allocation.
Analyse, seard, process, and layout are t 2000-2011, Fducary Analytic (www11360.cOm). All rights reserved. The analyJis and opinions: (1) do not constitute professional investment advice; (2)
a. provided solely for mformateonal ourpose.; (3) are net warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary Anayn"s. The data L
source is ® 2011 Morningstar, Inc. All rights reserved. The data contained herem: (I I is proprietary to Morningstar, Inc and/or its content providers; (2) may not be copied or distributed, no (3) is
not 1 7 L Oi
rtanted to be accurate, complete or timely. Neither Morningstar, Inc nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance es i■ V
no guarantee of future results.
6360_Portralt_vIS Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Standardized Performance Disclosure (Mutual Funds and ETFs only)
Standardized Returns for the quarter ending 3/31/2011. Returns for periods of less than one year are not annualized. Standardized
Returns assume reinvestment of dividends and capital gains. It depicts performance without adjusting for the effects of taxation, but are
adjusted to reflect sales charges and ongoing fund expenses. If adjusted for taxation, the performance quoted would be significantly
reduced. The sales charge used in the calculation was obtained from the fund's most recent prospectus and/or shareholder report available
to Morningstar.
Investors should consider the investment objectives, risks, and charges and expenses of a fund carefully before investing. Prospectuses
containing this and other information about the fund are available by contacting your financial consultant. Please read the prospectus
carefully before investing to make sure that the fund is appropriate for your goals and risk tolerance. The performance information shown
represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will
fluctuate so that the shares, when redeemed, may be worth more or less than their original cost. The performance information shown
reflects performance without adjusting for sales charges. If adjusted for sales charges, the load would reduce the performance quoted.
Current performance may be lower or higher than the performance information shown. for performance data current to the most recent
month -end, please reference the Investment Company Contact Information section.
*For those investments a load -waived indication, the Standardized Returns shown below do not Include the typical load (and reduction in
return) that would accompany the share class if it were purchased outside the load -waived enviroment.
Large -Cap Equity
American Century Fundamental Equity A 11/30/2004
Mid -Cap Equity
Dreyfus Structured Midcap A 06/29/2001
Small -Cap Equity
CRM Small Cap Value Instl
09/29/1995
Developed International Equity
Manning & Napier World Opportunities A
09/06/1996
Emerging Market Equity
Acadian Emerging Markets Instl
06/17/1993
US Real Estate
Cohen & Steers Realty Shares
07/02/1991
Long -Term Fixed Income
PIMCO Long -Tenn US Government
07/01/1991
Intermediate Fixed Income
Pioneer Bond A
10/31/1978
Allocation
T. Rowe Price Retirement 2020
09/30/2002
T. Rowe Price Retirement 2030
09/30/2002
T. Rowe Price Retirement 2040
09/30/2002
T. Rowe Price Retirement Income
09/30/2002
15.60
4.44
t, c,
6.65
1.27
Waived* -
0.25
25.89
3.68
rd. f,,„
7.16
1.36
Waived- -
25.01
4.48
9.93
9.32
0.85
- -
11.80
5.54
9.51
9.93
1.18
- -
21.86
9.02
20.14
10.44
1.36
- -
23.74
2.58
12.35
12.58
1.06
- -
8.70
6.89
6.57
7.46
0.90
Waived* -
0.25
7.50
6.73
6.25
7.94
1.07
Waived- -
0.25
14.79
4.57
R,,,.,.
9.54
0.71
- -
0.00
16.37
4.23
N A,
10.02
0.76
- -
0.00
16.94
4.16
N; Av
10.01
0.77
- -
0.00
9.87
5.12
NlAv
7.22
0.59
- -
0.00
Analysis, search process, and layout are 0 2000-2011, Fiduciary Analytlt (wwwJON).com). All rights reserved The analysis and opinions'. (1) do not constitute professional investment advice; (2)
are provided solely for informational,purposes; (3) arc not warranted or represented to be correct, compete, or acwrate; and (4) are for the exclusive use of S bscrlbers to Flduclary Analyb¢. The data / Oe
source Is C 2011 Morningstar, Inc All rights reserved. The data crontallted herein: (1) Is proprietary to Morningstar, Inc anWor Its content pronders; (2) may not be copied or distributed; and (l) is not `U
warranted be t0 ac orate, complete or tamely Neither Momingstar, Inc nor Its coment providers are responsible for any damages or losses arising from any use of this mformatton. VaYerforman[e pIs
no guarantee of future rei
f1360_Portrai[ v1_5 Investment data as of 3/31/2011
Prepared for. Sample 401k Client - MR
Investment Performance
Investors should consider the investment objectives, risks, and charges and expenses of a fund carefully before investing. Prospectuses containing this and other
information about the fund are available by contacting your financial consultant. Please read the prospectus carefully before investing to make sure that the fund is
appropriate for your goals and risk tolerance. The performance information shown represents past performance and is not a guarantee of future results. The investment
return and principal value of an investment will fluctuate so that the shares, when redeemed, may be worth more or less than their original cost. The performance
information shown reflects performance without adjusting for sales charges. If adjusted for sales charges, the load would reduce the performance quoted. Current
performance may be lower or higher than the performance information shown. For performance data current to the most recent month -end, please reference the
Investment Company Contact Information section.
Large -Cap Equity
Large Blend
American Century Fundamental Equity A
MF
6.65 (20)
6.65 (20)
15.60 (31)
1.54 (61)
4.44(9)
(AFDAX)
# of Peers
1,875
1,875
1,768
1,551
1,283
706
Median Mutual Fund/ETF
5.70
5.70
14.69
1,98
2.17
3.10
Russell 1000 TR USD
6.24
6.24
16.69
2.98
2.93
3.83
Mid -Cap Equity
Mid -Cap Blend
Dreyfus Structured Midcap A (DPSAX)
MF
10.24 (9)
10.24 (9)
25.89 (31)
6.89 (51)
3.68 (58)
# of Peers
419
419
393
346
269
160
Median Mutual Fund/ETF
8.06
8.06
23.57
6.90
4.45
7.75
S&P Midcap 400 TR
9.36
9.36
26.95
10.00
6.07
9.36
Small -Cap Equity
Small Blend
CRM Small Cap Value Instl (CRISX)
MF
4.99 (94)
4.99 (94)
25.01 (53)
8.13 (45)
4.48 (31)
9.93 (21)
# of Peers
621
621
582
516
433
250
Median Mutual Fund/ETF
7.79
7.79
25.12
7.93
3,14
8.26
Russell 2000 TR USD
7.94
7.94
25.79
8.57
3.35
7.87
Developed International Equity
Foreign Large Blend
Manning & Napier World Opportunities A
MF
4.88(4)
4.88(4)
11.80 (52)
0.87 (8)
5.54 (2)
9.51 (3)
(EXWAX)
# of Peers
780
780
743
639
463
258
Median Mutual Fund/ETF
3.06
3.06
12.01
-2.82
1.18
4.84
MSCI AC World Ex USA NR USD
3.41
3.41
13.15
-0.85
3.59
7.41
Emerging Market Equity
Diversified Emerging Mkts
Acadian Emerging Markets Instl (AEMGx)
MF
1.93 (18)
1.93 (18)
21.86 (14)
0.73 (74)
9.02 (42)
20.14(1)
# of Peers
441
441
374
266
191
119
Median Mutual Fund/ETF
0.69
0.69
16.60
2.34
8.62
15.81
MSCI EM NR USD
2.05
2.05
18.46
4.32
10.70
16.79
US Real Estate
Real Estate
Cohen & Steers Realty Shares (CSRSX)
MF
6.79 (26)
6.79 (26)
23.74 (55)
4.74(5)
2.58 (11)
12.35 (13)
# of Peers
263
263
244
221
182
98
Median Mutual Fund/ETF
6.26
6.26
23.86
1.83
0.99
10.73
D) US Select REIT TR USD
6.70
6.70
24.44
1.48
0.66
11.25
Page 10 of 38
Analysis, search process, and layout are & 2WO-2011, nduaary Anblyti6 (www, 6360.com). All rights reserved. The analysis and opinions: (1) do not Constitute professional investment advice; (2)
are provided solely for informational purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of SubsCnbers to FOunarr Analytics. The data / O
source is reserved. The Morningstar, Inc. All rights reseThe data contained herein' (1) is proprietary to Morningstar, Inc and/or Its content providers; (2) May not be copied or distributed; and (3J IS nM
warranted to pe accurate, complete at timely, Neither Morningstar, Inc nor Its content prodders are responsible for any damages or losses arising from any use of this Information. Past peltolmanCe �s
no guarantee of future results. (`v\
n360_Portrait_v1_5 Investment data as. of 3/31/2011
Prepared for: Sample
401k Client - MR
Investment Performance
(Cont.)
Total
Return
(% rank in peer
group)
■
Pieier Group / Inve�stment Name
Type
Qtr
YTD
I -Year
3-Year
5-Year
Long -Term Fixed Income
Lang Government
■
PIMCO Long -Term US Government A (PFGAx)
MF
-0.60 (27)
-0.60 (27)
8.70 (28)
5.78 (6)
6.89 (18)
6.57 (47)
# of Peers
48
48
43
34
28
18
■
Median Mutual Fund/ETF
-1.11
-1.11
7.42
3.82
6.06
6.50
■
BarCap US Government Long TR USD
-0.86
-0.86
7.44
4.05
6.28
6.40
Intermediate Fixed Income
■
Intermediate -Term Bond
Pioneer Bond A (PIci
MF
1.55 (17)
1.55 (17)
7.50 (20)
7.22 (21)
6.73 (20)
6.25 (12)
.
# of Peers
1,099
1,099
1,014
887
746
470
Median Mutual Fund/ETF
0.91
0.91
5.87
5.72
5.73
5.17
.
BarCap US Govt/Credit 5-10 Yr TR USD
0.46
0.46
7.54
6.04
6.84
6.34
Allocation
.
Retirement Income
T. Rowe Price Retirement Income (TRRIX)
MF
2.99(6)
2.99(6)
9.87 (25)
5.26 (14)
5.12 (15)
■
At Peers
of
151
151
144
102
65
15
■
Median Mutual Fund/ETF
2.21
2.21
8.77
3.81
4.24
4.10
Morningstar Lifetime Moderate Income
3.02
3.02
11.35
4.65
5.93
6.76
■
Target Date 2016-2020
T. Rowe Price Retirement 2020 (TRRBx)
MF
4.50(5)
4.50 (5)
14.79 (1)
5,00 (2)
4.57 (1)
-
.
# of Peers
183
183
176
139
72
16
Median Mutual Fund/ETF
3.54
3.54
12.41
2.79
2.98
3.98
Morningstar Lifetime Moderate 2020
4.39
4.39
15.22
4.53
5.46
7.26
.
Target Date 2026-2030
T. Rowe Price Retirement 2030 (TRRCx)
MF
5.15(1)
5.15 (1)
16.37(4)
4.72 (1)
4.23 (1)
■
At of Peers
181
181
174
137
72
12
Median Mutual Fund/ETF
4.30
4.30
14.08
2.35
2.31
4.32
.
Morningstar Lifetime Moderate 2030
5.38
5.38
17.48
4.05
4.90
7.35
Target Date 2036-2040
■
T. Rowe Price Retirement 2040 (TRRDX)
MF
5.34 (8)
5.34(8)
16.94 (10)
4.72(3)
4.16 (1)
# of Peers
177
177
170
130
68
12
.
Median Mutual Fund/ETF
4.69
4.69
14.96
2.03
2.07
4.31
Morningstar Lifetime Moderate 2040
5.66
5.66
18.25
3.95
4.83
7.54
■
■
Raae 11 of 38
.
Analysis, searU process, and layout are C 2WO-2011. Fiduciary Ana11b6 (www.h360.com). All rights reserved. The analysis and opinions:
are provided solely for Informational purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for
(1) do not constitute protess omi investment advice; (2)
the exclusive use of subscrbe,s to Fldu[lary Analytla. Tne data
source is @ 2011 Morningstar, Inc. All rights reserved. Tne data contained
Herein'. (1) is proprietary
ro Morningstar,
Inc and/or Its content
providers; (2) may
not be copied or mstnbuad;
arw (3) Is not
fr360�
warranted to be accurate, complete or timely. Neither Mormngstar, Inc nor
its content providers are responsible for any
damages or losses
arising from any
use of this Information,
past performance is
■
no guarantee o/four, results.
1`360_Ponrait_v15
Investment
data as of 3/31/2011
.
Poudre Fire Authority RFP Number 7286
Plan Administrator Review and Benchmarking
a
!
reports that allow us to compare fees and other measures of your plan to a benchmark created
■
from data collected from similar plans. As part of our report you will receive an independent
analysis conducted by Fiduciary Benchmarks, which is included in our fee described below. We
r
have attached a sample report to this proposal.
2.
Regulatory services including an overview of compliance with all relevant IRS, DOL and State
of Colorado regulations:
■
InSight EBC is not a law firm, and, therefore, is not qualified to provide an independent
assessment of compliance with the federal regulations and statutory provisions under which
■
your plan is governed. Our role as your benchmarking expert, as it relates to regulatory
compliance, is to conduct an interview with plan counsel to determine and document the body
of law that defines your fiduciary responsibilities (UPMIFA, MPERS, ERISA, other), and to
determine if there are any provisions that may impact the investment or administrative process.
Our final report will include documentation of such interview.
3.
Participant loan management:
Much like record -keeping and administration, the majority of this analysis involves quantitative
■
measures of fees, utilization by participants and evaluating service standards. Loan applications,
instructions and procedures shall also be evaluated. Additionally, an evaluation will be
conducted to determine the level, if any, of abusive loan practices on part of the participants.
4.
Reporting capabilities including individual participant statements and overall plan
performance:
This evaluation will entail a greater level of qualitative analysis, and shall rely largely upon the
practical, hands-on experience of the InSight EBC professionals conducting such analysis. Our
■
experience in working with multiple plan sponsors, utilizing multiple providers, to gather data
and report for performance measurement purposes will be a valuable component of this
evaluation.
5.
Quality of internet site and participant access:
■
This is another area in which qualitative analysis and countless hours of hands-on experience
with multiple platforms will prove to be an invaluable asset. The quality of the web site and
participants' experience using the same is an important component of the ongoing participant
education process and an important driver in participant satisfaction. It's impossible to measure
the participant experience and overall satisfaction with a quantitative approach. The features
■
and functionality of your current web site will be measured against our in-house professionals'
experience and knowledge of other provider sites.
6.
Quality of voice call centers:
We conduct an interview with plan representatives to determine the types of services and
■
information provided via call centers, along with gathering information regarding call center
metrics concerning average wait time, average call handle time, and participant satisfaction.
Additionally, we will place calls to the center to determine the call handling structure and level
of difficulty required to reach a representative versus prompts for self-service.
7.
Communication and education programs:
.
This component is the cornerstone of the success of your plan because these programs drive the
overall success of participant outcomes. This is also an area in which InSight EBC possesses
superior knowledge and expertise. Ultimately, performance in a 401(a) money purchase
pension plan will be measured by quantitative analysis of investment allocation and
management behavior of the participants. Additionally, InSight EBC will collect information
■
3
Prepared for: Sample 4011, Client - MR
■
■
■
Investment Expenses
Mutual Funds/ETFs/IGSAs & Custom
■
■
.
■
.
■
.
.
Acadian Emerging Markets Instl (AEM6x)
- Miscellaneous Expenses: Redemption Fee: 2.00%
American Century Fundamental Equity A
(AFDAX)
- Miscellaneous Expenses: Front Load: 5.75116 Waived
Cohen & Steers Realty Shares(CSRsx)
CRM Small Cap Value Instl (CRISX)
Dreyfus Structured Midcap A (DPSAX)
- Miscellaneous Expenses: Front Load: 5 }5% Waived
Manning & Napier World Opportunities A (Exwax)
- Miscellaneous Expenses:
PIMCO Long -Term US Government A (PFCAX)
- Miscellaneous Expenses: Front Load: 3.-7-5% Waived
Pioneer Bond A (PIOBx)
- Miscellaneous Expenses: Front Load: IiBAb Waived
T. Rowe Price Retirement 2020 (TRRBX)
T. Rowe Price Retirement 2030 (TRRCX)
T. Rowe Price Retirement 2040 (TRRDx)
T. Rowe Price Retirement Income (TRRIX)
Total / Weighted Average
1.36
1.27
1.06
0.85
1.36
1.18
0.88
0.885
0.71
0.76
0.77
0.59
1.14
1.36
1.27
1.06
0.85
1.36
1.18
0.90
1.07
0.71
0.76
0.77
0.59
1.36 -
1.27 0.25
0.99 -
0.84 -
1.36 -
1.11 -
0.88 0.25
0,85 0.25
- -
- -
- -
- -
65,000.00
495,000.00
28,000.00
40,000.00
302,000.00
225,500.00
110,000.00
186,500.00
36,000.00
45,000.00
39,000.00
22,500.00
to at
4.08
31.04
1.76
2.51
18.94
14.14
6.90
11.70
2.26
2.82
2.45
1.41
884.00
6,286.50
296.80
340.00
4,107.20
2,660.90
968.00
1,585.25
255.60
342.00
300.30
132.75
$18,159.30
.
-Annual cost is calculated using the $ amount invested multiplied by the Prospectus Net Expense Ratio.
■
■
■
■
■
■
■
■
■
■
Paae 12 of 38
.
Analyvs, search process, and layout are m 2000 2011, Fiducary Analythos (www.f 360.Cam). Ali rights reserved. The analysis and opinions: (1) do not
act provided solely for Informational purposes; (3) are not warranted or represented to be correct, complete, or accurate: and (4) are for the excivave
constitute professional investment advice;
Ilse Of subscribers to FdoClary Analyt
(2)
ds. Thedam
source Is ® 2011 Mommgstar, Inc. All rights reserved. Tire data contained herein:
(1) is proprietary
to Morningstar, Inc
and/or Its content providers; (2) may not be Copied or distributed; and (3) Is not
6
warranted to be accurate, Complete or timely Neither Morningstar, Inc nor Its content
providers are
responsible for any
damages or losses arlsmg from
any use of this informations Past performance Is
113 ow
■
no guarantee of future results.
1`360_Portmit_v1_5
Investment
data as of 3/31/2011
■
Prepared for: Sample 401k Client - MR
Fi360 Fiduciary Score® Scatter Plot
Calculation Methodology
The h360 Fiduciary Score® is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary
management. The criteria include total returns, nsk-adjusted returns, expenses, and other portfolio statistics. Investments are ranked according to their ability
to meet due diligence criteria every calendar quarter. The rank becomes the f1360 Fiduciary Score (Quarter). The 1`1360 Fiduciary Score (Average) is a one-,
three-, five- or ten-year rolling average of an investment's Quarter Score. The f1360 Fiduciary Score represents a suggested course of action and is not Intended,
nor should it be used, as the sole source of information for reaching an Investment decision. Visit 1`1360.com/11360-Fiduclary-Score for the complete
methodology document.
Investments Shown in the Scatter Plot
1
T. Rowe Price Retirement Income (TRRIX)
MF
-
22,500.00 -
a of Peers
102
77
51 21
2
Pioneer Bond A (PIOBX)
MF
=
=
= =
=
186,500.00 -
a of Peers
887
830
679 554
265
2
T. Rowe Price Retirement 2030 (TRRCX)
MF
=
=
= =
-
45,000.00 -
a of Peers
137
116
49 19
4
T. Rowe Price Retirement 2040 (TRRDX)
MF
=
=
= =
-
39,000.00 -
a of Peers
130
103
45 19
5
T. Rowe Price Retirement 2020 (TRRBX)
MF
=
=
= =
-
36,000.00 -
4 of Peers
139
116
49 23
6
PIMCO Long -Term US Government A (PFGAX)
MF
=
=
33 418
39
110,000.00 Watch
x of Peers
34
31
26 23
14
7
CRM Small Cap Value Instl (CRISX)
MF
=
=
= =
=
40,000.00 -
u of Peers
516
482
386 307
121
8
Cohen & Steers Realty Shares (CSRSx)
MF
=
=
= =
=
28,000.00 -
a of Peers
221
211
173 122
51
9
American Century Fundamental Equity A (AFDAX)
MF
=
=
= -
-
495,000.00 Watch
a of Peers
1,552
1,451
1,117
10
Acadian Emerging Markets Instl (AEMGX)
MF
34
31
27
65,000.00 -
z of Peers
267
233
172 133
74
11
Manning & Napier World Opportunities A (EXWAX)
MF
37
S
= =
-
225,500.00 -
ss of Peers
640
570
398 315
12
Dreyfus Structured Midcap A (DPSAX)
MF
37
37
40 31
-
302,000.00 Watch
u of Peers
346
308
242 197
Analysis, search process, and layout are g 2000-2011, Fiduciary AnalybCs (www11360dom). All rights reserved The analysis and opinions: (1) do not constitute professional Investment advice; (2)
are provided solely for informaborid purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subsmbeT to Fidul Analytla. The data
source is to 2011 Morningstar, Inc. All rights reserved. The data contsned "rem. (I I is proprietary to Morningstar, Inc and/or its content providers; (2) may not be Copied or distributed; and (3) is not L� O�
waranted to be accurate, complete or timely. Neither Morningstar, Inc nor in Content providers we responsible for any damages or Ossts arising from env use of this Information Past performance is113
�/\
no guarantee of future results.
f1360_Por1relt_v1_5 Investment data as of 3/31/2011
Prepared for. Sample 401k Client - MR
Fi360 Fiduciary Score® Scatter Plot (Cont.)
Fi360 Fiduciary Score Scatter Plot
The chart plots each scored Investment using the 0360 Fiduciary Score Average (3yr) on the vertical axis and the Fi360 Fiduciary Score Quarter on the
horizantal axis. Green, yellow and red lines are drawn to highlight the different fi360 Fiduciary Score quartiles. Investments in the bottom left corner of the
chart have a better score.
Bubble sizes are based on the $ amount invested. 1 Bubble numbers refer to the Investment ID's on the previous page.
100 1
R
0 10 20 30 40 50 60 70 80
Fi360 Fiduciary Score Quarter
90 100
Analysis, search process, and layout are C 2000-2011, Fidutri AnahbCoi (www.6360.com). All rights reserved. The analysis and opinions: (1) do not constitute professional investment advice; (2)
are provided solely for informational purposes; (3) are not warranted or represented to be correct, complete, or aCcurate; and (4) are for the exclusive use of subscribers to Fdutt3ry Analyb[s. The data O•
source is 6 2011 Mommgstar, Inc. All rights reserved. The data contained herein: (1) is proprietary to Morningstar, Inc and/or its Content providers; (2) may not be copied or distributed; and (3) is not
warranted to be accurate. complete or timely Neither Mwmngstar, Inc nor ,ts content providers are responsible for any damages or losses arising from any use of this mPormatlon. Fast "'manse is113 no guarantee of future results.
6360_Portrait_v1_5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Fi360 Fiduciary Score® Breakdown (Funds/ETFs/IGSAs Only)
Fi360 Fiduciary Score Criteria
1 Inception Date: The investment must have at least a 3 year track history.
2 Manager Tenure: The investment manager must have at least a 2 year track history. (Most senior manager's tenure)
3 Assets: The investment must have at least 75 million under management. (Total across all share classes for funds/e[fs)
4 Composition: The investment's allocation to its primary asset class should be greater than or equal to 80%. (Not applied to all peer groups)
5 Style: The investment's current style box should match the peer group. (Not applied to all peer groups)
6 Prospectus Net Exp Ratio: The Investment must place in the top 75% of Its peer group.
7 Alpha: The investment must place in the top 50% of Its peer group.
8 Sharpe: The investment must place in the top 50% of its peer group.
9 1 Year Return: The investment must place in the top 50% of its peer group.
10 3 Year Return: The investment must place in the top 50% of its peer group.
11 5 Year Return: The investment must place in the top 50% of its peer group.
Calculation Methodology Legend
The f060 Fiduciary Scol is a peer percentile ranking of an Investment against a set of J Investment meets the criterion
quantitative due diligence criteria selected to reflect prudent fiduciary management. The
criteria include total returns, risk -adjusted returns, expenses, and other portfolio statistics. X Investment does not meet the criterion
investments are ranked according to their ability to meet due diligence criteria every l i Investment data is not available
calendar quarter. The rank becomes the h360 Fiduciary Score (Quarter). The f1360
Fiduciary Score (Average) is a one-, three-, five- or ten-year rolling average of an Investment doesn't have the history to be scored
investment's Quarter Score. The f1360 Fiduciary Score represents a suggested course of Investment is not screened on the criterion
action and is not intended, nor should it be used, as the sole source of information for
reaching an investment decision. Visit 1`060.com/111360-Fiduciary-Score for the complete
methodology document.
Large -Cap Equity
American Century Fundamental
Large Blend
- -
Equity A (AFDAX)
A of Peers 1,552
1,451 1,117
J
J
J
J
J
J J J watch
Mid -Cap Equity
Dreyfus Structured Midcap A
Mid -Cap Blend 37
37 40 31 -
(DPSAX)
aofPei 346
308 242 197
J
J
J
J
J
J J Watch
Small -Cap Equity
CRM Small Cap Value Instl
Small Blend
- - - -
(CRISX)
..(Peers 516
482 386 307 121
Developed International Equity
Manning & Napier World Foreign Large Blend 37 = = = - J J J -1 J J J J J
Opportunities A (EXWAX) A of Peers 640 570 398 315
Emerging Market Equity
Acadian Emerging Markets Diversified 34 31 27 -
Instl (AEMGX) Emerging Mikel Peers 267 233 172 133 74 J J J J J J J
US Real Estate
Cohen & Steers Realty Shares Real Estate - - - -
(CSRSX) a of Peers 221 211 173 122 51 J J J J J J J J
Long -Term Fixed Income
PIMCO Long -Term US Long Government = = 33 48 39
Government A (PFGAX) a of Peers 34 31 26 23 14 J J J J J J J J J J J Watch
Intermediate Fixed Income
Pioneer Bono A (PIDBX) Intermediate -Term If J J J 1/ J-
Bond a of Peers 887 830 679 554 265
Page 15 of 38
Anaiysls, search process, and layout are W 2000 2011, Fiduciary Analybcs (www.f1360.com). All rights reserved. The analysis and opinions'. (1) do not constitute professional Investment advice; (2)
are provided solely for informational purposes; (3) are not warranted or represented to be Correct, Complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary Anahm's. The data,
source Is @ 2011 Morningstar, Inc. All rights reserved. The data contained herein: (1) Is proprietary to Morningstar, Inc and/or Its Content providers; (2) may not be copied or distributed; and (3) Is not L O4
warranted to be accurate, complete or timely Neither Morningstar, Inc nor Its content providers are responsible for any damages or losses arising from any use of this Information, Past performance Is /\
no guarantee of future results.
fi3
11360_Portrait_v1_5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Fi360 Fiduciary Score® Breakdown (Cont.) (Funds/ETFs/IGSAS only)
Allocation
T. Rowe Price Retirement 2020
Target Date
- - -
(TRRBX)
2016-2020 a of Peers 139
116 49 23
T. Rowe Price Retirement 2030
Target Date
- - -
(TRRCX)
2026-2030 a of Peers 237
116 49 19
T. Rowe Price Retirement 2040
Target Date
- - -
(TRRDX)
2036-2040 a of Peers 130
103 45 19
T. Rowe Price Retirement
Retirement Income =
= = =
Income (TRRIX)
. of Peers 102
77 51 21
J J
J
J
J
J
J
J J
J J
J
J
J
J
J
J J
J J
J
J
J
J
J
J J
Analysis, search process, and layout are (, 2000-2011, fiduciary Aralytics (mvw.fi35(I,om). All rights reserved. The analysis and opinions: (1) do not consbtuta professional investment advice; (2)
art Provided solely for informational purposes; (3) are nM warranted Or represented to be correet, Complete, or accurate; and (4) are for the exCluslve use of subsnl0ers to Flduoary A 'Yocs. The data
source is ® 2011 Mommgstar. Inc All rights reserved. The data contained herein: (1) is proprietary to Morningstar, Inc and/or its content providers; (2) may not be coped or dlstnbu , and (3) is not L O�
warranted to be accurate, Complete or bmely. Neither MOmmgetar, Inc nor in content providers are re5pOnsible for any damages Or losses arming from any use OI MI5 irlfprmattpn. past peAWTance is
no guarantee or future results. fi3V
fi360_Portmit_v1_S Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Due Diligence Criteria Breakdown
The following table will provide an overview of the selected due diligence criteria and Its associated factors and thresholds.
Threshold
<- 25
Importance*
Periods
Evaluated
Periods Required
Missing Data
Treatment
14360
11360 Fiduciary
Score Av
_
Required
4
3
Fall
Expenses
Prospectus Net ExP Ratio
Top 50% of peer
Optional
4
3
Fall
Performance
10 Year Return
Top. 50% of Peer
Optional
B
7
Pass
3 Year Return
Top. 50% of peer
Optional
4
3
Fail
5 Year Return
Top 50% of peer
Optional
4
3
Fall
Risk
Standard Deviation
Top 50% of peer
Optional
4
3
Fail
Operations
Inception Date
>- 5 Years
Optional
4
3
Fail
Manager Tenure
> 5 Years
Optional
4
3
fail
*In addition to meeting any required criterion, 5 of the 7 optional alterlon must be satlsfied to meet the overall Due Diligence Criteria.
Criteria Evaluation Summary
This section will evaluate all of the selected investments against the specified due diligence criteria shown above.
Legend
J Investment meets the criterion N)Ay Investment data Is not available (Passes Criterion)
X Investment does not meet the criterion c, a., Investment data is not available (Fails Criterion) .,I I- Investment is not screened on the criterion
t i
as
e q c
c
c
u
c
O y
,is
p
a
a
n
m
J 0
da. C
0 y
or CC
C
O p
C
O
~
IrIY
C
ad
id
a
by
6
>
'
i
N
n1 V
VI
X
tl
m
un
O
C
Z
d
Large -Cap
Large Blend
American Century
`/
X
X
V
NIAv
J
V
X
X
Equity
Fundamental Equity A
Mid -Cap Equity
Mid -Cap Blend
Dreyfus Structured
X
X
X
X
Way
v/
X
X
Mldcap A
Small -Cap
Small Blend
CRM Small Cap Value
�/
v/
Equity
Instl
DeylNoped
Foreign. Large
Manning & Napier
J
J
International
Blend
World Opportunities A
Equity
Emerging
Diversified
Acadian Emerging
�/
V
X
V
X
Market Equity
Emerging Mkts
Markets instl
US Real Estate.
Real Estate
Cohen & Steers Realty
J
J
J
N/
J
Shares
Long -Tom
Long
PIMCO Long -Term US
X
X
V
X
V
X
X
Fixed Income
Government
Government A
Intermediate
Intermediate-T
Pioneer Bond A
X/
v/
J
N/
,/V,
./
N/
Fixed Income
erm Bond
Allocation
Retirement
T. Rowe Price
d
J
J
N/Av
X
Income
Retirement Income
Target Date
T. Rowe Price
J
N/
J
N/Av
X
J
J
2016-2020
Retirement 2020
Analysis, search process, and layout are C 2WO-2011, Fiduciary Analysts (www.WW.cohl All nghts reserved. The analysis and opinions: (1) do not combtute proresvonal Investment advice; (2)
are provided solely for Informational purposes; (3) we not warranted W minye anted to be corKi, complete, Or accurate; and (4) are for the exclusive use of Subscribers to Fiduciary Analy1h- T1A data / Oa
source Is ® 2011 Morningstar, Inc. All rights reserved. The data contained heron: (1) is proprietary to Morningstar, Inc and/or Its content providers; (2) may not be copied or dharbutN; and (J) s Inot
warranted to be accurate, complete Or timely. Neither Morningstar, Inc nor Its content providers are responsible for any damages or losses ansing from any use of this information. past Performance Is
no guarantee of future results. fi3/o—
f1360_Portrafk_vI_5 Investment data as of 3/31/2011
Prepared for: Sample 4011, Client - MR
Due Diligence Criteria Breakdown (Cont.)
Z>
w c
E
c
be
v
o a.
LL j1
z O
C
6' C
1'
9 c
O
O
y p
p N
6
o
y
y
W
o
'� A
N O
W
g
is
6
e Vi
w
m
in
E
Allocation Target Date T. Rowe Price
2026-2030 Retirement 2030
Target Date T. Rowe Price
2036-2040 Retirement 2040
-V IV, V, V N/Ay IX IV IV Id
I-V IV I-V IN IX IIV IV Id
Analysis, search process, and layout are Q 2000-2011, ndmary Analytica (www.6360.com). All tights reserved. The analySS and opinions, (I) do not ConR6ute professional investment advice, (2)
are provided solely for informational purposes: (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fduclary Analybcs. The data /L�
source is (a2011 Morningstar, Inc. All rights reserved. The data contained herein: (I I is proprietary to Morningstar, Inc and/or Its Content providers; (2) may not be Copied or distributed; and (3) is not ■ L O�
warranted to be accurate, complete or timely. Neither Morningstar, Inc nor its content. providers are responsible for any damages or losses arising from any use of this Information. Past performance is 11 V
no guarantee of future results
0360_Portralt_v1_5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Due Diligence Criteria Breakdown (Cont.)
American Century Fundamental Equity A
AFDAX
Peer Group: Large Blend I Investment Type: Fund
The table below will highlight the current period's criteria
evaluation along with the overall pass/fail status for the current period.
Criteria Summary
Legend
Met 1 of 1 required factors
Eval: Is Quarters the criterion was evaluated Met: At Quarters the criterion was met
Met 4 of 7 optional factors (at least 5 are required)
Req: 9 Quarters required to pass the criterion (r) or (cl Signifies required or optional criterion
./ Investment meets the criterion X Investment does not meet the Criterion
Criteria Summary
(Current Period)
4 eval 4
3 req 3
3 met 0
� III
a
E
,t >
E
>
E
O C
m
0
.4
y
a
A
C c
5 c
W
C Q.
C
~
✓
N
m
x am
m
1 m
w
c-
;) m
n
m
rn
y ^
u
VI >
p
y
C
s
L
p
'val 4 eval 4 eval
6 eval
4 eval
4 eval
4 eval
req 3 req 3 req
7 req
3 req
3 req
3. req
net 1 met 4 met
8 met
4 met
4 met
0 met
a ICI J (0)
N/Av
J (0)
J (0)
x 1'Jl
Criterion History
The table below will plot each criterion's factor and threshold evaluation for the past 12 quarters (if the data is available). It not only allows
you to see the specific data points for each factor, but it also allows for any trends to become more readily apparent. Those periods that
are shaded and contain an (e) represent periods that were evaluated.
2008Q2
200aQ3
2008Q4
2009Q3
2011
2009Q3
2009Q4
2010Q1
2010Q2
2030Q3
201OQ4
20llQl
fi360 Fiduciary
N/Av
N/A,
N/Av
N/A,
N/A,
N/Av
N/A,
N/Av
N/Av
14
17
18
Score Avg (3yr) <= 25
(e)
J (0)
J (e)
J (a)
Prospectus Net Exp Ratio Rank
54
54
56
56
56
56
56
53
53
54
55
57
<= 50 (optional)
x
x
x
x
x
x
x
X (e)
X (e)
X (e)
X (a)
3 Year Return Rank
5
2
5
8
it
14
22
32
41
62
66
61
<- 50 (0pomm)
J
d
J
J
J
J
J
J
J (a)
X (e)
X (e)
X (a)
5 Year Return Rank
N/Av
N/Av
N/A�
N/A,
N/Av
N/Ae
5
6
6
9
10
9
<- 50 (optldw)
d
d
I J (a)
d (e)
J (e)
J (e)
10. Year Return Rank
N/Av
I
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
WAY
N/Av
<= 50 (optional)
(a)
(e)
(a)
(e)
(a)
(a)
(a)
(a)
Standard Deviation Rank
51
43
41
24
22
23
20
21
20
20
21
21
<= 50 (optional)
X
J
J
J
J
J
J
J
J (a)
d (a)
J (a)
J (a)
Inception Date
3
3
4
4
4
4
5
5
5
5
6
6
>= 5 (optional)
x
I
x
x
x
X
J
J
d (a)
J (a)
J (a)
J (e)
Manager Tenure
0.00
0.30
0.50
0.80
1.00
1.30
1.50
1.80
2,10
2.30
2.60
2.80
>= 5 (optional)
zI
x
X
x
x
x (e)
X (e)
X (e)
X (e)
Analyws, Search process, and layout arc 8 2000-2011, nductary analybc9 (www.11360.com). al rights reserved. The analysis and opinions: (1) do not constitute professional InveRment advice; (2)
are provided solely for Infomiabonal purposes; (3) are not warranted or represented to par correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary Analyhcs. The data / O
source Is 9) 2011 Momlngstar, Inc A l rights reserved. The data contained herem: (1) I9 proprietary to Morningstar, Inc and/or Its content providers; (2) may hot be cooled or distributed; and (3) Is not LU S
warranted to be accurate, Complete or timely. Neither Morningstar, Inc nor as content providers are responsible for env damages or losses anslnae q from any uor this Information. Pa9t performance Is
no guarantee of future results.
1`1360_Portrart_v1_5 investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Due Diligence Criteria Breakdown (Cont.)
Dreyfus Structured Midcap A DPSAX
Peer Group: Mid -Cap Blend I Investment Type: Fund
The table below will highlight the current period's criteria evaluation along with the overall pass/fail status for the current period.
Criteria Summary Legend
Met 0 of 1 required factors Eval: u Quarters the criterion was evaluated Met: 4 Quarters the criterion was. met
Met 3 of 7 optional factors (at least 5 are required) Red: n Quarters required to pass the criterion (r) or (o): Signifies required or optional criterion
Investment meets the criterion X Investment does not meet the criterion
w
Z> a c c c E c m 9
N rat N nl D re
W
tj (T 7 Cz K C 2' c fY al C VI
a 0
o 0
in
Crltend Summary 4 eval 4 eval 4 eval 4 eval 8 eval l 4 eval 4 eval 4 eval
(Current Period) 3 req 3 req 3 req 3 req 7 req 3 req 3 req 3 req
0 met 0 met 0 met 0 met 8 met 4 met 4 met 0 met
- N/Av J (o) V (o)
Criterion History
The table below will plot each criterion's factor and threshold evaluation for the past 12 quarters (if the data is available). It not only allows
you to see the specific data points for each factor, but it also allows for any trends to become more readily apparent. Those periods that
are shaded and contain an (e) represent periods that were evaluated.
2008Q2
2008Q3
2008Q4
2009QI
2009Q2
2009Q3
2009Q4
2010QI
2010Q2
20101
2010Q4
2011Q1
ri360 Fiduciary
21
19
22
24
21
32
34
37
39
39
40
40
Score Avg (3yr) <- 25
x (a)
x (e)
x (a)
x (e)
Prospectus Net Exp Ratio Rank
42 43
45
43
41
41
65
63
65
66
55
57
<= 50 (Optional)
v
J
J
v
v
x
x
x (a)
X (a)
x (e)
X (a)
3 Year Return Rank
52 55
68
67
74
72
68
64
64
61
54
51
<= 50 (optional)
I
x
x
+
n
x
x (a)
x (e)
x (a)
x le)
5 Year Return Rank
43 52
60
fib
61
71
68
63
61
57
63
58
<= 50 (optional)
I I x
x
x
x
I
x
x (e)
x (a)
x (a)
x (e)
10 Year Return Rank
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
li
N/Av
N/Av
N/Av
<= 50 (optional)
(a)
(a)
(e)
(a)
(a)
(a)
(a)
(a)
Standard Deviation Rank
73
72
60
62
45
46
41
44
39
42
41
40
<= 50 (optional)
xI
x
x
J
I/
d
J
J (a)
J (a)
d (a)
J (a)
Inception Date
7
7
7
7
8
8
8
8
9
9
9
9
>= 5 (optional)
J
J
J
J
J
J
I/
J
J (e)
vt (a)
J (e)
J (e)
Manager Tenure
7.00
7.20
7.50
730
8.00
&20
8.50
2.70
3.00
3.20
3.50
3.70
>= 5 (Optional)
J
J
J
J
J
J
V
x (a)
x (a)
x (e)
x fe)
Analysis, warn process, and layout are C 2000-2011, Fidudary inalyba (www.h360. com). All rights reserved. The analysis and opinions: (I) do not constitute professional investment advice; (2)
are provided selaly for informational purposes; (3) are not warranted or represented to be correct, complete, or atturate; and (4) are for the exclusive use of subscnbem to Fiduciary Analytic. The data / Oe
source is C 2011 Morningstar, Inc. All rights reserved. The dam confined herein: (1) is proprietary to Morningstar, Inc and/or its content providers; (2) may not be copped or distributed; and (3),Is not fi `U
ene anted to be accurate, complete or timely. Neither Morningstar, Inc nor Its content providers are responsible for any damages or fosses arising from an use, of this information. Fast pertormance is
no guarantee of future results.
f360_Portrdit_v1 5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Due Diligence Criteria Breakdown (Cont.)
CRM Small Cap Value Instl CRISX
Peer Group: Small Blend I Investment Type: Fund
The table below will highlight the current period's criteria evaluation along with the overall pass/fail status for the current period.
Criteria Summary Legend
Met 1 of 1 required factors Eval: # Quarters the criterion was evaluated Met: # Quarters the criterion was met
Met 6 of 7 optional factors (at least 5 are required) Req: At Quarters required to pass the criterion (r) or (o): Signifies required or optional criterion
J Investment meets the criterion X Investment does not meet the criterion
a
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is
y
p
Criteria Summary 4 evai
4 eval
4 eval
4 eval
8 eval
4 eval 4 eval
4 eval _ /
(Current Period) 3 req
3 req
3. req
3 req
7 req
3 req 3 req
3 req �/
4 met
4 met
3 met
4 met
8 met
4 met 4 met
0 met
(r)
v (o)
J (o)
v (0)
J (o)
v (o) v (o)
Criterion History
The table below will plot each criterion's factor and threshold evaluation for the past 12 quarters (if the data is available). It not only allows
you to see the specific data points for each factor, but it also allows for any trends to become more readily apparent. Those periods that
are shaded and contain an (e) represent periods that were evaluated.
2008Q2
2008Q3
200SQ4
2009Q1
2009Q2:
2009Q3
2009Q4
2010Q1
201OQ2
2030Q3
2030Q4
2011Q1
6360 Fiduciary
7
8
11
12
12
13
14
14
17
17
16
17
Score Avg (3yr) <- 25
v
v
v
v
J
J
v
J
✓ (e)
J (e)
✓ (e)
✓ (e)
Prospectus Net EXp Ratio Rank
1s
16
16
16
16
16
15
14
14
14
15
14
<= 50 (optional)
v
J
v
v
J
v'
J
d
✓ (e)
✓ (e)
✓ (e)
✓ (e)
3 Year Return Rank
36
23
30
38
23
34
35
33
57
36
15
45
<= 50 (optional)
J
J
J
d
v
J
v
✓
X (e)
✓ (e)
✓ (e)
✓ (e)
5 Year Return Rank
41
31
28
32
28
30
29
30
44
39
32
31
<= 50 (optional)
J
v
v
v
:
J
J
v
✓ (e)
✓ (e)
✓ (e)
✓ (e)
10 Year Return Rank
26
22
12
11
13
15
15
15
17
18
1s
21
<= 50 (optional)
J
v
v
v'
✓ (e)
✓ (e)
✓ (e)
✓ (e)
✓ (e)
✓ (e)
J (e)
✓ (e)
Standard Deviation Rank
9
8
10
12
11
12
12
13
17
25
33
37
<= 50 (optional)
J
v
v
v
v
✓
v
v
v`( )
✓ (e)
J (e)
✓ (e)
Inception Date
10
10
10
11
11
11
it
12
12
12
15
1s
>= 5 (optional)
J
J
v
J
J
J
v
v
✓ (e)
✓ (a)
✓ (e)
✓ (e)
Manager Tenure
0.20
0.40
0.70'
0.90
1.20
1.40
1.70
1,90
2.20
2.50
2.70
3.00
>= 5 (optional)
x
X
.
x
r
X (e)
X (e)
X (e)
X (e)
Malys, search process, and layout are C 2WO-2011, Ficlu0ary Malyb6 (www.fQW.Com). NI rights reserved. The analysis and opinions: (1) do not constitute professional Investment advice; (2)
are provided sWely for Informational purposes; (3) are not warranted or represented to be Correct, COmp4ne, Or accurate; and (4) are for the exclusive use of subscribers to fiduciary Mal"' The data L
source Is C 2011 Momingslo r, Inc. Al rights reserved The data contained herein: (1) Is proprietary to Morningstar, Inc and/or Its Content providers: (2) may not be copied Or dtrtrlbuted; and (l) is not 1 7 L Oe
warranted to be accurate, Complete or timely. Neither Morningstar, Inc nor Its Content providers are responslbie for any damages or losses arising from any use of this Information. Past performance Is 1 V
no guarantee of future results.
fi360_Portrait_v1_5 Investment data as of 3/31/2011
.
Poudre Fire Authority RFP Number 7286
Plan Administrator Review and Benchmarking
concerning the content, methodology, accountability, and other standards. We will compare
current education and communications practices to other available options.
8.
Capabilities of hardware and software systems to administer the plans:
The vast majority of retirement plan record -keeping systems use software distributed by
Sunguard, Inc. The two most common products are Relius and Omni -Plus. Both offer out -of -
the -box (standard) versions, and, both are highly customizable with the capability of offering
.
more robust processing, reporting, and web tools. The Insight EBC staff assigned to this project
has considerable experience with all of the aforementioned versions and a deep understanding
of the capabilities of each. In the event your provider is using a highly -customized version of
Sungard software, we are aware (from experience) that many Sunguard-issued upgrades to the
base platform cause problems with customized features. In this case, we would conduct
additional research to determine the ability of on -site staff or contractors to rectify such issues.
Additionally, Insight EBC will collect information concerning backup and redundancy capabilities
and procedures as described above (item 1).
9.
Type of investment vehicles offered. Including quality control and oversight of investments,
S
including but not limited to, plan sponsor's investment policy:
Insight EBC will examine the Investment Policy Statement (IPS) and compare the terms of such
■
document to the funds offered through specified asset classes to verify compliance.
Additionally, we will review standard and custom benchmarks (if any) utilized to measure
performance relative to peer -groups, risk -based performance, and conduct a due diligence
analysis. We will provide a comprehensive Monitoring Report, which provides extensive
a
information concerning the performance and fiduciary scores of investments contained in the
■
plan compared to relative peer groups. We have included a sample copy of the Monitoring
Report with this proposal. In addition to the Monitoring Report, we will collect data from
■
Fiduciary Benchmarks concerning fees and performance of the plan's underlying investment
options.
'
10.
Trustee services including a comparative analysis of trustee services provided compared to
industry recognized best practices:
This analysis shall include a review of the current trust document and an analysis of reporting
and execution services, along with a fee analysis benchmarked to other similar plans. Such
analysis shall also include an examination of trading policies ensuring best execution and
■
avoidance of any self -dealing activities.
11.
Detailed breakdown and evaluation of all expenses and fees related to plan administration:
■
This component of our analysis is purely quantitative, and, therefore, relies upon data provided
through aforementioned independent sources. The fee and expense evaluation shall consider
each and every fee associated with administration of these plans, including but not limited to,
record -keeping, trust & custody, participant education, investment management, legal, trading
& execution, plan administration, and auditing.
12.
Benefit payout counseling:
a
This is, by far, one of the most overlooked, critical services provided to plan participants.
Industry professionals with years of experience working directly with participants, rather than
looking in from the outside, likely possess a much greater awareness of the need for pre -
retirement counseling and guidance. Insight EBC has a distinct advantage in this area as a result
of decades of experience working with individual participants and observing the evolution of
defined contribution plans. Such experience provides our firm with a unique ability to examine
and evaluate education and counseling programs offered to assist participants with the vast
■
4
Prepared for: Sample 401k Client - MR
Due Diligence Criteria Breakdown (Cont.)
Manning & Napier World Opportunities A EXWAX
Peer Group: Foreign Large Blend I Investment Type: Fund
The table below will highlight the current period's criteria evaluation along with the overall pass/fail status for the current period.
Criteria Summary Legend
Met 1 of 1 required factors Eva]: At Quarters the crterion was evaluated Met: If Quarters the criterion was met
Met 7 of 7 optional factors (at least 5 are required) Red: x Quarters required to pass the criterion (r) or (o): Signifies required or optional criterion
Investment meets the criterion X Investment does not meet the criterion
w
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on
Criteria Summary
4 eval
4 eval
4 eval
4 eval
8 eval 4 eval
4 eval
4 eval
(Current Period)
3 req
3 rep
3 req
3 req
7 req 3 req
3 req
3 req
�r
4 met
4 met
4 met
4 met
8 met 4 met
4 met
4 met
v (r)
v (0)
1 "(0)
1 \'(0)
V (0) V (0)
V (0)
v (0)
Criterion History
The table below will plot each criterion's factor and threshold evaluation for the past 12 quarters (if the data is available). It not only allows
you to see the specific data points for each factor, but it also allows for any trends to become more readily apparent. Those periods that
are shaded and contain an (e) represent periods that were evaluated.
20081
2008Q3
2008Q4
2009QI
2009Q2
2009Q3
2009Q4
2010Q1
20101
2010Q3
201OQ4
20llQl
11360 Fiduciary
7
5
4
3
2
2
2
3
3
5
7
10
Score Avg (3yr) <= 25
V
J
V
V
J
V
V
:
V (e)
V (e)
d (e)
V (a)
Prospectus Net Exp Ratio Rank
27
29
29
28
29
29
29
29
30
31
32
33
<= 50 (Optional)
V
V
J
V
V
V
J
V
J (e)
J (e)
J (e)
d (e)
3 Year Return Rank
21
2
3
5
8
3
7
10
12
4
9
8
<= 50 (optional)
V
V
V
V
J
J
J
V
J (e)
J (e)
V (e)
V (a)
5 Year Retum Rank
7
1
3
2
10
5
9
9
8
4
3
2
<= 50 (optional)
V
V
V
V
v
V
V
J
d (a)
J (e)
V (e)
V (e)
30 Year Return Rank
2
1
2
1
5
3
1
2
1
1
3
3
<= 50 (optional)
V
J
V
J
V (e)
J (e)
V (e)
J (e)
J (e)
J (e)
V (e)
V (e)
Standard Deviation Rank
10
9
37
16
15
17
23
19
27
31
31
33
<- 50 (optional)
V
J
V
J
V
J
V
J
V (a)
V (e)
J (e)
J (e)
Inception Date
11
12
12
12
12
13
13
13
13
14
14
14
>- 5 (optwna0
V
v'
V
V
V
V
J
J
d (e)
d (e)
d (e)
V (e)
Manager Tenure
11.80
12.00
12.30
12.50
12.80
13.00
13.30
13.50
13.80
14.10
14.30
14.60
>- 5 (optional)
V
J
V
V
V
J
J
V
V (a)
V (e)
V (e)
V (e)
Analysis, search process, and layout arc 0 2000-2011, Fiduciary Analybta (www.fi361 All rights reserved. The Analysis and opinions: (1) do not constitute professional Investment advice; (2)
are provided solely for informational purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary AnOrtics. The data
source is (V2011 Morningstar, Inc. All rights reserved The date contained herein: (1) Is proprietary to Morningstar, Inc and/or as content providers; (2) may not be copied or distributed; antl (3) is no[ 2 6 oe
warranted be to accurate, complete or timely. Neither Momini tnC nor its content providers are responsible for any damages or losses ansm, from any use of this information. Vast peAormance ,s J
Ift
no guarantee of future results.
fi360_Portrait_v3_5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Due Diligence Criteria Breakdown (Cont.)
Acadian Emerging Markets Instl AEMGX
Peer Group: Diversified Emerging Mitts I Investment Type: Fund
The table below will highlight the current period's criteria evaluation along with the overall pass/fail status for the current period.
Criteria Summary ILegend
Met 1 of 1 required factors Eval: # Quarters the criterion was evaluated Met: # Quarters the criterion was met
Met 5 of 7 optional factors (at least 5 are required) Req: # Quarters required to pass the criterion (r) or (o): Signifies required or optional criterion
.i Investment meets the criterion X Investment does not meet the criterion
w
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Or
ax
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9
by
G
>
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rs
Qw of
ca w
m
at
p
c of
p
Criteria Summary
4 eval
4 eval
4 eval
4 eval
8 eval 4 1
4 1 4 eval
�r
(Current Period)
3 req
3 req
3 req
3 req
7 req 3 req
3 req 3 req
3 met
4 met
0 met
4 met
8 met 0 met
4 met 4 met
J (r)
J 0)
x Icl
v (0)
v (0) _
- � fo) 1 (Cr) ..
Criterion History
The table below will plot each criterion's factor and threshold evaluation for the past 12 quarters (if the data is available). It not only allows
you to see the specific data points for each factor, but it also allows for any trends to become more readily apparent. Those periods that
are shaded and contain an (e) represent periods that were evaluated.
2GI
2008Q3
20081
2009QI
2009Q2
201
2009Q4
20MI
2010Q2
2010Q3
20101
2011Q1
ft360 Fiduciary
3
4
7
9
13
15
17
18
19
22
24
27
Score Avg (3yr) <- 25
J
J
J
J
v'
J
v
F
d (e)
J (e)
J (e)
X (e)
Pm5peC1u5 Net Exp Ratio Rank
30
31
30
30
31
32
31 37 36
36
37
31
<= 50 (optional)
I/
J
J
J
v'
v
v (e)
53 59 57
J (e)
J (e)
d (e)
3 Year Return Rank
10
34
68
70
74
69
70
71
74
<= 50 (Optional)
v
J
x
x
x
-
x (e)
x (e)
X (e)
5 Year Retum Rank
1
4
21
28
21
28
29 42 35
34
35
42
<= 50 (optional)
v
J
J
v
J
J
J J (e)
8 8 4
d (e)
J (e)
d (e)
10 Year Return Rank
3
6
13
14
7
8
2
1
1
<= 50 (optional)
J
J
J
v
J (e)
J (e)
vf (e) v (e) J (e)
J (e)
J (e)
J (e)
Standard Deviation Rank
96
92
97
99
92
92
92
92
89
89
88
87
<= 50 (optional)
x
x
x
x
Ix
x
x (e)
x e
x e)
x e
Inception Date
is
15
15.
15
16
16
16
16E11.40
17
17
17
17
>= 5 (optional)
J
J
J
J
J
J
J
Je)
J (e)
J (e)
J (e)
Manager Tenure
9.30
9.60
9.80
10.10
10.30
10.60
L0.80
11.10
11.60
11.90
16.30
>= 5 (optional)
J
J
J
v
v/
v
J
Je)
J (e)
J (e)
J (e)
mryva, aeartn p is loo, aria rayvuo are . [wu-[w 1, rmuuary ArI twww.haW.mm). All rlgT s reserved. The analysis and opinions. (1) do not constitute professional Investment advice, (2)
are provided solely for Informatiorwl purposes; (3) are net warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary Anal"'. The data L
source is C 2011 Momingstar, Inc. All rights reserved, The data contained herein: (1) Is proprietary to Morningstar, Inc and/or Its content providers; (2) may not be copied or tllstnbuted; and "" Is not ■ L oe
warranted to be accurate, complete or timely. Nearer Morningstar, Inc nor Its content providers are responsible for any damages or losses arising from any use Of this Information, Past performance is 111 V
ov guarantee of future results.
Q050_Portrait v1_5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Due Diligence Criteria Breakdown (Cont.)
Cohen & Steers Realty Shares
CSRSX
Peer Group: Real Estate I Investment Type: Fund
The table below will highlight the current period's criteria
evaluation along with the overall pass/fail status for the current period.
Criteria Summary
Legend
Met 1 of 1 required factors
Eval: of Quarters the criterion was evaluated Met: st Quarters the critenon was met
Met 7 of 7 optional factors (at least 5 are required)
Red: x Quarters required to pass the criterion (r) or (o): Signifies required or optional criterion
J Investment meets the Criterion X Investment does not meet the criterion
t>
m e
E
E
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9 c
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re
w
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n
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4, In
A. w
M
h
1
p
-
f
a
Criteria Summary
4 eval
4 eval
4 eval
4 eval
8 eval
4 eval
4 eval
4 eval
(Current period)
3 req
3 req
3 req
3 req
7 req
3 req
3 req
3 req
4 met
4 met
4 met
4 met
8 met
4 met
4 met
4 met
(r)
, (0)
y1 (o)
J (0)
d (o)
(0)
/ (o)
J (0)
Criterion History
The table below will plot each criterion's factor and threshold evaluation for the past 12 quarters (if the data is available). It not only allows
you to see the specific data points for each factor, but it also allows for any trends to become more readily apparent. Those periods that
are shaded and contain an (e) represent periods that were evaluated.
2008Q2 2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
20loQ1
2030Q2
2030Q3
2010Q4
2011Q1
f,360 Fiduciary
7 9
9
9
9
9
9
9
9
8
7
7
Score Avg (3yr) a 25
d
J
J
11
:
v
J
J (e)
a/ (e)
J (e)
J (e)
Prospectus Net Exp Ratio Rank
20 22
22
22
24
25
24
24
27
28
28
29
<- 50 (Optional)
J
J
J
J
J
J
J
J (e)
J (e)
J (e)
J (e)
3 Year Return Rank
44 42
17
23
18
11
13
13
19
20
7
5
<= 50 (Optional)
I d
J
J
d
J
J
J
J (e)
J (e)
J (e)
J (e)
5 Year Return Rank
16
12
5
9
10
6
8
6
10
15
9
11
<= 50 (optional)
J
J
J
J
J
J
I J
v/
J (e)
J (e)
J (e)
J (a)
10 Year Return Rank
27
24
9
13
12
7
16
13
8
11
13
13
<- 50 (Optional)
J
J
J
J
J (e)
J (e)
J (e)
J (a)
J (e)
J (e)
J (e)
J (e)
Standard Deviation Rank
91
85
34
39
42
47
49
46
46
46
43
42
<= 50 (optional)
x
x
J
J
J
J
J
J (e)
J (e)
J (e)
J (e)
Inception Date
16
17
17
17
17
18
18
18
38
19
19
19
>= 5 (Optional)
J
J
d
J
d
J
v'
J
J (e)
J (e)
J (e)
J (e)
Manager Tenure
17.00.
17.20
17.50
17.70
18.00
18.20
18.50
18.70
19.00
19.30
19.50
19.80
>= 5 (optional)
J
J
J
J
J
J
J
J
J (C
J (e)
J (e)
J (e)
Malysls, search process, and layout are C 2000-2011, Fiduciary Malytics (www.11360.com). All nghts reserved, The analysis and opinions'. (1) do not Constitute professn,nal investment advice; (2)
are provided Wely for informational purposes; (3) are not warranted or represented to ae correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary Malytia. The daN � / O.
source is ® 2011 Momingstar, Inc. All rights reserved. The data contained herein: (1) is proprietary to Morningstar. Inc and/or Its opment providers; (2) may not be cop(3 ed or distributed; and , Is not
warranted to be accurate, complete or timely Neither Morningstar, Inc nor its content providers are responsible for any damages or losses arising from any use of his information. past performance is
no guarantee of future results. 6
8360_Portrait_v15 Investment data as of 3/31/2011
Prepared for: Sample 4011, Client - MR
Due Diligence Criteria Breakdown (Cont.)
PIMCO Long -Term US Government A
PFGAX
Peer Group: Long Government I Investment Type: Fund
The table below will highlight the current period's criteria evaluation along with the overall pass/fail status for the current period.
Criteria Summary
Legend
Met 0 of 1 required factors
Eval: u Quarters the criterion was evaluated met: 4 Quarters the criterion was met
Met 4 of 7 optional factors (at least 5 are required)
Red: u Quarters required to pass the criterion (r) or (o): Signifies required or optional crltenon
./ Investment meets the criterion X Investment does not meet the criterion
C
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m
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10
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m
❑ C f a
4 eval 4 eval 4 eval xurrent
iterla Summary
4 eval
4 eval
4 eval
4 eval
8 eval
Period)
3 req
3 req
3 req
3 req.
7 req
3 req 3 req 3 req
0 met
0 met
4 met
4 met
5 met
4 met 4 met 0 met
x (o)
v'(0)
r (�
Criterion History
The table below will plot each criterion's factor and threshold evaluation for the past 12 quarters (if the data is available). It not only allows
you to see the specific data points for each factor, but it also allows for any trends to become more readily apparent. Those periods that
are shaded and contain an (e) represent periods that were evaluated.
2008Q2
2008Q3
2008Q4
2a09Q1
2009Q2
2009Q3
2009Q4
2010Q1
2030Q2
2010Q3
2030Q4
2011Q3
11360 Fiduciary
66
67
69
73
72
69
63
57
51
45
39
33
Score Avg (3yr) <- 25
1
x
x
+
x
x
x
x (e)
x (e)
x (e)
x (e)
Prospectus Net Exp Ratio Rank
62 62
63
67
64
70
69
65
62
65
68
68
<- 50 (optional)
x
x
x
I
x
x
x (e)
x (e)
x (e)
x (e)
3 Year Return Rank
54 85
90
90
72
22
26
25
22
16
21
6
<- 50 (optional)
I
x
x
I
J
J
J
J (a)
J (e)
J (e)
d (e)
5 Year Return Rank
74 88
88
88
76
60
s0
28
16
16
29
18
<= 50 (Optional)
x
x
x
J
J
✓ (a)
J (e)
J (e)
d (e)
10 Year Return Rank
58
72
80
74
60
57
57
38
5o
43
50
47
<- 50 (optional)
x
x
x
x
x (a)
x (e)
x (e)
J (e)
J (e)
N/ (a)
J (e)
J (e)
Standard Deviation Rank
30
30
10
14
10
30
11
13
12
12
IS
15
<= 50 (optional)
d
J
J
J
J
J
J
J
J (e)
J (e)
d (e)
J (a)
Inception Date
11 11
11
12
12
12
12
13.
13
13
19
19
>= 5 (optional)
J
J
J
J
J
J
J
J (a)
J (e)
J (e)
J (e)
Manager Tenure
0,90 1.10
1.40
1.60
1.90
2.10
2.40
2.60
2.90
3.20
3.40
3.70
>- 5 (optional)
xI
x
I
x
x
x (e)
x (e)
x (e)
x (e)
Analysis, search process, and layout are C 2WO.2011, Flduoary Analytic (www.fi360.com). MI rights reserved. The analysis and opinions. (1) do not constitute professional investment advice; (2)
arc provided solely for mformabonal purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary Analybcs. The data / O
source is 0 2011 Morningstar, Inc. All rights reserved. The data contained herein: (1) is proprietary to Morningstar, Inc and/or its content providers; (2) may not be wined or distributed; alW (3) is not `U
warranted to be accurate, complete or timely. Neither Morningstar, Inc nor Its content proyders are responsible for any damages or losses arising from anv use of this irformabon. Past pertormance is
no guarantee of Uum results.
8360_Portmit_v1_5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Due Diligence Criteria Breakdown (Cont.)
Pioneer Bond A PIOBX
Peer Group: Intermediate -Term Bond I Investment Type: Fund
The table below will highlight the current period's criteria evaluation along with the overall pass/fail status for the current period.
Criteria Summary Legend
Met 1 of 1 required factors Eva]: n Quarters the criterion was evaluated Met: 4 Quarters the criterion was met
Met 7 of 7 optional factors (at least 5 are required) Req: u Quarters required to pass the criterion (r) or (o): Signifies required or optional criterion
Investment meets the criterion X Investment does not meet the criterion
Z' > m
G '^ z cc o m
a 4
o' Q 15 O q Is q o: q c o o Vpi
N o T
W O O 6 Y Y Y W> V C ti
ad
C in d ui r� Vl O 0 � X 0
Criteria Summary 4 eval 4 eval 4 eval 4 eval 8 eval 4 eval 4 eval 4 eval
(Current Period) 3 req 3 req 3 req 3 req 7 req 3 req 3 req 3 req �r
4 met 4 met 4 met 4 met 8 met 4 met 4 met 4 met
V(r) J (o) J (0) J (o) J fol J (0) "(0) d (o)
Criterion History
The table below will plot each criterion's factor and threshold evaluation for the past 12 quarters (if the data is available). It not only allows
you to see the specific data points for each factor, but it also allows for any trends to become more readily apparent. Those periods that
are shaded and contain an (e) represent periods that were evaluated.
2008Q2
2008Q3
2008Q4
2009QI
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
fi360 Fiduciary
6
6
8.
10
10
9
8
6
5
5
5
5
Score Avg (3yr) <- 25
J
J
J
J
J
d
J
J
J (e)
J (e)
J (e)
d (e)
Prospectus Net Exp Ratio Rank
56
56
45.
45
46
47
47
46
47
47
49
50
<= 50 (optional)
x
d
J
J
J
J
J
J (e)
J (e)
J (e)
J (e)
3 Year Return Rank
26
30
50
47
40
33
27
20
21
21
20
21
<= 50 (optional)
J
J
J
J
J
J
J
J
J (e)
J (e)
J (e)
v/ (e)
5 Year Return Rank
9
12
43
41
33
27
27
24
28
25
21
20
<= 50 (optional)
J
J
J
V
J
J
J
J
J (0)
J (e)
J (e)
J (e)
10 Year Return Rank
21
27
45
40
28
19
18
13
13
13
12
12
<= 50 (optional)
d
J
J
J
J (e)
J (e)
J (e)
J (e)
J (e)
J (e)
J (e)
At (e)
Standard Deviation Rank
44
46
40
39
47
46
46
46
46
47
43
46
<= 50 (optional)
J
J
J
J
J
J
J
J
J (e)
J (e)
J (e)
J (e)
Inception Date
29
29
30
30
30
30
31
31
31
31
32
32
>= 5 (optional)
J
J
J
J
I,
J
J
d
J (e)
vt (e)
J (e)
J (e)
Manager Tenure
9.50
9.80
10.00
10.30
10..50
10.80
11.00
11.30
11.60
11.80
12.10
12.30
>- 5 (Optional)
\/
I J
J
J
J
J
J
J
J (e)
J (e)
J (e)
J (e)
Analysis, search process, and layout are (e 2000-2011, Fiduciary Analytics (www.6360.com). All rights reserved. The analysis and opinions: (1) do not constitute professional investment advice; (2)
arc provided solely for Informational purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers t0 Fiduciary Analytla. The data
source Is 0 2011 Morningstar, Inc All rights reserved. The data compared herein: (I) Is proprietary to Morningstar, Inc and/or Its content providers, (2) may not be cooled or distributed; and (3J 6 net fi
2 6 oe
warranted to be accurate, complete. or timely. Neither Morningstar, Inc nor Its content providers are responsible for any damages or losses arising from any use of this information. Past pertormance le J
no guarantee of future results
Fl360_Portlait_v1_5 Investment data as of 3/31/2011
Prepared for: Sample 4011, Client - MR
Due Diligence Criteria Breakdown (Cont.)
Due Diligence Criteria Detail and History
T. Rowe Price Retirement Income TRRIX
Peer Group: Retirement Income I Investment Type: Fund
The table below will highlight the current period's criteria evaluation along with the overall pass/fail status for the current period.
Criteria Summary Legend
Met 1 of 1 required factors Eval: x Quarters the criterion was evaluated Met: z Quarters the criterion was met
Met 6 of 7 optional factors (at least 5 are required) Red: 4 Quarters required to pass the criterion (r) or (o): Signifies required or optional cntenon
./ Investment meets the criterion X Investment does not meet the criterion
w
q n N doto
Q
C Mq
O
N
u Q yy in toK
ry
q` C
se 2'
reO
to
W O
O d 6 el
as
d
Y
W
N
`0 0 O x )
_ ul a w m
)
in�
v
u
O N
as
Criteria Summary 4 eval 4 eval 4 Oval 4 eval 8 eval 4 Oval 4 Oval 4 eval
(Current Period) 3 req 3 req 3 req 3 req 7 req 3 req 3 req 3 req 1/
4 met 4 me[ 4 me[ 4 met 8 met 0 met 4 met 4 met
J (r) J (o) J (o) J (o) N/Av x (0) V(o) J (o)
Criterion History
The table below will plot each criterion's factor and threshold evaluation for the past 12 quarters (If the data is available). It not only allows
you to see the specific data points for each factor, but it also allows for any trends to become more readily apparent. Those periods that
are shaded and contain an (e) represent periods that were evaluated.
201 20081
2001
2009QI
201
20091
201
201 OQ1 20101
13
21
2011
2011Q3
fi360 Fiduciary
4 4
4
5
5
2
2
4
4
4
Score Avg (3yr) <- 25
1 J
v'
J
J
v
J (a)
✓ (a)
✓ (a)
✓ (a)
Prospectus Net Exp Ratio Rank
4
5
4
4
7
12
16
16 15
14
15
15
<= 50 (Optional
J
d
d
J
J
J
J
✓ (a)
✓ (a)
✓ (a)
✓ (a)
3 Year Return Rank
6
15
28.
49
27
25
32
23 50
44
28
14
<- 50 (optional
J
J
J
v
J
J
J
I ✓ (a)
✓ (a)
✓ (a)
✓ (a)
5 Year Return Rank
12
2
21
19
12
5
3
1
9
20
17
15
<= 50 (optional)
J
J
J
J
J
J
j J
J
J (a)
✓ (a)
✓ (a)
✓ (a)
10. Year Return Rank
N/Av
N/Av
N/Av
N/Av
N/Av
Ni
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
<- 50 (Optional)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
Standard Deviation Rank
59
48
39
50
79
79
79
81
81
82
85
87
<= 50 (Optional)
I
J
J
J
x
x
x
x (e)
X (e)
x (e)
x (e)
Inception Date
5
6
6
6
6
7
7
7
7
8
8
8
>= 5 (Optional)
J
J
J
J
J
J
J
J
✓ (a)
J (a)
✓ (a)
✓ (a)
Manager Tenure
5.70
6.00
6.20
6.50
6.70
7.00.
7.20
7.50
7.80
&OD
8.30
8.50
>= 5 (optional)
J
J
J
J
J
J
I J
J
J (a)
J (a)
✓ (a)
v/ (a)
Analysts, search process, and layout are R 2000-2011, Fiduuary Anarytics (www.lg60.com). All rights reserved. The analysts and opinions: (1) do not constitute professional Investment advice; (2)
are provided solely for Informational purposes; (3) are not warranted Or represented to be correct, complete, or accurate; and (4) are for the exclusive use Of subscribers to Fiduciary Analytics. The data
source Is 0 2011 Morningstar, Inc. All rights reserved. The data contained herein: (1) isproprietary to Morningstar, Inc and/Or its content providers; (2) may not be. coped or distributed;. and (3) Ia not 113
L Oa
warranted to be accurate, complete or timely. Neither Morningstar, Inc nor its content providers are responsible for any damages Or losses arising from any use Of this Information. Past performance is U
no guarantee of future results.
1`360_Portralt_v1_5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Due Diligence Criteria Breakdown (Cont.)
T. Rowe Price Retirement 2020 TRRBX
Peer Group: Target Date 2016-2020 1 Investment Type: Fund
The table below will highlight the current period's criteria evaluation along with the overall pass/fail status for the current period.
Criteria Summary Legend
Met 1 of 1 required factors Eva?: # Quarters the criterion was evaluated Met: # Quarters the criterion was met
Met 6 of 7 optional factors (at least 5 are required) Red: # Quarters required to pass the criterion (r) or (o): Signifies required or optional criterion
Investment meets the criterion X Investment does not meet the criterion
v
no > *6e E E cm 0 a.
C N K 3 « W .OO K ❑ y A
a x
> o c K c a m e c t' b
0 0 0
o y &' z u be as y do m n of
m `o ir
o x > r > m> $ p
in a` u, '^ in pa f 6
Criteria Summary 4 eval 4 eval 4 eval 4 eval 8 eval 4 eval 4 eval 4 eval
(Current Period) 3 red 3 red 3 red 3 red 7 red 3 red 3 req 3 rep
4 met 4 met 4 met 4 met 8 met 0 met 4 met 4 met
✓ (r) � V (0) _- s (0) J (0) N/Av v" (0) J (0)
Criterion History
The table below will plot each criterion's factor and threshold evaluation for the past 12 quarters (If the data is available). It not only allows
you to see the specific data points for each factor, but it also allows for any trends to become more readily apparent. Those periods that
are shaded and contain an (e) represent periods that were evaluated.
2008Q2
2008Q3
200SQ4
2009Q1 2009Q2
2009Q3
2009Q41 20loQl 2010Q2
8 6 8
201OQ3
2010Q4
2011Q1
f1360 Fiduciary
7
8
10 12 12' 8
8
8
8
Score Avg (3yr) <_ 25
J
J
I I
8 5 6 11
J (e)
1 3 12 12
J (e)
J (e)
J (e)
Prospectus Net Exp Ratio Rank
8
8
11
12
11
<- 50 (optional)
J
J
I I
43 49 40 32
J (e)
24 17 44
J (e)
J (e)
J (e)
3 Year Return Rank
7
24
36
10
2
<s 50 (optional)
J
J
J 1 1 J
11 J (e)
J (e)
J (e)
d (e)
5 Year Return Rank
1
1.
30
24 9
3
2
1
9
9
2
1
<w 50 (Optionap
J
J
J
. J
J
J
J
J (e)
J (e)
J (e)
J (e)
10 Year Return Rank
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
<.50 (optional)
(e)
(e)
(e)
(e)
(e)
(e)
(e)
(e)
Standard Deviation Rank
95
80
77
90
92
92
81
85
85
80
79
80
<: 50 (Optional)
x
x
I
x
x
X (e)
X (e)
X (e)
X (e)
Inception Date
5
6
6
6
6
7
7
7
7
8
8
8
>= 5 (optional)
✓
J
.'
✓
✓
J
✓
J
J (e)
J (e)
J (e)
J (e)
Manager Tenure
5.70
6.00
6.20
6.50
6.70
7.00
7.20
7.50
7.80
8.00
8.30
8.5o
>- 5 (optional)
✓
J
✓
J
J
J
I J
J
J (e)
J (e)
v1 (e)
J (e)
Analysis, search process, and layout are & 2000-2011, nduoary Ahalytics (www.060.com). All rights reserved, The analysis and opimons: (1) do not constitute professional Investment advice; (2)
are provided solely fw Informational purposes; (3) are not warranted or represented to be Correct, Complete, or accurate; and (4) are for the exclusive use Of SYbsmbers to Fiduaary Analytic. The data. e
source is C) 2011 MOmingslar, Inc NI rights reserved. The data contained "rein: (I I is proprietary to Morningstar, Inc and/or its content providers; (2) may not be copied or distributed; and (3) is rip[
warranted to be accurate, complete or timely. Neither Morningstar, Inc nor its Content providers are responsible for any damages or losses arising from any use of this Information. Past pertormance Is
no guarantee of future results. O
F1360 Portrait vl_5 Investment data as of 3/31/2011
Prepared for: Sample 4011k Client - MR
Due Diligence Criteria Breakdown (Cont.)
T. Rowe Price Retirement 2030 TRR0(
Peer Group: Target Date 2026-2030 1 Investment Type: Fund
The table below will highlight the current period's criteria evaluation along with the overall pass/fail status for the current period.
Criteria Summary Legend
Met 1 of 1 required factors Eval: or Quarters the criterion was evaluated Met: 4 Quarters the criterion was met
Met 6 of 7 optional factors (at least 5 are required) Req: z Quarters required to pass the criterion (r) or (o): Signifies required or optional criterion
,/ Investment meets the criterion X Investment does not meet the criterion
a
m
Z n0 > ou
° a to
w
v>
K to Gou c
c ifto 0
0
~
N
1' in
e if
mto '6
0
p ly
V) O
4 d y
O
W
N
ato )
m
x
x
p W
0
C
d
Criteria Summary
4 eval
4 eval
4 eval
4 eval
8 eval
4 eval 4 eval
4 sisal
(Current Penod)
3 req
3 req
3 req
3 req
7 req
3 req 3 req
3 req
�I
4 met
4 met
4 met
4 met
8 met
0 met 4 met
4 met
J (r)
J (0)
J (o)
J (0)
N/Av
x l of "(0)
J (o)
Criterion History
The table below will plot each criterion's factor and threshold evaluation for the past 12 quarters (if the data is available). It not only allows
you to see the specific data points for each factor, but it also allows for any trends to become more readily apparent. Those periods that
are shaded and contain an (e) represent periods that were evaluated.
2008Q2
2008Q3
2D08Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
1`1360 Fiduciary
10
9
9
10
10
7
7
7
7
5
5
5
Score Avg (3yr) <= 25
d
J
J
J
J
J
J
J
N/ (a)
d (a)
J (a)
J (a)
Prospectus Net Exp Ratio Rank
6
7
7
7
8
13
14
14
13
11
12
12
<= 50 (Optional)
J
J
J
J
J
J
J
J
d (a)
J (a)
J (a)
J (e)
3 Year Return Rank
7
8
22
30
21
21
13
12
27
12
7
1
<= 50 (optional)
J
J
J
J
J
J
J
J
J (e)
J (a)
J (e)
J (a)
5 Year Return Rank
1
1
12
1
1
1
1
1
1
1
1
1
<- 50 (optional)
v
J
J
J
J
J
d
J
J (e)
d (e)
J (a)
J (a)
10 Year Return Rank
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
WAY
N/Av
<= 50 (optional)
(a)
(a)
(a)
(a)
(a)
(a)
(e)
(a)
Standard Deviation Rank
61
55
52
72
77
73
63
71
74
74
72
74
<= 50 (optional)
T
x
x
x
I
x
x
I
x (e)
x (e)
X (e)
X (e)
Inception Date
5
6
6.
6
6
7
7
7
7
8
8
8
>- 5 (optional)
J
J
J
J
J
J
J
J
J (e)
J (a)
J (a)
J (a)
Manager Tenure
5.70
6.00
6.20
6.50
6.70
7.00
7.20
7.50
7.80
8.00
8.30
8.50
>= 5 (optional)
J
J
J
J
J
J
J
J
J (e)
J (e)
J (e)
J (a)
Analysis, search process, and layout are It 2000-2011, Fiduciary Analytic$ (www.h360.com). All rights reserved. The analysis and opinions: (1) do not constitute professional investment advice; (2)
are provided solely for informational purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary Analytics. The data
Acb—
source is 0 2011 Morningstar, Inc. All rights reserved. The data contained. herein: (1) is proprietary to Morningstar, Inc and/or Its content providers; (2) may not be copied or distributed, and (3) Is not � L e
warranted to be accurate, complete or timely. Neither Morningstar, Inc nor Its content providers are responsible for any damages or losses arising from any use of this Information, Post performance is U
no guarantee of Mum results.
fifi360_Portrdit_v1_5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Due Diligence Criteria Breakdown (Cont.)
Due Diligence Criteria Detail and History
T. Rowe Price Retirement 2040 TRRDX
Peer Group: Target Date 2036-2040 1 Investment Type: Fund
The table below will highlight the current period's criteria evaluation along with the overall pass/fail status for the current period.
Criteria Summary Legend
Met 1 of 1 required factors Eval: # Quarters the criterion was evaluated Met: # Quarters the criterion was met
Met 6 of 7 optional factors (at least 5 are required) Req: # Quarters required to pass the criterion (r) or (o), Signifies required or optional criterion
./ Investment meets the criterion X investment does not meet the criterion
m
E E c m n
ato
s G q p c c o o epl.
od to a to 8
c ul to
L w ^ Lf,
Criteria Summary 4 eval 4 eval 4 eval 4 eval 8 eval 4 eval 4 eval 4 eval
(Current Period) 3 req 3 req 3 req 3 req 7 req 3 req 3 req 3 req
4 met 4 met 4 met 4 met 8 met 0 met 4 met 4 met
v (r) J CO) J (o) If
NIA,
1 11 1 r (1 ,
Criterion History
The table below will plot each criterion's factor and threshold evaluation for the past 12 quarters (if the data is available). It not only allows
you to see the specific data points for each factor, but it also allows for any trends to become more readily apparent. Those periods that
are shaded and contain an (e) represent periods that were evaluated.
2008Q2
2008Q3.
2098Q4
2009Q1
2009Q2
2009Q3
2009Q4.
201OQ1
201OQ2
2030Q3
201OQ4
2011Q1
fi360 Fiduciary
12
12
12
12
12
9
9
9
9
9
8
6
Score Avg (3yr) <= 25
1/
J
I/
v'
v
11
J
J (a)
J (e)
J (e)
J (e)
Prospectus Net Exp Ratio Rank
6
8
8
7
9
12
13
13
13
12
12
13
<= 50 (optional)
J
J
J
J
J
J
J
J (e)
J (e)
J (e)
y2 (e)
3 Year Return Rank
11
12
36
11
14
14
7
8
19
8
5
3
<. 50 (optional)
V
J
J
J
J
J
J
J
J (e)
J (e)
J (e)
J (a)
5 Year Return Rank
3
2
20
1
1
1
1
1
2
1
1
1
<= 50 (optional)
v
J
J
J
J
J
J
J
J (e)
J (e)
a/ (e)
J (e)
10 Year Return Rank
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
N/Av
WAY
<= 50 (optional)
(e)
(e)
(e)
(e)
(e)
(e)
(e)
(e)
Standard Deviation Rank
77
64
65
62
62
62
62
69
70
64
64
64
<. 50 (Optional)
x
x
x
.
Y
x
x
x (a)
x (e)
x (e)
x (e)
Inception Date
5
:6
6
6
6
7
7
7
7
8
8
8
>= 5 (optional)
J
d
J
If
J
J
J
J (e)
J (e)
J (e)
J (e)
Manager Tenure
5.70
6.00
6.20
6.50
6.70
7.00
7.20
7.50
7.80
8.00
8.30
8.50
>= 5 (optional)
J
J
J
J
J
I/
J
J
J (e)
J (e)
J (e)
J (e)
A u ls, search process, and layout are 9 2WO-2011, riduaary Malytics (www.f1360,COm), All nghn reserved, The analysis and opinions: (1) do not constitute Professional Investment advice; (2)
are Provided solely for Informational purposes; (3) are not warranted or represented to be Correa, complete, or accurate; and (4) are for the exclusive use of subsmUers to nduciary Ana ytics. The data JC / oe
source is a 2011 Rom ingstar, Inc. All rights reserved. The data come. red hemre (1) Is pr0pnetary to Mom, rid Inc and/or Its content providers; (2) may not be coped or distributed; and (3) is npt /o-
warranted to be accurate, complete or timely. Neither Morningstar, Inc nor its content providers are responsible for an damages or losses arising from any use Of this information. Past performance Is
no guarantee Of suture results.
11360_Pon21t vl_S Investment data as of 3/31/2011
Prepared for: Sample 4011, Client - MR
a Investment Commentary
r 3/31/2011
■ ***SAMPLE COMMENTARY***
This investment has an IPS shortfall for expense ratio above median and manager tenure >5 years. The fund's expense ratio is just
below median at 1.27%. The manager tenure stands at 1.5 years, failing the IPS criteria of 5 years, however we have confidence in the
■ new management team. Due to these minimal shortfalls, we recommend that the fund stay off the Watch List at this time.
"SAMPLE COMMENTARY'**
■ Dreyfus
3/31/2011
r *"SAMPLE COMMENTARY'**
This investment has an IPS shortfall for 5 year return above median, expense ratio above median and manager tenure >5 years. For
■ the expense ratio, the fund fails at .74% with the median being .72%. The fund also fails on the 5 year return at 5.13%, the 53
percentile for its peer group with the median at 5.24%. Lastly, the manager tenure stands at 4.5 years, failing the IPS criteria of 5 years,
only .5 years short. Due to these shortfalls, we recommend that the fund stay on the Watch List, but not be replaced at this time.
***SAMPLE COMMENTARY***
3/31/2011
■ ***SAMPLE COMMENTARY***
This investment has an IPS shortfall for 5 year return above median, expense ratio above median and manager tenure >5 years. For
the expense ratio, the fund fails at .74% with the median being .72%. The fund also fails on the 5 year return at 5.13%, the 53
rpercentile for its peer group with the median at 5.24%. Lastly, the manager tenure stands at 4,5 years, failing the IPS criteria of 5 years,
only .5 years short. Due to these shortfalls, we recommend that the fund stay on the Watch List, but not be replaced at this time.
***SAMPLE COMMENTARY*'*
r
r
r
■
■
■
r
r
r
r
■
r
r
Page 31 of 38
. Analysis, search process, and layout are ® 2000-2011, Fiduaary Aoalytics (www.1`1360. cum). All rights reserved. The analysis and opinions'. (1) do not constitute professional investment advice; (2)
are provided solely for Informational purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subs lbers to Fiduciary Analybcs. The data source Is 612011 Morningstar, Inc. All rights reseryed. The data contained herein-. (1) Is propnetary to Morningstar, Inc and/or Its content providers; (2) may not be copied or distributed;
Mrningstar, and (3) a no[ 7 L O�
warranted to be accurate, complete or timely. Neither oInc nor its content prowrt J/,�tlers are responsible for any damages or losses arising from any use of this Information. Papertormance Is 1 V
■ no guarantee of future results.
f360_Portrait_v1_5 Investment data as of 3/31/2011
■
Ll
■ Poudre Fire Authority RFP Number 7286
Plan Administrator Review and Benchmarking
array of options and considerations bestowed upon them upon retirement. InSight EBC will
. utilize its hands-on knowledge and expertise to conduct a qualitative evaluation of present
practices compared to other effective available options.
13. Revenue sharing:
As fiduciary experts we understand that any compensation generated via revenue sharing is
indeed an asset of the plan(s). While many providers may attempt to use such income to
■ disguise total plan fees by representing they are "giving" you revenue sharing income to offset
administrative fees, we understand such income actually belongs to the trust, and the Trustees
. have an obligation to possess knowledge and document the distribution of the same. Our
analysis will contain an all-inclusive report of any such revenue sharing and allocation of such
income.
14. Retirement financial planning services to plan participants:
InSight EBC will conduct an analysis of financial planning services currently offered to plan
. participants and the effectiveness of such programs. Additionally, we will compare such
services, and fees allocated for the same, to comparable services and fees offered by other
■ industry providers.
Assigned Personnel:
■ As previously mentioned, the InSight EBC personnel assigned to your benchmarking analysis will be Rick
Rodgers and Ryan Tucci.
■ Rick Rodgers, AIF®, Principal
Rick is co-founder and CEO of InSight Employee Benefit Communications. With over 23 years of
■ experience working as an educator and consultant to governmental and private -sector retirement plans,
he offers clients a rich perspective of the firm's continual effort to improve the design and effectiveness
of their defined contribution and defined benefit retirement plans. His professional contributions to the
retirement plan industry include education and communications programs that produce uncommon,
noticeable results, along with fostering a prudent and practical approach to investment selection, fee
■ transparency, due diligence and plan design. He is responsible for developing, writing, and presenting
investment education, retirement planning and fiduciary education materials and workshops, along with
■ oversight of the employee benefit communications practice and the firm's due diligence practice.
By combining creativity with investment industry knowledge, Rick creates and delivers programs that
. convey complex information in an easy -to -understand format. His work for clients has been recognized
nationally by the National Association of Governmental Defined Contribution Administrators (NAGDCA),
■ with awards in 1999, 2000, 2001, 2002, 2003, 2005, 2008, 2009 and 2010, along with first place honors
in the Pensions & Investments annual Investment Education "Eddy" Awards in 2000 and 2006. Prior to
■ InSight EBC, Rick was co-founder and Executive Vice President of Retirement Plan Design, Inc. (RPD), a
registered investment adviser providing plan design, administration, and communication services.
i 5
Prepared for: Sample 401k Client - MR
Watch List - Action Items
Large -Cap Equity
American Century Fundamental Equity A
Peer Group: Large Blend Meeting Notes: 03/31/2011
Meets IRS Watch List Criteria? We recommend removing this fund from the lineup beginning next quarter.
Recommended Action: Continue watching
Mid -Cap Equity
Dreyfus structured Midcap A
Peer Group: Mid -Cap Blend Meeting Notes:
Meets IPS Watch List Criteria?
Recommended Action: Continue watching
Long -Term Fixed Income
PIMCO Long -Term US Government A
Peer Group: Long Government Meeting Notes:
Meets IPS Watch List Criteria?
Recommended Action: Continue watching
Analysis, search process, and layout arc 0 2000-2011, Fiduciary Anaiyti6 (www.fi3b0.com). All nghts reserves. The analysis and opinions, (q do not constitute professional Investment advice; (2)
are provided solely, for informational purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (a) are for the exclusive use of subscribers to Fauclary AnallIcs. The data
source is 0 2011 Morningstar, Inc. All rights reserved. The data contained herein: (1) is proprietary to Morningstar, Inc and/or Its content providers; (2) may not be copied or distributed; ano (3) is no, O�
warranted to be accurate, complete or timely. Neither Morningstar, Inc nor in content providers are responsible for any damages or losses arising from any use of this information. Past performance is
no guarantee of future results.
19360_Portrait_v1_5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
E Peer Group Definitions
Diversified Emerging Mkts
■ Diversified emerging -markets portfolios tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asla and
Latin America rather than on those of the Middle East, Afnca, or Europe. These portfolios Invest at least 70% of total assets In equities and invest at least 50%
■ of stock assets in emerging markets.
Foreign Large Blend
Foreign large -blend portfolios invest In a variety of big international stocks. Most of these portfolios divide their assets among a dozen or more developed
tmarkets, including Japan, Britain, France, and Germany. These portfolios primarily invest In stocks that have market caps in the top 70% of each economically
integrated market (such as Europe or Asia ex -Japan). The blend style is assigned to portfolios where neither growth nor value characteristics predominate.
These portfolios typically will have less than 20% of assetsinvested in U.S. stocks.
Intermediate -Tenn Bond
Intermediate -term bond portfolios invest primarily in corporate and other investment -grade U.S. fixed -income Issues and typically have durations of 3.5 to six
. years. These portfolios are less sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations. \n\nMorningstar calculates
monthly breakpoints using the effective duration of the Morningstar Core Bond Index (MCBI) in determing duration assignment. Intermediate -term Is defined as
. 75% to 125% of the 3 year average effective duration of the MCBI.
Large Blend
Large -blend portfolios are fairly representative of the overall U.S. stock market in size, growth rates, and price. Stocks in the top 70 % of the capitalization of the
■ U.S. equity market are defined as large -cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These
portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P
■ 500 Index.
Lang Government
Long -government portfolios have at least 90% of their bond holdings Invested in bonds backed by the U.S. government or by government -linked agencies. This
. backing minimizes the credit risk of these portfolios, as the U.S. government is unlikely to default on Its debt. They are not risk free, though. Because these
portfolios have durations of typically more than six years, they are more sensitive to interest rates, and thus riskier, than portfolios that have shorter durations.
\n\nMorningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index (MCBI) in determing duration assignment. Long
■ term is defined as 125% of the 3 year average effective duration of the MCBI.
Mid -Cap Blend
. The typical mid -cap blend portfolio invests in U.S. stocks of various sizes and styles, giving It a middle-of-the-road profile. Most shy away from high-priced
growth stocks, but aren't so price -conscious that they land in value territory. The U.S. mid -cap range for market capitalization typically falls between 61
billion-g8 billion and represents 20% of the total capitalization of the U.S. equity market. The blend style Is assigned to portfolios where neither growth nor value
. characteristics predominate.
Real Estate
These portfolios seek capital appreciation by investing primarily In US or non -US real -estate -related equity securities.
Retirement Income
Retirement income portfolios provide a mix of stocks, bonds and rash for those investors already In or entering retirement. These portfolios tend to be managed
to more of a conservative asset allocation strategy. These portfolios aim to provide Investors with steady income throughout retirement.
Small Blend
Small -blend portfolios favor U.S. firms at the smaller end of the market -capitalization range. Some aim to own an array of value and growth stocks while others
employ a discipline that leads to holdings with valuations and growth rates close to the small -cap averages. Stocks In the bottom 10% of the capitalization of
the U.S. equity market are defined as small -cap. The blend style Is assigned to portfolios where neither growth nor value characteristics predominate.
Target Date 2016-2020
Target -date portfolios provide a diversified exposure to stocks, bonds, and cash for those Investors who have a specific date In mind (in this case, the years
2016-2020) for retirement or another goal. These portfolios aim to provide Investors with an optimal level of return and risk, based solely on the target date.
Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches.
Target Date 2026-2030
Target -date portfolios provide a diversified exposure to stocks, bonds, and cash for those Investors who have a specific date in mind (In this use, the years
2026-2030) for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date.
Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches.
Target Date 2036-2040
Target -date portfolios provide a diversified exposure to stocks, bonds, and cash for those Investors who have a specific date in mind (in this case, the years
2036-2040) for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date.
Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches.
Analyvs, search process, and layout are C 2WO.2011, fiduciary analybcs (wnw.fi3W.com). All nights reserved. The analysis and opinions: (1) do not constltgte professional investment advice; (2)
are provided solely for InMInW[Ighal purports, (3) we not warranted or represented to be correct, complete, or Wurwi and (4) are for the exclualve use of subscribers t0 Flduawy Analytl6. The data
source Is C 2011 Momingstar, Inc. All rights reserved. The data contained herein: (1) is proprietary to Morningstar. Inc and/or its content providers; (2) may not be rooted or des ixted; and (3) is not 1 L 0'
warranted to be accurate, complKe or t1mNy. Neither Morningstar, Inc nor its content providers are responsible for any barrages or losses arising from any use of this information. Past parforrhance is V
no guarantee of haum results.
f360 Portrait_v1_5 Investment data as of 3/31/2011
Preparetl for: Sample 401k Client - MR
Index Definitions
BarCap US Government Long TR USD
iIncludes those indexes found in the LB Government index which have a maturity of 10 years or more.
BarCap US Govt/Credit 5-10 Yr TR USD
■ Represents a combination of the Government and Corporate Bond Indices for bonds with maturities between 5 and 10 years. Includes both corporate
(publicly -issued, fixed-rate, nonconvertible, investment grade, dollar -denominated, SEC -registered, corporate dept.) and government (Treasury Bond index,
Agency Bond index, and Government index) indices.
D7 US Select REIT TR USD
U.S. Select REIT Index is a subset of the Dow Jones Americas Select RESI and includes only REITs and REIT-Ilke securitles.To be Included in the RESI: The
icompany must be both an equity owner and operator of commercial and/or residential real estate.At least 75% of the company's total revenue must be derived
from the ownership and operation of real estate assets.The company must have a minimum total market capitalization of USD 200 million at the time of Its
■ incluslon.The liquidity of the company's stock must be commensurate with that of other institutionally held real estate securities.
Morningstar Lifetime Moderate 2020
The Morningstar Lifetime Moderate 2020 Index represents a portfolio of global equities, bonds and traditional Inflation hedges such as commodities and TIPS.
■ This portfolio is held in proportions appropriate for a U.S. investor who is about ten years away from retirement. The Moderate risk profile Is for investors who are
comfortable with average exposure to equity market volatility.
. Morningstar Lifetime Moderate 2030
The Morningstar Lifetime Moderate 2030 Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS.
■ This portfolio is held in proportions appropriate for a U.S. investor who is about 20 years away from retirement. The Moderate risk profile is for investors who are
comfortable with average exposure to equity market volatility.
Morningstar Lifetime Moderate 2040
■ The Morningstar Lifetime Moderate 2040 Index represents a portfolio of global equities, bonds and traditional Inflation hedges such as commodities and TIPS.
This portfolio is held in proportions appropriate for a U.S. investor who is about 30 years away from retirement. The Moderate risk profile is for investors who are
■ comfortable with average exposure to equity market volatility.
Morningstar Lifetime Moderate Income
■ The Morningstar Lifetime Moderate Income Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS.
This portfolio is held In proportions appropriate for a U.S. Investor who is at least ten years into retirement. The Moderate risk profile is for investors who are
comfortable with average exposure to equity market volatility.
■ MSCI AC World Ex USA NR USD
The MSCI AC World Ex USA Index is a free float -adjusted market capitalization weighted Index that Is designed to measure the equity market performance of
■ developed and emerging markets, excluding the USA. As of June 2007 the MSCI ACWI ex USA consisted of 47 country indices comprising 22 developed and
25 emerging market country indices. The developed market country indices Included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France,
Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzenand and the United
■ Kingdom. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel,
Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.
. MSCI EM NR USD
The MSCI Emerging Markets Index is a free float -adjusted market capitalization index that is designed to measure equity market performance in the global
emerging markets.
■ Russell 1000 TR USD
Consists of the 1000 largest companies within the Russell 3000 index. Also known as the Market -Oriented Index, because it represents the group of stocks
. from which most active money managers choose.
Russell 2000 TR USD
■ Consists of the smallest 2000 companies In the Russell 3000 Index, representing approximately 7% of the Russell 3000 total market capitalization.
S&P MidCap 400 TR
Includes approximately 10% of the capitalization of U.S. equity securities. These are comprised of stocks In the middle capitalization range. At the original time
of screening, this was a $200 million to $5 billion market value range. Any mid -cap stocks already included In the S&P 500 are excluded from this index, which
started on December 31, 1990. The level of the index reflects the total market value of all 400 component stocks relative to this date. A level of 135, for
■ example, Indicates that the market value of the index portfolio has risen 35% from December 31, 1990. The S&P 400 figure is presented as a total return.
■
■
■
Page 34 of 38
■ Analysis, search pl"e5 , and layout are ®2000-]Oil, Piduoary Analyb (www.11360.com). All nghts reserved. The analysts and opinions: (1) do not constdute professional investment advice; (2)
are provided solely kh mformxtlonal purposes; (3) are not warranted or represented to be correct, complete, or acarate; and (4) are for the exclusive use of subscriber to Paul Analytics. The data / O.
source Is C1 2011 Morningstar, Inc. All rights reserved. The data contained harem'. (1) Is proprietary to Morningstar, Inc and/or Its content providers; (2) may not be copied or distributed; and (3) i5 opt fi `V
warranted to be accurate, complete or timely. Neither M1er Morningstar, Inc nor its content providers are responsible for any damages or losses Ansing from any use of this informalPast performance is
no guarantee of future results.
■ fi360_Portmit_v1_5. Investment data as of 3/31/2011
i
Prepared for: Sample 401k Client - MR
Glossary
12b-1 Fee
■ Maximum annual charge deducted from fund assets to pay for distribution and marketing costs. Although usually set on a percentage basis, this amount will
occasionally be a Flat figure. This information is taken directly from the fund's prospectus, and includes distribution, service and other expenses incurred by the
■ fund. Morningstar lists the maximum amount. Some 12b-1 fees are something of a hidden charge, because they are taken out of the NAV. Morningstar breaks the
12b-I amount Out of the expense ratio so Investors know how much they're paying. (Description provided by Morningstar)
Alpha
■ A measure of the difference between a fund's actual returns and Its expected performance, given its level of risk as measured by beta. A positive alpha figure
indicates the fund has performed better than its beta would predict. In contrast, a negative alpha indicates the fund underperformed, given the expectations
■ established by the fund's beta. All MPT statistics (alpha, beta, and R-squared) are based on a least -squared regression of the fund's return over Treasury bills
(called excess return) and the excess returns of the fund's benchmark Index. (Description provided by Morningstar)
Composition Criterion
This screen is one of the 11360 Fiduciary Score® criterion. The screened product can have no more than 20% of the portfolio invested in "unrelated" asset class
securities. For example, a Large -Cap Growth product should not hold more than 20% In cash, fixed income and/or international securities. This screen is not
■ applied to all asset classes. (Description provided by h360)
Deferred Load
■ This is also known as a back -end sales charge, and it is imposed when Investors redeem shares. The percentage charged generally declines the longer shares
are held, and it is usually applied to the lower of the beginningprice or ending price. This charge Is often coupled with higher 12b-1 fees in B or C share classes
as an alternative to a traditional front-end load fund. With a deferred fee, an Investor has the advantage of getting the full financial power of their investment from
■ the onset. (Description provided by Morningstar)
Expense Ratio - Audited Net
■ The percentage of fund assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset -based costs
incurred by the fund, except brokerage costs. Fund expenses are reflected In the fund's NAV . This expense ratio is pulled directly from the fund's annual report.
■ Sales charges are not included in the expense ratio. For fund of funds, the underlying fund expense ratios are not included In the expense ratio. (Description provided
by Morningstar)
Expense Ratio - Prospectus Gross
■ Gross Expense Ratio represents the total gross expenses (net expenses with waivers added back in) divided by the fund's average net assets. If it is not equal to
the net expense ratio, the gross expense ratio portrays the fund's expenses had the fund not waived a portion, or all, of Its fees. Thus, to some degree, it is an
. Indication of fee contracts. Some fee waivers have an expiration date; other waivers are In place indefinitely. (Description provided by Morningstar)
Expense Ratio - Prospectus Net
■ The percentage of fund assets used to pay for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset -based
costs incurred by the fund, except brokerage costs. Fund expenses are reflected in the fund's NAV. Sales charges are not included In the expense ratio. The
expense ratio for fund of funds is the aggregate expense ratio as defined as the sum of the wrap or sponsor fees plus the estimated weighted average of the
. underlying fund fees. (Desorption provided by Morningstar)
F1360 Fiduciary Score® Average
. The 11360 Fiduciary Score Average is a 1,3,5 or 10 year rolling average of an investment's fi360 Fiduciary Score Quarter. The 11360 Fiduciary Score Average is
only calculated when the fi360 Fiduciary Score Quarter has been calculated for 1,3,5 or 10 consecutive years. The 6360 Fiduciary Score Average is
re -calculated each quarter. (Description provided by fri
F1360 Fiduciary Score® Methodology
The fi360 Fiduciary Score is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary
. management. For each investment with at least a three-year history, fi360 calculates the 11360 Fiduciary Score based on the following due diligence criteria:
regulatory oversight, minimum track record, stability of the organization, assets in the Investment, composition consistency with asset class, style consistency,
. expense ratio/fees relative to peers, risk -adjusted performance relative to peers, and performance relative to peers. Investments are evaluated at the conclusion
of each calendar quarter. If an investment does not meet an individual due diligence criterion, points are awarded. Investments that satisfy all of the due
diligence criteria receive a fi360 Fiduciary Score Quarter of 0. Every other investment is given a Score of 1-100 based on their point total, and representing their
percentile ranking within their peer group. The 11360 Fiduciary Score Average is a one-, three-, five- or ten-year rolling average of an investment's Quarter Score.
The Average Score is also calculated on a quarterly basis. The 11360 Fiduciary Score represents a suggested course of action and is not intended, nor should it
be used, as the sole source of information for reaching an investment decision. Visit 1`1360.com/19360-Fiduciary-Score for the complete methodology document.
■ (Description provided by 11360)
Fi360 Fiduciary Scored Quarter
■ The fi360 Fiduciary Score is a quantitative evaluation of how well an Investment meets a minimum set of due diligence criteria defined by 11360 to reflect prudent
fiduciary management. The Score ranks the investment relative to its peer group (Note: Insurance Group Separate Accounts (IGSAs) are ranked relative to their
corresponding mutual fund/etf peer group). Investments with less than a three year history are not considered In any calculations and are not scored. (Description
provided by h360)
Front -End Load
■ The Initial, or front-end, sales charge is a one-time deduction from an Investment made into the fund. The amount is generally relative to the amount of the
investment, so that larger investments Incur smaller rates of charge. The sales charge serves as a commission for the broker who sold the fund. A fund's
potential fees and sales charges are an important factor to consider before making an investment. The load fee compensates the broker or financial planner for
. the service of providing professional investment advice. (Description provided by Morningstar)
Fund Family
. A company which offers mutual funds. Generally speaking, the company name Is included In the official fund name. (Desorption provided by Morningstar)
■
■
Pane 35 ofi6
Analysis, search process, antl layout are x, 2citg oll, Fiduciary Malybds (wwwA360.ci All rights reserved. The analysis and opinions: (t) do not constitute professional investment advice; (2)
. are provided solely for Informational purposes; (3) are not warranted or represented to be correct, complete, or accurate: and (a) are For the exclusive use of subscribers to Fiduciary Ana y[Ici The data
source Is 0 2o11 Morningstar, Inc. All rights reserved. The data contained herein: (I) Is proprietary to Morningstar, Inc and/or Its content providers; (2) may not be copied or dlstrouted; and (3) Is not L O�
warranted to" accurate, complete or timely. Neither Morningstar, Inc nor Its content providers are responsible for any damages or losses arising from any use of this Information Past performance to
no guarantee of future results. /U
1`360_Portrait_v1-5 Investment data as of 3/31/2011
Prepared for: Sample 401k Client - MR
Glossary (Cont.)
Fund Name
■ The fund's official name, or an abbreviation thereof, as stated In the fund's prospectus. Morningstar attempts to limit the extent to which fund name abbreviation
is made by keeping the family name or first word intact whenever possible. As a general rule, the words Fund, Shares, Class, Series, Trust (not including class
■ designation), and articles at the beginning of a fund's name are omitted. They appear, however, in cases where their omission could confuse two funds or groups.
The fund name is taken directly from the prospectus. The names normally do not change, unless the fund itself changes its name. (Descnpbon provided by Morningstar)
Inception Date
■ The date on which the fund began its operations. Funds with long track records offer more history by which investors can assess overall fund performance.
However, another important factor to consider is the fund manager and his or her tenure with the fund. Often times a change in fund performance can indicate a
■ change In management. (Description provided by Morningstar)
Index
■ A collection of securities chosen to represent a specific investment area. Common indexes include the Dow Jones Industrial Average, the S&P 500, and the
NASDAQ Composite. (Description provided by Morningstar)
■ Investment Policy Statement (IPS)
The Investment Policy Statement can be considered the business plan for the portfolio. It outlines the general rules that the investment advisor will follow to
achieve the client's desired outcome for the portfolio. Minimum components of an IPS should include: The duties and responsibilities of all parties, Diversification
. and rebalancing guidelines, Due diligence criteria to be used in selecting investments, Monitoring criteria for Investment optionsand service vendors, and
procedures for controlling and accounting for investment expenses. (Description provided by 1`360)
. Management Fee
Fee charged for the management of pooled investments such as collective investment funds, insurance/annuity products, mutual funds and individually managed
. accounts. (Description provided by 1`360)
Manager Tenure
. The number of years that the current manager has been managing the investment. In the case of a team, the longest manager tenure is used. (Description provided by
Morningstar)
Median Mutual Fund/ETF Manager
■ The median manager for a given data point is calculated by ranking the managers (investments) within a given peer group on a particular data point from best to
worst. The manager that represents the 50th percentile of the ranking becomes the median manager for the group. (Description provided by fi360)
. Net Assets - Funds/ETFs
The month -end net assets of the mutual fund, recorded in millions of dollars. Net -asset figures are useful in gauging a fund's size, agility, and popularity. They
■ help determine whether a small company fund, for example, can remain in Its investment -objective category if Its asset base reaches an ungainly size. The
assets are totaled across all share classes of the fund. (Description provided by Morningstar)
Number of investments in Peer Group
■ A count of the number of investments within a specific peer group for particular data point such as 1yr return or Alpha. This number represents the total number
of Investments used to calculate the bar charts and rankings for each data point. (Note: For Insurance Group Separate. Accounts (IGSAs), the corresponding
■ mutual fund/ETF peer group is used instead. (Desorption provided by 0360)
Peer Group (Morningstar Category)
■ In an effort to distinguish funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed the Morningstar Categories. While
the prospectus objective identifies a fund's investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on
their actual investment styles as measured by their underlying portfolio holdings (portfolio and other statistics over the past three years). See specific category
. name for further details (i.e. "Peer Group - Large Value"). (Description provided by Morningstar)
Rebalancing Limit(Upper/Lower)
The rebalancing limit represents the upper and lower thresholds of deviation, which if crossed, signal that investments In the portfolio need to be bought or sold to
bring the portfolio back into alignment with the strategic allocation. (Description provided by fi360)
■ Sharpe Ratio
A risk -adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per
■ unit of risk. The higher the Sharpe Ratio, the better the fund's historical risk -adjusted performance. The Sharpe ratio is calculated for the past 36-month period
by dividing a fund's annualized excess returns by the standard deviation of a fund's annualized excess returns. Since this ratio uses standard deviation as its risk
measure, it is most appropriately applied when analyzing a fund that is an investor's sole holding. The Sharpe Ratio can be used to compare two funds directly on
■ how much risk a fund had to bear to earn excess return over the risk -free rate. (Description provided by Morningstar)
Strategic Allocation
The strategic allocation is the selected asset classes and weights that will produce an appropriate portfolio return for a client within the client's risk level.
(Description provided by 1`360)
■ Style Box - Equity
Morningstar classifies funds as being large -cap, mid -cap, or small -cap based on the market capitalization of the fund's stock holdings; and as value, blend, or
growth based on the value -growth orientation of the stock holdings. The nine possible combinations of these characteristics correspond to the nine squares of
. the Morningstar Style Box —size is displayed along the vertical axis and style is displayed along the horizontal axis. (Descriptionprovided by Morningstar)
Style Box - Fixed Income
■ Morningstar classifies bond funds in its style box based on their sensitivity to interest rate as limited, moderate and extensive measured by the average effective
duration of the fund's holdings; and their average credit quality as high, medium, or low based on letter (or alphanumeric) credit ratings of bond holdings by third
party credit rating agencies. The nine possible combinations of these characteristics correspond to the nine squares of the Morningstar Style Box -- quality is
. displayed along the vertical axis and sensitivity to Interest rate along the horizontal axis. (Description provided by Morningstar)
Pace 36 of 38
■
Analysis, search process, and layout are Cc 2000-2011, nduaary Analybos (www 1,360.com), All rights reserved. The analysis and opinions: III do not car ltute professional nva,,ment ativtce; (2) are. provided solely for informational purposes; (3) are not warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary Analytics. The data L 6
source Is C 2011 Morningstar, Inc. All rights reserved. The data contained herein: (1) is proprietary to Morningstar, Inc and/or its content providers; (2) may not be copied or distributed; and (3) Is no[ i O
warranted to ad accurate, complete or timely. Neither Morningstar, Inc nor its content providers are responsible for any damages or losses arising from any use of this information. past performance Is 1
no guarantee of future results.
■ fi360_Portrait _vl_5 Investment data as of 3/31/2011
■
11
Prepared for: Sample 401k Client - MR
N Glossary (Cont.)
Style Drift Criterion
. This screen is one of the fi360 Fiduciary Score® criterion. A comparison Is made of the fund's category (3-year style average) and the current style (for the
quarter). The fiduciary due diligence screen is a match between the category and style. (cescription provided by fi36o)
■ Ticker
The NASDAQ assigned symbol commonly used to locate the fund on electronic price -quoting systems. Ticker Information is provided by NASDAQ. Morningstar
. receives daily internet transmissions detailing ticker as well as fund -name changes, plus a listing of any funds that have been recently added or deleted from
NASDAQ listings. The ticker symbol itself is designated by the fund company. Thus, tickers do not always follow a uniform pattem. (Description provided by
Morningstar)
. Total Return - Funds
Expressed in percentage terms, Morningstar's calculation of total return is determined each month by taking the change in monthly net asset value, reinvesting
. all income and capital -gains distributions during that month, and dividing by the starting NAV. Reinvestments are made using the actual reinvestment NAV, and
daily payoffs are reinvested monthly. Unless otherwise noted, Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads
and redemption fees), preferring to give a clearer picture of a fund's performance. The total returns do account for management, administrative, 12b-1 fees and
. other costs taken out of fund assets. Total returns for periods longer than one year are expressed In terms of compounded average annual returns (also known as
geometric total returns), affording a more meaningful picture of fund performance than non -annualized figures. (Description provided by Morningstar)
■ Total Return - Load -Adjusted
This figure is adjusted for front-end loads, deferred loads and redemption fees, but not taxes. For funds with front-end loads, the full amount of the load is
deducted. For deferred loads and redemption fees, the percentage charged often declines the longer the shares are held. Morningstar adjusts the deferred load for
■ each time period accordingly when making this calculation. (Description provided by Morningstar)
Total Return - Percentile Rank
■ This is the investment's total -return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile
rank is 1 and the lowest (or least favorable) percentile rank is 100. The top -performing investment in a category will always receive a rank of 1. (Description provided
by Morningstar)
Watch List
The watch list is a list of investments that fail to meet the stated due diligence requirements used to periodically monitor the investment. The due diligence
■ requirements are typically outlined in an Investment Policy Statement. (Description provided by 11360)
■
■
■
■
■
■
Pap 7 of 38
are lysis,provided
searchsolely
process, and layout are o es; (3) are of warInduclranted
Anated or re (resentedww to be c. All tights reserver. The analysis and re for the
(1) lu not constitute professional Investment advice; he
■ are source
is e0 solely for Morningstar,
Ind. purposes; ser are not data
or represented to be correct, complete, or accurate; and (a) are for [pr providers;
( use y subscribers ro r distributed;
ted; and
The data L
sourcete t 2011 Murat,, om Inc. All rights reserver, or data contained herein content
ent Is proprietary to Morningstar, Inc dand/oramages
Its content providers; m may not be copier or distributed; and (3) Is is ■ L Oe
warranted to be accurate, complete orbmlly. Neither Morningstar, Inc nor its content providers are responsible hrr any tlamages or losses arising from any use of this informahon. Past performance is 111 V
no guarantee of future results
11360_Portrait_v1_5 Investment data as of 3/31/2011
■
Prepared for: Sample 401k Client - MR
Investment Company Contact Information
For performance data current to the most recent month -end, please contact the investment company using the number(s) provided below.
Acadian Funds
866-226-6161
American Century Investments
800-345-8765
Cohen & Steers
800-437-9912
CRM
800-276-2883
Dreyfus
800-554-4611
Manning & Napier
800-466-3863
PIMCO
800-426-0107
Pioneer Investments
800-225-6292
T. Rowe Price
800-225-5132
Analysis, search process, and layout are G 2000-2011, Fiduciary AnBIydcS (www.f1360, corn). All nghts reserved. The analysis and opinions. (1) do not comb ute professional Investment advice; (2)
are provided solely far informational purposes; (3) are not warranted -or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary Analytics. The data /L�
source is @ 2011 Morningstar, Inc. All rights reserved The data contained herein: (1) is prppnetary to Mornmgstaq Inc and/or Its content providers; (2) may not be coped or distributed; and (3j is not 1 7 60
0
warranted to be accurate, complete or timely. Neither Morningstar, Inc nor its content providers are responsible for any damages or losses arising from any use of his information. Past pl lfprm an Ce IS 1
no guarantee of future results,
F,360_Portrait_vi_5 Investment data as of 3/31/2011
. Poudre Fire Authority RFP Number 7286
Plan Administrator Review and Benchmarking
• Prior to founding RPD, Rick served as Director of Marketing & Client Services for the Colorado County
■ Officials and Employees Retirement Association, where he created an award -winning, high -touch
participant communications program. He was responsible for the design and development of
participant education campaigns and materials, training and managing the participant education staff,
and managing all client service and public relations activities. He also served as the Association's
registered lobbyist to represent legislative matters considered by the Colorado General Assembly. Rick
. was formerly a Managing Area Director with Nationwide Retirement Solutions for eight years. Prior to
relocating to Colorado in 1991, he worked with the State of Florida Deferred Compensation Program
. with Aetna.
Rick has earned the Accredited Investment Fiduciary designation from the University of Pittsburgh,
. Joseph M. Katz Graduate School of Business, and has received formal training in investment fiduciary
responsibility. Also, he earned the Certified Retirement Counselor (CRC) designation, issued by the
. International Foundation for Retirement Education (InFRE) and the Series 65 License (Registered
Investment Adviser Representative) through FINRA. He is a member of the National Association of
Government Defined Contribution Administrators, the Western Pension and Benefits Conference,
Society of Human Resource Managers, and currently serves on the Board of the Colorado Public Pension
Coalition, a non-profit organization that provides education and networking opportunities for
■ administrators of Colorado public plans, along with proactive legislative representation and advocacy for
public employee benefit plans.
Ryan Tucci, AIF®, Director of Operations
Ryan is the Director of Operations at InSight Employee Benefit Communications. At Insight EBC, Ryan
■ serves as a liaison between retirement plan clients, vendors and other key professionals. He is also
responsible for retirement plan administration, the management of all InSight EBC internal operations,
■ oversight of the firm's RFP Services practice, and co-authors InSight EBC industry publications.
Ryan earned his BA from Arizona State University in 2003 with concentrations in International Business
and Italian. After college, he obtained the FINRA 6 and 63 licenses, and subsequently became employed
at the Vanguard Group providing investment guidance, transaction assistance, and problem resolution
■ to Defined Contribution participants. Ryan quickly promoted to a Client Relationship Administrator
(CRA) position at Vanguard, working directly with Defined Contribution plan sponsors regarding fiduciary
. responsibility, plan reporting, participant education, plan administration, payroll file reconciliation, and
plan -level problem resolution. During his tenure as a CRA, Ryan also helped transition numerous
incoming clients' payroll and personnel data to the Vanguard systems, and conducted in-depth
participant and plan sponsor website training sessions for new accounts. Over a four year period in this
role, Ryan's clients gave him an average Net Promoter score of 9 out of 10, with the highest marks in
■ client loyalty.
■ During his tenure with Vanguard, Ryan obtained the ASPPA Retirement Plan Fundamentals 1 and 2
designations. Since joining InSight EBC in 2010, he has earned the Accredited Investment Fiduciary
designation from the University of Pittsburgh, Joseph M. Katz Graduate School of Business, and has
received formal training in investment fiduciary responsibility.
i 6 i
■
■ Poudre Fire Authority RFP Number 7286
Plan Administrator Review and Benchmarking
■
Availability:
■ As you can see, InSight EBC brings to the table a team of associates with uncommon industry knowledge
■ and experience. Our firm is not offering you a staff of entry level associates or interns. Instead, this
project will be conducted by principals and tenured staff who have been in the trenches with
■ participants, vendors, and fiduciaries alike. Such associates have a sixth sense for retirement plan
administration, and have received formal training and continuing education in fiduciary due diligence
■ and prudent practices. This results in a comprehensive understanding of how a plan's daily functionality
ultimately affects plan sponsors, which we feel are qualities unique to InSight EBC associates.
■
. Mr. Rodgers and Mr. Tucci will be your dedicated points of contact for this benchmarking analysis, and
they are prepared to commence the ICMARC analysis by or before November 1, 2011. The tentative
■ timeline below highlights our proposed action plan for completing your ICMARC benchmarking analysis
prior to the Boards' proposed December 31, 2011 deadline. While this project will clearly be a high -
priority assignment, we have built in more than a week of additional time before the Boards' proposed
■ deadline in order to account for any unforeseen obstacles along the way. In addition to our internal
■ Benchmarking Analysis Tentative
Timeline
■
6egm InSight Begin Limited Scope
■ ReviewiOffices Qalitaave Mdyvs
Service R Closed (webvte, awonmt d
Fees of for systems, plarvtirp
Submit CompmaMe HelidaY tools, <tc)
. Proposal M.
■ October 21 I November 1 November 7 1 November 21 Nov. 23-25 I November 29 November 30 December 20
■
B SuGrtit Irtiriel Present Firul
■ ICMARC Qaantimove Work With Cort�rehemrve
Service, Conryaranve The Boards Brnclvnaskisp
decwmt, Analysis ■ ml .stdne Aretysis to Th aM Fee StvNist oBoards
Ar.nlysis Finalists rm
Qod sAnalysis
■
work on this analysis, InSight EBC also anticipates sending at least one, if not both, of your dedicated
■ representatives to regularly scheduled Board meetings throughout the project timeline in order to
■ provide status updates and discuss our findings along the way. Since this project would have priority
status, your dedicated InSight EBC representatives will commit to maintaining flexible schedules to
■ accommodate any meetings scheduled by the Boards prior to engaging InSight EBC.
■ Motivation:
. InSight EBC is certainly interested in partnering with the Boards on this Pension Administrator Review
and Benchmarking Analysis. Per the tentative timeline above, InSight EBC representatives are prepared
■ and willing to begin working on this comprehensive benchmarking analysis as soon as the Boards have
■
■ 7
■