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401(k) Advisors- Vendor Search Services
“Creating Ongoing Successful Retirement Plan
Experiences For Employers and Employees”
WW Benefits, LLC
890 Lamont Street, Suite 201
Novato, CA. 94945
415 898-6100
Rick@wwbenfits.com
401(k) Provider Analysis: Background & Purpose
1
The purpose of this report is to allow you, the 401(k) plan sponsor and decision-maker, to make a time efficient and well-informed 401(k) provider
selection. Vast financial resources are being directed to many 401(k) products offered by both new and established 401(k) plan providers. At the same
time, the 401(k) provider graveyard of firms (see Appendices: Exhibit A), who no longer offer services, continues to grow at an accelerated rate. As your
dedicated plan consultant, 401(k) Advisors will identify the 401(k) provider(s) who deliver the highest quality products and services at the most competitive
total cost. Changing providers is cumbersome and time consuming. Therefore, it is imperative that we identify providers who have the financial
resources, experience, and balanced commitment to excellence with all the essential 401(k) plan components identified on the following page.
Your 401(k) Advisors team of dedicated and experienced consultants has thoroughly evaluated the products and services offered by several dozen 401(k)
providers. We have quantified, measured, and compared the most relevant criteria for each plan component. We have also included a qualitative
overview, based on our decades of experience – and interaction with hundreds of clients – who have been the recipients of 401(k) services delivered by
many different plan providers.
401(k) provider selection is a multiple step process that begins with a 401(k) provider financial analysis and moves to an evaluation of product and service
capabilities, delivery system compatibility, and finally, demographic compatibility. Simply stated, the objective of the 401(k) Advisors Provider Analysis™
is to identify plan providers who have the greatest likelihood of delivering product and service excellence to organizations with similar characteristics to
yours.
Financial Strength Product Excellence Delivery System Demographic
Rock solid financials Ability to deliver Compatibility Compatibility
and future marketplace excellence with all plan Provider delivery Provider committed to
commitment components system a good fit plans like yours
2
Understanding Plan Components
The diagram and table below illustrate the essential 401(k) components that collectively define plan services that are delivered to you, the plan sponsor.
401(k) Advisors only seriously considers plan providers who deliver product excellence in all areas.
Component Description
Participant-level recordkeeping/accounting
Administration Administration & Employee and employer reports
& Recordkeeping Tracking investment allocations/changes and
Recordkeeping contribution changes
Services that enhance plan efficiency, productivity,
understanding and value
Technology
State-of-the-art technology
Services
Web-based participant investment tools
Compliance
& Technology Web-based employer tools
Legal Services Materials describing plan design and investing
Documentation Employee Enrollment kits
Communication Payroll stuffers, posters, memos
Newsletters
All documentation and testing to keep the plan in
401(k) compliance
Plan document
Plan Compliance &
Legal Summary Plan Description
Documentation Annual 5500 and pertinent schedules
ERISA plan audit (if applicable)
Discrimination testing
Employee All available investment offerings including cash,
Communication Cost Investment income, hybrid, and equity investments
Management Proprietary, sub-advised, retail, and index
investments
Hard dollar fees that are a specific amount – paid
by the employer or employees, including participant
recordkeeping, compliance, loan administration,
hardship, and distribution fees
Investment Cost
Soft dollar fees that are a specific percentage –
Management
generally paid by employees for investment
management expenses and to subsidize some or
all of the administrative fees
Understanding 401(k) Delivery Systems
3
Once the essential plan components of a 401(k) plan are evaluated, the next important step is the analysis of how these plan components are delivered.
The two primary 401(k) delivery systems are: Bundled and; Unbundled.
Bundled providers deliver all essential plan components under one integrated approach. Some providers package their product as a bundled offering;
however, upon closer scrutiny, outsource one or more essential plan components to an outside firm.
With an unbundled system, two (or more) organizations deliver plan services. Typically a third party administrator (TPA) is responsible for plan
compliance services and limited recordkeeping (for loans and financial hardship withdrawals). There are many hybrid combinations of unbundled delivery
systems, including multiple providers who deliver employee communications, recordkeeping, and even technology services to the same plan sponsor. It
is not uncommon to discover several different organizations collectively delivering all essential plan components to one plan sponsor.
Some plan providers have the ability to deliver their product either bundled or unbundled. Through the 401(k) Advisors Plan Provider Analysis™ and our
many years of practical consulting and experience, we have concluded that both bundled and unbundled delivery systems work effectively under the
appropriate circumstances, demographics, and conditions.
Bundled Unbundled
Delivery Delivery
System System
All plan Investment TPA
components Provider Compliance
delivered by Technology &
one provider Investments Limited
EE Comm Recordkeeping
Recordkeeping
Plan Sponsor Plan Sponsor
Although most plan sponsors initially choose their 401(k) provider based on investments, the primary drivers for changing providers are administration, recordkeeping,
compliance, and employee communications. This phenomenon suggests that it is of paramount importance that plan sponsors understand the ability of all potential plan
providers to deliver value with each and every essential plan component (administration, recordkeeping, compliance, technology services, and employee communication
services), and not just investment management.
Understanding Investment Services
4
Prior to any objective quantitative or qualitative investment analysis, it is essential to understand the philosophical distinctions and methodology amongst
plan investment providers. The two primary investment delivery approaches are: Asset Manager and; Asset Gatherer.
Asset managers are primarily focused on offering their own proprietary funds. These are investments that they manage – from the hiring of the
investment manager to the focus, direction, and security selection of the fund. Asset managers may offer plan sponsors a limited number of non-
proprietary funds (investments not managed by that particular provider); however, their focus is delivering their own investment management expertise.
Asset gatherers are focused on delivering a multi-manager investment approach, with funds that are primarily managed by firms other than themselves.
Two primary types of funds managed by outside investment managers are retail mutual funds and sub-advised accounts. A sub-advised fund is a
proprietary, private-labeled investment (offered by one particular provider) managed by an outside individual or firm, typically with proven expertise.
The table below illustrates the types of equity fund investment management services that are offered in today’s 401(k) marketplace:
Retail Institutional Sub-Advised
Proprietary Outside Money Manager with
Mutual Funds Only Available to Qualified Plans
Expertise in a Specific Asset Class
Non-Proprietary
Some 401(k) providers offer several of the above fund types. Below is an example of two funds with identical investment objectives, both managed by the
same mutual fund company. One is a retail fund and therefore also available to individual investors. The other is a sub-advised account, available only to
(institutional) investors, and (in this example), only to plan sponsors who have chosen Manulife as their 401(k) investment provider:
MFS Munder Net Fund Internet Technology Fund
- Retail mutual account - Sub-advised account
- Managed by Munder Capital - Managed by Munder Capital
- Aggressive growth objective - Aggressive growth objective
- Available to customers of Manulife - Available to customers of Manulife
- Available to individual investors - Not available to individual investors
5
Combining Delivery Systems: The End User Product
Once the distinctions between bundled/unbundled and asset manager/asset gatherer are understood, the table below illustrates the available 401(k)
product delivery systems for your organization:
Asset Gatherer Asset Manager
Bundled All services delivered by one All plan components, including
organization, with multiple investment management, delivered by
investment managers one organization
Unbundled Plan services delivered by a TPA, Plan services delivered by a TPA with
with multiple investment one investment provider, primary
managers under one investment emphasis on one investment fund
provider family
6
Vendors For Your Consideration
There are hundreds of providers offering 401(k) services and investments. Only a select few have demonstrated clear and consistent recordkeeping and
technology expertise and superior investment offerings. Fewer still are the 401(k) providers that focus on delivering products and services to firms your
size. Below are the finalists who demonstrate the highest quality services and investments, at the most competitive total plan costs.
Merrill Lynch Principal Financial Fidelity Advisor Cigna/Prudential Vanguard Mass Mutual
Yrs in 401(k) Business 21 23 21 19 22 24
Full Service Plans in
each market (1)
-Fewer than 100 ee’s 15,866 22,165 7,344 3,841 716 NA
-100-999 5,315 3,238 4,045 1,617 975 NA
-1,000 to 4,999 154 206 353 NA
947 294
-5,000 or more ee’s 48 21 99 NA
345 39
Total Participants in
2.6 million 2 million 9,100,000 823,950 2.5 million 700,000
Full Service Plans
Total 401(k) Plan
Customers at Year
End
End of 2003 21,383 25,630 12,681 2,458 2,143 4,500
End of 2002 20,840 26,479 12,556 2,773 2,126 4,500
End of 2001 17,855 25,993 12,048 2,437 2,065 4,400
Converted in 2003 4,257 NA NA 95 97 366
Assets in Full Service
Plans
Internally Managed $29.3 billion $30.9 billion $11.4 billion $9.1 billion $93.9 billion NA
Externally Managed $49.2 billion $10.8 billion $ 9.2 billion $10 billion $51.1 billion NA
Total Assets $78.5 billion $41.8 billion $20.6 billion $19.1 billion $145 billion $28.3 billion
Average Client 7 14 7 10 5 7
Relationship (Years)
Participant Reps Avg. 2 4 2 2 5.4 6
Years of Service
Relationship Mgrs. 7 8 5 12 9 7
Avg. Yrs. of Service
Number of ERISA 6 6 20 6 11 7
Attorney
(1) According to CFO Magazine 2004 Guide to 401k Providers, Merrill Lynch provides “full services” to more than 21,000 plans. This includes
a large number where recordkeeping is provided by BYSIS. PlanSponsor reports Merrill provides “recordkeeping to 1,940 plans as of 7/2004”
7
Plan Service Highlights
Merrill Lynch Principal Financial Fidelity Advisor Cigna/Prudential Vanguard Mass Mutual
Balanced Funds No
Risk tolerance questionnaire
LifeTime Funds
Asset allocation funds Goal Manager Fidelity Freedom Funds GoalMaker LifeStrategy Called Journey
and Russell LifePoints
Asset allocation customized based No No No Cruise Control ($0
on plan sponsor fund selection cost)
Lifetime funds
Multi-Manager asst allocation funds No Russell LifePoints No No No No
Internet based investment advice
Merrill Lynch Advice Morningstar Clear
Firm providing services Ibbotson Assoc. Fidelity Portfolio Planner Financial Engines Financial Engines
Access Future
Additional cost if employer paid Included NA $0 $0 $3,000 (one time) $0
Additional cost if employee paid $0 .50% assets-varied $0 $25 $0 $25 per participant
Integrated and pre-populated
(between provider and investment
advice provider)
Acceptance of fiduciary liability for
investment advice
Hard copy customized asst. alloc.
Retirement accumulation project.
Financial planning software
Investment re-balancing
Automatic investment re-balancing
One touch loan processing
Employee report timing 10 days 7 days 10 days 10 days 15 days 15 days
Color Investment allocation graphics
Personalized investment return
Custom messaging
Newsletters
Allocation by money type and source
YTD contributions
Detailed transaction listings
Available in Spanish
Vesting printed on employee
statement
Sent to participant’s home
On demand employee reports
Standard employee report frequency Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly
Voice response phone system
Available in Spanish
Availability 24/7 24/7 24/7 24/7 24/7 24/7
Live customer service
7:30 am – 8 pm (CST), 7:30 am – 8 pm (CST),
7 a.m. – 9 pm CT M-F 8 am – 8 pm (EST), M-F 8 am – 8:30 pm all time 8 am – 8 pm (EST),
Availability M-F M-F
8 am – 5 pm Sat. 9 am – 3 pm, Sat zones M-F
Paperless Enrollment
Data Submission Requirements Internet Internet Internet VRS, IFT, Internet VRS, Internet Internet (TRS)
Plan Contribution Submission Wire or ACH Check or ACH Wire or ACH ACH, Wire,Check ACH, Wire,Check Check, wire, or online
Flexibility To Accommodate Other
No No
Formats and Systems
Local and national enrollment assis. No No No Yes
Local compliance assistance No No No No No
Spokane, Washington or Westlake,Tx. Marborough, Springfield,
Recordkeeping Location Bloomington, Mn. Dubuque, Iowa Malvern, Pa.
Des Moines, Iowa Mass, Covington, KY, Massachusetts
Recordkeeping System Owned (Custom OMNI) Owned FPRS (proprietary) Owned Owned (VISTA) Owned (REFLEX)
8
Investment Program Analysis
Choosing 401(k) providers based on the available investments is a difficult task. The schedule below examines the total number of funds offered and available to plan
sponsors, the names of the fund manager or family, the different types of funds, and approaches to combined investment portfolios that offer balances between
conservative, moderate and aggressive investing.
Merrill Lynch Principal Financial Fidelity Advisor Cigna/Prudential Vanguard
Product Advantage Investor & Access Advisor Premium Full Service Product Vanguard Advantage
Total Number of Funds 58 Approximately 109 120 in core offering 70+ 130+
Number of Funds That Plan New Customers:
19 20 20 20
Sponsor Can Offer Guaranteed + 20
Generally a 70-30 Generally a 70-30 Generally a 70-30
Traditional Acct. &
Fund Requirement Guaranteed/Stable Value proprietary to non- proprietary to non- proprietary to non-
Money Mkt.
proprietary mix proprietary mix proprietary mix
Type of Guaranteed Fixed Account with 2-5
Account None year maturities-floating one None Guaranteed Interest Fund None
year window
Stable Value Account Yes, at $3 million in total
Yes Yes Yes Yes
plan assets
Money Market Account Yes Yes Yes Yes Yes
Fund Types
- Proprietary Institutional Yes Yes Yes Yes Yes
- Sub-Advised No Yes No Yes Yes
- Non-Proprietary Retail No Yes Yes Yes Yes
- Non-Prop. Institutional Yes No Yes No No
Money Managers American Washington Principal, AIM, American Funds, Fidelity, Dreyfus, AIM, Alliance Bernstein, ABN AMRO/Montag & Caldwell,
Mutual, Eaton Vance, Fidelity Fidelity Advisor, Frank Russell, Evergreen, Blackrock, American Century, Artisan,
American Century, Calvert,
Adv, Hotchkiss & Wiley, INVESCO, MFS, Putnam, Federated, Janus, AIM, Brinson Partners, BlackRock,
Lord Abbett, MFS, Franklin, Cohen & Steers, Davis, Fidelity,
Neuberger Berman, Citizens, Credit Suisse, Alliance Calvert, Credit Suisse, Davis
Goldman Sachs, JP Morgan, Franklin, Goldman Sachs, Harri,
American Century Bernstein, GAM, Gartmore, Janus, Lord Abbett, Morgan Funds, Dreyfus, Evergreen,
PIMCO, Columbia, Dreyfus, Liberty Acorn, Loomis Federated, Lord Abbott, Mainstay,
Scudder Dreman, Smith Stanley, Oppenheimer, State
Sayles, Nations Marisco,
Barney Street, T. Rowe, Templeton,
Neuberger Berman, One Turner, Victory
Group, RS, State Street,
Van Kampen, Wells Fargo
Index Funds 4 Index Funds S&P 500, S&P 400, S&P 3 Index Funds 3 Index Funds Bond Index, S&P 500,
600, Total Stock Market MidCap Index,
Small Cap Index
Balanced Funds 4 balanced funds 2 balanced funds 4 balanced funds 5 balanced funds 4 balanced funds
Asset Allocation Funds 2 Asset Allocation Asset Allocation Funds
Goal Manager 2 Asset Allocation Funds 5 Asset Allocation funds
funds
Lifetime Funds NA 6 Lifetime Portfolios 13 Lifetime funds 13 Lifetime funds 6 Lifetime funds
Manager of Managers
Funds
N/A 5 Russell LifePoints N/A N/A N/A
All the above information is subject to change at anytime. Product offerings are at the sole discretion of each provider.
9
Investment Program Analysis
Choosing 401(k) providers based on the available investments is a difficult task. The schedule below examines the total number of funds offered and available to plan
sponsors, the names of the fund manager or family, the different types of funds, and approaches to combined investment portfolios that offer balances between
conservative, moderate and aggressive investing.
Mass Mutual
Product RMAP
Total Number of Funds Approximately 69
Number of Funds That Plan
26
Sponsor Can Offer
Fund Requirement Guaranteed
Type of Guaranteed
Portfolio
Account
Stable Value Account No
Money Market Account Yes
Fund Types
- Proprietary Retail Yes
- Proprietary Institutional Yes
- Sub-Advised Yes
- Non-Proprietary Retail Yes
- Non-Prop. Institutional Yes
Money Managers David L. Babson,
Oppenheimer, American
Century, MFS, Janus,
Fidelity, Davis, Harris, MAS,
T. Rowe Price, Waddell &
Reed, Stewart Ivory,
Wellington, AIM, Alliance,
Navellier, PIMCO
Index Funds S&P 500, Value index,
Growth Index, OTC
Balanced Funds 3 balanced funds
Asset Allocation Funds 4 Journey Series
Portfolios
Lifetime Funds Destination Retirement
Manager of Managers
N/A
Funds
All the above information is subject to change at anytime. Product offerings are at the sole discretion of each provider.
10
Administration-Based Fees
The following matrix compares the administration-based fee schedules of the vendors. Costs are based on the latest proposal submitted, and are subject
to change by the plan provider at any time. In most instances, some or all of the costs below may be paid for by plan participants as part of the overall
investment-related fees, or by being deducted directly from investment return.
Plan Assumptions 2 Plans, approx. 748 participating employees, $39,000,000 in total plan assets (including loan balances)
Merrill Lynch Principal Financial Fidelity Advisor Prudential/Cigna Vanguard
Delivery Bundled Bundled Bundled Bundled Bundled
Third-Party Administrator NA NA NA NA NA
Plan Design and
$0 $0 $0 $0 $0
Implementation Services
Annual Admin
- Base
- Per Participant $12 per participant None/Waived None/Waived None/Waived $33 per participant
= $6520 (1.7 bps) =$23,100 (5.9 bps)
$750 Employer (waived) $120 per participant
-Self Directed Brokerage
$125/Account $75 per participant + $14.95 for up to the first plus $1,500/employer
Acct. 1,000 shares plus $.015 Fees/commissions on $20 per order
$25 per trade (ee)
Plus .25% asset fee for each add. share trading done in the (stocks) $25 (bonds)
(Online) see attd schedule brokerage account
Estimated Annual Direct Costs $6,520 (1.7 bps) None None None $23,100 (6 bps)
Miscellaneous Fees
-Trustee Services Included Included Included Included Included
- Distributions $25 Included Included Included Included
- Hardship Withdrawals Included $0 Included Included Included
- Loan Setup (First Year Only) $50 $40 $150 per loan-1 time only $25 $40
- Loan Administration $50 $10.50 per quarter None None $25
- QDROs $50 each Included Included $30 each $50 each
- Documents:
- Basic Prototype Included Included Included Included Included
- Custom $700
- Plan Amendments Included Included Non Standard- Included Included Included
Custom $300
- Annual Document Subscription NA NA NA NA NA
Fee
- Annual Deferral Reconciliation $250/hr term calcs NA NA NA NA
- Mid-Yr Deferral Test Included Included in Fees Above Included Included Included
- Statements to Home Included Included in Fees Above Included Included Included
- 5500 Completion Included Included in Fees Above Included Included Included
- Summary Annual Report Included Included in Fees Above Included Included Included
- SPD Wording Included Included in Fees Above Included Included
- SPD Booklets Included Included in Fees Above Included Included Included
- IRS Filing Fee (Optional) Paid to IRS Paid to IRS Paid to IRS Paid to IRS Paid to IRS
- Tiered Allocation NA Included Available Included Included
- Additional Takeover Fees NA N/A N/A NA NA
1. Fees and services are subject to change at any time. See proposal for actual pricing.
2. Final pricing, services, and contractual provisions are at the sole discretion of each plan provider.
11
Administration-Based Fees
The following matrix compares the administration-based fee schedules of the vendors. Costs are based on the latest proposal submitted, and are subject
to change by the plan provider at any time. In most instances, some or all of the costs below may be paid for by plan participants as part of the overall
investment-related fees, or by being deducted directly from investment return.
Plan Assumptions 2 Plans, approx. 748 participating employees, $39,000,000 in total plan assets (including loan balances)
Mass Mutual
Delivery Bundled
Third-Party Administrator NA
Plan Design and Implementation
$0
Services
Annual Admin
- Base $0
- Per Participant
$1500 Trustee Fee
-Self Directed Brokerage
$100 Per participant
Estimated Annual Costs $0
Miscellaneous Fees
-Trustee Services NA
-Distributions $40 per distribution
-Installments Payment setup $100 one time only
-Annuity Setup $175 one time only
- Hardship Withdrawals $40 per distribution
- Loan Setup $50 Elect.
$100 Paper
- Loan Administration $0
- QDROs $40
- Documents:
- Basic Prototype N/A
- Regional Prototype N/A
- Custom N/A
- Plan Amendments N/A
- Annual Document Subscription Fee Included
- Annual Deferral Reconciliation Included
- Mid-Yr Deferral Test Included
- Statements to Home Included
- 5500 Completion Included
- Summary Annual Report Included
- SPD Wording Included
- SPD Booklets Included
- IRS Filing Fee (Optional) N/A
- Tiered Allocation N/A
- Additional Takeover Fees N/A
3. Fees and services are subject to change at any time. See proposal for actual pricing.
4. Final pricing, services, and contractual provisions are at the sole discretion of each plan provider.
12
Investment-Based Fees
Merrill Lynch Principal Financial Group Fidelity Advisor Cigna/Prudential Vanguard
Contract Incumbent FIA Contract Full Service Product MidMarket Full Svs Standard Services
Contract Termination
Participant Fee .45% netted from Guar. Acct.
INVESTMENT CONTRACT COST - IF ANY, APPLIED TO ALL FUNDS
0.02% 0.00% 0.00% 0.00% 0.06%
EXPENSE ANALYSIS OF PROPRIETARY MANAGED DOMESTIC STOCK FUNDS
Avg. Expense 1.38% 0.98% 0.89% NA 0.45%
Total Cost 1.40% 0.98% 0.89% NA 0.51%
EXPENSE ANALYSIS OF PROPRIETARY SUB-ADVISED DOMESTIC STOCK FUNDS
Avg. Expense NA 1.13% NA 1.11% NA
Total Cost NA 1.13% NA 1.11% NA
EXPENSE ANALYSIS OF NON-PROPRIETARY MANAGED DOMESTIC STOCK FUNDS (Retail Mutual Funds)
Avg. Expense 1.33% 1.26% 1.38% 1.16% 1.34%
Total Cost 1.35% 1.26% 1.38% 1.16% 1.40%
EXPENSE ANALYSIS OF ASSET ALLOCATION FUNDS
Avg. Expense 1.07% 1.07% 0.82% 1.03% 0.23%
Total Cost 1.09% 1.07% 0.82% 1.03% 0.29%
EXPENSE ANALYSIS OF INDEX STOCK FUNDS
Avg. Expense 0.36% 0.41% 0.26% 0.31% 0.26%
Total Cost 0.38% 0.41% 0.26% 0.31% 0.32%
13
Investment-Based Fees
Mass Mutual
Contract RMAP
Contract Termination None
Participant Fee None
INVESTMENT CONTRACT COST - IF ANY, APPLIED TO ALL FUNDS
0%
EXPENSE ANALYSIS OF PROPRIETARY MANAGED DOMESTIC STOCK FUNDS
Avg. Expense .77%
Total Cost .77%
EXPENSE ANALYSIS OF PROPRIETARY SUB-ADVISED DOMESTIC STOCK FUNDS
Avg. Expense .97%
Total Cost .97%
EXPENSE ANALYSIS OF NON-PROPRIETARY MANAGED DOMESTIC STOCK FUNDS (Retail Mutual Funds)
Avg. Expense 1.13%
Total Cost 1.13%
EXPENSE ANALYSIS OF ASSET ALLOCATION FUNDS
Avg. Expense .95%
Total Cost .95%
EXPENSE ANALYSIS OF INDEX STOCK FUNDS
Avg. Expense 0.61%
Total Cost 0.61%
14
Investment Program Analysis
Merrill Lynch
Value Blend Growth
American Washington Mutual Investors Calvert Social Investment Equity ABN AMRO Growth
Eaton Vance Large Cap Value Davis New York Venture American Century Ultra
Fidelity Advisor Equity Income Eaton Vance Tax Managed Growth American Growth Fund of America
Large
Hotchkis & Wiley Large Cap Value Federated Capital Appreciation Franklin Capital Growth
Lord Abbett Affilated Thornburg Value Oppenheimer Capital Appreciation
MFS Value Victory Diverse Fed Stock Smith Barney Large Cap Growth
Franklin Managed Trust ABN AMRO Mid Cap AIM Capital Development
Goldman Sachs Mid Cap Value AIM Mid Cap Core Equity Alger Mid Cap Growth
Hotchkis & Wiley Mid Cap Value Ariel Appreciation Delaware Trend
JP Morgan Mid Cap Value Davis Opportunity Evergreen Mid Cap Growth Medium
Lord Abbett Mid Cap Value TCW Galileo Value Opportunity Federated Kaufman
PIMCO PEA Renaissance Victory Special Value Goldman Sachs Growth
Columbia Small Cap Value Munder Small Cap Value Evergreen Select Special Equity
Dreyfus Premier Small Cap Value Oppenheimer Main Street Small Cap Fidelity Advisor Small Cap
Evergreen Special Value Pioneer Small Cap JP Morgan Dynamic Small Cap
Goldman Sachs Small Cap Value Safeco Small Cap Value Salomon Brothers Small Cap Growth Small
Scudder Dreman Small Cap Value State Street Aurora State Street Research Emerging
Smith Barney Small Cap Value Growth
Managers Special Equity Growth
Specialty Managed Portfolios World/Foreign Equity Cash Hybrid Income
American Capital World
AIM International Growth
American Century
International Growth
Oppenheimer International
American New Perspective
MFS Global Equity
PIMCO RMC International
Growth Equity A
Oppenheimer Global
Templeton Growth
Templeton World
15
Principal Financial Group
Value Blend Growth
AIM Basic Value AIM Premier Equity AIM Constellation
American Fund Fundamental Inv. Frank Russell Diversified Equity American Century Growth
Am. Funds investment Co. of Am. Frank Russell Quantitative Equity American Century Select
Am. Funds Washington Mutual INVESCO Core Equity American Century Ultra
Citizens Value MFS Capital Opportunities American Funds Growth Fund of Am.
Fidelity Adv. Equity Income Neuberger Berman Focus Citizens Core Growth
Frank Russell Equity Income Putnam Research Fidelity Adv. Equity Growth
Frank Russell Select Value Principal Large Cap Index Frank Russell Select Growth
INVESCO Core Equity Principal Total Market Index MFS Massachusetts Inv. Growth Large
MFS Strategic Value Principal Partners Large Cap Blend Putnam New Opportunities
MFS Value Principal Partners Large Cap Blend I Putnam Voyager
Putnam Equity Income Vanguard Growth & Income Principal Large Company Growth
Principal Large Company Value Principal Partners Large Cap Growth
Principal Partners Large Cap Value Principal Partners Large Cap Growth I
Vanguard Equity Income Principal Partners Large Cap Growth II
Vanguard Windsor Vanguard Morgan Growth
Vanguard US Growth
American Century Equity Frank Russell Special Growth AIM Aggressive Growth
American Century Value Principal Medium Company Blend American Century Heritage
Principal Medium Company Value Principal Mid Cap Index American Century Vista
Principal Partners Mid Cap Value Principal Partners Mid Cap Blend Fidelity Adv. Mid Cap
Strong Multi Cap Fidelity Adv Mid Cap I INVESCO Dynamics Medium
Strong Adv Common Stock INVESCO Leisure
Strong Opportunity MFS Mid-Cap Growth
Principal Medium Company Growth
Principal Partners Mid Cap Growth
Strong Discovery
Am. Cent. Small Cap Value Principal Small Company Blend AIM Small Cap Growth
Principal Small Company Value Principal Small Cap Index Fidelity Adv. Small Cap
Principal Partners Small Cap Value T. Rowe Price New Horizons INVESCO Small Co. Growth
Fidelity Adv Value Strategies I Neuberger Berman Millennium
Principal Small Company Growth Small
Principal Partners Small Cap Growth I
Principal Partners Small Cap Growth II
Vanguard Explorer
16
Investment Program Analysis
Principal Financial Group (cont’d)
Specialty Managed Portfolios World/Foreign Equity Cash Hybrid
Frank Russell RE Secs. 5 Russell LifePoints funds AIM Intl Core Equity Principal Guaranteed Am. Funds Am. Balanced
Putnam Utilities Grw & Inc 6 Principal LifeTime funds Am. Century Intl Growth Principal Money Market MFS Total Return
Principal Real Estate Am. Funds EuroPacific Principal Stable Value Principal Bond Emphasis
Vanguard Healthcare Am. Funds New Persp Principal Stock Emphasis
T. Rowe Price Sc & Tech Citizens Global Equity
T. Rowe Price New Era Fidelity Adv. Global Equity
Fidelity Advisor Overseas I
Frank Russell Emerg. Mkts.
Frank Russell Int’l Secs.
MFS Emerging Mkts. Equity
Neuberger Berman Intl.
Putnam Intl Growth
Putnam Global A
Principal Int. Emer Mkts.
Principal International II
Principal Int. Small Co.
Principal International Stock
Strong Overseas
T. Rowe Price International
T. Rowe Price Euro Stock
Vanguard Intl Growth
Vanguard Intl Value
All funds, availability, investment styles, costs, etc. subject to change and cannot be guaranteed.
17
Investment Program Analysis
FIDELITY ADVISOR
Value Blend Growth
AIM Basic Value Domini Social Equity AIM Constellation
Credit Suisse Large Cap Value Dreyfus S&P 500 Index Fidelity Advisor Equity Growth
Evergreen Capital Growth Federated Max-Cap Index Fidelity Advisor Large Cap
Fidelity Advisor Cyclical Industry Fidelity Advisor Consumer Fidelity Advisor Dynamic Cap
Fidelity Advisor Equity Income Fidelity Advisor Dividend Growth Nations Marisco Focused Equity Large
Fidelity Advisor Grow & Income Nations Marisco Growth & Income
Fidelity Advisor Growth Opportunity Van Kampen Emerging Growth
Fidelity Advisor Strategic Growth
Fidelity Advisor Leverage Company Dreyfus Premier Midcap Stock AIM Aggressive Growth
Fidelity Advisor Mid Cap Strategy Federated Mid-Cap Index Federated Kaufmann
Liberty Select Value Fidelity Advisor Mid Cap Fidelity Advisor Mid Cap
State Street Research Mid Cap Value Liberty Acorn Fidelity Advisor Aggressive Growth
Gartmore Millennium Growth
Janus Adviser Mid Cap Growth Medium
Neuberger Berman Manhattan
One Group Mid Cap Growth
RS Emerging Growth
Van Kampen Aggressive Growth
Credit Suisse Small Cap Value Federated Mini-Cap Index AIM Small Cap Growth
Dreyfus Premier Small Cap Value Fidelity Advisor Small Cap Evergreen Growth
Evergreen Small Cap Value Gartmore Value Opportunities RS Diversified Growth
One Group Small Cap Value Loomis Sayles Small Cap Value RS Emerging Growth
Small
Neuberger Berman Fasciano RS Smaller Company
RS Partners
Van Kampen Small Cap Value
18
Investment Program Analysis
FIDELITY ADVISOR (continued)
Specialty Managed Portfolios World/Foreign Equity Cash Hybrid Income
Focus Biotechnology Freedom Income Diversified International Prime Fund Fidelity Advisor Balanced Em. Mkts Income
Focus Consumer Industries Freedom 2010 Emerging Asia Treasury Fund AIM Balanced Floating Rate High Income
Focus Cyclical Industries Freedom 2020 Europe Capital Appr Alliance Bernstein Bal High Income
Focus Developing Comm Freedom 2030 Global Equity Janus Advisor Balanced High Income Advantage
Focus Electronics Freedom 2040 Int’l Capital Appreciation Inflation Protected Bond
Focus Fin Srvs State Street Research International Small Cap Intermediate Bond
Focus Health Care Asset Allocation Japan Fund Investment Grade Bond
Focus Natural Resources Wells Fargo Outlook 2010 Korean Fund High Income
Focus Technology Wells Fargo Outlook 2020 Latin American Fund Short Fixed Income
Focus Telecom & Utilities Wells Fargo Outlook 2030 Overseas Fund Strategic Income
Wells Fargo Outlook 2040 Dreyfus Premier WW Gr Blackrock Core Bond
Evergreen Global Leaders Blackrock GNMA Inv
Evergreen Int’l Equity Federated Limited Term
Federated Int’l Sm Co Janus Adviser Flex Income
GAM International Loomis Sayles Bond Fund
Janus Adviser Int’l I Dreyfus Premier Core Bond
Janus Adviser Worldwide I Federated Bond
One Group Int’l Equity Fidelity Advisor
Government Inv
Fidelity Advisor Mort Secs
One Group Bond
All funds, availability, investment styles, costs, etc. subject to change and cannot be guaranteed.
19
Investment Program Analysis
CIGNA
Value Blend Growth
Large Cap Value-Wellington Large Cap Blend- Invesco American Century Ultra Adv.
Large Cap Value-Barrow Hanley S&P 500 Large Cap Growth/Dresdner
Large Cap Value-John Levin Calvert Social Investment Large Cap Growth/Goldman Sachs
Large Cap Value- LSV Invesco Core Equity Large Cap Growth/Morgan Stanley
Alliance Growth & Income A T. Rowe Price Blue Chip (R) Fidelity Adv. Equity Growth
Large
Davis NY Venture A Victory Diversified (A) Janus Adv Growth
Fidelity Adv. Equity Income Waddell & Reed Adv. Accumulative A Oppenheimer Capital Appreciation A
Lord Abbett Affiliated P
T. Rowe Price Equity Income (R)
Mid Cap Value- Wellington Fidelity Adv. Value Strategies Mid Cap Growth- Artisan
American Century Equity Income I Morgan Stanley Inst. Fund Trust AIM Constellation
Strong Opportunity Adv. American Century Heritage
Medium
Invesco Dynamics
Turner Mid Cap Growth
Small Cap Value/ Berger Small Cap Blend/WHV Small Cap Growth/Granahan
Franklin Balance Sheet A Small Cap Growth/Times Square
Strong Adv Small Cap Value A AIM Small Cap Growth A Small
Invesco Small Company
W&R Small Cap Growth Y
Specialty Managed Portfolios World/Foreign Cash Hybrid Income
Equity
Cohen & Steers Equity Balanced I- Wellington Global Value/Morgan Guaranteed Retirement Goal Income Core Bond
Income Alliance Balanced Stanley Retirement Goal 2010 Government Securities
Invesco Technology Balanced-Dresdner RCM Templeton Growth Retirement Goal 2020 High Yield Bond-Caywood
Balanced-Morgan Stanley Global Growth/Marvin & Retirement Goal 2030 Times Square High Grade
Janus Adv Balanced Palmer Retirement Goal 2040 Bond
Janus Adv Worldwide CIGNA Lifetime 20 Times Square Short Term
Oppenheimer Global CIGNA Lifetime 30
International Blend-Bank of CIGNA Lifetime 40
Ireland CIGNA Lifetime 50
International Growth- CIGNA Lifetime 60
Putnam
American Century
International Growth
20
Investment Program Analysis
Vanguard Group
Value Blend Growth
Vanguard Windsor II Vanguard 500 Index Vanguard Morgan Growth
Vanguard Equity Inc. Vanguard Dividend Growth AIM Large Cap Growth
Vanguard US Value Vanguard Growth & Inc AIM Weingarten
American Century Income & Growth AIM Premier Equity AllianceBernstein Premier Growth
Davis New York Venture American Century Equity Growth American Century Growth
American Century Ultra
Lord Abbett Affiliated Columbia Common Stock
Mainstay All Cap Growth
Mainslay All Cap Value Gabelli Growth MFS Massachusetts Inv Growth
Neuberger Berman Partners Trust INVESCO Core Equity Stock
Oppenheimer Quest Value MFS Massachusetts Investors Oppenheimer Capital Appreciation
Large
The Putnam Find for Growth & Income MFS Research Oppenheimer Growth
SAFECO Equity Provident Invesment Counsel
T. Rowe Price Equity Income Growth
Van Kampen Comstock Putnam New Opportunities
Putnam Voyager
Scudder Growth
Van Kampen Emerging Growth
Hotchkis and Wiley Mid Cap Value Vanguard MidCap Index Vanguard Mid Cap Growth
Vanguard Capital Value Fund Vanguard Strategic Equity Vanguard Cap Opport Inv.
Vanguard Selected Value AllianceBernstein Mid Cap Growth AIM Aggressive Growth
Columbia Mid Cap Value AIM Constellation
Gabelli Asset Baron Asset
Mainstay MAP BlackRock Small Cap Growth Equity
Rainer Small/Mid Cap Equity Credit Suisse Emerging Growth
Medium
Federated Kaufmann
Franklin Small/Mid Cap Growth
INVESCO Dynamics
MSIFT Mid Cap Growth
T. Rowe Price Mid Cap Growth
Turner Mid Cap Growth
Turner Small Cap Value Vanguard Small Cap Index Fund Vanguard Explorer
Small
21
Investment Program Analysis
Vanguard Group (cont’d)
Specialty Managed Portfolios World/Foreign Equity Cash Hybrid Income
Vanguard Target Vanguard International Stable Value Vanguard Retirement
Retirement Lifecycle Funds Explorer Fund Savings Fund
(Six options) Vanguard International Vanguard Total Bond Mkt
Vanguard Asset Allocation Growth Index
Vanguard Star VG Inter. Value Vanguard Wellesley Inc.
Vanguard Global Eqty Vanguard Int Term Bond
William Blair International Vanguard Int Term US
Growth Fund Govt.
Vanguard ST Bond
Vanguard Short Govt.
22
Investment Program Analysis
Mass Mutual
Value Blend Growth
MM Core Value Equity (Babson) American Century Equity Growth MFS Emerging Growth
MM Value Equity (Fidelity) MM Indexed Equity DLB Core Growth (Babson)
Oppenheimer Quest Value T. Rowe Price Spectrum Growth DLB Enhanced Index Core (Babson)
Oppenheimer Quest Value Opp. Oppenheimer Total Return American Century Growth Investors
DLB Value (Babson) Oppenheimer Main Street Gr. & Inc. American Century Ultra
MM Large Cap Value (Davis) Oppenheimer Capital Appreciation Oppenheimer Growth
Large
DLB Enhanced IndexValue (Babson) MM Growth Equity (MFS)
MM Aggressive Growth (Janus)
MM OTC 100
DLB Enhanced Index Grow (Babson)
MM Focused Value (Harris Ass.) Oppenheimer Enterprise
MM Mid Cap Growth (T. Rowe)
Oppenheimer Mid Cap Growth Medium
MM Mid Cap Growth (MAS)
DLB Small Cap Value (Babson) MM Small Cap Equity (Babson) T. Rowe Price New Horizons
DLB Small Co. Opport. (Babson) Oppenheimer Discovery
MM Small Cap Gr. (JPM/Wad&Reed) Small
MM Emerging Growth (RS Investment)
Specialty Managed Portfolios World/Foreign Equity Cash Hybrid Income
MM Conservative Journey MM Int. Equity (Oppen) MM Money Mkt (Babson) MM Balanced (Babson) MM Gov. Money Market
MM Moderate Journey MM Overseas (Am. Cent) JCC Balanced (Janus) MM STerm Bond (Babson)
MM Aggressive Journey DLB Int (Stewart Ivory) Oppenheimer Quest Bal Va MM Core Bond (Babson)
MM Ultra Aggressive Oppenheimer Global MM Div. Bond (Babson)
Journey Oppen Global Gr. & Inc. Oppen. Strategic Income
Oppenheimer High Yield
Foundation Contract funds shown. All funds, availability, investment styles, costs, etc. subject to change and cannot be guaranteed
23
Notes Regarding Final Plan Pricing and Product Offerings
1. The pricing models in this proposal presented by 401(k) Advisors have been taken directly from written material prepared by each
provider.
2. The plan providers presented in this proposal prohibit 401(k) Advisors (and all other outside entities) from authorizing and/or
guaranteeing final contractual pricing or services presented in this proposal.
3. Final pricing, services, and contractual provisions are at the sole discretion of each plan provider.
4. Upon acceptance of the proposal by the plan sponsor, 401(k) Advisors will make every reasonable effort to secure pricing and services
that are identical to those presented in this proposal.
5. In the event that final plan pricing is not acceptable, the plan sponsor will be under no contractual obligation to choose that particular
provider’s products and services, and therefore is free to choose proposals, products, and services offered by other plan providers.
6. Factors that impact final plan pricing include, but are not limited to:
a. Differences between the number of total, eligible, or participating employees assumed in this proposal, and the actual number;
b. Differences between the annual recurring plan contributions and/or plan assets assumed in this proposal, and actual plan
contributions;
c. Differences between the underlying menu of investment options used for pricing purposes and the actual investment options
chosen by the plan sponsor; and
d. Additional plan services not included and quoted in this proposal.
7. The specific timing and execution of investment deletions and additions with the same plan provider, and/or any new plan provider (as a
result of a plan conversion), are at the discretion and control of the plan provider.
8. Once hired (through retainer agreement and/or broker of record letter) by the plan sponsor, 401(k) Advisors has a fiduciary interest in
protecting the financial interests of the plan sponsor (as they relate to this particular qualified retirement plan), and acting as the broker,
agent, and consultant of the plan sponsor. Hence, the plan sponsor is the customer of 401(k) Advisors, and as such, 401(k) Advisors
has a vested interested in securing exceptionally competitive product, service, and pricing options for the plan sponsor, as well as
securing the most timely, accurate, and efficient transition with respect to investment additions, deletions, and plan provider conversions.
24
Defined Contribution Provider Graveyard
Firm Name Action Successor Provider Year
Wyatt (Daily Valuation) Sold to State Street 1996
Benefit Concepts, Inc. Sold to USI Insurance Services 1996
Wells Fargo Masterworks Sold to Barclays 1996
Mercer Sold to ADP 1997
Buck Consultants Sold to Mellon Bank 1997
Coopers & Lybrand/Kwasha Merged with Price Waterhouse 1998
Barclays ( DC Business) Outsourced Recordkeeping to Merrill Lynch 1998
Howard Johnson Sold to Merrill Lynch 1998
Wyatt (Balance Forward) Sold to First Data Investor Service 1999
First Data Investor Service Sold to PNC Bank Corp 1999
Williams, Thatcher & Rand, NY (Balance Forward) Sold to USI Insurance Services 1999
Benefits Advisors of New England (Balance Forward & Daily) Sold to USI Insurance Services 1999
Bankers Trust Sold to Metropolitan Life 1999
Nations Bank Exited The Business 1999
Chase Manhattan Exited The Business 1999
Huntington Bank Exited The Business 2000
Merrill Lynch (Small Market) Outsourced Recordkeeping to Bisys 2000
Prudential (Small Market) Outsourced Recordkeeping to Bisys 2000
Strong (Small Market) Outsourced Recordkeeping to Universal Pensions 2000
T. Rowe Price (Small Market) Outsourced Recordkeeping to Trustar 2000
Wachovia Sold to First Union 2001
Wachovia Outsourced Recordkeeping to INVESCO 2001
John Hancock Financial Services Sold to Universal Pensions 2001
Allmerica Financial Sold to Minnesota Life 2001
Fleet Outsourced Recordkeeping to INVESCO 2001
AON Sold to INVESCO 2001
Morgan Stanley Dean Witter Outsourced Recordkeeping to ADP 2001
LaSalle National Bank Outsourced Recordkeeping to Chicago Title & Trust 2001
Universal Pensions Sold to Bisys 2001
PaineWebber Outsourced Recordkeeping to MFS 2001
Metropolitan Life Insurance (MET Life) Outsourced Large Plans Hewitt Associates 2001
Nippon Life Insurance Company of America Exited the Business 2002
American Skandia Exited the Business 2002
SunTrust Exited the Business 2002
Key Sold to The Principal Group 2002
Trustar Retirement Services Exited the Business 2002
State Street Research & Management Exited the Business 2002
Guardian Life Exited the Business 2002
Emplanet Exited the Business 2002
Bank of New York Exiting the Business PFPC 2002
National City Outsourced Hewitt Associates 2002
Provident Mutual Life Merging Nationwide Financial 2002
AMG Purchased Lincoln Financial 2002
Spectrum Banking Outsourcing Bisys 2002
Mercantile Bank Outsourcing Bisys 2002
US Bank Outsourcing Universal Pensions 2000
American Century 401(k) Division Sold to JP Morgan 2003
GE Asset Management Outsourced Recordkeeping to Bisys 2003
Great West Life Two employee salary decreases in 6 months 2003
Northern Trust Division Sold to Hewitt 2003
Pan American Life Closed most sales offices 2003
Prudential Securities Sold to Wachovia 2003
Scudder Outsourced Recordkeeping to ADP 2003
25
401(k) Provider Overview
Asset Asset
Provider Name Bundled Unbundled Manager Gatherer Marketplace Product Challenge
ADP S, M, L Recordkeeping, Technology, Funds
American Funds S, M Recordkeeping, Technology, Asset Mgr.
AUL S Technology, Funds
Charles Schwab M, L Recordkeeping, Technology, Fees
CIGNA L Large Focus, Local Service
Citistreet L Large Focus
Delaware S, M Market Penetration
Diversified L Large Focus
Fidelity Advisor S, M, L Flexibility, Asset Manager
Great West S, M Recordkeeping, Technology, Focus
Hartford S Recordkeeping, Funds
Hewitt L Large Focus
ING/Aetna S, M Recordkeeping, Service
INVESCO L Large & Asset Mgr Focus
Lincoln National S, M Recordkeeping, Technology, Service
Manulife Financial S, M
Mass Mutual M, L
Merrill Lynch S, M, L Recordkeeping, Technology
MetLife M, L Recordkeeping, Technology, Large Focus
MFS S, M, L Asset Manager
Mutual of Omaha S Market Penetration
Nationwide S, M Distribution, Recordkeeping, Technology
New York Life L Large Focus
Pan American S Market Penetration
Principal Financial S, M, L
Prudential M, L Large Focus
Putnam M, L Performance, Customer Satisfaction
Scudder/Kemper S, M Record, Asset Mgr Focus
Standard S Market Penetration
T. Rowe Price M, L Recordkeeping, Technology, Asset Mgr.
Transamerica S, M Recordkeeping, Technology
Vanguard L Large Focus & Asset Manager
Wells Fargo L Large Focus
26
PLANSPONSOR, 2004 DC Survey ($5 m to $50 m Mkt.)
Participant Services Top Rated or Commended
Merrill Lynch Principal Financial Group Fidelity Advisor
Communication Materials
Participant Education
Clarity of Statements
Accuracy of Reporting
Timeliness of Reporting
Loan/Withdrawal
Turnaround
Participant Internet Services
Participant Call Center
Range of Investment
Options
Retiree Services
27
PLANSPONSOR, 2004 DC Survey
Sponsor Services Top Rated or Commended
Merrill Lynch Principal Financial Group Fidelity Advisor
Sponsor Internet Services
Reporting
Compliance
Fairness of Fees
Fee Disclosure
Account Rep Expertise
Responsiveness
Legislation/Regulation
Updates
28
PLANSPONSOR, 2004 DC Survey ($5 m to $50 m Mkt.)
Participant Services Top Rated or Commended
Cigna/Prudential Vanguard Mass Mutual
Communication Materials
Participant Education
Clarity of Statements
Accuracy of Reporting
Timeliness of Reporting
Loan/Withdrawal
Turnaround
Participant Internet Services
Participant Call Center
Range of Investment
Options
Retiree Services
29
PLANSPONSOR, 2004 DC Survey
Sponsor Services Top Rated or Commended
Cigna/Prudential Vanguard Mass Mutual
Sponsor Internet Services
Reporting
Compliance
Fairness of Fees
Fee Disclosure
Account Rep Expertise
Responsiveness
Legislation/Regulation
Updates
30
PLANSPONSOR, 2004 DC Survey
Merrill Lynch- Notable comments from Survey Results
“Merrill Lynch continues to impress at the micro end of the
market (Micro plans (less than $5 million in DC assets) and larger end of the market
with an impressive 26 Best in Class awards, but seems to struggle with
small plans ($5 million-$49 million)”
(Micro)
“some grumbling about the quality of information coming from call centers
and inaccuracies with 5500‟s and discrimination tests”
(Small)
“Good service in everything except participant education”
“respondent asked Merrill to „not assume everyone has a good understanding
of investing concepts”
(Mid)
Respondents uniformly gave Merrill high marks for participant services, although
there were some call-center gripes.
31
PLANSPONSOR, 2004 DC Survey
Principal Financial Group- Notable comments from Survey Results
“Response levels for Principal are up 40% and Best in Class award designations, 19
in total, have more than doubled in both the micro and small plan levels.”
(Micro- less than $5 million in DC assets)
“Internet services, in particular, were lauded for being “hassle free” and user friendly.
New business has been handled well, Principal service reps have been very attentive
in their efforts before, during and after the plan transition.
(Small- $5 million-$49 million)
“My rep is extremely knowledgeable, courteous and very quick to resond to questions”
(Mid- $50 million -$199 million)
“I am very impressed with the services provided”
32
PLANSPONSOR, 2004 DC Survey
Fidelity- Notable comments from Survey Results
“Competence is the order of the day here, across every single market category”
(Micro- less than $5 million in DC assets)
“Fidelity is always improving service to participants”
“Fidelity needs to decide if it really wants the under $3 million plan”
(Small- $5 million-$49 million)
“Awesome”
(Mid- $50 million -$199 million)
“Their serviceis technologically advanced, providing very good access to a wide
range of information and administrative services”
33
PLANSPONSOR, 2004 DC Survey
Prudential/Cigna - Notable comments from Survey Results
“Prudential wins 24 Best in Class awards, and the categories in which it excels give an
indication of the impact that the takeover of CIGNA‟s retirement business has had”
.
(Small- $5 million-$49 million)
“Easier access to account reps”
“My number one complaint is difficulty in using the automated phone system”
“Quick to respond to any shortcomings
“Prompt and thorough”
(Mid- $50 million -$199 million)
“Responsiveness and quick turnaround in answering queries”
(Large- $200 million >)
“Prudential never says no”
“First tries to deliver what is requested and only says no to impossible requests”
34
PLANSPONSOR, 2004 DC Survey
Vanguard- Notable comments from Survey Results
“Wins 14 Best in Class awards, and like its fees, clients comments are tended to be lean
and terse: Service often described as “Overall very good” and areas in need for improvement
as “nothing.”
(Micro- less than $5 million in DC assets)
“Problem include fiscal year end reporting and timeliness of statements”
(Small- $5 million-$49 million)
“Most reviews were simply „very good‟ or „excellent‟ ”
“Larger companies take longer to respond to problems, and Vanguard is no exception”
(Mid- $50 million -$199 million)
“The recordkeepoing services are excellent and the reps are very well informed
about upcoming regulations”
“The education program seems to remain the same year after year”
(Large- $200 million >)
“Consistently accurate information”
35
PLANSPONSOR, 2004 DC Survey
Mass Mutual- Notable comments from Survey Results
“Mass Mutual‟s growing presence in the DC world is echoed here, with enough responses
in three client categories tro qualify for ratings”
(Micro- less than $5 million in DC assets)
“Fees are always a mystery to me”
(Small- $5 million-$49 million)
“Mass Mutual provides the highest quality of service I‟ve experienced in my career
as a plan sponsor”
“In less than a year, I‟ve had the pleasure of working with a fifth account manager”
(Mid- $50 million -$199 million)
“Excellent Web site and quick processing of info to participants”
36
Merrill Lynch
Communications Seal
2004 Defined Contribution Plan Participant Statement
2001 Millennium Retirement Plan Statement
How bright will your future be?
2000 Priority Client Statement
1999 CMA Brokerage Statement
Service Award
2000 Annuity Service Award
1999 Annuity Service Award
1998 Annuity Service Award
1997 Annuity Service Award
37
Principal Financial
Communications Seal
2004 Defined Contribution Plan Participant Statement
Defined Benefit Plan Participant Statement
Variable Annuity Statement
Mutual Fund Quarterly Statement
2003 Retirement Plan Statement
2002 Participant Web site
2001 Investment Performance Results Brochure
Retirement Plan Statement
2000 Retirement Plan Statement
38
Fidelity
Crystal Pyramid
2004 Excellent in Financial Professionals' Opinion of Mutual Fund Regional Firm Channel
1999 Financial Professional Opinion of Mutual Fund Market Leaders
Excellence in General Opinion
BANK STUDY
Bank Manager Opinion of Mid-Size Variable Annuity Companies
Excellence in Investment Management
BANK STUDY
Trust Officers Opinion of Investment Management Companies
Excellence in Marketing Support
BANK STUDY
Communications Seal
2003 Fidelity.com/annuities
2001 Correspondent Brokerage Statement
Service Award
1999 Financial Intermediary Service Award
1998 Mutual Fund Service Award
Financial Intermediary Service Award
1997 Financial Intermediary Service Award
1992 Mutual Fund Service Award
1991 Mutual Fund Service Award
1990 Mutual Fund Service Award
Key Honors
39
Prudential
Communications Seal
2005 Defined Benefit Plan Participant Statement
Total Retirement Statement
Defined Contribution Plan Participant Statement
2004 Defined Contribution Plan Participant Statement (Won as CIGNA Retirement & Investment Services but was acquired by Prudential Financial effective
4/1/04)
Defined Benefit Plan Participant Statement (Won as CIGNA Retirement & Investment Services but was acquired by Prudential Financial effective 4/1/04)
2003 Reitirement and Investment Services Defined Contribution Statement (Won as CIGNA Retirement & Investment Services but was acquired by
Prudential Financial effective 4/1/04)
Retirement and Investment Services Defined Benefit Statement (Won as CIGNA Retirement & Investment Services but was acquired by Prudential
Financial effective 4/1/04)
2001 Prudential.com
2000 Check Statements
Whole Life Value Statement
1999 Billing Statements
Service Award
2003 Annuity Service Award
2002 Annuity Service Award
2001 Annuity Service Award
1999 Annuity Service Award
Key Honors
2002 Mutual Fund Key Honors Recipient
2000 Annuity Key Honors Recipient
40
Vanguard
Crystal Pyramid
2001 #1 in General Opinion of Financial Professionals
Distibutor Priced Mutual Fund Firms
FINANCIAL PROFESSIONAL PROGRAM
41
MassMutual
Crystal Pyramid
2003 Excellent in Financial Professionals' Opinion of Mid-Size Variable Annuity Firms
Communications Seal
2004 Defined Contribution Plan Participant Statement
Defined Benefit Plan Participant Statement
Taft-Hartley Plan Participant Statemet
2003 Defined Contribution Statement
Defined Benefit Statement
Taft Hartley Statement
Total Retirement Statement
Panorama Premier Variable Annuities Quarterly Statement
Panorama Passage Variable Annuity Quarterly Statement
Transitions Variable Annuities Statement
Evolution Variable Annuity Statement
2002 MassMutual Retirement Services Journey DC Participant Web site.
Panorama Passage Quarterly Statement
Panorama Premier Quarterly Statement
MassMutual Annuities Transitions Quarterly Statement
MassMutual Annuities Transitions Transaction Confirmation
2001 Panorama Passage Quarterly Statement
Panorama Premier Quarterly Statement
2000 Total Retirement Statement
Defined Benefit & Cash Balance Statement
1999 Panorama Premier Quarterly Statement
Panorama Passage Quarterly Statement
Statement Plus 401(K) Statement
42
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