Page 425 - DCAC February 2024 Files

b. Material changes in the manager's organization, investment philosophy and/or personnel;

c. Comparison of the manager's results to the appropriate benchmark; Deleted: outlined in Exhibit B

d. The risk associated with each manager’s portfolio, as measured by the variability of quarterly
returns (standard deviation), compared with the benchmark index;

e. The manager's performance relative to its peers. Deleted: (managers of like investment style or
strategy outlined in Exhibit B).
As the Committee becomes aware of major organizational changes, it may warrant immediate review of
the fund manager. These include, but are not necessarily limited to, the following events:
• Change in management structure
• Significant account losses
• Significant growth of new business
• Change in ownership
• Change in process/philosophy/style
• Change in cost

2. Monitoring and Selecting Target-Date Retirement Portfolios. Target-Date Retirement Portfolios, also
known as lifecycle or age-based funds, are designed to provide a simple investment solution through a
portfolio whose asset allocation mix becomes more conservative over time. Because of the nature of
how such portfolios are designed and allocated, they are not only subject to the selection and monitoring
criteria listed in other sections of this IPS, but also the additional criteria listed below.
a. Glidepath. Evaluation will include an understanding of the Target-Date Retirement Portfolio
glidepath, including when the glidepath will reach its most conservative asset allocation and
whether that will occur at or after applicable target dates. Deleted: the
b. Asset Allocation. Evaluation will include understanding the fund’s investments – the allocation in
different asset classes and sub-asset classes and how these will change over time.
c. Underlying Investments. Consideration will be given to the stability and continuity of the
underlying investments included in the Target-Date Retirement Portfolio.

IV. Fee Policies and Guidelines

A. Monitoring Costs
The Committee will review the service contracts and costs associated with the Plans on an ongoing basis to the Deleted: ¶
extent the Committee has been delegated authority to do so from the Plan sponsor. Areas to be reviewed
include:
• Fund Managers
• Investment Management Consultant
• Recordkeeper / Third Party Administrator
• Custodian Bank (if unbundled from Recordkeeper) Deleted: ¶
Deleted: and transparent. The Committee retains all
discretion and authority necessary to determine the way
B. Plan Fees Overview
Plan fees will be paid, including the extent to which the Plan
It is the Committee's intention to ensure that any fees paid from Plan assets are reasonable. Sponsor will subsidize the cost of the Plans by directly
paying Plan expenses and/or the extent to which Plan
expenses will be paid from the Plan participant accounts.
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