Page 190 - DCAC Nov 2025 Files

Glossary of terms

Subject Description

Concentrated The concentrated investment extremes insights presented are based on all actively employed and separated from service plan participants that have a balance
investment greater than $0 and that have been classified as using the Do-it-yourself investment strategy. Concentrated investment extremes are defined as:
extremes
Equity risk: Participants that are age 50 or older and that have 75% or more of their total balance exposed to equities.
• These participants may be inadvertently over-exposing themselves to too much equity (or market) risk, causing them to be vulnerable in market downturns
or times of general volatility, a risk particularly harmful to those nearest retirement.
Inflation risk: Participants of any age, that have 10% or less of their total balance exposed to equities.
• These participants may be too removed from the market. While taking on too much risk, as illustrated with the equity extreme definition, can be detrimental
to participant outcomes, the inverse can also be true. Participants underexposed to equities (or the market more broadly) can suffer from lack of investment
returns which would otherwise bolster their performance and account balance growth.

Advisory services Advisory services includes all active and terminated participants with a balance. It compares the participants enrolled in the managed account service or online
advice service against the participants that are not enrolled as of the last day of the reporting period. Each participant is only included in one group.

Fund exposure by The calculation for an individual participant’s exposure to an investment option is: Participant’s balance in the investment option divided by the participant’s
investment overall account balance. Participants without a balance in a fund are excluded when calculating the average for each fund. Average fund exposures are
strategy provided for the population of participants within each investment strategy to provide insights into how participants of each investment strategy are utilizing
the investment lineup.

Asset allocations Illustrates the total of participant balances within the different investment options and their associated asset class. Plan level assets and outstanding loan
balances are not included. The % of total assets represents the total of participant assets within the fund divided by the total of all participant balances. The
participant counts include all actively employed and separated from service plan participants with a balance greater than $0 in the fund.

Net transfer Net transfer activity is the net of the transfer in and transfer out financial activity for funds within each asset class. Plan level assets and outstanding loan
activity by asset balances are not included.
class

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