Attachment_B_-_PlanHealthReport_06-30-2024_Seminole_County_BOCC.pdf

PLAN HEALTH REPORT

SEMINOLE COUNTY BRD OF CO COMMISSIONERS 457B

DEFERRED COMPENSATION PLAN

as of 06/30/2024

WELCOME

We value your partnership and the opportunity to offer a competitive, effective retirement plan to your participants.

Through diligent work and thought leadership, we'll help you grow your plan and help your participants prepare for and live in retirement. This report includes balance information, participant demographics, contribution highlights and retirement readiness numbers. Together, we can use this information to help your participants achieve greater financial wellness.

Our goal is to help you objectively evaluate your Plan's performance and how it performs against other plans like yours. Since Nationwide Retirement Solutions is one of the largest retirement plan providers in the industry, we are uniquely positioned to compare your Plan to many others of similar asset size. By comparing the current year information to previous years, you can see how your Plan is performing, where your educational efforts are working and what areas offer opportunities for improvement. The "Peer Group" comparisons used in this report are based on cases with assets of: $50 million - $100 million.

Thank you for your valued business. We look forward to helping improve retirement readiness for your participants.

TABLE OF CONTENTS

Welcome | 2

Executive summary | 3

Participant demographics | 5

Contributions & investments | 7

Retirement readiness | 9

Assets & fund details | 10

Balance details | 13

Opportunities | 17

Retirement Specialists are registered representatives of Nationwide Investment Services Corporation, member FINRA. The information they provide is for educational purposes only and is not legal, tax or investment advice.

Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company.

Nationwide Retirement Solutions, Inc. and Nationwide Life Insurance Company (collectively "Nationwide") have endorsement relationships with the National Association of Counties, the International Association of Fire Fighters-Financial Corporation and the National Association of Police Organizations. More information about the endorsement relationships may be found online at www.nrsforu.com.

NRM-17453AO

EXECUTIVE SUMMARY

Quick plan facts (as of 06/30/2024)

Metric Current value %Change from last quarter %Change from last year

Participant Core Assets $82,818,595 --- 8.00%

Total Participant Count 1,289 0.70% 1.74%

Total New Enrollments YTD Count 40 50.00% 42.86%

Total Deferrals YTD $2,151,502 109.00% -4.00%

Total Rollovers-In YTD $336,140 31.00% -87.00%

ProAccount Participant Count 463 1.09% 4.28%

ProAccount Assets $22,508,638 1.00% 18.00%

EXECUTIVE SUMMARY

457 Plan Summary

How many participants are prepared for retirement

TOTAL PARTICIPANT ACCOUNT BALANCE

(as of 06/30/2024)

$85,541,708 2019 2023

How many are participating?

ENROLLED PARTICIPANTS

(as of 06/30/2024)

1,289

Under 30 30-39 40-49 50-59 60+

NEW ENROLLMENTS

(Calendar year to date)

Actively Deferring

Inactive

Payout

WHAT YOUR PARTICIPANTS ARE

CONTRIBUTING

(as of 06/30/2024)

AVERAGE ACCOUNT BALANCE

$65,353 2019 2023

AVERAGE CONTRIBUTION

$285 2019 2023

How are they saving & investing?

Online engagement (as of 06/30/2024)

TOTAL ENROLLED

PARTICIPANTS

1,289

ENROLLED PARTICIPANTS WITH AN

ONLINE ACCOUNT

Retirement readiness (as of 06/30/2024)

PARTICIPANTS WITH A

RETIREMENT GOAL

PARTICIPANTS 'ON TRACK' FOR

RETIREMENT

56%

PARTICIPANT DEMOGRAPHICS

How participants are engaged in the plan

Total number of enrolled participants in this plan.

Participants who open and close their account within the calendar year, will not be counted in year-to-date enrollment numbers.

The number of online enrollments out of new enrollments.

Total number of participants enrolled by quarter or by year.

ENROLLED PARTICIPANTS

(as of 06/30/2024)

1,289

NEW ENROLLMENTS

(Calendar year to date)

ONLINE ENROLLMENTS

(Calendar year to date)

32 out of 40

1 2 3

ENROLLMENT TRENDS (BY QUARTER)

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

ENROLLMENT TRENDS (BY YEAR)

PARTICIPANT DEMOGRAPHICS

How participants are engaged in the plan

Actively deferring - Participants with a balance, a contribution in the past 30 days and a status of employed.

Inactive - Participants with a balance, no contribution in the past 30 days and no status of payout.

Payout - Participants with a balance and a status of payout.

Under 30 30-39 40-49 50-59 60+

Enrolled participant data (as of 06/30/2024)

Male

Female

Unknown

Actively Deferring

Male

Female

Unknown

Inactive

Male

Female

Unknown

Payout

Under 30

30 - 39

40 - 49

50 - 59

60+

Actively Deferring

Male Female Unknown

99 11 11

170 30 7

121 37 2

111 45 1

55 32 1

Inactive

Male Female Unknown

15 0 1

38 16 0

47 37 0

78 41 0

128 90 1

Payout

Male Female Unknown

0 0 0

0 0 0

0 0 0

4 1 0

23 34 2

CONTRIBUTIONS & INVESTMENTS

What your participants are contributing

AVERAGE ACCOUNT

BALANCE

(as of 06/30/2024)

$65,353 2019 2023

$0 $121k

YOUR PLAN

$65,353

PEER AVERAGE

$93,010

AVERAGE ACCOUNT BALANCE BY YEAR

$5 5, $6 1, $6 6, $5 7, $6 3, AVERAGE CONTRIBUTION

PER PAY

(as of 06/30/2024)

$285 2019 2023

$0 $2k

YOUR PLAN

$285

PEER AVERAGE

$403

AVERAGE CONTRIBUTION BY YEAR

$2

$2

$2

$2

$3

Balances & contributions by age & gender (as of 06/30/2024)

Under 30

30 - 39

40 - 49

50 - 59

60+

Average account balance

Male Female Unknown

$8,893 $5,892 $2,802

$30,421 $6,798 $9,233

$59,049 $26,109 $909

$90,215 $50,929 $50

$136,611 $91,280 $86,147

Average annualized contributions

Male Female Unknown

$2,913 $2,106 $2,492

$3,712 $2,039 $3,231

$6,628 $4,095 $2,340

$12,067 $5,421 $1,300

$17,064 $18,361 $2,080

A peer group consists of NRS plans with similar assets. This peer group comparison includes cases with $50 million - $100 million.1

CONTRIBUTION & INVESTMENTS

What your participants are contributing

2024 IRS limits

How your participants are invested

ProAccount (as of 06/30/2024)

Schwab Personal Choice Retirement Account (as of 06/30/2024)

Number of accounts Balance

11 $1,279,858

Percentage of participants by number of investment classes.

Average number of asset classes - Average number of asset classes in which participants are invested.

Peer group - Average number of asset classes in which this peer group (cases with $50 million - $100 million) is invested.

Recommended number of asset classes - The number of asset classes in which a participant should be invested for ideal diversification.

4% PARTICIPANTS WITH INCREASED CONTRIBUTIONS

(Calendar year to date)

4% PARTICIPANTS WITH AUTOMATIC CONTRIBUTION

INCREASE

(Calendar year to date)

Regular Limit $23,000 50+ Catch Up $7,500 3-Year Catch Up $23,000

ASSET ALLOCATION

(as of 06/30/2024)

NUMBER OF ASSET CLASSES

■ 1 19.7%

■ 2 3.6%

■ 3 2.4%

■ 4 2.4%

■ 5+ 71.8%

ASSET DIVERSIFICATION

(as of 06/30/2024)

AVG. # ASSET CLASSES

5.0

PEER GROUP

4.6

RECOMMENDED

TOTAL PROACCOUNT BALANCE

$22,508,638

PARTICIPANTS WITH PROACCOUNT

out of 1,289 total enrolled participants

AVG ACCOUNT BALANCE WITH

PROACCOUNT

$48,615

RETIREMENT READINESS

How many participants are prepared for retirement

NRM-17390AO

Participants with a retirement goal from My Interactive Retirement Planner®.

Participants with a retirement goal from My Interactive Retirement Planner® and a retirement readiness score of "on track" (.915 or higher).

Online engagement (as of 06/30/2024)

TOTAL ENROLLED

PARTICIPANTS

1,289

ENROLLED PARTICIPANTS WITH AN

ONLINE ACCOUNT

Retirement readiness (as of 06/30/2024)

PARTICIPANTS WITH A

RETIREMENT GOAL

PARTICIPANTS 'ON TRACK' FOR

RETIREMENT 2

56%

Participants who actively review their online account and use their retirement outlook tools are 4 times more likely to take action and save more for retirement.

Peer comparison

Your plan Peer group of similar-sized Nationwide plans

Retirement readiness peer comparison pe rc en ta ge

Q2

Q3

Q4

Q1

Q2

ASSET & FUND DETAILS

Asset class totals

Asset class 2022 2023 2024 YTD % of total

Mid cap $3,603,407.35 $4,576,959.13 $4,613,170.10 5.4%

Large cap $15,126,169.21 $20,966,344.29 $23,650,907.01 27.6%

Balanced $607,735.05 $785,227.75 $916,142.03 1.1%

Bonds $4,167,369.57 $5,547,682.41 $5,653,714.10 6.6%

SDO $850,051.37 $1,111,222.95 $1,279,858.03 1.5%

Specialty $1,537,825.34 $1,316,869.64 $1,198,679.47 1.4%

Loan $1,245,123.49 $1,326,257.27 $1,443,255.62 1.7%

Asset allocation $7,856,292.06 $9,359,170.46 $10,298,746.85 12.0%

International $6,314,054.62 $7,402,821.71 $7,985,476.12 9.3%

Small cap $2,184,121.46 $2,363,153.85 $2,307,347.49 2.7%

Fixed assets and cash $30,069,240.11 $27,034,508.58 $25,082,140.11 29.3%

Fixed Indexed Annuity $51,264.15 $820,997.56 $1,112,271.31 1.3%

Total $73,612,653.78 $82,611,215.60 $85,541,708.24 100%

Total contributions by asset class

Asset class 2022 2023 2024 YTD % of total

Mid cap $273,433.95 $805,520.91 $135,445.36 5.5%

Large cap $1,157,937.19 $1,925,336.69 $657,799.87 26.7%

Balanced $58,850.70 $57,690.10 $29,223.00 1.2%

Bonds $286,760.06 $488,655.68 $365,714.03 14.9%

Short term $1,854.68 $1,454.20 $599.56 0.0%

Specialty $112,062.71 $134,704.62 $54,844.98 2.2%

Asset allocation $713,885.03 $1,226,058.56 $398,159.64 16.2%

International $694,476.46 $882,084.05 $352,426.37 14.3%

Small cap $181,554.70 $201,582.58 $68,031.00 2.8%

Fixed assets and cash $1,360,348.68 $2,191,499.14 $390,988.83 15.9%

Fixed Indexed Annuity $900.00 $10,282.40 $6,546.25 0.3%

Total $4,842,064.16 $7,924,868.93 $2,459,778.89 100%

Asset allocation (as of 06/30/2024)

Asset allocation (as of 12/31/2023)

ASSET CLASS YOUR PLAN PEER GROUP DIFFERENCE

■ Mid cap 5.4% 4.2% 1.2%

■ Large cap 27.6% 20.9% 6.8%

■ Balanced 1.1% 1.9% -0.8%

■ Bonds 6.6% 3.8% 2.8%

■ Short term 0.0% 0.6% -0.6%

■ SDO 1.5% 0.2% 1.3%

■ Specialty 1.4% 0.8% 0.6%

■ Loan 1.7% 0.0% 1.6%

■ Asset allocation 12.0% 11.9% 0.2%

■ International 9.3% 4.9% 4.5%

■ Small cap 2.7% 2.7% 0.0%

■ Fixed assets and cash 29.3% 47.9% -18.6%

■ Fixed Indexed Annuity 1.3% 0.3% 1.0%

ASSET CLASS YOUR PLAN PEER GROUP DIFFERENCE

■ Mid cap 5.5% 4.1% 1.4%

■ Large cap 25.4% 19.6% 5.8%

■ Balanced 1.0% 1.5% -0.5%

■ Bonds 6.7% 4.7% 2.1%

■ Short term 0.0% 0.5% -0.5%

■ SDO 1.3% 0.2% 1.2%

■ Specialty 1.6% 0.6% 1.0%

■ Loan 1.6% 0.0% 1.6%

■ Asset allocation 11.3% 8.1% 3.3%

■ International 9.0% 5.4% 3.5%

■ Small cap 2.9% 2.8% 0.1%

■ Fixed assets and cash 32.7% 52.3% -19.6%

■ Fixed Indexed Annuity 1.0% 0.3% 0.7%

BALANCE DETAILS

Total account balance (as of 06/30/2024)

Money source Current value

Participant assets $85,541,708.24

Salary Reduction $65,600,845.01

Rollover (Pre-Tax) $14,780,066.76

Rollover 457 $2,437,682.82

Loan balance $1,443,255.62

SDO balance $1,279,858.03

Total plan assets $85,541,708.24

Loan Details (as of 06/01/2020)

Loan type Number of loans Principal value

Active loans

General purpose loan 115 $1,045,835.58

Defaulted loans*

General purpose loan 40 $397,420.04

Total 155 $1,443,255.62

* Default amounts are included in Beginning and Ending Balance

Contributions and transfers/rollovers-in (as of 06/30/2024)

Type Year to date

Contributions $2,151,502.15

Transfers/Rollovers-In $308,276.74

Total $2,459,778.89

Balance activity by quarter

-0.1%

FROM LAST QUARTER

Change in balance from last quarter

D ol la rs

74M

77M

80M

83M

Q2

Q3

Q4

Q1

Q2

Balance activity by year

12.1%

FROM LAST YEAR

Total balance

Change in balance from last year

D ol la rs

50M

64M

78M

92M

2019 2020 2021 2022 2023

$66,973,434.87

$73,790,080.25

$82,544,390.80

$71,517,478.92

$80,173,735.38

OPPORTUNITIES

Top opportunities to improve plan health

Additional opportunities How participants are engaged in the plan

Are your participants in the correct status based on their age?

Check in with participants who may not be in the correct status.

What your participants are contributing

Starting to save early is one of the best ways to prepare for retirement.

Contact your Nationwide representative to schedule a workshop with your participants under the age of 30 to help them understand the benefits of saving more now.

Are your female participants actively contributing?

Host a workshop for women eligible and enrolled in your plan. Nationwide's Women & Investing tools can help.

Incremental increases can go a long way.

Let your participants know how having an automatic annual contribution increase can help them reach their retirement goal.

Work with your Nationwide Retirement Specialist to help manage your loans.

Are those closer to retirement aware of catch-up contributions?

Let your participants know that catch-up contributions may help them reach their goal.

How your participants are invested

Are participants diversified enough?

Call your Nationwide retirement specialist and discuss your participants' asset diversification.

How many participants are prepared for retirement

How many participants are getting close to retirement?

Talk with your participants about which payout strategies may benefit them the most.

Encourage enrollment Are you happy with your participation rate?

Schedule an enrollment workshop today

Suggest online account usage Those who engage in their online account are 4x more likely to save more for retirement

Propose contribution increases Anything can help. Talk with your participants about the benefits of saving now for a better tomorrow

Discuss the benefits of Nationwide ProAccount How participants are invested can play a big role in their retirement health