Administration and County Services Committee...Distributions (RMDs) 10% Early Withdrawal Penalty Tax...

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Administration Committee Minutes Page 1 of 3 May 4, 2017

Administration and County Services Committee

David Heeres Christian Marcus, Chairman Bryan Smith

Minutes

May 4, 2017 Members: Christian Marcus, Dave Heeres, Bryan Smith Members absent: None Others: Pete Garwood, Sheryl Guy, Sherry Comben, Theresa Kent, Melissa Zelenak,

Janet Koch

1. The meeting was called to order at 9:00 a.m. by Chair Christian Marcus.

2. Public Comment None.

3. Municipal Employees Retirement System of Michigan (MERS) 457 Program

Tom Jordan from MERS distributed information regarding the MERS 457 program (see attached pgs. 4-64). Mr. Jordan said there are no employer expenses to the 457 program offered by MERS. He said MERS is the sole fiduciary. There are both pre-tax and post-tax options; the preferred option depends on individual situations. He said MERS has administered their 457 program for approximately six (6) years.

Mr. Jordan said a 457 program is not a defined contribution pension plan. He added that a combination of a 401(a) and a 457 program would be approximately equivalent to the existing hybrid pension offered by the County. Pete Garwood, County Administrator and Sheryl Guy, County Clerk, said the County already had three 457 programs. Ms. Guy said the employee costs to the MERS 457 program would be lower than the other three (3). Mr. Jordan mentioned page 14 of the document titled “The MERS 457 Program,” which was a snapshot of costs between MERS and Mass Mutual; the numbers were based on the information provided by the Clerk and the Finance Director. Mr. Boettcher said the Board of Commissioners would have to decide if the amounts of pre-tax and post-tax County contribution would be different. To enroll in the MERS 457 program, Mr. Jordan said the Board of Commissioners will need to approve a resolution. Also, a participation agreement will need to be approved. The Board will need to decide whether or not to allow loans against an employee’s 457 contribution; loan repayments would be through a payroll deduction. It was anticipated that the resolution and agreement would be included in the agenda packets for the June Committee meeting.

4. Board of Commissioner Procedures It was noted that Commissioner Karen Bargy had, at the Board of Commissioners meeting of April 13, 2017, requested that “Communications” be changed to “Communications/Member Comment.” The Committee reviewed the current language for Sections 7 and 7.3. The Committee made no changes to the Board Procedures.

5. Per Diem Policy (see attached pgs. 65-66) The Committee made no changes to the Per Diem policy that they had recommended to the Board at their April 6 meeting.

Motion by Bryan Smith, seconded by Dave Heeres, to recommend the Board of Commissioners approve the revisions to the Per Diem policy as described in the Administration & County Services Committee minutes of April 6, 2017. Motion carried – unanimous.

6. North Country Community Mental Health Board Appointment The Committee reviewed the two applicants.

Motion by Bryan Smith, seconded by Dave Heeres, to recommend the Chairman of the Board of Commissioners appoint Caroline Loper to a three-year term beginning May 18, 2017, to the North Country Community Mental Health Board of Directors. Motion carried – unanimous.

7. County Discrimination & Harassment Policy (see attached pgs. 67-68) Mr. Garwood said the proposed change was a result of the previous Committee meeting.

Motion by Bryan Smith, supported by Dave Heeres, to recommend the Board of Commissioners approve the Discrimination and Harassment Policy as amended. Motion carried – unanimous.

8. Watershed Council: Data Transmission Agreement Mr. Garwood said the County’s current policy charges profit-based organizations; non-profit organizations are not charged. Mr. Marcus noted that townships are charged for similar data. Mr. Garwood said when Geographic Information Systems (GIS) came into widespread use, the state passed the Enhanced Access to Public Records Act (Act 462 of 1996), which allows the collection of reasonable fees from third parties for GIS output. Mr. Garwood and Sherry Comben, County Treasurer, explained that townships are charged by the number of parcels; they are also provided with additional services beyond the parcel data itself. The Committee’s consensus was to communicate to the Watershed Council that the County’s existing policy regarding the provision of data was under review. Mr. Marcus asked that a review of the policy be put on the agenda for the following meeting next month. Janet Koch, Associate Planner, was asked to make a short presentation to the Committee about the County’s GIS capabilities at their next meeting.

9. Position Reclassification (see attached pgs. 69-72) The Committee discussed the maintenance of the County website. It was noted that every department is responsible for updating their own webpages. If any website editor needs assistance, it is provided by either the IT Department or Ms. Koch. Mr. Garwood informed the committee of his support for the reclassification of the Associate Planner to Deputy Administrator given the change of the duties since Ms. Koch was hired for the position.

Motion Bryan Smith, seconded by Dave Heeres, to recommend the Board of Commissioners approve the reclassification of the Associate Planner job title to that of Deputy Administrator.

Motion carried – unanimous.

Page 2

10. Various Matters Register of Deeds Reimbursement Mr. Garwood noted that all of the commissioners had received a copy of a letter from Cohl, Stoker & Toskey, PC regarding the reimbursement of legal feels to the Register of Deeds (see attached pg. 73). Mr. Garwood said that two attorneys had provided the opinion that the County was not obligated to pay the fees; current civil counsel said payment was a Board decision. Mr. Garwood noted that there were five commissioners in the room and advised that there should not be any deliberations by any commissioners outside of the committee members. Mr. Marcus recommended if any former County employees had entered into an agreement with the County regarding tuition fees and was not repaying the fees per the agreement should be taken to small claims court for a garnishment of wages. Mr. Garwood said civil counsel had indicated that agreements of that type were not enforceable; he added that the employee was indicating that payments would be made. Mr. Smith recommended sending a certified letter regarding proposed further action.

Motion by Bryan Smith, seconded by Christian Marcus, to recommend the Board of Commissioners reimburse Patty Niepoth, Register of Deeds, for legal expenses in the amount of $2,190.00 incurred in 2012 when she consulted with an attorney over Board action related to the salary for the elected office of the Register of Deeds for the 2013-2016 term of office. Yes votes – Bryan Smith, Christian Marcus No votes – Dave Heeres Motion carried.

Meeting Calendar Ms. Koch presented a draft of a general commissioner meeting calendar as requested by Commissioner Zelenak during public comment at the previous committee meeting. The Committee asked to have the document emailed to all the commissioners.

11. Public Comment Mr. Garwood said printing agenda packets for board members is not consistent with the Board’s 2014 motion to move to electronic packets. Mr. Garwood suggested that the next time commissioner compensation is discussed, a stipend be added for printing costs, however, that wouldn’t take effect until January 2019. Theresa Kent said there were legal description issues with the property that was being purchased by the County. Mr. Smith said it was the seller’s responsibility to clear the title. Mr. Garwood and Mr. Smith said it was the responsibility of the attorney retained for the purpose to ensure that the County’s interests were protected. Mr. Garwood said that the bank, as seller, and our attorney are aware of issues regarding the property title, including the legal description, and are working on clearing them up. Mr. Garwood will make sure to contact the County’s attorney and tell him to contact the abstract department. The meeting was adjourned at 11:38 a.m.

Page 3

457 Program Features Overview457 Program Roth IRA

Maximum Contribution – 2015

Feature Roth Roth IRAPre-Tax

Do Contributions Reduce Taxable Income

Income Limits (2015 Modified Adjusted Gross Income)

Taxation of Withdrawals

Withdrawal Eligibility

Required Minimum Distributions (RMDs)

10% Early Withdrawal Penalty Tax

Eligible Rollovers

$18,000

Age 50 Catch-Up: $6,000 ($24,000 total)

Pre-Retirement Catch-Up: $18,000 ($36,000 total)

All contribution limits apply to the combination of pre-tax and Roth contributions to the plan.

None. Participation is not limited by your annual income.

Upon separation from service with the plan sponsor.

After age 70½ or separation from service, whichever is later.

457 Program contributions and associated earning are not subject to the early withdrawal penalty tax. However, if you roll assets into your 457 Program from another type of account, the rolled-in assets are subject to the 10% early withdrawal penalty tax if withdrawn prior to age 59½, unless an exception to the penalty applies.

Ability to roll pre-tax employer sponsored plans to your 457. Roth 457 assets can be rolled to and from other retirement plans that allow Roth deferrals, and provide the required recordkeeping for Roth assets.

Ability to roll pre-tax employer sponsored plans to your 457. Roth 457 assets can be rolled to and from other retirement plans that allow Roth deferrals, and provide the required recordkeeping for Roth assets.

Pre-tax and Roth 457 Programs can be rolled directly to a Roth IRA. Pre-tax 457 money will be taxed at ordinary income tax rates. You cannot roll a Roth IRA to a 457 Program.

457 Program contributions and associated earnings are not subject to the early withdrawal penalty tax, as long as requirements for a “qualified distribution” are met. However, if you roll assets into your 457 Program from another type of account, the rolled-in assets are subject to the 10% early withdrawal penalty tax if withdrawn prior to age 59 ½, unless an exception to the penalty applies.

After age 70½ or separation from service, whichever is later.

None

Yes, the penalty may apply to the earnings portion of the withdrawal unless certain criteria are met.

Upon separation from service with the plan sponsor.

Withdrawals can be taken at any time.

Withdrawals are subject to federal and, in most cases, state income taxes.

Withdrawals are tax-free if the requirements for a qualified distribution are met.

Distributions of Roth assets are qualified if a period of five years has passed since January 1st of the year of your first Roth contribution (including rollovers), and you are at least 59½ years old (or disabled or deceased).

Same as 457 Program Roth, except Roth IRAs also permit qualified distributions for a “first time” purchase.

None. Participation is not limited by your annual income.

Married: $193,000

Single: $131,000

Same as 457 Pre-Tax $5,500

Age 50 Catch-Up: $1,000 ($6,500 total)

Pre-Retirement Catch-Up: N/A

Yes No No

Contributions

Withdrawals

This publication contains a summary description of MERS benefits, policies or procedures. MERS has made every effort to ensure that the information provided is accurate and up to date as of 02/18/2015. If this publication conflicts with the relevant provisions of the Plan Document, the Plan Document Controls. MERS, as a governmental plan, is exempted by state and federal law from registration with the SEC. However, it employs registered investment advisors to manage the trust fund in compliance with Michigan Public Employee Retirement System Investment Act. Past performance is not a guarantee of future returns. Please make independent investment decisions carefully and seek the assistance of independent experts when appropriate.

FORM 3366C 20150218

Page 4

www.mersofmich.com | 1PB | MERS 457 Supplemental Retirement Program

An Overview of MERS Supplemental Retirement ProgramThe MERS 457 Program

Page 5

The MERS 457 Program is a supplemental retirement program sponsored by public sector employers for their employees — and a great way to help prepare for life after the workplace. This booklet offers a look behind the numbers of the

MERS 457 Program.

Table of ContentsWho is MERS? . . . . . . . . . . . . . . . . . . 3

MERS Retirement Board . . . . . . . . . . . . . 3

What is the MERS 457 Supplemental Retirement Program? . . . . . . . . . . . . . . 3

Flexible Enrollment Options . . . . . . . . . . . 4

Contributions . . . . . . . . . . . . . . . . . . 5

MERS Investments . . . . . . . . . . . . . . . 10

Naming a Beneficiary . . . . . . . . . . . . . 12

Other Life Changes . . . . . . . . . . . . . . 13

MERS Stable Income Annuity . . . . . . . . . 13

Using the Account . . . . . . . . . . . . . . . 14

Other Resources . . . . . . . . . . . . . . . . 15

Page 6

www.mersofmich.com | 3

Who is MERS?The Municipal Employees’ Retirement System (MERS) of Michigan is an independent professional retirement services company that was created to administer the retirement plans for Michigan municipalities on a not-for-profit basis.

Today MERS proudly counts over 115,000 participants all across the state, many of them your friends and family, neighbors and coworkers. MERS members are police officers, pipe fitters, lawyers, librarians and more, located everywhere from Marquette to Marshall, and plenty in between.

MERS Retirement BoardMERS is administered by a nine-member Retirement Board, made up of representatives from municipalities at the employer, employee, and retiree level, and the general public. It has the fiduciary responsibility for the investment of assets and oversees the System.

The Board appoints the Chief Executive Officer, who manages and administers MERS under the supervision and direction of the Board. The Board also oversees the MERS 457 Plan Document, which governs the Program.

What is the MERS 457 Supplemental Retirement Program? The MERS 457 Program is a deferred compensation program for public sector employees, helping them save for the future above and beyond other retirement plans from their employers. The program offers each employee a self-directed account in which a portion of their salary is deposited into an invested account they manage. The employee decides the level of contributions and how to invest the assets to meet their goals and personal risk tolerance. When an employee leaves employment, their benefits are based on the total amount of money in their account.

Page 7

www.mersofmich.com | 54 | MERS 457 Supplemental Retirement Program

Flexible Enrollment Options

Traditional Enrollment

Employees who want to participate in the program can do so by completing the MERS 457 Enrollment Kit.

Automatic Enrollment

Employers may choose automatic enrollment of their employees in MERS 457 Program. Employers must notify employees of the automatic enrollment, and any employee who does not want to participate may opt out.

Page 8


Pre-Tax Contributions

• The employee may select a percentage or flat dollar amount of their paycheck to be contributed to the program

• The contribution is deducted prior to calculating taxes thereby reducing the amount of taxes paido Contributions are subject to Social Security

and Medicare tax

• No taxes are due on investment earnings until the money is withdrawn.

Contributions The MERS 457 Program offers ultimate flexibility in contributions. Each employee can choose to participate in the program and decides the level of their contributions. With the MERS 457 Program, employees can increase, decrease, start and stop contributions at any time, without any fees or penalties.

NOTES

Employer Contributions

• Employer may contribute either a matching or non-matching contributiono Matching contributions offers an incentive

for employees to contribute more to their 457 accounts

• May contribute either a percentage or flat dollar amount

• Contributions are pre-tax; however, they are subject to Social Security and Medicare tax

Page 9


Roth Contributions

• Roth contributions give employees another tax-advantaged option

• If adopted by employer, the employee may select a percentage or flat dollar amount of their paycheck to be contributed to the program

• The contribution is made on an after-tax basis, so contributions will not reduce the employee’s income taxes for the year (unlike pre-tax contributions)

• Roth contributions and associated earnings can be withdrawn tax-free if the requirements for a qualified distribution are met (see page 14)

Which is better: Roth or Pre-Tax Contributions?

Like most questions involving investing, there’s no easy answer. Everyone should evaluate their personal situation and consult a tax advisor to determine the right strategy for them. MERS has a variety of investment and retirement calculators available on our website to help.

• Employees can contribute to both

• Can provide options at the time of distribution allowing participants to choose between pre-tax and Roth assets to best serve their retirement needs

NOTES

Page 10


MERS 457 Sample Paycheck No Program Deductions MERS 457 Pre-Tax Roth Contributions

Taxes factored as bi-weekly, single and one dependent wage earner.

Tax Benefit Comparison

“Catch-Up” ContributionsAs employees near retirement age, they may be allowed to make extra “catch-up” contributions to their account, to make up for previous years when they didn’t contribute to their 457 program. There are two types:

• Normal Catch-Up Contributions — Eligible participants who are within three years of retirement age can contribute an additional amount for any year (since 1979) that they didn’t contribute the maximum. The maximum catch-up contribution in 2017 is $36,000 — double the normal contribution limit of $18,000.

• “Age 50” Catch-Up Contributions — Eligible participants age 50 or older can also contribute an additional $6,000 in 2017 — but not in addition to normal catch-up contributions.

Taxes on Distributions

Distributions of Pre-Tax contributions:

• Subject to 20% federal tax withholding

• Subject to any applicable state taxes

Distributions of Roth Contributions:

• Withdrawals and associated earnings are tax-free if requirements for “qualified” distributions are met

For more information, please see Using the Account on page 14.

Gross Wages: $ 2,000.00 $ 2,000.00 $ 2,000.00 MERS 457 Plan - Pre-Tax Contributions 0.00 100.00 0.00 MERS 457 Plan - Roth Contributions 0.00 0.00 100.00Payroll Deductions: Federal Income Tax 282.93 257.93 282.93 Social Security Tax 124.00 124.00 124.00 Medicare Tax 29.00 29.00 29.00 MI State Income Tax 81.82 77.42 81.82Net Pay (Take-home pay): $ 1,482.25 $ 1,411.65 $ 1,382.25

Page 11

8 | MERS 457 Supplemental Retirement Program

Rollover Contributions

• MERS 457 Program makes it easy to consolidate retirement savings under one plan.

• For a list of eligible rollovers, see page 9.

Contribution Limits on All Pre-Tax, Roth and Employer Contributions• Maximum of 100% of gross compensation*• 2017 contribution limit for 457 Programs is $18,000• Money paid into a defined contribution or defined benefit plan has no impact on the employee’s annual

maximum contribution in MERS 457

* The IRS defines Compensation as all cash compensation for services to the employer, including salary, wages, fees, commission, bonuses, and overtime pay.

Page 12


Rollover To:Ro

llove

r Fro

m:

1 Rollovers from SIMPLE IRAs only allowed after 2 years of participation

2 Qualified Plans include 401(k), money purchase, profit-sharing, and defined benefit plans

3 Must include in taxable income and be an in-plan rollover4 Must be included in taxable income5 Must be a direct trustee-to-trustee transfer6 Must have separate accounts

Roth

Trad

i-tio

nal

MERS 457M

ERS

457

Other Governmental

457(b)

Othe

r Go

vern

men

tal

457(

b)

Other Employer Provided Plans

Individual Retirement Accounts (IRA)

MERS DefinedContribution

401(a)M

ERS

Defin

edCo

ntrib

utio

n 40

1(a)

Pre-tax

Pre-tax

Pre-tax

Pre-taxRoth

Roth

Roth

Roth

Qualified Pre-tax Plans2

Designated Roth

AccountsTradi-tional Roth Simple SEP

Othe

r Em

ploy

er

Prov

ided

Pla

ns Qual

ified

Pr

e-ta

x Pl

ans2

Desi

gnat

ed

Roth

Ac

coun

ts

Indi

vidu

al R

etire

men

t Ac

coun

ts (I

RA)

Sim

ple

SEP

Yes Yes3 Yes Yes3 Yes Yes Yes3 Yes Yes4 No Yes

No Yes5 No Yes5 No No Yes5 No Yes No No

Yes Yes3 Yes Yes3 Yes Yes Yes3 Yes Yes4 No Yes


Yes6 Yes3 Yes6 Yes3 Yes Yes Yes3 Yes Yes4 No Yes

Yes6 Yes3 Yes6 Yes3 Yes Yes Yes3 Yes Yes4 No Yes


Yes6 No Yes6 No Yes Yes No Yes Yes4 No Yes

No No No No No No No No Yes No No

Yes No Yes No Yes Yes No Yes Yes Yes Yes

Yes No Yes No Yes Yes No Yes Yes4 No Yes

Page 13


MERS InvestmentsThe MERS 457 Supplemental Retirement Program is an invested account, meaning you take an active role in determining your financial goals, making investment choices and monitoring your portfolio. The decisions you make today will affect the results you see tomorrow.

The MERS Investment Menu is simplified into three categories to help you find the investment mix that best meet your investment style.

1“Do it for me”The Retirement Strategies are a simplified way to invest. These options are fully diversified, professionally managed, and automatically adjust over time as you get closer to retirement.

2“Help me do it”These Premium Select Options were actively chosen for you by MERS. Here you have access to pre-built portfolios that MERS helps you manage by monitoring the investment managers and rebalancing the portfolio quarterly. It also gives you access to selected funds to help you build your own portfolio.

3“I’ll do it myself”The Self-Directed Brokerage Account (SDBA) gives you access to funds outside of MERS investment menu. The available investments under this window have not been reviewed by MERS. You are solely responsible for determining the appropriateness of the investment options.

Page 14


Investment Oversight — and Insight

While we’ve made investing easier with the MERS Investment Menu, there are other ways we help you, too.

The MERS Retirement Board and Office of Investments provide oversight of the investment lineup, actively choosing and monitoring the fund menu, investment managers and index funds available to you. We review our investment menu on a regular basis and changes are made if appropriate. If a fund is removed, you will be given at least 30 days notice before the change.

You’ll also find some insight in the Understanding the MERS Investment Menu publication, which offers a closer look at each of the investment sleeves, instructions on changing your investment selections, glossary, and more.

In addition to the account statements we send you quarterly, another important publication we offer is the MERS Investment Menu Summary, which details the performance and fees of each of our funds. The summary is updated on a quarterly basis, making sure you have the most up-to-date investment information. You can download a copy of the publications on our website or myMERS, or call us to have them sent to you.

Making Investment Changes

With myMERS (www.mersofmich.com), you have access to your MERS 457 Program account anytime. By creating a free myMERS account, you can make investment changes to your MERS 457 Program, track fund performance, download forms, and much more.

You can also download the Investment Election Form (MD-402) from myMERS, or call us to help you.

Jack Sparrow

Period: April 1, 2011 – June 30, 2011

Future Contri-bution

Invested % Fund name

Beginning Balance

01/21/2011

Contributions Transfers Net Investment

Results

Withdrawals and

Emergency

Other Ending Balance

03/31/2011

10% 100.00% MERS Total Market1,000,000.00 2,222,222.00 1,000,000.00 333,333.00 4,444,444.00 100,000.00 5,555,555.00

10% 100.00% MERS Established Market 1,000,000.00 2,222,222.00 1,000,000.00 333,333.00 4,444,444.00 100,000.00 5,555,555.00

10% 100.00% MERS Diversified Market1,000,000.00 2,222,222.00 1,000,000.00 333,333.00 4,444,444.00 100,000.00 5,555,555.00

10% 100.00% MERS Shrt-Trm Managed Inc 1,000,000.00 2,222,222.00 1,000,000.00 333,333.00 4,444,444.00 100,000.00 5,555,555.00

10% 100.00% MERS 500 Index1,000,000.00 2,222,222.00 1,000,000.00 333,333.00 4,444,444.00 100,000.00 5,555,555.00

100% 100% Invested Total1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 100,000.00 1,000,000.00

Loans

50,000.000.00 -1,000.00 100.00

0.00 0.00 49,100.00

Grand Total1,050,000.00 1,000,000.00 999,000.00 1,000,100.00 1,000,000.00 100,00.00 1,000,000.00

Future Contribution: This is your current allocation, showing the percentage of contribution to be invested in each fund.

Invested %: This is the percentage amount of your assets that are held in each fund. This may differ from your Future Contributions if you have changed your allocations

at any point but still have money remaining in funds that you no longer contribute to.

Transfers: Transfers occur when you move assets from one fund to another.

Other: Other includes forfeitures (which occur when you leave employment before reaching vesting) and other participant fees (such as a loan processing fee, etc.).

myDreams. myFuture. myMERS.Access Your Retirement Account, Online AnytimeThe road to retirement is paved with preparation, and MERS gives you all the tools you need to reach your goals. You can view or change your investment selections, download publications and forms, and much more online at mymers.mersofmich.com.Here’s how to get started:1. Visit mymers.mersofmich.com2. Click “Register”3. Complete the online form, and click the link

emailed to you to activate your account4. Log in and start using

If you have questions, please contact our Service Center at 800.767.2308 for help with your account.

Portfolio Totals by Investment Fund

Page 2 of 4

Quarterly Retirement Statement – 457 Program

1

2

3

Fund Performance for All Available Funds

Fees: The Total Annual Operating Expense consists of MERS operating costs, custody and recordkeeping costs, and investment management expenses. *The Total Annual Operating Expense includes a Fund Company Rebate, which is a reimbursement from the fund company for services provided by MERS recordkeeper.

Page 3 of 4

Fund Name

Average Annual Total Return

1 yr. 3 yr. 5 yr.Qtr-to-date

Proportion of Stocks

10 yr.

Total Annual Operating Expense

As % Per $1,000Stocks0% 100%

MERS 2005 Retirement Strategy MERS 2010 Retirement Strategy MERS 2015 Retirement Strategy MERS 2020 Retirement Strategy MERS 2025 Retirement Strategy MERS 2030 Retirement Strategy MERS 2035 Retirement Strategy MERS 2040 Retirement Strategy MERS 2045 Retirement Strategy MERS 2050 Retirement Strategy MERS 2055 Retirement Strategy

MERS Capital Appreciation MERS Established Market MERS Total Market MERS Balanced Income MERS Capital Preservation

Stable Value and Bond Funds MERS Short-Term Managed Income MERS Diversified Bond Dreyfus Bond Market Index (DBIRX) PIMCO Total Return (PTTRX) PIMCO High Yield (PHIYX)

Stock Funds MERS 500 Index MERS Large Cap MERS Mid Cap MERS Small Cap MERS Emerging Market MERS Global Equity American Beacon Large Cap Value (AADEX) Principal MidCap (PCBIX) Invesco Small Cap Equity (SMEIX) Schwab International Index (SWISX) American Funds EuroPacific Growth (RERGX) Cohen & Steers Realty Shares (CSRSX)

Retirement Strategies: Based on projected retirement date and gradually change from a more aggressive allocation to a more conservative allocation

Diversified Portfolios: Professionally managed by MERS, each with a target allocation mix that is rebalanced quarterly

Expanded Funds: A variety of funds that can provide additional diversification to an investment portfolio

Quarterly Employer Statement – 457 Program

Jack SparrowPeriod: April 1, 2011 –

June 30, 2011

Source This Period

Total Balance

Employer Contribution

$350.00 $1,000,000.00

Employee Pre-Tax Contribut

ion $1,000.00 $

1,000,000.00

Employee Roth Contribution

$262.00 $100,000.00

Rollover Pre-Tax

$1,000,000.00 $1,000,00

0.00

Rollover Roth $1,000,000.00

$1,000,000.00

Total Contributions

$3,000,874.00 $4,100,000.00

Jack Sparrow

The Sample Charter Townshi

p of

Blackpearlsville

Employer ID: 2308-01

Division: 103456

Loan Number Current Balan

ce Repayment Am

ount Repayment Fr

equency

1234

$1,616.00

$100.00

weekly

5678 $344,033.77

$1,000.00

monthly

9100

$22,000.00

$1,000.00 bi-weekly

8765

$77.55

$500.00

monthly

4321

$922.00

$1000.00

monthly

Beginning Balance

$1,000,000.00

Contributions $1,000

,000.00

Net Investment Results

$100,000.00

Withdrawals

$0.00

Emergency Withdrawal

$0.00

Other

$0.00

Ending Balance

$1,100,000.00

$34,400$68,800

$103,200$137,600$172,000$206,400$240,800$275,200

1/25/111/28/11

1/30/112/2/11

2/6/112/10/11

2/14/112/18/11

3/8/113/12/11

3/25/113/31/11

$344,000

$309,600

Form 3360 20120322

Contribution Details

Participant Information

Account Balance

Growth of Your Account Ove

r Time

This chart shows the value of y

our account over time. This va

lue includes contributions, wit

hdrawals, investment gain/los

s but does not include charge

s

that may or may not be applie

d upon transfer or disbursem

ent of funds.

For additional information reg

arding fees, taxes, or other ch

arges, and the most current p

erformance, visit mymers.mers

ofmich.com.

Past performance does not gu

arantee future results. Perform

ance quoted is past performan

ce and is not indicative of futur

e results. Current performance

may be lower or higher than th

e performance shown. Returns

include reinvestment of dividen

ds and capital gains. The inves

tment return and principal valu

e

will fluctuate so that an investo

r’s shares, when redeemed, m

ay be worth more or less than

their original cost.

Loan Details

Page 1 of 4

Quarterly Retirement Stateme

nt – 457 Program

mymers.mersofmich.com

1134 Municipal Way | Lans

ing, MI 48917 | 800.767.23

08 | Fax 517.703.9706

Understanding the MERS Investment Menu

For participants in the MERS Defined Contribution Plan,

MERS Hybrid Plan, MERS Health Care Savings Program or

MERS 457 Supplemental Retirement Program

Fund Name

Average Annual Total Return

1 yr. 3 yr. 5 yr.Quarter-to-date

Proportion of Stocks

10 yr.

Investment Menu Summary1134 Municipal Way Lansing, MI 48917 | 800.767.MERS (6377) | www.mersofmich.com

Performance & Fees – Defined Contribution Plan, Hybrid Plan (Part II), Health Care Savings Program, and 457 Program

Total Annual Operating Expense

As a % Per $1,000

MERS 2005 Retirement Strategy 2.88% 9.57% 5.63% -- -- 0.48% $4.80 MERS 2010 Retirement Strategy 3.38% 11.96% 6.74% -- -- 0.49% $4.90 MERS 2015 Retirement Strategy 3.55% 13.92% 7.65% -- -- 0.49% $4.90 MERS 2020 Retirement Strategy 3.72% 15.32% 8.31% -- -- 0.49% $4.90 MERS 2025 Retirement Strategy 3.97% 16.91% 9.04% -- -- 0.49% $4.90 MERS 2030 Retirement Strategy 4.06% 18.31% 9.63% -- -- 0.49% $4.90 MERS 2035 Retirement Strategy 4.31% 19.81% 10.22% -- -- 0.49% $4.90 MERS 2040 Retirement Strategy 4.42% 20.88% 10.64% -- -- 0.49% $4.90 MERS 2045 Retirement Strategy 4.46% 20.91% 10.65% -- -- 0.49% $4.90 MERS 2050 Retirement Strategy 4.48% 20.90% 10.66% -- -- 0.49% $4.90

MERS 2055 Retirement Strategy 4.48% 20.90% 10.63% -- -- 0.49% $4.90

MERS Capital Appreciation Fund 3.56% 20.25% 10.00% -- -- 0.72% $7.20 MERS Established Market Fund 3.27% 16.53% 8.54% 11.98% 7.32% 0.70% $7.00 MERS Total Market 3.01% 14.49% 8.66% 11.54% 6.63% 0.61% $6.10 Note: 2.00% charge from amounts withdrawn/transferred within 90 days of each contribution

MERS Balanced Income Fund 2.96% 12.73% 7.59% -- -- 0.68% $6.80 MERS Capital Preservation Fund 2.64% 9.37% 6.45% -- -- 0.64% $6.40

Stable Value and Bond Funds

MERS Stable Value (not available to HCSP or 457) 0.60% 1.89% 2.29% -- -- 0.50% $5.00 Note: Amounts withdrawn may not be transferred to the MERS Short-Term Managed Income Fund for 90 days

MERS Short-Term Managed Income 0.15% 0.59% 0.71% 0.85% 4.46% 0.53% $5.30 MERS Diversified Bond Fund 2.65% 5.46% 4.65% 6.27% 5.82% 0.65% $6.50 Dreyfus Bond Market Index* 2.04% 3.86% 3.09% -- -- 0.47% $4.70 PIMCO Total Return Fund 2.40% 4.49% 3.93% -- -- 0.81% $8.10 PIMCO High Yield Fund 1.87% 9.52% 7.68% -- -- 0.90% $9.00

Stock Funds

MERS 500 Index Fund 5.15% 24.25% 16.39% 18.53% 7.92% 0.40% $4.00 MERS Large Cap Fund 4.60% 27.63% 14.63% 18.33% 7.32% 0.57% $5.70 MERS Mid Cap Fund 5.58% 27.38% 15.56% 20.69% 11.26% 0.66% $6.60 MERS Small Cap Fund 1.72% 22.05% 13.62% 19.48% 7.63% 0.60% $6.00 MERS Emerging Market Fund 8.48% 13.27% -- -- -- 1.04% $10.40 MERS Global Equity Fund 3.51% 21.88% -- -- -- 0.76% $7.60 American Beacon Large Cap Value Fund* 4.65% 23.61% 17.02% -- -- 0.91% $9.10 Principal MidCap Blend Fund* 4.94% 23.81% 16.91% -- -- 0.93% $9.30 Invesco Small Cap Equity Fund* 0.31% 19.25% 11.66% -- -- 0.90% $9.00 Schwab International Index* 4.14% 22.74% 7.41% -- -- 0.56% $5.60 American Funds EuroPacific Growth Fund* 2.98% 21.86% 6.77% -- -- 0.85% $8.50 Cohen & Steers Realty Shares* 6.29% 13.09% 9.12% -- -- 0.94% $9.40

Retirement Strategies: Based on projected retirement date and gradually change from a more aggressive allocation to a more conservative allocation

Diversified Portfolios: Professionally managed by MERS, each with a target allocation mix that is rebalanced quarterly

Expanded Funds: A variety of funds that can provide additional diversification to an investment portfolio

Online users can click on any fund name below for more detailed information.

2Q6/30/14

Page 1 of 2

1

3

2

Stocks0% 100%

Page 15

12 | MERS 457 Supplemental Retirement Program

Naming a BeneficiaryWhen the unexpected happens, the MERS 457 Program can offer employees and their families peace of mind. One of the most important things employees can do to protect their savings is to name a beneficiary and contingent beneficiary:

• MERS 457 allows participants to name one or a combination of the following as beneficiaries or contingent beneficiaries: o Spouse o Child(ren) o Non-spouseo Trust o Charity

• Beneficiaries are eligible to receive distributions from the deceased employee’s MERS 457 and may generally choose any of the payment options available to employees o Beneficiaries retain the same investment

privileges as the employee and may elect to invest in any of the various funds offered

o MERS will create a separate account for each beneficiary and the account balance of the deceased employee will be transferred to those accounts accordingly

• If the deceased employee does not have a designated beneficiary, distribution will be directed to the employee’s estate

Primary and Contingent Beneficiaries

• If the participant names multiple primary or contingent beneficiaries, they must indicate the percentage of payout (must total 100%)

• Contingent beneficiaries receive the benefits of the account if there are no living primary beneficiaries o The participant may name multiple contingent

beneficiaries indicating the percentage of payout (must total 100%)

NOTES

Page 16


Other Life Changes

Disability

• Disability is defined as a permanent physical or mental impairment that renders an employee incapable of performing regular work duties

• If a participant becomes disabled, they can access their account

o Pre-tax funds will be subject to a 20% federal income tax and any applicable state taxes

o Roth funds and associated earnings are tax-free

Divorce

• In the State of Michigan, all assets are considered marital property and a former spouse may be entitled to a portion of the account balance. Employees should contact MERS before beginning any settlement discussions

• Once a divorce is complete, MERS requires a copy of the entire Judgment of Divorce

• If the former spouse is awarded a portion of the 457 account, they may elect to invest in any of the various funds offered or they can receive their portion in a distribution

Did you know? Employees may use their MERS 457 account to purchase additional service credit toward their MERS Defined Benefit Plan.

MERS Stable Income Annuity The MERS Stable Income Annuity allows individuals to convert an account, like a 457, into a guaranteed income stream for life, or a period of their choice:

• Flexibility of a lump sum payment depending upon which annuity option is chosen:

o Life Income*o Life Income with Installment Refundo Life Income with Certain Period*o Joint and Survivor Life Income

* Inflation protection available, with an annually increasing payment of 1%, 2%, 3%, 4% or 5%. MERS Stable Income Annuity may offer some favorable tax advantages. For more information or to receive a free individual estimate, contact MERS at 800.767.MERS (6377).

o Joint and Survivor Life Income with Installment Refundo Joint and Survivor Life Income with Certain Periodo Joint and Contingent Survivor Life Incomeo Certain Period*

Page 17


Bridging the Gap Having a MERS 457 can help participants close the income gap, if they decide to leave employment before they reach retirement age. For example, if an employee decides to retire at age 55, but is not eligible to collect benefits until age 60, they can use their MERS 457 account as income for five years.

Before Terminating Employment

• Loans (if allowed by employer)

• Hardship withdrawals

Using the Account The MERS 457 Program is designed to help employees reach their savings goals by offering a voluntary, self-directed account. There are many withdrawal options available:

Payment choices must meet IRS requirements for required minimum distributions, which determine the set amount that must be withdrawn from accounts annually, starting at age 70½.

You may receive information from Alerus Financial, which has partnered with MERS to provide trading and custodial services for several of our plans, as well as banking services for plan deposits and withdrawals.

After Terminating Employment

• Participants have the flexibility to choose when to receive payments any time after terminationo The IRS requires participants to begin

receiving payments no later than April 1 the calendar year in which they turn 70½

• For Pre-Tax Contributions or Rollovers, withdrawals are subject to a 20% federal income tax withholding and any applicable state taxes

• For Roth Contributions or Rollovers, withdrawals AND associated earnings are tax-free, as long as the requirements for a “qualified distribution are met:”

o A period of 5 years has passed since January 1 of the year you first made a Roth contribution, and you are at least 59½

o If the requirements for a qualified distribution are not met, then Roth withdrawals are tax-free, but the earnings portion of the distribution will be taxed

Types of Distributions

• Lump Sum amounts, either all or a portion of the account balance

• Periodic Payments can be made monthly, quarterly, semi-annually, or annually

• Amount Certain Payments are usually an equal amount of the participant’s choosing until the account is exhausted

• Periodic Certain Payments are usually an equal amount estimated to exhaust over a specific time period of choice

Page 18


Other Resources MERS wants our members to be prepared for retirement, not just ready to retire. Here are some additional resources we offer:

Seminars and Workshops

• Group presentations and one-on-one consultations at municipalities

• Visit www.mersofmich.com for up-to-date information

Service Center

• Staff is available weekdays by phone at 800.767.MERS (6377).

Social Media

Want to make the most out of your plan and receive tips to help you with your financial future? MERS delivers relevant news articles, helpful resources, tips and videos. Follow us today.

Online Account Access

All members can access personal retirement information by creating a free account at www.mersofmich.com. The myMERS site offers:

• View the full menu of investment choices

• Track current fund performance

• Change investment selections or contact information

• Download current forms

• Access other useful retirement planning information and calculators

• Find seminar information

Statements

• Every quarter, participants receive a statement detailing all their account information and the performance of fund choices.

Page 19

https://www.facebook.com/MERSofMichigan/https://twitter.com/mersofmichiganhttps://www.linkedin.com/company/municipal-employees%27-retirement-system-of-michiganhttps://www.youtube.com/channel/UCnyUp57EJdcQNfbrD9lm77w

This publication contains a summary description of MERS benefits, policies or procedures. MERS has made every effort to ensure that the information provided is accurate and up to date as of 02/28/2017. If this publication conflicts with the relevant provisions of the Plan Document, the Plan Document Controls. MERS, as a governmental plan, is exempted by state and federal law from registration with the SEC. However, it employs registered investment advisors to manage the trust fund in compliance with Michigan Public Employee Retirement System Investment Act. Past performance is not a guarantee of future returns. Please make independent investment decisions carefully and seek the assistance of independent experts when appropriate.

PUB 3224 2017-02-28

Municipal Employees’ Retirement System of Michigan 1134 Municipal Way • Lansing, MI 48917

800.767.MERS (6377) www.mersofmich.com

Page 20

https://www.facebook.com/MERSofMichigan/https://twitter.com/mersofmichiganhttps://www.linkedin.com/company/municipal-employees%27-retirement-system-of-michiganhttps://www.youtube.com/channel/UCnyUp57EJdcQNfbrD9lm77w

Antrim County MERS 457 Supplemental Retirement Program

'Municipal Employees' Retirement System, 1134 MuniefpaliWay, Lansing, Ml 48917

800. 767 .MERS (6377)

Page 21

2

About MERS of Michigan • The Municipal Employees' Retirement

System (MERS) of Michigan is a professional retirement services company that is independent from the State of Michigan and operates on a not-for-profit basis

• We are a multiple-employer plan - assets are pooled for investment purposes, but separate accounts are maintained for each municipality

•

•

MERS is governed by an elected board that operates without compensation

The MERS Retirement Board is responsible for administration of the system with fiduciary responsibility for the invest of assets and oversight

Michigan municipalities participate in MERS programs

participants

in combined total assets

Page 22

3

Municipal Retirement Plan Experts

We provide one-stop access to shared professional retirement services:

- Plan Governance - Customer service

- Administration - Legal counsel

- Portfolio management - Plan compliance,

Investment options including tax qualification

- Participant education

Page 23

r

Page 24

5

A Hot Topic Facing Municipalities

• With recent high-profile class action suits alleging violation of fiduciary duty, employers need to manage fiduciary risks

• When fiduciary breaches occur there can be:

Personal liability

Fines and penalties

Legal action

Plan disqualification

Higher operating expenses

_...,. •• • • t I

Page 25

6

Fiduciary Oversight

• A fiduciary is anyone who has discretionary authority over:

- Plan assets

- The administration of the plan

- The management of the plan

• Fiduciaries are subject to standards of conduct and must act on behalf of participants

• Responsibilities:

- Adherence to Plan Document

- Investment oversight

- Ensure reasonable expenses

MERS provides

em~leyers with

peace of mind

because the

MERS Retirement.

Board takes on

the sole fiduciary

responsibility ot

their plan.

~MERS Munkipal &a,iltrm' letir1111e11 S~1em

Page 26

7

Degrees of Fiduciary Responsibility When it comes to the fiduciary responsibility for your retirement plan, not all plan providers assume the role of sole fiduciary.

', ) ~-=- ~ Plan Provider

In some instances, the plan provider takes fiduciary responsibility, establishes the plan document, determines the investment options available and monitors performance.

MERS provides employers with this level of confidence.

0 Co-Fiduciary Responsibility

Many plan providers act as co-fiduciaries. The provider offers investment information and makes recommendations. The employer is responsible for selecting and monitoring the performance of the funds.

The plan provider and employer share fiduciary responsibility for the plan.

-I. . -

Employer

Most plan providers act only as a record keeper and leave decisions regarding the plan document, investment options and performance monitoring to the employer.

1 The employer has unlimited choices under this scenario, 1

but risks being held liable for fiduciary violations.

Page 27

,

Page 28

9

Simplified Investment Options

•

•

•

•

Our streamlined investment menu is a sophisticated set of selections by our experienced investment professionals

MERS performs the necessary research, due diligence and monitoring to ensure high-quality options

MERS offers several fully diversified, professionally managed portfolios that provide access to funds not otherwise available with other providers

Our prebuilt portfolio funds use outside institutional investment managers that are selected and monitored by the MERS Office of Investments and Retirement Board

Investment Categories

"Do it for me" Fully diversified target date funds that automatically adjust over time

"Help me do it" Prebuilt portfolios that are monitored and rebalanced quarterly

"I'll do it myself" 1 Self-Directed Brokerage

Account to access funds outside of MERS

Page 29

10

MERS Investment Menu Resources

Using research and best practices, MERS developed our investment information to assist investors of every experience level:

.. , .......... """ ~~ r~,.,...•• 'tlr\l,,.... ._1,r' ..,._,.,._..,.,.,,..•If':: .....,. I ._ _ _ ... ......,_-....-__ __

~---... · ..... _ __._1,_ .....,. ..... ,_._--.., • ._., ...... ,,.... ............... .... _ .......... ~ ~-., ---........ ...._~ ---...... ...,.__.._ --.... .--.......... ---

-.... . --........ ..... ~-----,_ ....... ,..,.~ ..... ,..... _.,.._ ..... ... _ .... .,. ...... ....... "'-~--.·--· .. -............... --·---...-..

_ .. , ..... - UAI\* _ .... t'I ...

- :••rt•lllo _ ........... - ,_ *-Performance and Fee

Summary with Categories

UJdcotgwfU 19 dtr Ml/IS ~tmcnt llM:I

.. ......_... ...... 'T'--................. ..........._... ............. _.,._

Overview Booklet with Glossary of Terms

Detailed Fund Sheets

Page 30

11

Straightforward Costs Our members benefit from the economies of scale and low administrative costs that come with being part of a large pool of assets.

As of 12/31/2016 our average fund cost was just 0.58o/o.

Real Estate Stock Fee and Expense Information (as of 12131/2016) M:RS Operating Costs:

II

II

II

MERS clearly discloses the fees charged for custodial, recordkeeping, operating and investment management costs, following the Department of Labor guidelines.

MERS charges the same administrative fees and recordkeeping costs on each of our professionally managed portfolios.

MERS reimburses all revenue sharing received from outside mutual funds directly to participants.

0.20% CllltltD run lhl.,....., ~d the...,, wflldl lrddll llgll.m:IUlilg......, ~. ~ nj.IMICtal am. OJslody and Reca~ r.osts: 0.15% om. m..t.stD boal• · 1s1i'f, -*9 lrllda ICNy..and lddi'ljl amts haallldf ata blllk. lmesbnel\t Managemmt &pense: 0.00% Al alltl lllr:aJntlnllleCll'lllln•....-ntd lhlrml. Thlin.-..May•11 ~-- tmal111 ltlt lMlal ma. As&Sllll lmw.ltlt ~ ........ e..- 11~mddll.

Fllld ~ 'Rebaie ·0.38% Thlf'uld~MIDila~lnln lhlllnt~ b ..._piuttmd bJcutllD'IMlp&

r.-Annual Operating Expense: 0.9S% II lba 1ai.1-.. 0pm1111111 &pm.,-... .. rate or...-or1111 11n ... • ... 1a111Anaa11 Opailng &pnaal O.ll¥o mnm tt.1rorllNl'Y51.000 """"In ..... &am. 5'Ddl fmd. a~11..,...suo1a ,_ .,...

Page 31

MERS DC & 457 Program Costs

12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016

Page 32

14

Provider Comparison: Mass Mutual

2.20% ~.68%

2.11 o/o

8.08%

MERS (Appendix II)

0.48% 0.68o/o 0.65% 0.60% 0.58%

MERS

5.34o/o 9.50°/e

Weighted Average Calculations: Weighted average is calculated by multiplying expense or performance with the percentage of assets held in each fund. Additional notes:

1) Antrim County provided fund data for their 457 plans; 2) The current funds are mapped to the closest "like-style" available on the MERS investment menu, as shown in the corresponding appendix; 3) 1, 3, and 5-Year Performances are used since several funds do not have longer performance history for longer comparison periods; 4) The Weighted Average Expense of 1.57% for Mass Mutual would be 2.07% if the General Account assets were not included. 5) This weighted average illustration is not intended to show actual exoense or oerformance experienced by the plan during the period, but for hypothetical illustration

purposes only. The weighted average does not adjust for actual plan activity over the comparison period, such as contributions, distributions, and participant transfers between investment options.

*MERS fund data is as of 12/3112016. Antrim County provided data for its 457 providers as of 12/3112016.

Page 34

15

Provider Comparison: TD Ameritrade TD Ameritrade

(Appendix 111} MERS

(Appendix II)

0.48o/o 0J68% 0.65% 0.60% 0.58%

MERS

Weighted Average Calculations: Weighted average is calculated by multiplying expense or perfomiance with the percentage of assets held in each fund. Additional notes:

1} Antrim County provided fund data for their 457 plans; 2) The current funds are mapped to the closest "like-style" available on the MERS investment menu, as shown in the corresponding appendix; 3) 1, 3, and 5-Year Perfomiances are used since several funds do not have longer perfomiance history for longer comparison periods; 4) This weighted average illustration is not intended to show actual exoense or oerfonnanceexperienced by the plan during the period, but for hypothetical illustration


*MERS fund data is as of 12131/2016. Antrim County provided data for Its 457 providers as of 12/31/2016.

Page 35

Provider Comparison: Nationwide Nationwide

(Append1x IV)

1.35% 1.75o/o 1.75% 1.42% ~.62%

Nationwide

5.32%

MERS (Appendix I!)

l(i),48o/e 0.68% ~== 0.65o/o

e.60%

3.56°/o 5.89%

Weighted Average Calculations: Weighted average Is calculated by multiplying expense or perfonnance with the percentage of assets held in each fund. Additional notes:

1) Antrim County provided fund data for their 457 plans; 2) The current funds are mapped to the closest "like-style" available on the MERS investment menu, as shown in the corresponding appendix; 3) 1, 3, and 5· Year Perfonnances are used since several funds do not have longer performance history for longer comparison periods; 4) The Weighted Average Expense of O.SO% for Nationwide would be 1.65% if the Fixed Account assets were not included, 5) This weighted average Illustration is not intended to show actual exoense or oerformance experienced by the plan during the period, but for hypothetical illustration


16 *MERS fund data is as of 12131/2016. Antrim County provided data for its 457 providers as of 12/31/2016.

Page 36

17

Impact of Fees on Account Growth

Why Costs Matter: Hypothetical Account Growth Illustration (Appendix VIII)

Mass Mutual (1.57%}

TD Ameritrade (1.53%)

Nationwide (0.80%)

MERS (0.49%)

•457 Balance

$0 $100,000

El Reduced Balance from Fees

$200,000 $300,000

Reducing expenses could provide more at retirement

28% more!

27% more!

7% more!

Hypothetical Illustration Assumptions: This illustration projects the retirement balance for an employee who is currently 30, earning $36,000, and with a current retirement plan balance of $10,000. Wages are assumed to increase 2% annually. The iUustration assumes the employee contributes 5% into the voluntary 457(b) program. Contributions are assumed to be invested bi-weekly and to remain at the same rate until retirement at age 62. This illustration assumes 7.5% gross investment return eriorlo factoring in the corresponding average investment expenses. Fees and expenses are one of many factors to consider when evaluating an investment.

*MERS fund data is as of 12/31/2016. Antrim County provided data for its 457 providers as of 12131/2016.

Page 37

18

Impact of Fees on Income in Retirement

Why Costs Matter: Hypothetical Account Distribution Illustration (Appendix IX)

Reducing expenses could provide more during retirement:

11% more! 40% more! 42% morel (/) .... c $2,000 Q) E >i «J (/) a Reduced Payment Q. ... $1,500 «J ~~ from Fees .... U') CN $1,000 0 ... • Projected 457 :::E Q) "C > Payment Q) 0

$500 I -(,.) Q) '& '-Q. $0

MERS Nationwide TD Ameritrade Mass Mutual (0.49%) (0.80%) (1.53%) (1 .57%)

Hypothetical Illustration Assumptions: At 62, the employee retires and draws the balance accumulated (as shown on the preceding slide) in equal monthly payments from the account for 25 years. The illustration assumes a 6% Gross Return through retirement, priorto factoring in fund expenses. Fund expenses are assumed to be the calculated average as shown in the previous slides. At the end of 25 years, the balance is depleted.


Page 38

,

Page 39

Preparing Your Employees for the Future

• Plan providers often offer financial planning for a fee

• Given the extremely low utilization rates, MERS provides a solution that reaches a broader percentage of participants

• Retirement Readiness reports provide individual guidance at no additional cost to the participant or the employer

20

Retirement Readiness Snapshot Reports

Page 40

Develop the Full Retirement Picture

The "Full Picture" report allows participants to:

(±) Add spouse and outside investment information online to build their "Full Picture" report

fL\ Identify their risk tolerance and receive customized '::!:J suggestions for improving their retirement readiness

21

" W Increase retirement savings O Review investment selections E) Consider delaying retirement % Adjust retirement income replacement ra·

Page 41

Employee Education

• Pizza & Planning - Free, localized education for employees after traditional

work hours

El

22

- Held at different locations in the state throughout the year

- Group presentation on variety of topics

On-site education - Informational sessions held at your location during work

hours or when convenient for your employees

- Attendance at benefit fairs

Online videos and webinars

Page 42

"The Big Picture" Annual Retirement Report

Using the information from the Snapshot Reports, this annual employer report will include:

23

An overview of the plan from a retirement readiness perspective

- A demographic breakdown of participants by age group and salary range in key areas

- Suggestions on how a plan might be modified to improve participants' retirement readiness

- Present options for making plan changes like incentivizing employee savings

CD I THE BIG PICTURE

Annual Retirement Report

Page 43

Key Benefits of Partnering with MERS

../ Fiduciary responsibility and plan compliance

../ Streamlined investment menu

../ Customer service excellence - Established relationship with MERS Regional Team

- Participant education

- Employer resources

../ Cost effective benefits - No cost to the employer

- Low participant fees

- Oversight and administration

24

Page 44

r

Page 45

26

Appendix I: Mass Mutual Average Fund Expense

Target Date Funds No Target Date Funds

Calvert VP SRI Bal Port Fidelity Advisor Balanced Hartford Balanced HLS Janus Balanced

Stock Funds AC Equity Income AC Income and Growth AC Value Inv AC Ultra DWS Core Equity Drey Third Century FA Growth & Income FA Growth Opps HIMCO VIT Index Hartford Cap App HLS Hartford Div & Growth HLS Hartford Stock HLS Inv American Fran Inv Diversified Div Janus Twenty MA Inv Growth Stock MFS Core Equity Putnam Multi Cap Gr Frkln SmMd Cap Growth

Mass Mutual Fund Expense

NIA

0.86% 1.14% 0.65% 0.83%

Fund Expense 0.93% 0.67% 0.97% 0.98% 0.60% 1.20% 1.25% 1.28% 0.58% 0.66% 0.67% 0.50% 1.06% 0.81% 0.82°.4 0.74% 1.05% 1.04% 0.95%

*MERS fund data is as of 1213112016. Antrim County provided data for its 457 providers as of 12131/2016.

M&ECharges N/A I'

1.25% 1.25% 1.25% 1.25%

M&ECharges 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%

Net Annual Expense N/A

2.11% 2.39% 1.90% 2.08%

NetAnnualExpense 2.18% 1.92% 2.22% 2.23% 1.85% 2.45% 2.50% 2.53% 1.83% 1.91% 1.92% 1.75% 2.31% 2.06% 2.07% 1.99% 2.30% 2.29% 2.20%

Page 46

Appendix I: Mass Mutual Average Fund Expense Mass Mutual

Stock Funds Fund Expense M&E Charges NetAnnuaf Expense Janus Enterprise 0.92% 1.25% 2.17% AMG Mgrs Sky Sp EQ 1.33% 1.25% 2.58% Hartford SmaH Co HLS 0.71% 1.25% 1.96% Invesco SC Growth 1.22% 1.25% 2.47% AC lnU Growth 1.18% 1.25% 2.43% Hartford Global Giw HLS 0.82% 1.25% 2.07% Hartford lnU 0pps HLS 0.73% 1.25% 1.98% Janus Global Research 0.88% 1.25% 2.13% Janus Overseas 0.92% 1.25% 2.17% Putnam Global Equity 1.23% 1.25% 2.48% Putnam lnU Growth 1.49% 1.25% 2.74% Hartford HC HLS 0.88% 1.25% 2.13% Invesco Technology 1.30% 1.25% 2.55% MFSUblities 1.00% 1.25% 2.25%

Bond Funds Fund Expense M&ECharges Net Annual Expense OR Int Tmi I 0.88% 1.25% 2.13% Hartford TR Bood HLS 0.50% 1.25% 1.75% Hartford US Gov Sec HLS 0.48% 1.25% 1.73% Hartford Ultrashort Bond 0.43% 1.25% 1.68% MFS High Income 0.95% 1.25% 2.20% Putnam HY Advantage 1.03% 1.25% 2.28% General Account 0.00% 0.00% 0.00%

- - -

Mass Mutual Average of ALL Funds 2.11%

27 *MERS fund data is as of 12131/2016. Antrim County provided data for its 457 providers as of 12131/2016.

Page 47

Appendix II: MERS Average Fund Expense

MERS Investment Options

Investment Fund Company

Custody and MERS Operating

MERS Target Date Funds Management Rebate

Record-keeping Costs

Annual Expenses Expense Costs

MERS 2005 Retirement Strategy 0.12% 0.00% 0.15% 0.20% 0.47% MERS 2010 Retirement Strategy 0.12% 0.00% 0.15% 0.20% 0.47% MERS 2015 Retirement Strategy 0.13% 0.00% 0.15% 0.20% 0.48%


MERS 2035 Retirement Strategy 0.13% 0.00% 0.15% 0.20% 0.48%


MERS 2055 Retirement Strategy 0.13% 0.00% 0.15% 0.20% 0.48% MERS 2060 Retirement Strategy 0.13% 0.00% 0.15% 0.20% 0.48%


Custody and MERS Operating

MERS Asset A/location Funds Management Rebate

Record-keeping Costs

Annual Expenses Expense Costs

MERS Global Stock Portfolio (100/0) 0.41% 0.00% 0.15% 0.20% 0.76% MERS Capital Appreciation Portfolio (80/20) 0.32% 0.00% 0.15% 0.20% 0.67% MERS Established Market Portfolio (60/0) 0.31% 0.00% 0.15% 0.20% 0.66% MERS Total Markel Portfolio 0.34% 0.00% 0.15% 0.20% 0.69% MERS Balanced Income Portfolio (40/60) 0.30% 0.00% 0.15% 0.20% 0.65% MERS Capital Preservation Portfolio (20/80) 0.26% 0.00% 0.15% 0.20% 0.61% MERS Diversified Bond Portfolio (0/100) 0.29% 0.00% 0.15% 0.20% 0.64%

28 *MERS fund data is as of 12/31/2016. Antrim County provided data for its 457 providers as of 12131/2016. ~MERS~ Muairipol ~· trttremal Sy\tem

Page 48

Appendix II: MERS Average Fund Expense (Continued)

MERS Investment Options (continued)


Custody and MERS Operating MERS Stock Funds Management Record-keeping Annual Expenses

Expense Rebate

Costs Costs

Large Cap Stock Index 0.05% 0.00% 0.15% 0.20% 0.40% Mid Cap Stock Index 0.05% 0.00% 0.15% 0.20% 0.40% Small Cap Stock Index 0 .05% 0.00% 0.15% 0.20% 0.40%

International Stock Index 0 .19% -0.02% 0.15% 0.20% 0.52%

Emerging Market Stock 0.91% 0.00% 0.15% 0.20% 1.26% Real Estate Stock 0.96% -0.38% 0.15% 0.20% 0.93%


Custody and MER~~:i:rating Annual Expenses MERS Bond Funds Management Record-keeping

Expense Rebate

Costs Stable Value 0.15% 0.00% 0.15% 0.20% 0.50% Short-Term Income 0.19% 0.00% 0.15% 0.20% 0.54% Bond Index 0.14% -0.03% 0.15% 0.20% 0.46% High Yield Bond 0 .55% 0.00% 0.15% 0.20% 0.90%

-

MERS Average of ALL Funds 0.58%

29 •MERS fund data is as of 12/31/2016. Antrim County provided data for its 457 providers as of 12131/2016.

Page 49

Appendix Ill: TD Ameritrade Average Fund Expense TD Ameritrade Stock Funds Fund TP Expense Total

Target Date Funds Fund TP Expense Total JPM Eq Income 1.04% 1.00% 2.04%

TRP Retirement 2040 0.76% 1.00% 1.76% Mainstay LC Growth 0.99% 1.00% 1.99% Putnam Grth Op 1.08% 1.00% 2.08% Swan Defined Risk 1.42% 1.00% 2.42%

Asset Allocation Funds Fund TP Expense Total Tocqueville Fund 1.24% 1.00% 2.24% D&C Balanced 0.53% 1.00% 1.53% VG500 Index 0.14% 1.00% 1.14% Fid Puritan 0.55% 1.00% 1.55% VG Cons Staples ldx 0.10% 1.00% 1.10% Opp Global 1.13% 1.00% 2.13% VG Energy 0.37% 1.00% 1.37% TRPCapAppr 0.70% 1.00% 1.70% VG Healthcare 0.35% 1.00% 1.35% VG Balanced ldx 0.19% 1.00% 1.19% VGPrimecap 0.39% 1.00% 1.39% Franklin Income 0.61% 1.00% 1.61% VG Selected Val 0.35% 1.00% 1.35% Oakmark Eq & Inc 0.79% 1.00% 1.79% VG Tot Stock Mrkt 0.04% 1.00% 1.04% Allianz Struc Return 0.81% 1.00% 1.81% VG US Growth 0.46% 1.00% 1.46% AQR style Alt Lev Fund 0.83% 1.00% 1.83% VG Wellington 0.25% 1.00% 1.25% , .

WF Opportunity 1.21% 1.00% 2.21% Stock Funds Fund TP Expense Total Ariel Fund 1.02% 1.00% 2.02%

AC Ultra 0.98% 1.00% 1.98% Ftd low Priced Stock 0.88% 1.00% 1.88% Calamos Growth 1.34% 1.00% 2.34% Fid Select HC 0.72% 1.00% 1.72% C&S Preferred Sec 1.18% 1.00% 2.18% Franklin Balance Sheet 0.91% 1.00% 1.91% D&CStock 0.52% 1.00% 1.52% Invesco MC Gr 1.20% 1.00% 2.20% FA New Insights 0.88% 1.00% 1.88% Janus Enterprise 0.93% 1.00% 1.93% FA Val Strat 0.86% 1.00% 1.86% JH Disc Val MC 1.12% 1.00% 2.12% Fid Contrafund 0.68% 1.00% 1.68% JPM MC Growth 1.24% 1.00% 2.24% Fief Eq Income 0.63% 1.00o/1 1.63% TRP MC Growth o.n o/o 1.00% 1.77% Fld OTC Portfolio 0.90% 1.00% 1.90% FA Health Care 1.04% 1.00% 2.04% First Eagle Global 1.10% 1.00% 2.10% JPMSC EqSel 0.99% 1.00% 1.99% Franklin Rising Div 0.91% 1.00% 1.91% PIMCO Comm RR 1.16% 1.00% 2.16% Glenmede LC Gr 0.88% 1.00% 1.88% VG Explorer 0.45% 1.00% 1.45% Hennessy Gas Utility ldx 1.01% 1.00% 2.01% VG SC Val ldx 0.07% 1.00% 1.07% Janus Fund 0.82% 1.00% 1.82% I I

~MERS. 30 *MERS fund data is as of 12/31/2016. Antrim County provided data for its 457 providers as of 12/31/2016. Muaicipal [mpleyets' leHlllllllll Syitem

Page 50

Appendix Ill: TD Ameritrade Average Fund Expense TD Ameritrade

Stock Funds Fund TPExpense Total Fid RE Income 0.81% 1.00% 1.81% Franklin RE 1.00% 1.00% 2.00% VG REITldx 0.26% 1.00% 1.26% D&C lntrnd Stk 0.64% 1.00% 1.64% Franklin Tmpln Foreign 1.22% 1.00% 2.22% Lazard Intl Strat Eq 0.82% 1.00% 1.82% TRP Emerg Erp 1.75% 1.00% 2.75% VG Tot Int Stock 0.11% 1.00% 1.11% Opp Dev Mrkts 1.32% 1.00% 2.32%

Asset Allocation Funds Fund TP Expense Total D&C Income Fund 0.43% 1.00% 1.43% Ooubleline TR Bond 0.72% 1.00% 1.72% Fed New Mrkt Inc 0.83% 1.00% 1.83% Fid Strat Inc 0.70% 1.00% 1.70% PIMCOTR 0.85% 1.00% 1.85% VGGNMA 0.11% 1.00% 1.11% VG lnt-Tnn Inv Grd 0.20% 1.00% 1.20% VG STlnvGrd 0.20% 1.00% 1.20% VG Tot Bond Mkt 0.15% 1.00% 1.15% TD Bank Inst MM 0.00% 1.00% 1.00% TO Bank MM 0.00% 1.00% 1.00% BR High Yield 0.92% 1.00% 1.92% FA Strat Income 1.01% 1.00% 2.01% Fid FR High Inc 0.71% 1.00% 1.71% Pioneer HY 1.17% 1.00% 2.17% VGHY 0.23% 1.00% 1.23%

31 ~MEISS. •MERS fund data is as of 12131/2016. Antrim County provided data for its 457 providers as of 12/31/2016. Mcnikilal ~·Id-I Sy\1a11

Page 51

32

Appendix Ill: Nationwide Average Fund Expense - ·· -

Stock Funds Deutsche Capital Growth Fidelity VIP Contrafund Franklin Flex Cap Growth Invesco VI American Franchise Neuberger Berman AMT Guardian American Century VP Large Co Va American Century VP Value Fidelity VIP Equity Income Pioneer Equity Income Calvert VP S&P MidCap 400 Index JPMorgan Insurance Tr MC Value FideUty VIP Mid Cap Pioneer Select Mid Cap Growth Franklin Small Mid Cap Growth Invesco VJ Mid Cap Growth Neuberger Bennan AMT Mid-Cap Gr Neuberger Berman AMT MIC lntr Val Calvert VP RusseU 2000 SC Index Invesco VI Small Cap Equity Franklin Small Cap Value Pioneer Real Estate Shares Invesco VI Global Real Estate Dreyfus IP Technology Growth PIMCO CommodityRealRetum Strat Pioneer Emerging Markets Templeton Developing Markets Calvert VP EAFE Int Index

Fund Expense 0.76% 0.63% 0.96% 1.13% 1.25% 0.95% 0.82% 0.62% 0.97% 0.55% o.n% 0.88% 0.71% 1.06% 1.32% 1.23% 1.25% 0.63% 1.20% 0.90% 1.27% 1.01% 0.83% 0.89% 2.01% 1.58% 0.74%

Nationwide AdminCosts

1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%


M&ECharges 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15%

Net Annual Expense 2.16% 2.03% 2.36% 2.53% 2.65% 2.35% 2.22% 2.02% 2.37% 1.95% 2.17% 2.28% 2.11% 2.46% 2.72% 2.63% 2.65% 2.03% 2.60% 2.30% 2.67% 2.41% 2.23% 2.29% 3.41% 2.98% 2.14%

Page 52

Appendix Ill: Nationwide Average Fund Expense Nationwide

Stock funds Fund Expense AdminCosts M&ECharges Net Annual Expense Deutsche CROCI International 0.93% 1.25% 0.15% 2.33% American Century VIP International 1.12% 1.25% 0.15% 2.52% Fidelity VIP Oveseas 1.05% 1.25% 0.15% 2.45% Invesco VI International Gr 1.17% 1.25% 0.15% 2.57% Deutsche Global Growth 1.25% 1.25% 0.15% 2.65% Deutsche Global SmaH Cap 1.36% 1.25% 0.15% 2.76% Templeton Growth 1.05% 1.25% 0.15% 2.45%

Bond funds Fund Expense AdminCosts M&ECharges Net AMualExpense Pioneer High Yield VCT 1.18% 1.25% 0.15% 2.58% American Century VP lnfl Prot 0.72% 1.25% 0.15% 2.12% Frranklin US Gov Securities 0.75% 1.25% 0.15% 2.15% Calvert VP Investment Gr Bd Index 0.32% 1.25% 0.15% 1.72% Pioneer Strategic Income VCT 1.00% 1.25% 0.15% 2.40% Templeton Global Bond o.n% 1.25% 0.15% 2.17%

~~ ,,. Fixed Account 0 .. 00% 0.00% 0.00% 0.00% "';..

Fidelity VIP Gov Money Market 0.50% 1.25% 0.15% 1.90%

Nationwide Average of ALL Funds 2.29%

33 •MERS fund data is as of 12/31/2016. Antrim County provided data for its 457 providers as of 12/3112016.

Page 53

Appendix I: Nationwide Average Fund Expense

Target Date Funds Nationwide Destination 2015 lnsU Svc Nationwide Destination 2020 lnsU Svc Nationwide Destination 2025 lnsU Svc Nationwide Destination 2030 lnsU Svc Nationwide Destination 2035 lnsU Svc Nationwide Destination 2040 lnsU Svc Nationwide Destination 2045 lnsU Svc Nationwide Destination 2050 lnsti Svc Nationwide Destination 2055 Inst! Svc Nationwide Destination 2060 lnsU Svc

Asset Allocation Funds NW Inv Desl Agrsv NW Inv Desl Mod Agrsv NW Inv Oesl Mod NW Inv Desl Mod Cnsrv NW Inv Desl Cnsrv NW Divrs Mgr Inst Fidelity Puritan

,.----.--

Stock Funds (Continued on next page) NW Small Cap Index NW NVIT MM Small Co NW Small Cap Index NB Genesis Trust NW Small Co Growth NW US SmaB Cap Value NW International Index MFSlnUVaJ. Invesco Int Growth Oppenheimer Global

Nationwide


Fund Expense 0.64% 0.65% 0.66% 0.66% 0.65% 0.65% 0.64% 0.64% 0.64% 0.64%

Food Expense 0.89% 0.91% 0.89% 0.89% 0.89% 1.95% 0.56%

Fund Expense 0.68% 1.22% 0.68% 1.10% 1.33% 1.32% 0.71% 1.01% 0.99% 1.14%

AdminFee Total Expense 0.70% 1.34% 0.70% 1.35% 0.70% 1.36% 0.70% 1.36% 0.70% 1.35% 0.70% 1.35% 0.70% 1.34% 0.70% 1.34% 0.70% 1.34% 0.70% 1.34%

Admin Fee Total Expense 0.70% 1.59% 0.70% 1.61% 0.70% 1.59% 0.70% 1.59% 0.70% 1.59% 0.80% 2.75% 0.95% 1.51%

Adminfee Total Expense 0.80% 1.46% 0.80% 2.02% 0.80% 1.48% 0.80% 1.90% 0.80% 2.13% 0.80% 2.12% 0.80% 1.51% 0.80% 1.81% 0.80% 1.79% ~'t 0.80% 1.94% ..:')

~, -·--- ~ Mllllkipol Employee!' lettrtnlelll Syiltm

Page 54

Appendix I: Nationwide Average Fund Expense (Continued) Stock Funds (Continued from previous page) Fund Expense Admin Fee Total Expense

JPMorgan Mid Cap Value 1.41% 0.80% 2.21% NW MC Market Index 0.69% 0.80% 1.49% WFA OlscAdmn 1.11% 0.80% 1.91% Dreyfus Appreciation 0.92% 0.80% 1.72% AF lnvst Co of Amer 0.58% 0.95% 1.53% NW Fund Institutional 0.78% 0.80% 1.58% NW S&P 500 Index 0.42% 0.80% 1.22% SEI S&P 500 Index 0.29% 0.95% 1.24% Fidelity Contra 0.71% 0.95% 1.66% FKlelity OTC 0.91% 0.95% 1.86% NB Sociany Rspns 0.85% 0.80% 1.65% T. Rowe Price Gr Stock 0,92% 0.80% 1.72% American Century Growth 0.97% 0.95% 1.92% NWGrowth 0.86% 0.95% 1.81% American Century Value 0.98% 0.80% 1.78% Edgar Lomax Value 1.31% 0.80% 2.11% Invesco G&I Fund 0.84% 0.80% 1.64% NW Large Cap Growth 0.95% 0.80% 1.75%

Bond Funds, Fixed Account, and Money Market Funds Fund Expense Admin Fee Total Expense W&R High-Income 0.74% 0.80% t.54% PIMCO Total Return 0.86% 0.80% 1.66% NW Bond Index 0.68% 0.80% 1.48% NWHMBd 0.74% 0.80% 1.54% Fed US GovtSec 2 5 yr 0.91% 0.95% 1.86% Invesco ST Inv. Treasul)' 0.85% 0.95% 1.80% NW Fixed Account 0.00% 0.00% 0.00% NW Money Market Prime 0.64% 0.80% 1.44%

- -

Average of ALL Nationwide Funds 1.62%

35 *MERS fund data is as of 12131/2016. Antrim County provided data for its 457 providers as of 12/31/2016.

Page 55

MERS

Calvert VP SRI Bal Port 2.11% $1,946 0.5% 6.52% 3.65% 7.22% 0.01% 0.04% 0.02% 0.04% MERS Est Mallek Index 0.40% 11.45% 8.36% 14.21% 0.01% 0.19"' 0.14% 0.24% MA Inv Growth Slock 1.99%· $24,347 6.7% 4.85% 4.45% 11.09"' 0.13% 0.33% 0.30% 0.75% large Cap Stock Index 0.40% 11.45% 8.36% 114.21% 0.03% o.mf. 0.56% 0,96% Pulnlrn Multi cap Gr 2.29"' $12,509 3.5% 6.31% 5.39% 12.1111% 0.08% 0.22% 0.19% 0.44% large Cap SloCk Index 0.40% 11.45% 8.36% 14.21% 0.01% 0.40% 0.29"' 0.49"' Frl*I SmMd Cap Growth 2.20% $5,493 1.5% 3.03% 1.94% 9.67% 0.03% D.05% 0.03% D.15% Mid Cap Stock Index D.40% 20.67% 8.89" 15.07% 0.01% 0.31% 0.13% 0.23% AMG Mgm 8ky Sp ea 2.58% $11,691 3.2% 19.81% 4.53% 15.05% 0.08% 0.64% 0,15% 0.49% Smalt cap Slock Index D.40% 26.39% 9.20% 16.22% 0.01% 0.85% 0.30% D.52% lnvesc:o SC Growth 2.47% $6,654 1.8% 9.91% 4.25% ,12.86% 0.05% 0.18% o.08% 0.24% Small Cap Stock Index 0.40% 26.39% 9.20% 16.22% 0.01% D.49"' 0.17% 0.30% Hartford Global Glw Hl.S 2.07% $2,143 0.6% D.69% 4.25% 13.21% 0.01% 0.00% 0.03% 0.08% MERS Global Sk>ck Port D.76% 12.96% 5.04% 12.15% 0.00% 0.08% 0.03% 0.07% l"fartford lnU Opps Hl.S 1.98% $4,890 1.4% 0.00% -1.52% 6.36% 0.03% 0.00% -0.02% 0.09"' lnlemallonal Slk Index 0.52% D.72% ·2.23% 5.95% 0.01% 0.01% -0.03% 0.08% JlllllS Overseas 2.17% $20,933 5.8% -8.33% -11.14% .J.02% 0.13% -0.46% -0.64% -0.17% lntemalional Slk Index D.52% 0.72% ·2.23% 5.95% D.03% D.04% -0.13% D.34% Hartford HC tt.S 2.13% $6,469 1.8% ·9.53% 8.37% 117.87% 0.04% -0.17% D.15% 0.32% Small Cap Stock Index 0.40% 26.39% 9.20% ~6.22% 0.01% 0.47% 0.16% 0.29% DRlntTnn l 2.13% $244 0.1% 0.56% 0.42% 0.89% 0.00% 0.00% 0.00% 0.00% MERS Div Bond Port 0.64% 4.71% 2.116% 2.79"' 0.00% 0.00% 0.00% 0.00% Hrilltl TR Bond HlS 1.75% $17,318 4.8% 3.20% 1.95% 1.85% 0.08% 0.15% 0.09% D.09% MERS Div Bond Port D.64% 4.71% 2.66% 2.79"' 0.03% 0.23% 0.13% 0.13% Hartbd tis Gov Sec HLS 1.73% $962 0.3% 0.28% 0.70% 0.31% 0.00% D.00% o:Do% 0.00% MERS Div Bond Port 0.64% 4.71% 2.66% 2.79% 0.00% 0.01% 0.01% 0.01% MFS High Income 2.20% s1,m 2.1% 12.02% 2.40% 4.92" 0.05% 0.26% 0.05% 0.11% High Yk*1 Bond 0.90% 12.42% 4.23% 6.34% 0.02% 0.27% 0.09% 0.14% Pulnam HY Advantage 2.28% $110 D.0% 13.98% 2.34% 5.15% D.00% D.00% D.00% D.00% High Yield Bond 0.90% 12.42% 4.23% 6.34% 0.00% 0.00% 0.00% 0.00% General Account 0.00% $89,844 24.fi 3.00% 3.00% 3.00% 0.00% 0.74% 0,74% 0.74% Stable Value 0.50% 1.79"' 1.63% 2.00% 0.12% 0.44% 0.45% 0.50%

P.tan if otals $361,916 100.~ 1.57% 6.43% 3.76% 8.08% I

Difference in Wciglltcd Averages

•MERS fund data is as of 12/31/2016. Antrim County provided data for its 457 providers as of 12131/2016 .

.. - -=---~2-= ~-~~ - -- -

Page 56

~ -~= l-~' - ~ .. ~

1 ~ Currc~t -Pro~ldci.:i -·

\.-_. ·,_ . ~~·- . TRP Retirement 2040 1.78%.- $9,780 D&C Balanced 1.53%' $91,062 Fld Puritan 1.55% $49,092 Opp Global 2.13% $20,929 TRPCapAppr 1.70% $526 VG Balanced ldx 1.19% $1,401 Franklin Income 1.61% $2,556 Oakmart Eq & Inc 1.79% $7,720 AIManz Slruc ReUl\ 1.81% $317 AQR style Alt Lev Fund 1.83% $306 ACUHra 1.98% $1,781 Cdalnos Grov.il1 2.34% $3,726 C&S Prefemld Sec 2.18% $538 D&C§b:k 1.52% $22,956 FA New Jnslghls 1.88% $15,843 FA Val Slrat 1.86% $7,441 Fld Contrarund 1.88% $11,948 Fld Eq Income 1.63% $39,345 Fld OTC Portfollo 1.90% $8,496 First Eagle Global 2.10% $117,387 Franklin Rising Div 1.91% $15,607 Glenmede LC Gr 1,88%' $2,830 Hennessy Gas Utltl1y klx 2.01% $5,784 Janus Fund 1.82% $8,678 JPM Eq Income 2.04% $2.092 Mainstay LC Growth 1.99% $40 Putnam Grth Op 2.08% $7,797 Swan Defined Risk 2.42% $436 T ocquevilla Fund 2.24% $21,288 VG50illndex 1.14% $14,664 VG Cons staples ldx 1.10% $7,601 VGErimgy 1.37% $11,385 VG Healthcare 1.35% $230,711 VGPrimecap 1.39% $99

0.5% 8.63% 3.61% 3.61% 4.11% 15.56% 6.22% 12.38% 2.7% 4.03% 4.78% 9,14% 1.1% .0.84% 1.03% 9.21% 0.0% 7.22% 7.511% 11.45% 0.1% 7.63% 5.20% 8.47% 0.1% 15.29% 2.73% 8.71% 0.4% 9.97% 3.22% 7.93% 0.0% 2.84% 3.26% -1 .00% 0.0% -0 .. 35% -1.00% -1.00% 0.1% 3.38% 5,711% 12.74% 0.2% -3.13% 2.02% 8.74% 0.0% 3.23% 6.18% 8.02% 1.2% 20.28% 7.55% 16.01% 0.9% 5.31% 4.93% 11.75% 0.4% 9.94% 3.59% 12.50% 0.8% 2.36% 5.43% 12.46% 2.1% 16.38% 6.17% 12.00% 0.5% 2.11% 9.04% 15.78% 6.4% 9,65% 3.11% 6.94% 0.8% 13.41% 5.59% 10.55% 0.1% 6.15% 9.22% 15.66% 0.3% 19.70% 8.11% 9.61% 0.5% -0.53% 5.04% 11.72% 0,1% 13.62% 7.23% 12.48% 0.0% -3.62% 3.40% 10.811% 0.4% 5.M% 5.88% 13.44% 0.0% 5.90% 1.60% -1.00% 1.2% _ 7.55% 5.05% 10.92% 0.8% 10.82% 7.72% 13.49% 0.4% 5.30% 8.29% 12.17% 0.8% 32.10% -4.60% 0.67%

12.5% -9.99% 8.63% 15.78% 0.0% 9.63% 9.45% 15,76%

0,01% 0.04% 0,02% 0.06% 0.77% 0.31% o.04% 0,11% 0.13% 0,02% -0,01% 0.01% 0.00% 0.00% 0,00% 0.00% 0.01% 0.00% 0.00% 0,02% 0.00% 0.01% 0.04% 0.01% 0.00% 0,00% 0.00% 0.00% 0.00% 0.00% o.oiril. 0.00% 0.01% 0.00% .0.01% o.oo% 0.00% 0.00% 0.00% 0,02% 0.25% 0.09% 0.02% 0.05% 0.04% 0.01% 0.04% 0.01% 0.01% 0.02% 0.04% 0.03% 0.35% 0.13% 0.01% 0.01% 0.04% 0.13" 0.62% 0.20% 0,02% o.11% 0.05% 0.00% 0.01% 0.01% 0.01% 0.06% 0.02% 0.01% 0,00% D.02% 0.00% 0.02% 0.01% 0.00% 0.00% 0.1)0% 0,01% 0.02% 0.02% 0.00% 0.00% 0.004)1. 0.03% 0.09% 0.06% 0.01% 0.09% 0.06% 0.00% 0.02% 0.03% 0.01% D.20% -0.03% 0.17% -1.25% 1.06% 0.00% 0,00% 0.00%

_I.___.._ 0.02% Relinlment Slralllgy 2040 0.61% MERS Cap Appr Portrorio 0,24% MERS cap Appr Portfolio 0.111% MERS Global Slol:k Port 0.00% MERS Global Stock Port 0.01% MERS Est Mmllat ~ 0.01% MERS Est Marttet Portfolio 0.03% MERS Est Maibt Porlfollo 0.00% MERS Cap Appr Portfolio 0.00% MERS cap Appr Poltfolio 0.01% Large cap SIDck Index 0.02% large cap SIDck Index 0.00% Large Cap Stock Index 0.20% Large cap SIDck Index 0.10% Large Cap Sb:k Index 0.05% Large cap Slol:k Index O.M Large Cap Slol:k Index 0.26% large Cap Stick Index 0.07% large Cap SIDck Index 0.44% Large Cap Stock Index 0.09% Large Cap SIDck Index 0.02% Large cap SIDck Index 0.03% Large cap Stock Index 0.06% Large cap Stock Index 0.01% Large cap SIDck Index 0.00% large Cap Stock Index 0.06% Large Cap Stock Index 0.00% Large cap Stick Index 0.13% large Cap SIDck Index 0.11% Large Cap SIDck Index 0.05% large Cap Sklck Index 0,00% Large cap Stock Index 1.98% Large Cap SIDck Index 0.00% Large Cap SIDck Index

o,48% 9.71% 3.84% 9.43% O.OO'lli 0.05% 0.02% 0.05% 0.67% 12.47% 5.09% 10.16% 0,03% 0.62% 0.25% 0.50% 0.67% 12.47% 5,09% 10.16% 0.02% 0,33% 0.14% 0.27% 0,76% 12.98% 5.04% 12.15% 0.01% 0.15% 0.06% 0.14~ 0.76% 12.98% 5.04% 12.15% O.OO'lli O.OO'lli 0.00% 0.00% 0.66% 11.39% 4.66% 8.44% 0.00'lli 0.01% O.OO'lli 0.01% 0.66% 11.39% 4,66% B.44% 0,00% 0.02% 0.01% O.o1% 0.66% 11.39% 4.66% B.44% O.OO'lli 0.05% 0.02% 0.04% 0,67% 12.47% 5.09% 10.16% O.OO'lli O.OO'lli O.OO'lli OM 0.67% 12.47% 5.09% 10.16% 0.00% O.OO'lli 0.00% 0.00% 0.40% 11.45% 8.36% 14.21% 0.00% 0.01% 0.01% 0.01% 0.40% 11.45% 8.36% 14.21% O,OO'lli 0.02% 0.02% 0.03% 0.411% 11.45% 8.38% 14.21% 0.00% 0.00% 0.00% 0.00% 0.40% 11.45% 8.38% 14.21% O.OO'lli 0.14% 0.10% 0.18% 0.411% 11.45% 8.36% 14.21% 0.00% 0.10% 0.07% 0.12% 0.40% 11.45% B.38% 14.21% 0.00% 0.05% 0.03% 0.00% 0.40% 11.45% B.38% 14.21% O.OO'lli 0.07% 0.05% 0.09% 0.40% 11.45% 8.38% 14.21% 0.01% 0.24% 0.18% 0.30% 0.411% 11.45% 8.36% 14.21% 0.00% 0.05% 0.04% 0.07% 0.411% i11.45% 8.36% 14.21% 0.03% 0.73% 0.53% 0.91% 0.40%r11.45% 8.38% 14.21% O.OO'lli 0.10% 0.07% 0.12% D.40% 11.45% 8.38% 14.21% O.OO'lli 0.02% 0.01% 0.02% 0.411% 11.45% 8.36% 14.21% 0,00% 0.04% 0.03% 0.04% 0.40% 11.45% 8.38% 14.21% 0 .. 00% 0.05% 0.04% 0.07% 0.40% 11.45% B.36% 14.21% O.OO'lli 0.01% 0.01% 0.02% 0.40% 11.45% 8.36% 14.21% 0.00% 0.00% O.OO'lli 0.00% 0.40% 11.45% 8.38% 14.21% 0.00% 0.05% 0.04% 0.06% 0.40% 11.45% 8.36% 14.21% 0.00% 0.00'lli 0.00% 0.00% 0.40% 11.45% 8.38% 14.21% O.OO'lli 0.13% 0.10% 0,16% 0.40% 11,45% 8.36% 14.21% 0 OO'lli 0.09% 0.07% 0.11% 0.40% 11.45% 8.36% 14.21% 0.00% 0.05% 0.03% 0.06% 0.40% 11.45% 8.38% 14.21% 0.00% 0.07% 0.05% 0.09% 0.40% 11.45% 8.36% 14.21% 0.05% 1.43% 1.05% 1.78% 0.411% 11.45% B.38% 14.21% 0.00% 0.00% 0.00% 0.00%

_"'1.Mit_~


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· Current P1ovidcr · I -·Jr~---·•,

- ,~E~-~-. ~-~---~ VG Selectilld Val 1.35% $00,227 5.2% 15.34% 4.118% 13.27% 0.07% 0.80% 0.26% 0.89% L8fge cap Slock Index 0.40% 11.45% 8.36% 14.21% 0.02% 0.60% 0.44% 0.74% VG Tot Slock Mlkt 1.04% $251,586 13.7% 11.86% 7.38% 13.62% 0.14% 1.~ 1.01% 1.86%large Cap S1ock Index 0.40% 11.45% 8.36% 1421% 0.05% 1.56% 1.14% 1.94% VG US Growlh 1.46% $85,237 4.6% ·1.75% 5.77% 13,32% 0.07% -0.08% 0.27% 0,62" Large Cap Slock Index 0.40% 11.45% 8.38% 14.21% 0.02% 0.53% 0.39% 0.86% VG Wellngk>n 1.25% $11,495 0.6" 10.01'/a 5.85% 9.44% 0.01% 0.06% 0.04% 0.06% L8fge Cap Slock Index 0.40% 11.45" 8.36% 1421% 0.00% 0.07% 0.05% 0.09% WF Opportunity 2.21% $135 0.0% 10.87% 4.97" 11.06% 0.()0% 0.00% 0.00% 0.00% Large Cap Slock Jndex 0.40% 11.45% 8.36% 14.21% 0.00% 0.00% 0,00% 0.00% Ariel Fund 2.02% $528 0.0% 14.589/e 6.13% 15.44% 0.00% 0.00% 0.00% 0.00% Mid cap Slock Index 0.40% 20.67% 8.89% 15.07% 0.00% 0.01% 0.00% 0.00% f'td Low Priced Slock l1.88% $62,014 3.4% 7.79% 4.21% 12.14% 0.06% 0.26% 0.14% 0.41% ~Id cap Stock Index 0.40% 20.67% 8.89% 15.07% 0.01% 0,70% 0.30% 0.51% Fkl Select HC 1.72% $14,513 0.8% -11.68% 7.15% 18.13% 0,01% -0.09% 0.06% 0, 14% Mid Cap Slock Index 0.40% 20.67% 8.89% 15.07% 0.00% 0.16% 0,07% 0.12% Frankin Balance Sheet 1.91% $6,757 0.5% 19.45% 2.19% 10.67% 0.01% 0,09% 0,01% 0.05% Mid Cap Siock Index 0.40% 20.67% 8.89% 15.07% 0.00% 0.10% 0.04% 0.07% Invesco MC Gr 2.20% $12,270 0.7% -0.54% 2.15% 9.94% 0.01% 0.00% 0.01% 0.07% Mid Cap Slock Index 0.40% 20.67% 8.89% 15.07% 0.00% 0.14% 0.06% 0.10% Janus Enlalprise 1,93% $405 0.0% 10.90% 7.97% 13.73% 0.00% 0.00% 0,00% 0.00% Mid cap stock Index 0.40% 20.67% 8,89% 15.07% 0.00% 0.00% 0.00% 0.00% JHDlscVllAMC 2.12% $968 0.1% 14.01% 8.76% 15.79% 0.00'llt 0.01'/a 0,00% 0.01% Mid Cap Slock Index 0.40% 20.67% 8.89% 15.07% 0.00% 0.01% 0.00% 0.01% llPM MC Growth 2.24% $1,089 0.1% ·1.12% 3.25% 12.19% 0,00% 0,00% 0.00% 0.01% Mid Cap Slock Index 0.40% 20.67% B.89% 15.07% 0.00% 0.01% 0.01% 0.01% TRP MC Growlh 1.77% $19,388 1.1% 5.30% 7.63% 13.86% 0.02" 0,06% 0.08% 0.15" Mid Cap Slock Index 0.40% 20.87% 8.89% 15.07% 0.00% 0.22% 0.09% 0.16% FA Health Care 2.04% $24,248 1.3% -11.33% 6.90% 17.54% 0.03% -0.15% 0.09% 0.23% Small cap Slock Index 0.40% 26.39% 9.20% 11622% 0.01% 0.35% 0.12% 0.21% JPMSCEqSel 1.119% $363 0.0% 21.15% 7.86% 14.72" 0.00% 0.00% 0.00% 0.00% Small Cap Slock Index 0.40% 26.39% 9.20% 16.22% 0.00% 0.01% 0.00% 0.00% PIMCO Comm RR 2.16" $5,809 0.3% 13.13% -12.78% -10.36% 0.01% 0.04% -0.04% -0.03% Small Cap Sk>ck Index 0.40% 26.39% 9.20% 16.22" 0.00% 0.08% 0.03% 0.05% VGExplolw 1.45'/a $20,552 1.1% 11.33% 2.74% 12.12" 0,02" 0.13% 0.03% 0.14% Small Cap stock Index 0.40% 26.39% 9.20% 16.22" 0.()0% 0.29% 0.10% 0.16" VGSCVllAldx 1.07% $21,758 1.2% 23.78% B.589/e 15.38% 0,01% 0.26% 0.10% 0.18%Small C8p Stock Index 0.40% 26.39% 9.20% 16.22" 0.00% 0.31% 0.11% 0.19% Fld RE Income 1.81% $4,605 0.3% 921% 7.05% 8.31% 0.00% 0.02% 0.02% 0.02% Real E*9 Slock 0.93% 5.59% 12.73% 10.87% 0.00% 0.01% 0.03% 0.03% Franltlln RE 2.00% $4,951 0.3% 3.77% 11.27% 9.85% 0.01% 0.01% 0,03% 0.03% Real E&lsle Stock 0.93% 5.59% 12.73% 10,87% 0.00% 0.02" 0.03% 0.03% VGREITldx 1.26% $4,980 0.3% 7.34% 11.95% 10.62% 0.00% 0.02" 0.03% 0.03% Real Estate stock 0.93% 5.59% 12.73% 10.87% 0.00% 0.02% 0.03% 0.03% D&C lnlmU Slit 1.64% $60,718 3.3% 7.26% ·2.34% 6.98% 0.05% 0.24% -0.08% 0.23% lnlemational Slk Index 0.52% 0.72% -2.23% 5.95% 0.02% 0.02% -0.07% 0.20% Franklin Tmpln Foreign 2.22" $14,986 0.8% 10.83% -3.58% 5.88% 0.02% 0.09% -0.03% 0.05% lnlBmallonal Slk Index 0.52% 0.72% ·2.23% 5.95% 0.00% 0.01% -0.02% 0.05% l.azaRI Ina Slral Eq 1.82" $802 0.0% -6.17% -3.80% 6.49% 0.00% 0.00% 0,00% 0.00% lntemalional Slit Index 0.52" 0.72% -2.23% 5.95% 0.00% 0.00% 0.00% 0.00% TRP Eme!g Elp 2.75% $21,844 1.2" 20.50% -12.14% -2.79% 0.03% 0.24% -0.14% -0.03% Eme!glng Mlttt Slock 1.26% 11.05% -0.73% 5.95% 0.01'111 0.13% -0.01% 0.07% VG Tot Int Stock 1.11% $25,214 1.4% 3.67% -2.34% 4.50% 0.02% 0.05% -0.03% 0.06% lntamalional Slit Index 0.52% 0.72" -2.23% 5.95'/a 0.01% 0.01% -0.03% 0.08% Opp Dev Mfk1s 2.32" $8,859 0.5% 5.89% -5.37% 1.75% 0,01% 0.03% -0.03% 0.01% Emerging Mfkl stock 1.26% 11.05% -0.73% 5.95% 0.01% 0.05% 0,00% 0.03% D&C Income Fund 1.43

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