Due to limitations on the audience investment advisers like Morningstar Investment Management LLC can provide hypothetical performance to, this paper is intended forFinancial Professionals,Institutional Investors, andSophisticated Plan Sponsorsonly. It may not be accessed by, shown to, shared with, or provided to any other person, including plan participants, plan sponsors that do not meet the definition of a "Sophisticated Plan Sponsor", retail investors, or the general public.
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Definitions:
Financial professionalsare defined as any member of a securities-related self-regulated organization or registered person of such a member, including, but not limited to:
- investment advisers,
- members of
- financial service providers and their employees, including, but not limited to, retirement plan recordkeepers.
Institutional investorsare defined as:
- Any person described in FINRA Rule 4512(c):
- Any governmental entity or subdivision thereof,
- Any employee benefit plan, or multiple employee benefit plans offered to employees of the same employer, that meet the requirements of Section 403(b) or Section 457 of the Internal Revenue Code and in the aggregate have at least 100 participants, but does not include any participant of such plans,
- Any qualified plan, as defined in Section 3(a)(12)(C) of the Exchange Act, or multiple qualified plans offered to employees of the same employer, that in the aggregate have at least 100 participants, but does not include any participant of such plans, and
- Any person acting solely on behalf of any suchinstitutional investor.
Asophisticated plan sponsorincludes sponsors of plans that fall under the definition ofinstitutional investorplus:
- Any employee benefit plan, multiple employee benefit plan offered to employees of the same employer, qualified plan, or multiple qualified plan offered to employees of the same employer with a knowledgeable person or persons who guides the decisions of the plan and who has access to the tools necessary to analyze hypothetical performance. Knowledgeable persons include:
