Alight Solutions 401(k) Index™: December 2022 Observations

Inflows and outflows during the month of December:

• Trading inflows mainly went to stable value, bond and money market funds.
• Outflows were primarily from target date², company stock and international equity funds.

December investment portfolios:

• After reflecting market movements and trading activity, average asset allocation in equities decreased from 68.9% in November to 68.2% in December.

• New contributions to equities decreased from 67.9% in November to 66.1% in December.

December market observations:

¹ _{A “normal” level of relative transfer activity is when the net daily movement of participants’ balances, as a percent of total 401(k) balances within the Alight Solutions 401(k) Index™, equals between 0.3 times and 1.5 times the average daily net activity of the preceding 12 months. A “high” relative transfer activity day is when the net daily movement exceeds two times the average daily net activity. A “moderate” relative transfer activity day is when the net daily movement is between 1.5 and 2 times the average daily net activity of the preceding 12 months.}

² _{Target date funds also include the amounts in target risk funds. The amount in the target risk funds is less than 10% of the total.}