QDIA Resources: A Guide for Plan Advisors

QDIA RESOURCES:

A Guide for Plan Advisors

This Advisor Brief is part of a “QDIA Policy Kit” designed to help you systematically educate your clients on
critical issues that will differentiate you from your competition. While these investments can hold a majority
of plan assets, many plans fail to have an objective process in place to guide the fiduciaries in fulfilling their
duty to prudently select and monitor the plan’s QDIA. If a plan sponsor cannot demonstrate it acted prudently,
it risks losing the broad protection against liability for investment-related losses afforded by the QDIA rules.
Moreover, if the plan fails to select an appropriate QDIA, based upon participant demographics, market
conditions and/or plan design, defaulted participants will be less likely to be capable of securing a timely
and dignified retirement—a fundamental metric of a plan’s success. By following the steps below and using
the materials contained in the Kit, you can develop a consistent and repeatable solution to protect your plan
sponsors and enhance your value in an increasingly competitive marketplace.

STEP 1: LLP

BECOME FAMILIAR WITH THE PLAN SPONSOR GUIDE QDIA PolIcIES:
A guide for plan sponsors
“QDIA Policy Guide: Best Practices for Plan Sponsors” is designed to educate plan fiduciaries
on some of the basic duties of selecting and monitoring QDIAs. It contains two parts that can INTRODUCTION This QDIA policy guide provides plan
be used together or on a standalone basis. sponsors with the necessary background
Part I Review the fundamentals of QDIA selection, and Widespread adoption of automatic enrollment has significantly increased the to establish and/or reevaluate a process
Part II Special Considerations for examining Target Date Funds (TDFs) number of Americans who are participating in company-sponsored retirement for selecting a QDIA that is appropriate
plans.1 Yet many plan participants lack the expertise or inclination to direct for your plan. You should consult with an
The section on TDFs incorporates the most recent DOL guidance on the most popular QDIA type their own investments and often leave it to their employer to determine how experienced retirement plan advisor to
used by plan sponsors. We leave it up to you to decide what information is most appropriate for best to invest their retirement savings. This reliance places considerable assist with creating a QDIA Policy that
a particular client or prospect based upon their sophistication, preferences, etc. responsibilities and potential liabilities on plan sponsors to select an appropriate aligns with the needs of your plan and
Qualified Default Investment Alternative (QDIA). regulatory requirements, including any
applicable Dol guidance.
Congress and the Department of Labor (DOL) have issued specific guidelines
for retirement plan sponsors relating to the selection and monitoring of the
plan’s QDIA.2 So long as certain conditions are satisfied, plan sponsors will not
be liable for losses that are a result of investing participants’ contributions in
a QDIA.3 Despite sweeping adoption of automatic enrollment over the past few
years, many plan sponsors report difficulties in selecting an appropriate QDIA.
This uncertainty combined with challenging market conditions prompted the
DOL to issue additional guidance and increase its scrutiny of plan sponsors
relating to the selection and monitoring of QDIAs.4

A QDIA Policy will not replace the plan’s existing Investment Policy Statement
(IPS) that describes the roles and responsibilities and criteria for selecting
and replacing investment options for the plan; rather, the QDIA Policy should
be viewed as a supplement to the IPS to specifically address the type of QDIA
that will be used for your plan. Having a defined policy for selecting the right
QDIA will not only shield you from potential liability, it will help ensure that
participants, who do not have the experience or inclination to direct their
own investments, have an appropriate vehicle in which to effectively save for
retirement.

FIDUCIARY DUTIES AND QDIA SELECTION “Fiduciaries are …required to
engage outside experts where
Those who make decisions on behalf of the plan (e.g., selecting and monitoring they lack the knowledge to make
the plan’s investments, including a QDIA) are considered to be “fiduciaries” well-informed decisions.”
under the Employee Retirement Income Security Act (ERISA).5 Among other
duties, fiduciaries are required to act prudently. They must follow an objective
process to analyze relevant information and document the basis for their
decisions.6 Where they fail to do so, fiduciaries can be held personally liable to
restore any losses suffered by the plan.7

This brochure is not intended by Franklin Templeton Distributors, Inc. to be considered investment, tax or legal advice and should not be relied on as
such. It is based on information believed to be reliable. Financial professionals should consider the circumstances of their clients and consider obtaining
advice tailored to a particular client’s situation. Roberts Elliot is not an affiliate or subsidiary of Franklin Templeton Distributors, Inc. Franklin Templeton
Distributors, Inc. is the distributor of Franklin Templeton funds.

There are two distinct themes that appear throughout the Plan Sponsor Guide: 1) plan fiduciaries should document
the QDIA selection and monitoring process; and 2) where they lack the expertise to make well-informed decisions, they
are required to hire outside experts. The Supporting Materials described below provide you with an actionable approach
to each of these calls to action.

STEP 2: QUALIFIED DEFAULT INVESTMENT ALTERNATIVES

REVIEW THE PLAN’S CURRENT QDIA STRATEGY When employees are automatically enrolled into the plan, the plan’s fiduciaries must select an
appropriate Qualified Default Investment Alternative (QDIA) for participants who fail to provide
Selecting an appropriate QDIA requires a two-step approach: first, plan fiduciaries must direction over the investment of their individual accounts. The final regulation describes
demonstrate that the type of QDIA is appropriate for their plan; and second, they must exercise three long-term mechanisms for investing participant contributions: one group-based and two
prudence in selecting and monitoring a QDIA within the chosen type. The chart entitled “Qualified individually-based QDIAs. The chart below outlines foundational considerations from which
Default Investment Alternatives” provides you with a quick reference tool to help plan fiduciaries plan fiduciaries may consider when prudently selecting and monitoring a QDIA for their plan.
chose among the three types of QDIAs. Once they determine that a particular type of QDIA is an
appropriate choice for their plan, you can introduce the corresponding “QDIA Policy” and help SELECT QDIA TYPE DOCUMENT BASIS FOR DECISION REVIEW PERIODICALLY
them document the basis for their selection of a particular QDIA.
1OPTION DESCRIPTION ADDITIONAL CONSIDERATIONS
A product with a mix of investments Option 1 may be an appropriate QDIA when:
GROUP-BASED that takes into account the
INVESTMENT characteristics of the group of • Employee ages and incomes are “clustered;”
PRODUCT employees as a whole, rather than
each individual. • Defaulted participants are capable of determining when to
allocate funds to more conservative investments over time; and
EXAMPLE
A balanced fund. • Changes to employee demographics can be readily monitored.

2OPTION DESCRIPTION ADDITIONAL CONSIDERATIONS
An investment service that allocates Option 2 may be an appropriate QDIA when:
INDIVIDUALLY- contributions among existing plan
BASED options to provide an asset mix that • Employee ages and incomes are widely disbursed;
INVESTMENT takes into account the individual’s
SERVICE age or retirement date. • Defaulted participant may not be capable of determining when
to allocate funds to more conservative investments over time;
EXAMPLE
A professionally-managed account. • Changes to employee demographics may be difficult to monitor;

• Investment managers are readily available; and

• Fiduciaries are equipped to prudently select and monitor an
investment manager.

3OPTION DESCRIPTION ADDITIONAL CONSIDERATIONS
A product with a mix of investments Option 3 may be an appropriate QDIA when:
INDIVIDUALLY- that takes into account the
BASED individual’s age or retirement date. • Employee ages and incomes are widely disbursed;
INVESTMENT
PRODUCT EXAMPLE • Defaulted participant may not be capable of determining when
A life-cycle or targeted-retirement- to allocate funds to more conservative investments over time;
date fund.
• Changes to employee demographics may be difficult to monitor;

• Investment managers are limited; and

• Fiduciaries are not equipped to prudently select and monitor an
investment manager.

All investments involve risks, including possible loss of principal.

Your clients should carefully consider a fund’s investment goals, risks, charges and expenses before investing. To obtain a summary
prospectus and/or prospectus, which contains this and other information, please call Franklin Templeton Retirement Sales Department at
(800) 530-2432. Your clients should carefully read a prospectus before they invest or send money.

© 2013 by Pension Resource Institute, LLC – All rights reserved. This material is not intended to confer any investment, tax, actuarial or legal advice, and
PRI specifically disclaims any representation that this material is appropriate for any purpose other than as educational content. Please consult your own
independent investment, tax, actuarial and legal advisor for information that is specific to your situation. Pension Resource Institute, LLC is not an affiliate
or subsidiary of Franklin Templeton Distributors, Inc. Franklin Templeton Distributors, Inc. is the distributor of Franklin Templeton funds.

Franklin Templeton Distributors, Inc. RDCIO FLQAS 10/13
One Franklin Parkway, San Mateo, CA 94403-1906
(800) 530-2432 | franklintempleton.com

For Dealer Use Only/Not For DISTRIBUTION TO The Public

STEP 3: QDIA POLICY: BALANCED FUNDS

INCORPORATE A QDIA POLICY This QDIA Policy is a sample QDIA TYPE: The plan committee evaluated the following types of long-term QDIAs: 1) Group-
designed to illustrate criteria Based Investment Products; 2) Individually-Based Investment Services; and 3) Individually-
There are three QDIA Policies representing each QDIA type: that may be relevant to support Based Investment Products. Based upon the following considerations, the committee
fiduciary decisions relating determined that a group-based investment product (i.e., a balanced fund) is an appropriate
1. A Group-Based Investment Product (e.g. balanced fund); to the selection, monitoring QDIA for participants of the plan as a whole:
and/or replacement of an
2. An Individually-Based Investment Service (e.g. professionally managed appropriate QDIA. Should the £ Employee ages and incomes are clustered;
account); and plan committee decide to
adopt this sample QDIA Policy, £ Defaulted participants are capable of determining when to allocate funds to more
3. An Individually-Based Investment Product (e.g. life-cycle or target date fund). it may do so by having a conservative investments over time; and/or
Responsible Plan Fiduciary
It is important to note that the QDIA Policies are designed to serve as samples sign below: QDIA POLICY: MANAGED ACCOUNTS£ Changes to employee demographics can be readily monitored.
to help you and your clients navigate the selection process. You should use RISK TOLERANCE: The plan committee evaluated investment products with varying degrees
the sample QDIA Policy that represents the type chosen by the plan fiduciaries Adopted by:
in the previous step and help them complete the sample policy based upon Plan Fiduciary: of equity exposure and the ages and incomes of participants of the plan as a whole and
the information determined to be relevant to their particular plan. If the
plan fiduciaries elect to adopt the sample QDIA Policy, there is a place for Plan name: determined: This QDIA Policy is a sample QDIA TYPE: The plan committee evaluated the following types of long-term QDIAs: 1) Group-Based
the Responsible Plan Fiduciary to sign and date the document in the
left-hand margin. Signature: £ The majority aoogffgppreaaftdihsrrdettsasuiiitccivcgiimeippnaaaaeQryynndDttbdtIssoAeeaac;irlrrileoeesulirseoyotvnorladasuntenertregctaleoarnrittsideanu/rngopiadrp/noorortthhigighhlylyPIbcnarcovoseomdesmdutpmcpienteensvn.nsetasBsatPtametrsedoeedd—dn—utuwcstwpaesoa;rrvnrr2airc)atn ehnItnei(tnidi.fngeiovg.lia,ldoaaumwampiolnrlooyrge-frBeecsaossnieosdnidaIelnlryvaetmsiotamnnsea,ngttehdSeeacrcovcimcoemusn;itta)teniesdad3ne) taIenprdmpirvionidpeurdiaalttlehy-aQBtDaasInAedinfoIdnrivvtehidsetumpallealynn-t.
£ moderate or
X
The majority
Date:
conservative QDIAto. the selection, monitoring INITIAL CONSIDERATIONS: The plan committee evaluated the participant age variation,
© 2013 by Pension Resource
Institute, LLC – All rights reserved. QDIA POLICY: TARGET DATE FUNDSRwRINitVcTTohErfhhivSteetaehTrppreMyireaiipnErnfolgNcoafirniTpmtnhaavSaelesTnsspaYcttlmreLawaEaiRaapsnetothiendpl’nfgemaos&godptnsntliipeapr/hesPnoobytcoetsavrEperontednahiarrRlmsnoseiotdniaiFsetwvpbmdtmsgOecel:lsoaeisiaarReteQctitpbmnPssmeMeDayktelmpaabeAIsphAnnldnleeNoeoad.etnFlfvCQcSiotpiipctEnidDhfodrhieguo:oefIbeerAdcusfTaeaot.iuilnhioaPdnrncermvogyttelhpaiomscelnvtaymceo,nernecianatoontfmridpvemedr£i£d£pdo-nieaeyodtvermttnucDECeteeaioscmhoreecratmntgfainm(papesranoialuevaneorgropaernlnneeyvtllhtdotegesuaaindo:eiatpmctniigtospvnapveaeergegaadneros)esrmiapbtntispgnirmwapvcieeavseelierrenoiptslisneslyaodta;ttmendanmfaiessodtnenmoerdcntmddpnhpeoetehtaseeammtiytpresoateotrrtnivvsiomgchecaodriearaiptiaulnrtapatbeiceibonhmetdnwistilscec,iitsd;aaypebmalaiynlabidytdlyeibfsifoepdoferuddrctisehfieafteidercyr;pumlclatainntpoiacncomgimtowymnhtioeittontsre;eteoletcaotllmoacnoadntietmofrouncnihdtoasrntgaoinnmgore
This material is not intended to
confer any investment, tax, actuarial FEES AND EXPENSES: The plan committee evaluated thRe fIenevsesatnmdeenxtpmenasneasgethrseainreverestamdielyntavailable; and
or legal advice, and PRI specifically
disclaims any representation that cbRYpiAnloerlifloeufoTtoidnnrrhrhmutevescecealivstisneteahtivaxonmloepnuntusseede,tlnnidpnsodtslhsgfecee.oaatisneurTsreaveroelrdmtofviucolioviccablDAPSPXnleeyialtldilaelsgaaasrotrFrdnnnieeipnresap:r:fetFnaaktueraauaidonsddlmsrl,vuykesobaie:ucildnnyi:cinmp:aeacorrdbTlmynou:e.lssdeampiidrnbeypegcalrpetspurteaooosdsnsfpbusuReeinpbcfedooltteu’rinsresleoiimtannshnsdveedeunoy/ssftoittnSrmprvyarpeielnraensi£tpR(£W(RocvnehesttsrIei.I.veoppoSDggTgriTFTraecreanaeK..oeiHnsihhe,,nclgsdtvapt. eeeiDtevpweemTiulruasdnensseeROmmchrs,essv,tmtdn,ieALmmn)teaaarlsmwtWEioemstrajjshieeooitnonhRnkpeeAennmorrngitsndshAiirctntL;-tt,ethipaNtyyetamodlnePhcotmylrrCceooart.eeAhas(motffnE8ayonTamenen)0ppp:raTrrqtpgaam0aahaefgTEuenoegrri)mTfataapdsiRteihnRitihoesttirraeinpnddreh5lpeiigefsmasaaNrgcceosetpuodi3pnswasntsiheiiptmiradpSnparc/0gnepphimmeoroalbQn:yitcon:d-diaaaparphisnw2edoaDnstaennnnTdrlhrrdlt4emoyynadiseovIaeitthoottiaAlyc3issnsxcewhhepbtbdemtteomspph2desoceelelr:elsPeoametaipereei.tacoqteiaoosuicQarnlmltYobmPimlrmdelntauewedvsuiDsohetnyclneldaaimihepesieauiooei,dIyttiicnthnaAsvnlndrrrhlntcremaeoiaeataeat.ssedonttlFnbnvteioQeahycSmrtmenariisitnarnideeDhleovtdseemciwtisolguhovettfeoIraepraodyAavlacuesliiatamiltretseaitllitikalenanitoauPdruecnrteenprpngraiatdpioagelyvaatldtytelhopcaeetieiecrtceonnatdeivyooordldn,ratitruiqnevhblnmnauqeuseevgtasuioeosdgtdptansmfearelactieadpttmftye££Q££WbI£ctPeosnanahnotrasrreDuorIvhretomaitsnTtoflheacICEFDvItdeeiftAnupHtsiencmoesietmhduertdvgeihiunimedDmfacTnpiriiehurpiiapmnstntnnRYvlastaetacseulropvveregvoPtonnAn.eecierlesemeleseayvtEtttnWcaeBtoassstesesriiaeogm:PetmrtprttiadAet—eeemmTvmuenutTrshieLaomoesmvDrentphapyeeesdnlwnedugteoPaaFeenmennutstaaweanrrnmAiatntutcptntearapstatlTititpprlepmrpntnvcrsh—anaTwnreahrdoee;hldaienoindEatnoonpitls2igtdiwttvotinytlRdtadrcihhreri)oatusrmeeaaneoneheeNeersrIocimvergmmsignqttyenmeortpanSweeidaundcepmarmnhef(av:rreiyinoioin.temhrtevngny.Tpinasheiltmeimtnsytltdhipytidoot..tngonl,eueeaoewfriinvgteeamnaasdgtdhiepodwlncerelTraeiltaty:oggaatvaro-tepbrmnlaeBricedhgmelppaoeucew;eiarsnscoecatuaitesmst;datodDndeeipefdmemddraIlaneentn/yaibtroesqttvhaydrlltueoFteyeeisiibfeusottsfoyebmpnnoeefulasdelvdelde,roxranit(scpewtfliTtheucfttoiiDSedieancsaprFteuguncmaer)rlonvddtetiiyimtsnctpsTameoimaelDnusoonsm;Fgipnntaosaogtoiwenftpntntoedhhlphoirreatrdee3nooantte)gprTin atr;-ItreDetrnioieeramFndmrta’bmiveesvlieonnliQgdostQtehlctuDid(DmdaaemIeIltAt.elAehgpyan.-safan,fBot:ttuarwha1magnstshn)ehdea. edGedsniTtnhrathpItodoenogeluiarvevapmpenitrnd-.hsl.Bdaotuemnraayesleleynd-t
this material is appropriate for any £ The majority of participants have alternative sources ofresmuapipnleinmveesntteadl irnettihreempelannt oinr clioqmuied—ate their accounts and reinvest the proceeds) and determined:
purpose other than as educational Twinhacerorammneat—ijnorgwitaayrmorafonprteainrAPmtgdliacooanpidptFmeeaiddrnoaubrttcesyei:adcoryoor:nansgoegtrrvheaastsvivieveeailnitnevvernessatmttmiveeenntstoppu££hhricliolTmTeosshhsaoeeoonppfamhmhgsyaa.eyujj;dpooorprtiirhtlteyyrmoooufefgnpphataarrretltiticrcieriipetpimaranenemttnssternlegimtqliudaeiidnpaaittnehv;tehosetreirdaicnctohuenptslaant
content. Please consult your own £ after retirement—warranting a
independent investment, tax, retirement—warranting a managed
actuarial and legal advisor for
information that is specific to © 2013 by Pension Resource INVESTMENT STYLE & PERFORMANCE: The plan committeteo erevtailrueamteedntingvliedsetpmaetnht.
your situation. Pension Resource Institute, LLC – All rights reserved.
Institute, LLC is not an affiliate or This material is not intended to managers with varyingPliannvneasmtme:ent philosophies and perforRmISanKcTeOaLnEdRdAeNtCerEm: iTnheedp: lan committee evaluated TDFs with varying degrees of equity exposure
subsidiary of Franklin Templeton confer any investment, tax, actuarial R The principal strategies and risks of the investment maanlaongegrthaenidr rtehsepeacstsievet cgllaidsespeasthosf tahned the availability and adequacy of supplemental retirement
Distributors, Inc. Franklin Templeton or legal advice, and PRI specifically managed accounts are appropriate for the plan and capinacbolemoef(eb.egi.n,gpemnosinointopreladn)onforanemployees that are likely to be defaulted to a TDF and determined:
Distributors, Inc. is the distributor of disclaims any representation that ongoing basis; and
Franklin Templeton funds. this material is appropriate for any The performance oSfigtRhnDaeCtIuiOnreFvL:eQBsPtm10e/1n3t £ The majority of participants have alternative sources of supplemental retirement income—
purpose other than as educational five-yewaar r(roarnltoingear)mpoerreiomd omdeerattteheor aggressive allocation along the TDF’s glidepath; or
Franklin Templeton Distributors, Inc. content. Please consult your own
One Franklin Parkway independent investment, tax,
San Mateo, CA 94403-1906 actuarial and legal advisor for
(800) 530-2432 information that is specific to
franklintempleton.com your situation. Pension Resource
Institute, LLC is not an affiliate or
subsidiary of Franklin Templeton R manager over a
Distributors, Inc. Franklin Templeton
Distributors, Inc. is the distributor of criteria of the planX’s investment policies. £ The majority of participants do not have alternative sources of supplemental retirement
Franklin Templeton funds.
FEES AND EXPENSES: The plan committee evaluated the feienscoamnde—exwpaernrsaenstitnhgeainmveosretmceonntservative allocation along the TDF’s glidepath.

manager and the manDaagtee:d accounts’ underlying funds andINdVeEteSrTmMinEeNdT: STYLE & PERFORMANCE: The plan committee evaluated TDFs with varying
• The investment management fees are reasonable basediunpveosntminednutsstrtyraatveegriaegseasn,dlopnegr-ftoerrmmance and determined:
performance and the value of services provided; and R The principal strategies and risks of the TDF and its underlying asset classes are
• The expense ratios of the managed accounts’ underlying fuanpdpsroapreriareteasfoonr atbhleepblaasneadnudpcoanpable of being monitored on an ongoing basis; and
industry averages in their respective asset classes.
R The performance of the TDF over a five-year (or longer) meet the criteria of the plan’s

Franklin Templeton Distributors, Inc. All investments involve©ri2s0k1s3, ibnyclPuednisniognpRoesssoiubrlceeloss of principailn.vestment policies.
One Franklin Parkway biYnoefufoorrrmecaliinteivonentss,tipnslhge.oauTsoeldcocabalcTItlanorhFsienintsrffiauetmaurnlltaayksetnu,leiycnmLrioLianTmnClvesieasm–isdrntAypmeollrlpteerrintainoogtts,hnefpttunasRednxrce,edetdtasu’iscertsetrouvimaneandrvei.dean/lstotSrmapelrenostFtshpDEgeeEoecapTStluaDsArs,Ft,Nm’rswiDsehukniEnsct,dXhaePctcrh(Elo8yaNn0irntgS0ageEi)nsfS5su3:ant0nhTd-dihss2e4aea3npxnp2dldae.nodnYtesohcetueoesrrmrmminitetede: evaluated the fees and expenses the TDF and
San Mateo, CA 94403-1906 clients should carefullydorirslecelagadaiml aasdpavnricoyesr,peapenrcedtsuPesnRtIbasteipofeoncrietfhicathatlelyy investRorTsheendexmpeonnseey.ratio of the TDF is reasonable based upon industry averages, long-term
(800) 530-2432 performance and thReDCvIaOlFuLeQMoPf1s0/e1r3vices provided; and
franklintempleton.com

this material is appropriate for any R The expense ratios of the TDF’s underlying funds are reasonable based upon industry
purpose other than as educational
averages in their respective asset classes.
content. Please consult your own

independent investment, tax, CUSTOM OR NON-PROPRIETARY ALTERNATIVES: The plan committee evaluated the
actuarial and legal advisor for availability, feasibility and costs of custom and non-proprietary TDFs and determined:
information that is specific to
your situation. Pension Resource £ Suitable TDF alternatives are limited or unavailable;
Institute, LLC is not an affiliate or
subsidiary of Franklin Templeton £ Information relating to TDF alternatives is limited making them difficult to monitor; and/or

Distributors, Inc. Franklin Templeton £ Alternative TDF fees exceed the anticipated value to plan participants.
Distributors, Inc. is the distributor of

Franklin Templeton funds. All investments involve risks, including possible loss of principal.

Franklin Templeton Distributors, Inc. Investors should carefully consider a fund’s investment goals, risks, charges and expenses
One Franklin Parkway before investing. To obtain a summary prospectus and/or prospectus, which contains this and
San Mateo, CA 94403-1906 other information, talk to your financial advisor, call us at (800) DIAL BEN / 342-5236 or visit
(800) 530-2432 franklintempleton.com. Please carefully read a prospectus before you invest or send money.
franklintempleton.com
RDCIO FLQTP 10/13

STEP 4:

MONITOR QDIA AND REVIEW AS APPROPRIATE

The QDIA should be monitored in a way that comports with the plan’s investment policies (e.g., quarterly, compared against
peer groups, etc.), and the QDIA type should be revisited periodically to ensure it continues to be an appropriate choice for
the plan. You may consider re-enrolling the plan if the process described above results in a new QDIA type or the selection
of a different QDIA to ensure the plan’s participants benefit from the enhanced QDIA selection process. You may also
consider suggesting that the plan periodically re-enroll participants thereafter to ensure that the fiduciaries receive the
maximum protection under the QDIA rules.

Franklin Templeton Distributors, Inc. Franklin Templeton Investments
One Franklin Parkway, San Mateo, CA 94403-1906 Your Source For:
(800) 530-2432
franklintempleton.com/retirement • Mutual Funds • 529 College Savings Plans

• Retirement • Separately Managed Accounts

For Dealer Use Only/Not For DISTRIBUTION TO The Public RDCIO FLQAB 10/13

© 2013 Franklin Templeton Investments. All rights reserved.