City of Foster City Survey Key Findings For review August 24, 2017 Stephanie Seo Senior Relationship Manager

Methodology 189 participants were invited to take an online satisfaction survey Questions focused on overall satisfaction, as well as satisfaction with VALIC financial advisors, customer service, website, statements and Guided Portfolio Services (GPS) The survey was open from June 10 – June 24 The survey link was sent out by the plan sponsor and was also included on the custom website One email was sent to the Retirement Committee Two reminders were sent There were 60 responses, 54 (90%) of which are in the deferred compensation plan 32% response rate

Key Findings Nine in ten (88%) are very satisfied or satisfied with the information and service they receive from VALIC 78% of respondents are likely to recommend VALIC to friends and colleagues Overall satisfaction with VALIC financial advisor is high with 92% very satisfied or satisfied 80% are satisfied with their VALIC financial advisors’ explanation of the City of Foster City Plan 89% are satisfied with their VALIC financial advisors’ ability to help with questions and periodic reviews 86% are satisfied their VALIC financial advisor has helped them understand the importance of preparing for retirement 53% have used the participant website: 93% agree it’s easy to navigate Respondent are satisfied with their VALIC statements 82% find it informative 86% think it’s accessible in a timely manner More than six in ten are satisfied with the investment plan lineup Of the 39% who use Guided Portfolio Services (GPS), 68% agree their advisor is working to keep them on track

Detailed Findings

Overall satisfaction with information and service received is high 88% are very satisfied or satisfied Participant satisfaction In percentage of respondents n = 52 Q: Please rate your overall satisfaction with the information and customer service you receive from VALIC.

Eight in ten (78%) respondents are likely to recommend VALIC In percentage of respondents n = 51 Q: How likely is it that you would recommend VALIC as a retirement plan provider to friends and colleagues?

10% (10) of those invited to participate in the survey are not participating in the Plan Reasons for not participating in deferred compensation plan In number of respondents Other Investing on my own Not a Foster City employee Haven’t heard of it n = 10 Q: Please let us know why you are not participating in the Plan.

Overall satisfaction with VALIC financial advisor is high (92%) 71% have been in contact with their VALIC financial advisor in the past 12 months Satisfaction with VALIC financial advisor In percentage of respondents n = 37 Q: Overall, how satisfied are you with your VALIC financial advisor?.

Nine in ten are satisfied with their VALIC advisors’ availability to help with questions and reviews Satisfaction with VALIC financial advisor’s ability In percentage of respondents n = 35 (respondents who have met with advisor in past 12 months) Q: Please rate your satisfaction with your VALIC financial advisor's availability to help you with questions and periodic reviews. Q: How satisfied are you that your VALIC financial advisor has helped you understand the importance of saving and preparing for retirement? Q: How satisfied are you with your VALIC financial advisors’ explanation of your deferred compensation plan?

Three quarters are satisfied with the performance of a VALIC Client Service Professional (CSP) via the 800# Only 8% of respondents have spoken to a CSP Satisfaction with VALIC Client Service Professional In number of respondents n = 4 Q: Please rate your overall satisfaction level with the Client Service Professionals for their performance in the following areas.

53% have used the website, two-thirds are very satisfied or satisfied 93% agree the website is easy to navigate Satisfaction with VALIC participant website –In percentage of respondents n = 27 Q: Please indicate how strongly you agree or disagree with the following statements about the website.

More than eight in ten are satisfied with participant statement information and accessibility Satisfaction with VALIC participant statement In percentage of respondents n = 51 Q: Please indicate how satisfied you are with the following attributes of your VALIC statement.

Two-thirds are satisfied with the investment plan lineup Satisfaction with VALIC investment plan lineup In percentage of respondents n = 49 Q: Please rate your level of satisfaction with the plan's investment lineup in the following areas.

39% use Guided Portfolio Services Two-thirds agree their VALIC advisor is keeping them on track Agreement with VALIC Guided Portfolio Services In percentage of respondents n = 20 Q: Please indicate your agreement with each statement below.

Of those not using Guided Portfolio Services (61%), the majority are not familiar with the service (45%) Reason for not using VALIC Guided Portfolio Services In percentage of respondents Other Just have not utilized this service yet. I couldn’t find information about it on the website. n = 31 Q: Please let us know why you don't use the Guided Portfolio Services offered in your Deferred Compensation Plan.

Participant Comments

Is there anything else you’d like to tell us? Topic Verbatim Advisor I'm very satisfied with our VALIC representative and its services. I'm glad that my funds are with VALIC! Geoff Akers is the best! He always provide the best customer service and he is excellent with what he does in helping me with any questions and concerns I have with my accounts. He is very helpful and knowledgeable. Thank you Geoff! General So far my experience has been neither good nor bad. I don't know that I would encourage anyone to go with VALIC. Unfortunately, being the only savings vehicle for deferred comp, it really isn't a choice.

Thank you

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