Background Newport Group Consulting, LLC (“NGC”), (“NGC” or the “Firm”) as a registered investment adviser (“RIA”) have been in business since June 2006. NGC provides institutional investment and fiduciary consulting services primarily to retirement plans, their sponsors, and their participants. Many of these plans provide for participant directed investments. NGC is a wholly owned subsidiary of Newport Group, Inc. (“NGI”), an Ascensus Company. NGI is a provider of retirement plan administration and recordkeeping services. NGI is indirectly owned by Ascensus Group, LLC. Additional information about NGC’s products, corporate structure, and directors is provided on Part 1 of NGC’s Form ADV which is available on the SEC’s website at http://www.adviserinfo.sec.gov. NGC is an affiliate of Newport Trust Company, a New Hampshire state chartered trust company, that provides America’s leading corporations and institutions with institutional trustee and independent fiduciary services for retirement plans. Newport Trust Company serves as a qualified custodian to some sponsors of employee retirement plans where NGC offers investment advisory services, as described in this Brochure, to the plan sponsor. Please refer to Item 15 for more information. Advisory Services In its capacity as RIA, NGC offers the following types of services to retirement plan sponsors: 1. Investment Consulting Services 2. Discretionary Investment Management Services 3. Fiduciary Governance Advice Services 4. Retirement Plan Consulting 5. Risk-Selective Target Date Portfolios Note that services will vary based on client need and contractual obligations. 1. Investment Consulting Services NGC’s investment consulting services include direct, ongoing advice to institutional clients regarding the following:  Comprehensive investment review, including an analysis of the existing menu, investment managers and asset allocation strategies;  Preparation and maintenance of an Investment Policy Statement (“IPS”) that is reviewed and updated on a periodic basis;  Review of the investment menu and make recommendations regarding diversification by asset class and investment style where appropriate;  Review, evaluate, and make recommendations regarding asset allocation tools and Qualified Default Investment Alternative (“QDIA”) options for defined contribution plans;  Review and make recommendations regarding an asset allocation based on time horizon and risk tolerance;  Review, evaluation and selection of investment managers using criteria specified in the IPS;  The continued monitoring and reporting on the performance of each investment manager using the same criteria;  Maintenance of a Watchlist and recommendations regarding the removal/replacement of investment managers where appropriate;  Provide written documentation of the recommendation and review process, including comprehensive reporting, known as the Quarterly Investment Manager Review (“QIMR”);  Provide advice and guidance on other investment related issues as needed or requested; and  At the direction of plan sponsor, attend group meetings and individual meetings with plan participants to provide general plan education and information, helping participants achieve better outcomes as it pertains to their retirement accounts. Note that NGC does not provide individualized investment advice to plan participants. Investment Review NGC prepares an analysis of current investments, including an evaluation of the asset classes and investment styles included in the menu and assists in identifying potential gaps and overlap, and the asset allocation strategy and/or tools utilized. NGC then reviews the existing managers, comparing them to an appropriate asset class/style specific benchmark and peer group. Investment Policy Statement NGC develops an IPS for each client, which is intended to serve as a “road map” to assist in the ongoing management of the plan. The IPS defines the roles and responsibilities of the parties, outlines specific guidelines and restrictions, summarizes the basis for menu construction and asset allocation, and provides for the periodic review of the investments and policies. Furthermore, the IPS defines the specific process and criteria for the evaluation, selection, and ongoing monitoring of managers, including the Watchlist and manage replacement criteria. Asset Allocation and Menu Construction Asset allocation is an important investment decision, as it is the primary determinant of the return and risk characteristics of a portfolio. NGC’s proprietary asset allocation framework incorporates forward looking input assumptions and risk control constraints. For sponsor directed plans, NGC provides advice regarding asset allocation and rebalancing policies given the specific needs and objectives of the plan, such as goals and return objectives, plan liabilities, time horizon, risk tolerance, cash flow, and underlying participant demographics. For participant directed plans, NGC will design an investment menu that will include an array of asset classes, investment styles and risk/return characteristics, so that participants are provided the ability to construct their own diversified portfolios unique to their individual time horizons, return objectives, and tolerance for volatility. Additionally, the Firm believes asset allocation tools are an important component of a participant directed plan, allowing participants to select among the plan’s investment options in a manner that reflects their individual time horizons, return objectives, and tolerance for volatility. NGC will recommend asset allocation tool(s) for retirement plan participants, whether it be risk-based model portfolios made up of the underlying funds in the investment menu, a series of target date funds, and/or a participant advice service, based upon the participant’s individual investment objectives and risk tolerance. For qualified plans, the Firm can recommend the default investment as a “QDIA”, under the requirements of the Pension Protection Act of 2006. This includes, but is not limited to, a target-retirement-date fund, a professionally managed account, or a balanced fund. Investment Manager Evaluation and Selection NGC’s investment manager evaluation and selection process incorporates several key quantitative and qualitative criteria. NGC’s quantitative investment process isolates return, risk, risk-adjusted return, and style consistency variables for comparison with applicable benchmarks and peer groups, with an emphasis on the consistency and repeatability of these characteristics, as well as competitive expenses. Managers who satisfy our rigorous quantitative criteria then move through our qualitative assessment. The Firm’s investment manager research team examines each manager to verify the quality and consistency of the people, the philosophy, and the investment process. Research analysts strive to identify the specific attributes that differentiate the manager from its peers and then determine the sustainability of the manager’s investment approach. Clients should understand that there can be no assurance that past performance will be repeated and that investments in securities involve risks, including the possible loss of the principal amount invested. Investment Manager Monitoring and Replacement NGC continually monitors the investment managers based on the same quantitative and qualitative criteria. If a particular manager

is underperforming based on the criteria, it will be placed on our Watchlist and allowed some period of time to correct the deficiencies. During this period, NGC will consider the manager’s performance relative to our expectations for its investment style in the context of the recently prevailing market environment. This may cause the Firm to take quicker action when the manager research team would expect the market environment to have been favorable for the strategy or to be more patient when the market environment has been an impediment relative to the manager’s established style. If the manager fails to improve, NGC will proactively recommend replacement of the manager. Periodic Reporting and Review NGC’s detailed QIMR is the cornerstone of our continuous supervision process. A formal report is prepared and delivered to each client quarterly. The report connects the ongoing monitoring process back to the IPS, which documents the prudent process followed and required under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The QIMR also communicates the Firm’s perspective on the capital markets, our comments on the investment managers and the performance of the overall investment menu/portfolio. 2. Discretionary Investment Management Services NGC provides certain sponsors of qualified defined contribution and defined benefit plans with discretionary investment management services under a delegation of authority as an “investment manager” from the named fiduciaries of such plans (as defined in Section 3(38) of ERISA). For participant directed defined contribution plans, the Firm provides discretionary investment menu construction and, if desired, development of asset allocation model portfolios based on the specific needs of its clients. NGC monitors the performance of each investment option and the model portfolios and exercises its discretion as investment manager to substitute, add or remove investment options. NGC may also make corresponding changes to the model portfolios as a result of any such substitution, addition, or removal of an investment option. The Firm monitors and may select, at its discretion, the investment option or asset allocation tool that will serve as the “default” investment option for those participants that do not make an independent investment election. It is important to note that NGC is not responsible for investment decisions made by plan participants. The Firm also is not responsible for investment decisions involving employer securities or for plan assets that have not been designated as subject to the Firm’s authority as an investment manager. With respect to plans that are not participant directed (e.g., defined benefit plans and certain defined contribution plans such as money purchase and profit-sharing plans) and that utilize NGC’s discretionary investment management services, NGC exercises full discretion with respect to delegated assets as to the selection of fund managers and the allocation of plan assets among such managers. The Firm is responsible for monitoring the performance of the managers. Generally, NGC does not allow clients to impose restrictions on its investment authority except for investment discretionary clients; (see Item 16). 3. Fiduciary Governance Advice Services As an additional service, NGC provides direct, ongoing advice regarding non-investment related obligations that ERISA places on plan sponsors of participant directed defined contribution plans. NGC presents written reports to the retirement plan committee on a broad scope of fiduciary consulting services that may include:  Development and maintenance of customized Fiduciary Practices Statement (reviewed annually);  Periodic fiduciary governance review and development/review of Fiduciary Governance Charter;  Comprehensive total plan expense analysis including review for reasonableness and competitiveness versus industry standards (annual);  Comprehensive service provider review versus performance standards as outlined in the services agreement and versus competitive standards and industry best practices (annual);  Assessment of employee education and communication programs, including development of a comprehensive education and communication plan and ongoing evaluation of the effectiveness of the program (annual);  Assistance with 404(c) compliance by conducting an annual diagnostic;  Assistance with DOL Reg. Section 2550.404a-5 – participant fee disclosure – compliance by conducting an annual diagnostic;  Annual “recap” prepared for the board summarizing all pertinent information/activities of the retirement plan committee regarding oversight of the plan; and  Fiduciary “onboarding” and education. 4. Retirement Plan Consulting NGC conducts various consulting projects for clients, including, but not limited to, retirement plan service provider searches, plan trustee searches, merger and acquisition consulting, comprehensive service provider reviews and total plan expense analysis. A retirement plan service provider search project would include comprehensive management of the entire search process, including custom creation of request for information (“RFI”) and request of proposal (“RFP”) documents, evaluation of RFI/RFP responses, finalist selection and interviews, onsite visits, and full conversion/implementation management. 5. Risk-Selective Target Date Portfolios Risk-Selective Target Date Portfolios is a managed account service that allows individuals to select one of a series of 15 diversified portfolios by selecting the portfolio that aligns with their desired retirement date and individual risk tolerance. The portfolios are structured as a series of 3 risk levels (aggressive, moderate, and conservative), with 5 target-date ranges in 10-year increments (2011-2020, 2021-2030, 2031-2040, 2041-2050, and 2051-2060). The underlying investments and allocations are managed along a glide path that will gradually allocate the portfolios to a greater level of fixed income (bond) investments as time progresses toward the retirement year. The Firm intends to add target date ranges after 2060 and retire portfolios that have reached the designated retirement age. The portfolios can be constructed and managed using the plan’s designated investment alternatives, or a subset of those investments. These are called “Custom” portfolios. They can also be structured and unitized on a custodial platform using investments selected by NGC, called “Flagship” portfolios. NGC offers a risk-tolerance questionnaire to assist plan participants in determining their investment risk tolerance. This questionnaire is intended to be used for the selection of the appropriate portfolio in conjunction with the participant’s expected retirement (or asset distribution) year. However, NGC does not make recommendations to participants with regard to specific investment options. A. NGC’s services may be customized for clients. All guidelines are documented in the IPS. B. NGC does not participate in any wrap fee programs. C. Assets Under Management and Assets Under Advisement As of December 31, 2023, NGC provides advisory services to the following: $36,550,423,285 of non-discretionary assets under advisement (“AUA”) $2,560,003,733 of discretionary regulatory assets under management (“AUM”) It is important to note that Newport Group Securities, LLC the registered investment adviser merged into Newport Group Consulting, LLC effective August 31, 2023, resulting in a significant increase over prior years’ advisory services assets.