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403(b) Committee Meeting - June 19, 2012


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Proceeding of the 403 (b) Committee Meeting

School District No. 2, Yellowstone County

High School District No. 2, Yellowstone County

Billings, MT

 

 

 

 

 

CALL TO ORDER June 19, 2012

 

The 403(b) Committee meeting was held at the Lincoln Center on Tuesday, June 19, 2012 at 11:00 am. Committee members present were Leo Hudetz, Deana Elder, Jay Lemelin, Patricia Hubbard, Jeana Lervick and Jeff Greenfield. Also Board Chair, Teresa Stroebe and Matt Analora, from Institutional Plan Advisors were in attendance. Members Travis Weidinger and Lindy Graves were excused.

 

COMMUNICATION FROM THE PUBLIC

 

There was no communication from the public.

 

PLAN UPDATE

 

Leo Hudetz greeted all committee members and thanked them for attending the meeting. Leo Hudetz explained the plan was operating smoothly and no issues have been noted. A Plan Total Amount by Investment Provider report was distributed to the Committee members.

 

Leo Hudetz introduced Matt Analora, from Institutional Plan Advisors. Matt Analora had submitted a proposal to the Committee for their review.

 

 

INSTITUTIONAL PLAN ADVISORS PROPOSAL by Matt Analora

 

Matt Analora, Institutional Plan Advisors (IPA), is proposing the following services on a contractual basis.

  1. EXPENSE AUDIT, REPORT AND NEGOTIATIONS: An analysis of all current expenses and fees associated with the 403(b) investments. IPA will negotiate with the current vendors regarding fee decreases and the creation of a Plan Expense Account.
  2. INVESTMENT EVALUATION SERVICES: IPA will ensure the plan’s investment option meet stated performance benchmarks.
  3. FIDUCIARY AND REGULATORY CONSULTING SERVICES: IPA will implement actions which will ensure that regulatory and legislative requirements are achieved.
  4. EMPLOYEE EDUCATION AND COMMUNICATION: IPA will help coordinate and attend the next employee education meeting. An objective unbiased information of vendor comparisons and other investment related issues will be presented by IPA.

 

Matt Analora explained the total fee for retaining IPA services for a year is $14,000.00. It would be of no cost to the District, as the payment could come from the savings from the reduced fees. The remaining savings could be distributed among the 403b participants. A Plan Expense Account (PEA) would be setup to pay Matt Analora and other options, such as employee education or paying directly to participants. The committee would have the control over the PEA.

 

The committee discussed many aspects of the proposal submitted by Matt Analora of Institutional Plan Advisors, from Douglas, Wyoming. One of the concerns was for paying for a negotiated lower fee and it does not go back to the participants that are paying the fees. The assurance of having the proper paperwork for the IRS regulations would be a benefit. It was stated most vendors would be willing to provide education to the employees at no cost to the district. Leo Hudetz requested references from Matt Analora, which he will provide to Leo Hudetz. This will be discussed in the fall.

 

 

SIGNERS FOR EMPLOYEE TRANSACTIONS

 

When employees want to roll over their money from one of the orphaned accounts and request various other transactions, it requires an employer signature. Currently, Leo Hudetz is the only authorized signer. Jeff Greenfield made a motion to add Eva Anthony and Jeana Lervick to be added as authorized signers. Deana Elder seconded the motion. It was voted on and approved unanimously.

 

 

 

 

 

 

 

 

 

 

 

 

 

APPROVAL FOR MINUTES

 

Patricia Hubbard noted to correct the spelling of the names of Jeana Lervick and Deana Elder. With this correction, Deana Elder made a motion to approve the minutes from the meeting on September 23, 2011. Jeff Greenfield seconded the motion. It was voted on and approved unanimously.

 

 

 

ADJOURNMENT

 

The meeting was adjourned at 12:08 pm.

 

__________________________

Leo Hudetz, District Clerk

 

____________________________

Eva Anthony, Recorder

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