curnowc Posted March 28, 2008 Report Share Posted March 28, 2008 Proceeding of the 403 (b) Ad Hoc Committee School District No. 2, Yellowstone County High School District No. 2, Yellowstone County Billings, MT CALL TO ORDER March 19, 2008 The 403 (b) Ad Hoc Committee Meeting was held at the Lincoln Center on Wednesday, March 19, at 11:30. Committee members present were Leo Hudetz, Dan Martin, Janet Baum, Jeff Greenfield, Travis Weidinger, and Eva Anthony. Thomas Harper was excused. COMMUNICATION FROM THE PUBLIC There was no communication from the public. GENERAL DISCUSSION Leo has reviewed several draft plan documents from several of our existing companies. Horace Mann has a section in their draft he feels important to have in our plan document. The committee discussed indemnification and no employer liability, Sections 9.13 and 9.14. 9.13. INDEMNIFICATION. If employer appoints an employee or a committee of employees to act as the administrator of the plan, employer shall indemnify any such employee acting on its behalf in this capacity. Such individuals shall be indemnified from any and all liability that may arise by reason of his or her action or failure to act concerning the Plan, excepting any willful misconduct or criminal acts. 9.14. NO EMPLOYER LIABILITY. Employer shall have no liability for payment of benefits under the Plan. Each participant shall look solely to the providers of applicable Annuity Contracts and Custodial Accounts for receipt of payments or benefits under the Plan. Janet made a motion to approve the additions of 9.13 INDEMNIFICATION and 9.14 NO EMPLOYER LIABILITY. Jeff seconded the motion. It was voted on and approved unanimously. LETTER TO THE EMPLOYEES The minor changes to the first draft were discussed. Leo will put the letter on the Web and the letter will be sent to all employees. Jeff and Janet will put the letter in their union newsletters also. GALLAGHER BENEFIT SERVICES Leo and Dan called Gallagher after the last meeting. Gallagher sent them a listing of their services and a draft work sample of how it will appear, and how they score different companies. Gallagher’s preliminary review of the Plan Document looks fine. Leo and Thomas talked the Don Heilman and Matt Annalora this morning concerning the estimate of cost $15,000 to $20,000 to be paid by the district. Gallagher has been working with other districts on 403 (b) vendor selections and they have a good model developed that is working. Gallagher will be very flexible to meet our needs, such as setting parameters for scoring. Matt Annalora, from Gallagher, talked to the committee via tele-conference. Matt discussed some of their services and timeline: 1. Gallagher provides a comprehensive unbiased vendor selection process. 2. Gallagher determines what the committee feels is the most important features to have a quality offering for the employees. Gallagher will use these responses to score the RFP’s, which cover eight broad categories, with eight to ten sub-categories—ranging from fees to investment quality to service level, experience, and etc. 3. They will distribute RFP’s, do interviews, retrieve and compile analyze data, and will recommend the results to the committee. 4. They will have a series of final presentations of the results and recommendations. 5. Assist in the implementation process, taking care of all documents, reviewing agreements, and overseeing entire process. 6. If they start now, they should be able to implement the new Plan by July. 7. They will do employee education, either as group meetings or sending hard copy to employees, including contact information. 8. RFP’s will be solicited to all current vendors asking if they want to participate in one or more of the four options as indicated in the RFP. Members have a high level of confidence with Gallagher, as the district has worked with them in the past. Jeff made a motion to contract with Gallagher to assist in the RFP’s process and guide us. Janet seconded the motion. The vote to approve the motion was unanimous. It was a suggested we have a meeting to prioritize important factors before Gallagher comes. APPROVAL OF MINUTES AND ADJOURNMENT Jeff moved to approved the minutes from the March 13th meeting and Janet seconded the motion. The vote was unanimous The meeting adjourned at 12:15. The next meeting is scheduled for March 26th at 10:00. __________________________ Leo Hudetz, District Clerk ______________________________ Eva Anthony, Recorder Link to comment Share on other sites More sharing options...
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