curnowc Posted October 15, 2010 Report Share Posted October 15, 2010 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 May 11, 2010 The 403(b) Committee meeting was held at the Lincoln Center on Tuesday, May 11, 2010, at 9:00 am. Committee members present were Leo Hudetz, Jeff Greenfield, Deena Elder, and Travis Weidinger. Visitors present from ING were Tim Kadlec, Portland, OR, and Julie Sullivan, Billings, MT. COMMUNICATION FROM THE PUBLIC There was no communication from the public. PLAN UPDATE Leo Hudetz gave a brief update on the Plan. Leo Hudetz had set up this meeting with Tim Kadlec, from ING, to give a review of the investments and Planwithease, the third party administrator. Number of participants and contribution amounts. Leo Hudetz reviewed the number of participants and the dollar amount of the contributions for the past two years. He discussed some of the reasons for the decline in the number of participants, as well as the decrease in the amount of contributions. The reduction is a result of the economy and the reduction of vendor choices. The number of participants and contribution amounts are gradually increasing. Planwithease total dollars invested. The information on the report was from April, 2010. The plan balance of $10,245,568 represents the total amount invested in six companies. The original estimate of $20 million invested included current employees and retirees invested with all of the original vendors. Our plan consists of five companies. Symetra is listed on the report because they have agreed to provide monthly information to Planwithease. ING/PLANWITHEASE REPORT Leo Hudetz thanked Tim Kadlec for coming in from Portland to give an update and Julie Sullivan, from ING in Billings. ING Plan Review Booklet Tim Kadlec distributed the plan review booklet to all attendees. The data is from January 1, 2009 through March 31, 2010. The plan review indicates the percent of participants in each Asset Class, the number of participants by Investment Options and summary of accounts. The review also listed Asset Distribution by participants’ age. Currently, ING has 70 active participants. ING offers the full fund menu to the School District, which is their standard product with 99 different sub accounts. Many of the accounts are not used. Julie Sullivan and Tim Kadlec said they have the ability to customize the fund availability, if the District would want to do so. The School District might want to consider customizing the fund list as it can be overwhelming. The average participant age is in the 36-45 age range. During this review period, most all inquiries were phone inquiries to customer service. As time goes on, more participants will use the Internet for utilization of participant customer services. Leo Hudetz stated he would like to see a performance comparison of funds. Tim Kadlec explained that Planwithease is owned by ING, but is a separate entity. Planwithease is located in Minot, North Dakota and is fully staffed with 10-15 people. Planwithease will aggregate all the data together, as long as the vendors will share the information, which is required by the IRS. All transactions will come through Planwithease and they will make sure all rules are being approximately followed. Planwithease.com sample screen images. Tim Kadlec distributed screen shots of the on-line service provided by Planwithease. This program has many tools to aid the participant with investing, college planning, and preparing to retire, to name a few. All employees, past and present, may access Planwithease with their own login. Tim Kadlec reviewed the screen shots of the many options available on-line, such as participant summary information, general purpose loan, hardship withdrawal, and more. FALL ENROLLMENT SEMINAR Leo Hudetz and the committee discussed the benefits of having a Fall Enrollment Seminar. Although the attendance was minimal last year, it was decided to have another Fall Enrollment Seminar in late September or October. ADJOURNMENT Jeff Greenfield made a motion to adjourn the meeting. Travis Weidinger seconded the motion. The meeting was adjourned at 9:57 am. __________________________ Leo Hudetz, District Clerk ____________________________ Eva Anthony, Recorder Link to comment Share on other sites More sharing options...
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