Jump to content
Billings Public Schools Forums

403(B) Committee Minutes - 2/15/08


curnowc

Recommended Posts

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 February 15, 2008

 

The 403 (b) Ad Hoc Committee Meeting was held at the Lincoln Center on Friday, February 15, 2008, at 10:00. Committee members present were Leo Hudetz, Dan Martin, Dennis Lusin, Thomas Harper. New members, Janet Baum and Travis Weidinger, were introduced. Sheri Weidinger was also present. Jeff Greenfield was excused from the meeting.

Janet and Travis will be approved by the Board at the next school board meeting.

 

COMMUNICATION FROM THE PUBLIC

 

Charlie Manfredi was present. He voiced his concerns about changing anything and not being informed.

 

LETTER TO EMPLOYEES

 

Comments received from the letter sent to employees were discussed. There were approximately 12 calls received by the members of the committee.

Comments were:

● They were concerned about additional fees to be paid to a Third Party

Administrator

• They are very attached to their current provider.

• They do not want their company taken off the list.

• Since Dennis Lusin is on the committee, they were concerned D.A. Davidson might be the TPA.

Leo assured them D.A. Davidson was not bidding on the proposal.

• General questions were asked and answered.

 

TIME SCHEDULE

 

Leo distributed an updated Schedule of Tasks. Dan suggested adding a Pre-Bid

discussion date for third party administrators to attend before RFP’s are sent out.

 

PLAN DOCUMENT DRAFT

 

Plan document draft was discussed. Changes to the draft are as follows:

 

2.4 (a) Participation, Amounts and Direction Committee agreed that a participant

must give notice at least 10 days prior to the pay date the election is to take effect.

 

 

 

OTHER CHANGES/ADDITIONS

 

The committee agreed to permit Roth 403(b) accounts if it does not add significantly to the cost of administration.

 

The Committee agreed to the following regarding rollovers and investment direction:

• A current participant may rollover any funds invested with another 403(b) account provider to a provider/vendor approved by the district after the new plan document is adopted.

• Participants may not direct contributions to a 403(b) plan other than the Billings Public School’s plan.

• The committee agreed that if the administrator utilizes a third Party Administrator, any costs may be assessed to the participants’ accounts.

 

 

GENERAL DISCUSSION

 

Dennis stated the differences between 403(b)s and Roth 403(b)s. He said having both types of 403(b)s available might be a benefit to some.

 

Dennis said he would check on the administrative costs of adding a Roth 403(b) and also on the language in section 9.6, “Mistaken contributions.”

 

Several vendors have expressed their intentions of not offering 403(b)s due to the new regulations and administration. This might make the elimination process less of a burden.

 

It was discussed having one vendor that would have a wide family of funds available to choose from. One vendor is more cost effective for the employees.

 

The district does not gain anything financially from offering a 403(b). The only advantage is a benefit for the employees.

 

Leo will contact a 403(b) specialist for advice on the 403(b) plan document complying with IRS regulations.

 

Dan moved to adjourn the meeting, Dennis seconded the motion. The meeting was adjourned at 11:54 a.m. The next meeting is scheduled for February 28th in Room 216.

 

 

 

__________________________

Leo Hudetz, District Clerk

 

______________________________

Eva Anthony, Recorder

 

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...