curnowc Posted March 19, 2008 Report Share Posted March 19, 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 February 28, 2008 The 403 (b) Ad Hoc Committee Meeting was held at the Lincoln Center on Thursday, February 28, 2008, at 10:00. Committee members present were Leo Hudetz, Dan Martin, Dennis Lusin, Thomas Harper, Janet Baum, Jeff Greenfield, and Travis Weidinger. COMMUNICATION FROM THE PUBLIC Charlie Manfredi was present. He presented a copy of comments to the committee. Some of his comments were: • ROTH 403(b)’s are not necessary and would be an added expense. • Valuation dates should be daily – 24/7 via phone. • Loans should not be offered as they are an added expense. GENERAL DISCUSSION Dan Martin felt in order to meet the projected deadline, a Third Party Administrator (TPA) should be recommended to the Trustees by the April 16 Board Meeting. The committee authorized Leo to have a professional review the final draft of the Plan Document for all legalities. Jeff thought a TPA might have a vested interest whereas an outside law firm or company might be more objective. The question of whether one vendor or several vendors was discussed. • A TPA will not be necessary if only one vendor is chosen. • If several vendors are chosen then a TPA will be needed and could review the plan document for IRS compliance and language. • One vendor would have less cost to the employees. • More vendors will provide more choices to participants. Dennis explained an “open architecture” plan. • One vendor will allow other vendors to participate in the plan under the vendor’s “umbrella”. • Employees would have options of several vendors. Jeff stated he would be more accepting of one vendor if he had data showing the cost savings of one vendor instead of several vendors. The number one decision for the next meeting will be if a TPA will be used and how many vendors to allow under the Plan. The changes made in the Plan Document from the February 15, 2008 meeting were discussed and approved. Also changes to Section 6.4 were made to comply with committee decision at the February 15, 2008 meeting. The current document, as approved by the committee, is attached to these minutes. APPROVAL OF MINUTES AND ADJOURNMENT Janet made a motion to approve the February 15, 2008 minutes. Dan seconded the motion. The meeting was adjourned at 11:03. The next meeting is scheduled March 4 at 10:00. __________________________ Leo Hudetz, District Clerk ______________________________ Eva Anthony, Recorder Link to comment Share on other sites More sharing options...
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