curnowc Posted March 20, 2008 Report Share Posted March 20, 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 4, 2008 The 403 (b) Ad Hoc Committee Meeting was held at the Lincoln Center on Tuesday, March 4, 2008, at 10:00. Committee members present were Leo Hudetz, Dan Martin, Janet Baum, Jeff Greenfield, Travis Weidinger and Eva Anthony. COMMUNICATION FROM THE PUBLIC Charlie Manfredi was present. 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 Leo advised Dennis Lusin is resigning from the committee. Dennis does not want a conflict of interest as there may be an advisor within D.A. Davidson that might want to bid. Leo has sent the Plan Document Draft to Crowley Law Firm, in Missoula, MT, to review for compliance. He has not heard back from them. Leo will call Gallagher to see if they will review the Plan Document Draft, also. In order to submit any RFP’s the four choices available were discussed. 1. TPA (Third Party Administrator - was agreed it must be an independent TPA) 2. MULTIPLE VENDORS 3. SINGLE VENDOR 4. SINGLE VENDOR with OPEN ARCHITECTURE Jeff made a motion for the committee to get RFP’s for the following choices: 1. An independent TPA (a) with unlimited vendors available to participants (b) with twelve vendors or less available to participants 2. Single vendor with an open architecture. Janet seconded the motion. The motion was passed unanimously. Dan stated communication to the employees is needed. It was agreed after data is received then the info could be distributed to the employees. In the meantime, an updated letter will be sent under the signatures of Leo, Jeff, Janet and Travis. Leo will contact the Gallagher Firm to get a sample RFP to bid on TPA’s and from single vendors with an open architecture. Dan suggested the Plan Document Draft be on the website. Leo stated it is attached to the minutes on the web but he would get it on the website under separate cover. Dan and Leo will meet with the administrators explaining the decision of the committee concerning the RFP’s. APPROVAL OF MINUTES AND ADJOURNMENT Jeff made a motion to approve the February 28, 2008 minutes. Janet seconded the motion. The meeting concluded at 11:18. The next meeting is scheduled for March 13th at 10:00. __________________________ Leo Hudetz, District Clerk ______________________________ Eva Anthony, Recorder Link to comment Share on other sites More sharing options...
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