Adding loan provision could be problematic with 3 vendors and – adhering to IRS guidelines Elizabeth Woodburn from Buck Discussed Fund Mapping changes Consultants gave updated on Outlined member communication process regarding mapping Mapping: Website has both new and old fund alignment On-line enrollment going forward eff. 1/1/2015 Joyce will research having monthly orientation meetings for new employees Plan Performance Information contained in written report. Highlights listed below: Report(3rd Quarter) - Tom Coughlin Plan Level: Funds erosion is still occurring due to decline in overall workforce Overall assets declined .55% 3rd quarter volatility due to global slowdown, middle east unrest and rising value of the U.S. dollar is having an impact on the international markets Watch List Updated: Mass Mutual - Royce Value Plus Svc Remains on list for performance – reason Valic PIMCO Total Return A terminated due to fund – –account manager change Seth Blodgett motioned to add PIMCO Real Valic Added PIMCO Real Return A, watch due to fund manager Return A to watch list, Rebekah Koroski – change seconded Valic - America Funds Inf. Co. of America A. fund will be removed in December 2014 due to mapping Turner Mid Cap Growth removing fund due to mapping due to fund – manager change Voya PIMCO Total Return Admin terminated due to fund manager – – change Voya VOYA TRP Growth Equity I removing fund due to mapping Kurt requested Tom to update the Style Bar – – comparison chart on page 30 for the next meeting with a side by side comparison of last quarter over quarter. Old Business Kurt Caswell - Update on On-Line enrollment proceeding well with FSO’s On-line Enrollment On target for 1/1/2015 implementation date
Elizabeth Woodburn from Buck Consultants gave updated on Mapping: Adding loan provision – could be problematic with 3 vendors and adhering to IRS guidelines Discussed Fund Mapping changes Outlined member communication process regarding mapping Website has both new and old fund alignment On-line enrollment going forward eff. 1/1/2015 Joyce will research having monthly orientation meetings for new employees Plan Performance Report(3rd Quarter) - Tom Coughlin Information contained in written report. Highlights listed below: Plan Level: Funds erosion is still occurring due to decline in overall workforce Overall assets declined .55% 3rd quarter volatility due to global slowdown, middle east unrest and rising value of the U.S. dollar is having an impact on the international markets Watch List Updated: Mass Mutual - Royce Value Plus Svc – Remains on list for performance reason Valic – PIMCO Total Return A –account terminated due to fund manager change Valic – Added PIMCO Real Return A, watch due to fund manager change Valic - America Funds Inf. Co. of America A. fund will be removed in December 2014 due to mapping Turner Mid Cap Growth – removing fund due to mapping due to fund manager change Voya – PIMCO Total Return Admin – terminated due to fund manager change Voya – VOYA TRP Growth Equity I – removing fund due to mapping Seth Blodgett motioned to add PIMCO Real Return A to watch list, Rebekah Koroski seconded Kurt requested Tom to update the Style Bar comparison chart on page 30 for the next meeting with a side by side comparison of last quarter over quarter. Old Business Kurt Caswell - Update on On-line Enrollment On-Line enrollment proceeding well with FSO’s On target for 1/1/2015 implementation date
Minutes-2014-12-4-.docx