Page 5 - MayDefComp

receive additional compensation for this 3-38
8. Review and Approve Committee Education
responsibility. This represents 3.75bps,
2. Approve the customized Index Select Fund
which would permit individuals to select
Aggressive, Moderate or Conservative glide
paths within the single model with the Moderate
selection as the QDIA for both mapping and for
future enrollees in the TDF.
3. Approve the County pursuing with both
procurement and County Counsel the
determination of a sole source or a RFP process
for the Index Select Fund
4. Establish the process for mapping individuals to
the Moderate TDF options and
5. Begin the process for developing an education
plan that would include written and on-site group
meeting education to summarize the
Committee’s decision and answer questions
participants would have.
The County will discuss with procurement and
County Counsel each of these items and provide
feedback to the Committee. This may take place
before the next meeting or, if there are issues, be
brought back to the Committee for additional action.
Bob indicated that MassMutual would reduce its total
3.5bps administrate fee to 3bps with this change.
That would represent about $24,000 savings to
participants.
Bill summarized a portion of the News and Views which
covered Collective Investment Trusts (CITs). In that
review Bill indicated that NFP, because of is size had
begun negotiating lower cost options for six asset
classes (four of which have been completed). Paul
stated that the CITs do not benefit NFP in any financial
way; they merely represented a decrease cost for
participants to increase their net return. Paul asked the
Committee to review this summary and proposed that
the Committee agree to review in August the CITs as an
educational topic. NFP would provide:
• Summary of CITs compared to Mutual Funds