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Meeting Date:
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12/13/2011 - 7:30 PM
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Category:
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Consent Agenda
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Type:
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Action
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Subject:
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10.14 (Item #14) Third Party Administrator for Tax Sheltered Annuities (Section 403(b) and 457 Plans)
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure
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Resolution 11/12-26 Third Party Administrator.
Panel review and interview report to Board on Third Party Administrators for Tax Sheltered Annuities (Section 403(b) and 457 Plans. Response to Request for Proposal #1596.
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File Attachment:
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Summary:
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In the late summer, the District's current third party administrator, Great American Benefits Administrators, was sold to a new company called TSA Consulting Group. TSA informed the District that it would phase out our current agreement with Great American that waived the plan administration fees for service model by 2012. Great American was the last of the providers in our market to still be operating on a basis of waiving the fees for third party plan administration. Since this was the first time the District's employees, or its Section 403(b) and 457 providers were to pay such fees, it was felt that it would be best to go out for a request for proposals, rather than accept the fee requested by the new provider.
District received four proposals from vendors in response to Request for Proposal #1596. Representatives from various bargaining groups and stakeholders from Dent Center composed a panel to review submitted proposals. The panel conducted interviews with the top three vendors.
The panel unanimously recommended that the board award the Third Party Administration contract to Mid-America Administrative & Retirement Solutions, Inc. (MARS)
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Funding:
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Not applicable.
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Fiscal Impact
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No impact to the district.
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Recommendation:
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Approve award to Mid-America Administrative & Retirement Solutions, Inc. (MARS) as Third Party Administrator for Tax Sheltered Annuities (Section 403(b) and 457 Plans)for the district.
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Approvals:
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Recommended By:
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Signed By:
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Bryan Richards - Chief Financial Officer
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Signed By:
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Steven Lawrence - Superintendent
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