Presentation on theme: "Juniata College Retirement Plan Update Spring 2011 Presented By: Jeffrey Savino."— Presentation transcript:
Juniata College Retirement Plan Update Spring 2011 Presented By: Jeffrey Savino
2 Todays Agenda Legislative changes impacting Juniatas 403(b) Plan Review Retirement Plan Committee role 2011-2012 Education Plan Answer your questions
3 Legislative Changes Trend of Defined Contribution Plans- business failures drove legal changes. 1999 - the IRS audited 500 non-profit retirement plans. 100% of them were found to be out of compliance. 2004 – IRS proposed new regulations. Adopted in 2006; effective January 1, 2009 Juniata now has legal and fiduciary responsibility for managing and monitoring the plan. Failure to comply could lead to significant penalties and/or immediate taxation of all benefits.
4 Juniatas Objectives Identify changes necessary to meet the new fiduciary standards. Improve overall retirement plan services offered to participants by: –Creating a more formal governance process. –Providing improved and targeted education and tools available for individual retirement planning, –Utilizing technology to streamline, automate and simplify plan administration for participants and the College, –Maintaining significant investment choice.
5 Juniatas Response Creation of the Retirement Plan Committee that reports to the Audit Committee of the College. Retirement Plan Committee Members Donald BraxtonJames Donaldson Carole GraceyChristina Miller Tracie PatrickJeffrey Savino, Chairman Gail Leiby UlrichRobert Yelnosky
6 Juniatas Response Since it was created in 2010 we: –Have met 6 times (the Committee will meet 4 times per year) –Prepared an Investment Policy Statement –Reviewed all current investment options –Conducted Plan Audits with ParenteBeard –Provided guidance on the upcoming communication and education campaign
7 Investment Policy Statement Our Investment Policy Statement (IPS) provides the general investment goals and objectives for the Plan. Specific information in the document includes a description of the roles of all the service providers, the types of investments available, appropriate investment benchmarks to evaluate performance and the criteria used to either put a manager on a Watch List or terminate and replace them. A formal review of all investment managers and their performance is conducted at least semi-annually.
8 Plan Audit Results Our plan was independently audited this year by ParenteBeard and we proved to be in good shape. Upon their advice/consultation, Human Resources will be coordinating having all employees complete a new retirement contribution election form. By having all new election forms, this will ensure we are making the most up-to-date, accurate employee contributions to the plan and comply with industry Best Practices.
10 Core Fund Menu - Performance Performance quoted is past performance and is no guarantee of future results. Data was obtained from Callan Associates as of December 31, 2010
11 Core Fund Menu - Performance Performance quoted is past performance and is no guarantee of future results. Data was obtained from Callan Associates as of December 31, 2010
12 Core Fund Menu - Performance Performance quoted is past performance and is no guarantee of future results. Data was obtained from Callan Associates as of December 31, 2010
13 Education and Communication Program A formal education plan is being developed. It will include: – Using the TIAA-CREF website – What new employees should know about saving for retirement – Holding a Lunch and Learn panel discussion with recent retirees – Encouraging participation in an upcoming survey to be developed by the Committee to determine future educational needs.
15 Participant Action Steps Get informed. Visit the HR website for Questions, Answers and related materials at: http://www.juniata.edu/services/hresources/benefits/retirement.html http://www.juniata.edu/services/hresources/benefits/retirement.html If you have questions or comments about the retirement plan, please send them to: Gail Leiby Ulrich at email@example.com This presentation and many other materials are available at: http://www.juniata.edu/services/hresources/benefits/retirement.html
16 Disclosures Cornerstone Advisors Asset Management, Inc. has exercised reasonable care in the preparation of this presentation. Several portions of this presentation are obtained from third party sources. While we have attempted to verify all information within, we disclaim all responsibility for any errors that may occur due to third party information and data. The information is provided solely for informational purposes and therefore should not be considered an offer to buy or sell a security. Except as otherwise required by law, Cornerstone shall not be responsible for any trading decisions or damages or other losses resulting from, this information, data, analyses or opinions or their use. Please read the prospectus carefully before investing.