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Southern Territorial HR Conference Pension Plan Administration.

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Presentation on theme: "Southern Territorial HR Conference Pension Plan Administration."— Presentation transcript:

1 Southern Territorial HR Conference Pension Plan Administration

2 Pension Plan Perspectives Army, Territory and Division

3 East Central South Pension Section Pension Section Pension Section Pension Operations Committee Pension Council Pension Council Pension Council Pension Trustees ERISA…IRS…DOL…EEOC…SEC…State Laws…Other Organization & Governance

4 Assets increased from $249 million to $270 million $99East37% $77Central29% $94South34% Contributions were $29 million $ 9.9East34% $ 8.8Central30% $10.3South36% Dollars Distributions were $24.2 million to 2,034 participants $ 6.9East28% $ 6.8Central28% $10.5South44% 727 East36% 614 Central 30% 673 South 34% Dollars Volume

5 Participant Participants totaled 24,335 including 2,014 terminations and 5,133 new enrollees East6,920 28% %1,810 35% Central6,846 28% %1,374 27% South 10,498 44% %1,949 38% Total 24, % 2, % 5,133100% ParticipantsTerminationsNew Enrollees

6 Participant Vesting East2,374 4,196 Central2,141 3,974 South 4,185 6,750 Total 8,70014, %0 – 90% Age 65+ East % Central % South 1,513 48% Total 3,134100%

7 Participant Beneficiary Designations East1,039 Central1,104 South 928 Total 3,074 Prudential Contacts Phone 544 1, ,278 3,852 Website 12,935 14,833 12,487 12,966 53,221 Total 13,479 16,494 12,856 14,244 57,073 Q1 Q2 Q3 Q4 Total

8 Forfeitures Forfeiture Defined: Non-Vested Account Balance Cash Impact: Offsets Divisions Quarterly Contribution Example: Participant terminates employment with $10k 50% vested $5,000 paid to participant $5,000 offset the following quarter

9 Forfeitures Forfeitures were $2.3 million or 22% of the $10.3 million contribution Contribution Forfeitures Savings THQ $ 625,036 $ 87,77814% EBC $ 98,201 $ 6,7967% ALM $ 756,683 $ 161,04621% AOK $ 485,010 $ 157,40132% FL $ 1,768,191 $ 298,71917% GA $ 619,428 $ 151,19624% KT $ 625,043 $ 156,50625% MWV $ 270,918 $ 42,00816% NCV $ 681,715 $ 205,38830% NSC $ 1,187,175 $ 211,31318% TX $ 1,437,427 $ 434,46330% ARC $ 1,753,308 $ 375,65121% Total $ 10,308,134 $ 2,288,26522%

10 Participant 10,498 Participants with account balances -6,741 Participants 4thQ 2013 contribution 3,757 Fictional participants Fictional Participants Other Territories Same issue….but only 100 or so in each Territory Progress So Far 5,850 in 4thQ 2011 Plan in place Requires major time commitment

11 Best Practice Refer all former employees directly to us or Prudential Call, , question…do not guess Report problems immediately Get Quarterly Data Right the First Time Dont Sign or Date Any Distribution Forms Include Your Phone Number in Your Signature Line Subject = Last Name, First Name Welcome Letter & Booklet Status

12 Top 5 Challenges 1.Data Integrity: Clean up the 3,757 fictional participants 2.Legal: Implement Cash-Out plan 3.Beneficiary Designations: All participants complete a form 4._______________________________________________ 5._______________________________________________

13 Top 5 Challenges 1.Data Integrity: Clean up the 3,757 fictional participants 2.Legal: Implement Cash-Out plan 3.Beneficiary Designations: All complete new form 4.Annuity Purchases: For those Hour Requirement: Consistent administration


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