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Employer Panel - Plan Governance How do you do it? April 23, 2013.

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Presentation on theme: "Employer Panel - Plan Governance How do you do it? April 23, 2013."— Presentation transcript:

1 Employer Panel - Plan Governance How do you do it? April 23, 2013

2 Family Dollar Stores, Inc. Family Dollar 401(k) Plan Jonathan Gomes, Manager, Retirement Strategy & Compliance – Plan Sponsor

3 About Family Dollar Discount chain of retail stores with approximately 56,000 employees, 7,600 stores in 45 states Headquartered in Matthews, North Carolina, just outside of Charlotte Family Dollar is a Fortune 300, publicly held company with common stock traded on the New York Stock Exchange under the symbol FDO 3

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5 Plan Design 401(k) Plan features: – Pretax contributions 1% to 75% of pay – Employer Match 100% immediate vesting – Catch-up contributions – Rollover contributions – 90 day eligibility, no automatic enrollment – 12 Investment options, 5 Risk Base Models (Semi-annual auto-rebalance) – Loan and hardship features – Other plans: Non-qualified Deferred Compensation Plan Employee Stock Purchase Plan 5

6 Emory University and Emory Healthcare Theresa Milazzo, Associate VP, Human Resources

7 Emory University and Emory Healthcare Founded in 1836 in Oxford, Georgia (healthcare since 1905) Established in Atlanta by a land grant from Coca-Cola president Asa Candler in 1915 Top 20 university (by U. S. News and World Report) 11 Undergraduate and Graduate schools with 14,200 students $4 billion annual operating budget One of the Southeast's leading health care systems One of the nation's leading research universities - $520 million in research funding in fiscal ,700 employees

8 Familiar Faculty President Jimmy Carter, Founder of The Carter Center Author Salman Rushdie His Holiness the Dalai Lama

9 Familiar Faculty CNN medical correspondent Sanjay Gupta

10 Other Points of Pride Yerkes National Primate Center – groundbreaking research in neuroscience and infectious disease Michael C. Carlos Museum, Schwartz Performing Arts Center, Lullwater Preserve Leader in global health initiatives Physician support for Grady Hospital, VA Medical Center, and Childrens Healthcare of Atlanta $72 million in charity care in 2012 National champion womens swimming and diving team for four years Award winning debate team since the 1980s

11 Emorys Benefit Plans Two medical plans plus full array of other health and welfare plans Retiree medical plan Courtesy scholarship plan Four 403(b) retirement plans and a grandfathered pension plan for Emory Healthcare Emory University Emory Healthcare The Emory Clinic Wesley Woods, Inc. Three 457(b) deferred compensation plans and various non-qualified plans Three vendors – Fidelity, TIAA-CREF and Vanguard

12 Invesco Southern Employee Benefits Conference April 23, 2013

13 Invesco: We are a leading independent global investment manager Our global resources include: $687.7 billion in assets under management around the globe. Specialized investment teams managing investments across a wide range of asset classes and investment styles investment professionals and 6,000+ employees worldwide. On-the-ground in 20 countries, serving clients 150+ countries Revenues - $2.9 billion Our clients benefit from our: Commitment to investment excellence Depth of investment capabilities Organizational strength 13 Source: Invesco. Client-related data, investment professional and employee data are as of Dec. 31, Invesco Ltd. assets under management are as of Dec. 31, 2012, and include all assets under advisement, distributed and overseen by Invesco, including those of its affiliates Invesco Distributors, Inc. and Invesco PowerShares Capital Management LLC, which have an agreement with Deutsche Bank to provide certain marketing services for the PowerShares DB products. Invesco PowerShares Capital Management LLC is the sponsor for the PowerShares QQQ and BLDRS products. ALPS Distributors, Inc. is the distributor of PowerShares QQQ, BLDRS Funds and the PowerShares DB Funds. Invesco PowerShares Capital Management LLC and Invesco Distributors, Inc. are wholly owned, indirect subsidiaries of Invesco Ltd. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.s retail products. Invesco Ltd. is not affiliated with ALPS Distributors, Inc. or Deutsche Bank. Helping Investors Worldwide Achieve Their Financial Objectives

14 US Benefits – Overview 14 Census2,800+ employees and 7,500+ covered lives Relatively young workforce – average age of employees is early 30s Locations Located in over 35+ states Most employees located in California, Colorado, Georgia, Illinois, Kentucky, Massachusetts, New York and Texas Sales force and sales offices scattered throughout remaining states Benefit OfferingsHealth Medical (85% in HDHP w/HSA) Dental Vision Income Protection and Retirement Disability Plans Life and AD&D for employees and dependents 401(k) Plan with both employer matching and supplemental contributions Work/Life Generous paid-time-off plan (new hires start with 3 weeks vacation) Employee Assistance Program (widely utilized by both employees and dependents) Employee Stock Purchase Plan Benefit StrategyProvide a comprehensive benefit package that is competitive both within our industry and geographies while aligning with our mission statement of helping investors worldwide achieve their financial objectives Employ a thoughtful approach that links benefits with our overall business strategy and employee value proposition

15 US Benefits – 401(k) 15 EligibilityAll employees are eligible from date of hire 90%+ of employees contribute into the 401(k) 80% of employees maximize the employer matching Plan Highlights Plan Features Options Safe Harbor Plan Traditional pre-tax and ROTH 401(k) elections Eligible compensation includes salary, overtime, bonuses and commissions Employer Contributions $ for $ matching up to 6% Matching contributions always 100% vested Supplemental Contributions: - Employed on 12/ year vesting - 4% to 4.5% past years Investment Options Robust line up with 24 fund choices and 5 model portfolios (based on risk tolerance) 35% of employees invest in one of the 5 models Invesco funds and non- proprietary funds in the line up Limited brokerage account (mutual funds and ETFs; no individual stocks) Invesco stock no longer an investment option

16 US Benefits 16 Successes:Challenges: Educated work force that is tech savvy Good consumers of healthcare dollars (HDHP w/HSA has been very successful) Average HSA balances increasing every year Employees generally receptive to voluntary benefits (employees pay 100% of the premiums) Actively planning for retirement and highly engaged with 401(k) plan Educated work force that is tech savvy Specialty drug utilization is way ahead of national average Finding the right balance of employee communications on benefit plans Providing the appropriate level of retirement planning education

17 Panel Discussion Structure – Who makes up your committees? – How many committees and different areas of focus? – Procedure and process? Budgets – How to pay for plan expenses? – Impact of changing regulations and compliance? – Impact of changing corporate budgets? Fee Governance – Impact of fee disclosure? – Process followed to comply with fee disclosure? – Going forward?

18 Panel Discussion Eligibility – Coverage rules (hours requirement, etc.)? Documentation – Types of documents? – What to keep on file? Advisors and Consultants – Areas of focus, specialties and roles? – Selection process?

19 If the DOL comes knocking? Now what?


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