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Broken Arrow Public Schools 403(b) Plan. RFP Results and Next Steps. Allison Kaylor – Managing Partner. The 401(k) Concierge | 11919 Jones Maltsberger | San Antonio, Tx 78216 P: ( 512 ) 293-5317 | F: ( 210 ) 404-0088 | E: [email protected] | www.401kConcierge.com. Goals of RFP.

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Presentation Transcript
broken arrow public schools 403 b plan

Broken Arrow Public Schools 403(b) Plan

RFP Results and Next Steps

Allison Kaylor – Managing Partner

The 401(k) Concierge | 11919 Jones Maltsberger | San Antonio, Tx 78216

P: (512) 293-5317 | F: (210) 404-0088 | E: [email protected] | www.401kConcierge.com

goals of rfp
Goals of RFP
  • Review existing program with CPI (current TPA)
  • Review the investments offered and benchmark for reasonableness
  • Audit federal and state required processes
  • Review vendor pricing for reasonableness
  • Review education and services to BAPS and participants
discussion of results
Discussion of Results
  • CPI’s platform is expensive compared to other platforms, and CPI’s plan sponsor and employee education services do not meet expectations
  • Current investment funds’ 12b1 fees are higher than need be; fund expenses need to be reduced
  • A master record-keeper is needed for frozen/orphaned assets
  • Ongoing oversight is needed for fund expenses; fund performance; and recordkeeping and compliance activities
recommendations
Recommendations
  • New Provider: ING (BAPS RFP Review Committee’s recommendation)
  • New Provider: $25,000 lower over all cost. Fund expense ratio reduced from average of 1.23% to 1.07%
  • Use a bundled platform which includes Master Record-keeper services
  • Transition current assets to new vendor without liquidation, allow current participants to use old line up or new offerings
  • Add a new fund selection of high quality/lower cost funds
  • Formalize a participant education program with group sessions and one-on-one help.
  • Education with ‘state of the art’ materials
next steps
Next Steps
  • Retain a true advisory/consultant group to replace current “broker” arrangement. This will give fiduciary protection and true advisory help to the District and the participants
  • Add a Plan Review Committee, formalized by charter to monitor all aspects of the program and implement enhancements as needed
  • Implement conversion plan to new Master Recordkeeping program with high quality investments at a more reasonable price
  • Rollout enhanced education/advice to help the participants get the most out of the program
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