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Southern Territorial HR Conference Pension Plan Administration

Southern Territorial HR Conference Pension Plan Administration. Pension Plan Perspectives. Army, Territory and Division. Organization & Governance. ERISA…IRS…DOL…EEOC…SEC…State Laws…Other. Pension Section. Pension Council. Pension Council. Pension Section. Pension Section.

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Southern Territorial HR Conference Pension Plan Administration

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  1. Southern Territorial HR Conference Pension Plan Administration

  2. Pension Plan Perspectives Army, Territory and Division

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

  4. Dollars Assets increased from $249 million to $270 million $99 East 37% $77 Central 29% $94 South 34% Contributions were $29 million $ 9.9 East 34% $ 8.8 Central 30% $10.3 South 36% Distributions were $24.2 million to 2,034 participants DollarsVolume $ 6.9 East 28% $ 6.8 Central 28% $10.5 South 44% 727 East 36% 614 Central 30% 673 South 34%

  5. Participant Participants totaled 24,335 including 2,014 terminations and 5,133 new enrollees Participants Terminations New Enrollees East 6,920 28% 727 36% 1,810 35% Central 6,846 28% 614 30% 1,374 27% South 10,498 44% 673 34% 1,949 38% Total 24,335 100% 2,014 100% 5,133 100%

  6. Participant Vesting 100% 0 – 90% East 2,374 4,196 Central 2,141 3,974 South 4,185 6,750 Total 8,700 14,920 Age 65+ East 806 26% Central 815 26% South 1,513 48% Total 3,134 100%

  7. Participant Prudential Contacts Q1 Q2 Q3 Q4 Total Phone 544 1,661 369 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 Beneficiary Designations East 1,039 Central 1,104 South 928 Total 3,074

  8. Forfeitures • Forfeiture Defined: Non-Vested Account Balance • Cash Impact: Offsets Division’s 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

  10. Participant Fictional Participants 10,498 Participants with account balances -6,741 Participants 4thQ 2013 contribution 3,757 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, email, question…do not guess • Report problems immediately • Get Quarterly Data Right the First Time • Don’t Sign or Date Any Distribution Forms • Include Your Phone Number in Your Email Signature Line • Subject = Last Name, First Name • Welcome Letter & Booklet Status

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

  13. Top 5 Challenges • Data Integrity: Clean up the 3,757 fictional participants • Legal: Implement “Cash-Out” plan • Beneficiary Designations: All complete new form • Annuity Purchases: For those 65+ • 20 Hour Requirement: Consistent administration

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