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Board records $26,749.50 in plan expenses; fiduciary liability insurance renewed
Summary
The plan administrator reported $26,749.50 in payments for the quarter including a $19,602 renewal of fiduciary liability insurance; the board approved the administrative report.
Catherine Pratzen, Director of Human Resources and the Plan Administrator, presented the Plan Administrator's Report at the April 24 meeting, listing quarterly invoices paid from the plan and routine administrative deductions.
"Presenting the Plan Administrator Report, we have several invoices that the plan has paid," Pratzen said, then listed amounts: $19,602 for renewal of fiduciary liability insurance with RCMD; $2,720 paid to plan counsel Woodford, Taylor and Preston; and $4,427.50 to the plan actuary (listed in the packet as Boomerschein). She reported a total of $26,749.50 paid from the plan during the period and noted that principal charges for plan administrative fees were deducted quarterly (information only).
Board members asked whether the insurance premium was a one‑year policy (Pratzen confirmed it was). One trustee requested staff check how the premium compared with other plans; Pratzen agreed to report back.
Motion and vote: the board moved to approve the administrative report. The motion was seconded (second recorded by a member identified in the transcript as Benetta Van Cleave) and the motion carried on a voice vote.
Pratzen noted the plan's next meeting is scheduled for June 26, 2025.
