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Finance committee approves administrative pension fee disclosure, money‑market swap to higher‑yield fixed option
Summary
The Franklin City Finance Committee voted Oct. 28 to direct the director of finance to implement administrative pension fee disclosures and to replace two low‑yield cash options in the city—s money‑purchase retirement plan with Principal Financial—s fixed‑income guaranteed option, after hearing a presentation from Principal representatives.
The Franklin City Finance Committee voted Oct. 28 to direct the director of finance and treasurer to implement administrative changes to the city—s pension plans after a presentation by Principal Financial.
Principal—s relationship manager, Daniel (Principal), told the committee the changes are administrative rather than benefit changes: they will move the defined‑benefit plan into lower‑cost share classes and disclose fees as a full-plan asset deduction so the statement of investment returns will not be offset by revenue‑sharing fees. Daniel said the total cost for record keeping, investment advisory and actuarial services is about $73,000 today and that the change will leave that dollar amount in the plan but change how it appears on participant statements.
"What we're doing is we're…
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