Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Employee Benefits Retirement topic
No spam. Unsubscribe anytime.
Talbot County schools review retirement-plan consolidation to reduce fees and simplify choices
Summary
District staff told the board the district is considering consolidating seven retirement-plan providers into a single primary vendor to increase transparency, reduce fees and simplify staff choices; Bolton Partners led the review and RFP responses will be evaluated this summer.
Talbot County Public Schools staff outlined plans to review and likely consolidate the district’s multiple voluntary retirement-plan providers in a presentation to the board July 16.
Sarah Jones said the district currently offers multiple voluntary plan providers—"I think we currently have 7 different different providers of plans,"—and that the range of offerings has become overwhelming for staff. The district engaged Bolton Partners to analyze options and to recommend whether consolidating to a primary provider would lower fees and simplify choices.
Jones described the procurement timeline: an RFP was released in the spring, responses were received in mid-June, Bolton Partners completed an initial review and a district selection committee will interview finalists in August. She said the district will bring a recommended vendor to the board for approval in either the August or September meeting and, if approved, expects an October go-live for elective changes.
On rollover fees, Jones said the RFP required language that the new provider "would have to pay that fee on behalf of the participant so that they were made whole," meaning employees should not bear transfer fees when moving balances to the new plan.
Selection committee members listed by Jones included HR representatives (Dr. Horsey and supervisor Polly Yoneikas), the payroll specialist Sharon Gilljam, an employee-union representative (Andy Burke) and board member Deborah Bridges. Jones said one goal of consolidation is better customer service for staff needing loans, rollovers or distributions.
What happens next: staff will complete the interviews and bring a recommendation to the board. Employees will receive information and a transition timeline if the board approves a vendor; existing balances can be rolled over or remain with the legacy provider, though new contributions would be directed to the chosen provider.
Speakers and sources for this piece were from the administration and the selection committee; no formal board vote on vendor selection was taken at the July 16 meeting.
