Human Resources

401k/457 Single Provider Transition Project 

The Joint RFP Committee is currently working on evaluating a potential change to our DC Plan Provider setup. Information will be available on this page as the evaluation progresses.

July 9, 2019

At the Joint 401k/457 Committee Meeting on Tuesday, July 9, 2019, the Committees

  • Approved moving the Custodial Account with Empower Retirement from Wells Fargo to Great-West Trust Company. As a result, the 401(k) custodial account will move from T. Rowe Price to Great-West Trust Company on October 1, 2019 instead of to Wells Fargo.

 

February 5, 2019

At the Joint 401k/457 Committee Meeting on Tuesday, February 5, 2019, the Committees:

  • Approved a motion to add the T. Rowe Price Mid Cap Value Fund to the 457 Fund line up.
  • Approved a motion to add BlackRock Small Cap Quant to the Joint line up replacing the Voya Small Cap Opportunities Fund and Robeco Boston Partners Small Cap Value Equity from the 457 and the T. Rowe Price Small Cap Stock Fund from the 401(k).
  • Approved adding T. Rowe Price New Horizons Small Cap Growth Fund to the 457 Plan to be available to both Plans.
  • Approved adding T. Rowe Price Global Tech Fund to the 457 Plan to be available to both Plans. This fund will also be reclassified as an “Other” Equity Fund and not as a “Global” Equity Fund.
  • Approved a motion to add American Funds NP to the joint line up as a Global Fund offering.

 

January 29, 2019

At the Joint 401k/457 Committee Meeting on Tuesday, January 29, 2019, the Committees:

  • Approved roll-overs in-kind.
  • Approved a motion to change 457 to allow 50% Core balance in the SBDA at the time of initiation and allow no minimum for subsequent transfers.
  • Approved direct contributions into the SBDA.
  • Approved allowing Master Limited Partnership (MLP) investments in SBDA.
  • Approved allowing investment advisors for 457 in SBDA.
  • Approved allowing early payoff and partial payments to loan accounts in 401(k) (to match 457).
  • Approved Empower Retirement to coordinate, manage, and process all Loans and Qualified Domestic Relations Orders (QDROs) for both Plans.
  • Approved motion to transition investments to common platform by May 3, 2019 and set early March 2019 for individual participant notifications.

 

January 18, 2019

At the Joint 401k/457 Committee Meeting on Friday, January 18, 2019, the Committees reviewed the Plan provisions of both Plans.

The Joint Committee approved a motion to have one committee for both Plans and adopt the name “MOA Voluntary Retirement Plans Committee” for the name of the joint committee when the recordkeeping is combined under Empower Retirement.

The 457 Deferred Comp Committee:

  • Approved a motion to add a Roth option to the 457 Deferred Comp Plan.
  • Approved a motion to have a mandatory distribution rule when a separated participant’s balance is less than $1,000.00
  • Approved a motion to allow active and separated participants to convert pretax contributions to a Roth account at any time.

 

The 457 Deferred Comp Plan will be restated to include these changes prior to July 1, 2019.

The 401(k) Committee:

  • Approved a motion to eliminate all exclusions from compensation for calculation for employer match.
  • Approved a motion to not require spousal consent on the designation of beneficiary form when anyone other than the spouse is named.
  • Approved a motion to set default designation of beneficiary as spouse and then estate when a designation of beneficiary is not named.
  • Approved a motion to not include a 1-year marriage rule.

 

January 17, 2019

At the Joint 401k/457 Committee Meeting on Thursday, January 17, 2019, the Committees:

  • Approved a motion to accept RVK’s recommendation to select American Funds Target Date Funds for both Plans.
  • Approved a motion to map T. Rowe Price target date fund 2005 and TRP Retirement Balanced INV Fund to American Funds 2010.
  • Motion to eliminate the T. Rowe Price Balanced Fund failed.
  • Approved motion stating that if the fund line-up for both Plans are identical, Vanguard Wellington would be selected as the Balanced Fund manager.
  • Approved motion stating that if the fund line-up for both Plans are not identical, the 401(k) Plan would keep the T. Rowe Price Balanced Fund and MOA would negotiate to a lower share class fee.
  • Approved motion to accept RVK’s recommended Vanguard Windsor as the Large Cap Value Fund.
  • Approved motion to accept RVK’s recommended BlackRock S&P 500 “M” as the Large Cap Core Fund.
  • Approved motion to accept RVK’s recommended T. Rowe Price BC Growth as the Large Cap Growth Fund.
  • Approved motion to defer action on Mid Cap Value, Non-US Equity Global, and all Small Cap Value funds pending additional information from T. Rower Price.
  • Approved motion to accept RVK’s recommended BlackRock Mid Cap as the Mid Cap Core Fund.
  • Approved motion to accept RVK’s recommended Vanguard Capital Opportunities as the Mid Cap Growth Fund.
  • Approved motion to accept RVK’s recommended DFA World ex US as the Non-US Value/Core.
  • Approved motion to accept RVK’s recommended American Funds EuPc as the Non-US Growth Fund.
  • Approved motion to accept RVK’s recommended MetWest as the Fixed Income Core/Core Plus Fund.
  • Approved motion to accept RVK’s recommended Loomis Sayles to consolidate Core Plus and Unconstrained Funds.
  • Approved motion to accept RVK’s recommended Vanguard TIPS as the TIPS Fund.
  • Approved motion to accept RVK’s recommended DFA Global REITs as the REITs Fund.
  • Approved motion to accept Empower Retirement’s methodology for clearing account recordkeeping of TRP Government Money Market Fund.
  • Approved motion to endorse previous decision regarding T. Rowe Price Stable Value funds move to Stable Asset Fund at Empower Retirement.
  • Approved motion to accept TDAmeritrade as the self-directed brokerage account provider for both Plans.

 

January 3, 2019

At the Joint 401k/457 Committee meeting on Thursday, January 3, 2019, the Committees approved a motion to officially notify T. Rowe Price prior to July 1, 2019 regarding moving the Stable Value fund to Empower Retirement.

December 19, 2018

At the Joint 401k/457 Committee meeting on Wednesday, December 19, 2018, the Committee approved a motion to develop an investment fund line-up that is identical for both the 457 Deferred Compensation Plan and the 401(k) Savings Plan. Specifics of that line-up will be determined in subsequent Joint Committee meetings. Posted on this website is the Fund Comparison provided by RVK, the Plans’ Investment consultant.

December 18, 2018

At the Assembly Meeting on Tuesday, December 18, 2018, the Anchorage Assembly approved the contract award to Empower Retirement as the consolidated third party administrator for recordkeeping and investment services for both MOA 457 Deferred Compensation Plan and the MOA 401(k) Savings Plan.”

December 12, 2018

At the Joint 401k/457 Committee meeting on Wednesday, December 12, 2018, the Committee unanimously voted for the Empower Retirement Contract Award to go forward to the Anchorage Assembly for approval on December 18, 2018. The Assembly decision is strictly on the recommended Record-keeper for both voluntary supplemental retirement Plans (401(k) and 457(b)). Assembly approval is not connected with implementation decisions that will be determined by the Joint Committee (i.e.: Plan Design; Investment Options and Structured Lineup, etc.) with input and analysis from RVK, the Investment Consultant for both Committees.

Contact Scott Railing with any questions.

Documents

Events

The ninth in a series of meetings to discuss changes/decisions affecting supplemental retirement plans: 401(k) and 457 Deferred Comp:
Date: July 9, 2019
Time: 8:30 a.m. to 9:30 a.m.
Place: City Hall, Human Resources Conference Room, Suite 610

The eighth in a series of meetings to discuss changes/decision affecting supplemental retirement plans: 401(k) and 457 Deferred Comp:
Date: Wednesday, February 27, 2019
Time: 2:30 – 4:30 p.m.
Place: Treasury Conference Room, Suite 330

The seventh in a series of meetings to discuss changes/decision affecting supplemental retirement plans: 401(k) and 457 Deferred Comp:
Date: Tuesday, February 5, 2019
Time: 8:30 – 10:00 a.m.
Place: Treasury Conference Room, Suite 330

The sixth in a series of meetings to discuss changes/decision affecting supplemental retirement plans: 401(k) and 457
Date: Tuesday, January 29, 2019
Time: 8:30 a.m. to 10:30 a.m.
Place: City Hall, Treasury Conference Room, Suite 330

The fifth in a series of meetings to discuss changes/decisions affecting Investment Options.
Date: Friday, January 18, 2019
Time: 10:30 a.m. to 12:30 p.m.
Place: City Hall, Treasury Conference Room, Suite 330

The fourth in a series of meetings to discuss changes/decisions affecting Investment Options.
Date: Thursday, January 17, 2019
Time: 2:00 p.m. to 4:00 p.m.
Place: City Hall, Treasury Conference Room, Suite 330

The third in a series of meetings to discuss changes/decisions affecting Investment Options.
Date: Thursday, January 3, 2019
Time: 8:30 a.m. to 10:00 a.m.
Place: City Hall, Treasury Conference Room, Suite 330

The second in a series of meetings to discuss changes/decisions affecting Investment Options.
Date: December 19, 2018
Time: 8:30 a.m.
Place: City Hall, Treasury Conference Room, Suite 330

Initial meeting to discuss changes/decisions affecting Investment Options
Date: December 12, 2018
Time: 8:00 a.m.
Place: City Hall, Treasury Conference Room, Suite 330

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