HomeMy WebLinkAboutReports - 2020.05.21 - 33241Oakland County Retirement Health Savings Plan
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,)Iving Tomorrow's Benefit Plan Challenges Toda,
Retirement Plan Administration I Actuarial and Benefit Consulting Services I Collective Fund Adminstration I VEBA/HRA
Adminstration I Trust and Fiduciary Services I IRA Services
0:-, ®a
Justin Kemmerlin, Intern
p: @phone@ 1 866-401-5272
e:JKemmerlin@bpas.com I w: bpas.com
2020 -1Q Report
January 1 - March 31
As of 03/31/2020
Plan Review Report Introduction
"How is your employer-sponsored trust helping employees pay for eligible medical expenses?"
A Voluntary Employees' Beneficiary Association (VERA) allows an employer to contribute money to a tax-exempt trust on behalf of their employees. The funds in
this account can be used to help pay for eligible medical expenses through a health reimbursement arrangement (HRA). The HRA gives employees more control
over health care purchase decisions by:
- Helping pay for eligible expenses
- Giving employees online access to information and tools to monitor their account and make more informed decisions
- Providing employees the convenience of debit cards for purchases, which means no extra paperwork
- Allowing employees to receive reimbursements tax-free
Plan Sponsors and VEBA plan committees spend a tremendous amount of time devoted to employees' day-to-day matters. This includes large plan level tasks
such as compliance testing, tax form preparation and plan audit support as well as routine daily activity such as contributions, reimbursements and of course,
helping participants with daily questions concerning the Plan.
Recognizing that the ultimate goal of your VEBA/HRA Plan is to allow for tax-free accumulation of assets to be used by the participant to pay for eligible medical
expenses now and into retirement, it is important for Plan Sponsors and VEBA plan committees to periodically review the day-to-day activity within their Plan.
For example:
- What are the most common participant questions or concerns?
- What are average participant balances within the Plan?
- How many claims are being filed and what filing methods are being utilized?
- If multiple plans are offered, how do each of the Plan' activities compare?
- Are participants taking advantage of the debit card submission availability?
This Plan Review Report will present an itemized breakdown of participant inquiries received through our call center, a breakdown of claims statistics by source
and plan type, a summary of debit card substantiation and auto adjudication rates, and the average participant balances by age and service within the Plan.
460112 - Oakland County Retirement Health Savings Plan 2201 $ 23,328,088 $ 10,599
Please note, due to whole dollar amounts used throughout for reporting purposes, some slight variance may occur due to rounding ussues.
Please see the
YTD Rate of
Return Report -
Participant Level
in the Resource
Center for more
detailed break
down
As of 03/31/2020
Your Plan's YTD Rate of Return as of 3/31/2020 -14.86
As fiduciaries oversee your VEBA plan, one factor they monitor is the plan -wide rate of return -- seeking to understand how the investment decisions
of participants are driving outcomes. This report (updated quarterly) shows the average rate of return for your entire VEBA plan, along with the
breakdown of the rate of return for one year, three years and five years.. For a more detailed report showing the YTD rate of return for each
participant, please see the YTD Rate of Return Report - Participant Level under the Demographics section of the Resource Center on the plan
sponsor website.
QTR
YTD
1 Year
3 Year
5 Year
-20
•
Rate of Return -14.86% -14.86% -6.38% N/A N/A
-15 -10 -5 0
Total Plan Assets:
$ 23,328,087.89
Note: The default fund for your
participants is based on their
age. Each participant who does
not make fund elections will be
invested by default in the Age
Based fund.
Asset Reconciliation
As of 03/31/2020
■ Stable Value $1,849,711.52 ■ Stable Value 7.93%
■ Bonds $221,713.78 ■ Bonds 0.95%
■ Equities $1,535,958.72 ■ Equities 6.58%
■ Balanced $19,720,703.87 ■ Balanced 84.54%
■ Employer Stock $0.00 ■ Employer Stock 0%
Collective Inv Trust $0.00 Collective Inv Trust 0%
■ Participant Loans $0.00 ■ Participant Loans 0%
■ Insurance $0.00 ■ Insurance 0%
Other $0.00 Other 0%
Fund Name Ticker Share Price Share Balance Market Value Pct of Ppt Count
Total Assets
■ AMERICAN FUNDS EUROPACFIC R5E RERHX $ 42.78 1,261.1314 $ 53,951.20 0.23% 28
■ AMERICAN FUNDS NW PRSPCTV R6 RNPGX $ 38.65 911.4976 $ 35,229.38 0.15% 20
■ BNY MELLON GLBL FIXED INCOME I SDGIX $ 21.43 212.1531 $ 4,546.44 0.02% 1
■ BNY MELLON NATURAL RESOURCES I DLDRX $ 19.47 357.3470 $ 6,957.55 0.03% 6
■ COHEN & STEERS INST REALTY SHS CSRIX $ 35.92 307.9501 $ 11,061.57 0.05% 10
■ EV ATLANTA CAPITAL SMID CAP A EAASX $ 24.36 3,700.5673 $ 90,145.82 0.39% 38
FIDELITY 500 INDEX INST'L PREM FXAIX $ 90.07 7,678.5078 $ 691,603.20 2.96% 82
FIDELITY CONTRAFUND FCNTX $ 11.76 25,630.8227 $ 301,418.47 1.29% 56
FIDELITY INT'L INDEX INSTIL PRE FSPSX $ 33.07 165.4672 $ 5,472.00 0.02% 3
■ FIDELITY INV MM GOV'T PORT III FCGXX $ 1.00 1,849,711.5200 $ 1,849,711.52 7.93% 26
FIDELITY SM CP IDX INSTIL PREM FSSNX $ 14.59 3,661.3221 $ 53,418.69 0.23% 35
JPMORGAN EQUITY INCOME R5 OIERX $ 14.68 7,685.1006 $ 112,817.27 0.48% 33
MFS INT' L INTRINSIC VAL R3 MINGX $ 38.94 947.5468 $ 36,897.48 0.16% 18
■ PGIM HIGH YIELD Z PHYZX $ 4.72 3,499.6019 $ 16,518.12 0.07% 6
■ PGIM TOTAL RTRN BOND Z PDBZX $ 13.88 9,829.5292 $ 136,433.87 0.58% 23
■ PIMCO INCOME A PONAX $ 10.96 2,936.8019 $ 32,187.35 0.14% 10
■ PIMCO REAL RETURN FUND A PRTNX $ 11.29 2,836.8468 $ 32,028.00 0.14% 8
T. ROWE PRICE NEW HORIZONS PRNHX $ 52.04 2,347.2558 $ 122,151.19 0.52% 31
TIAA-CREF LIFECYCLE IDX 20201 TLWIX $ 16.10 96,917.4095 $ 1,560,370.29 6.69% 138
TIAA-CREF LIFECYCLE IDX 2025 1 TLQIX $ 16.73 124,209.1189 $ 2,078,018.56 8.91% 220
TIAA-CREF LIFECYCLE IDX 20301 TLHIX $ 17.33 115,040.6312 $ 1,993,654.14 8.55% 253
TIAA-CREF LIFECYCLE IDX 2035 1 TLYIX $ 17.86 123,075.6363 $ 2,198,130.87 9.42% 279
TIAA-CREF LIFECYCLE IDX 20401 TLZIX $ 18.11 198,579.0975 $ 3,596,267.46 15.42% 504
TIAA-CREF LIFECYCLE IDX 2045 1 TLXIX $ 17.90 221,117.6712 $ 3,958,006.31 16.97% 747
TIAA-CREF LIFECYCLE IDX 20501 TLLIX $ 17.93 91,156.2272 $ 1,634,431.15 7.01% 537
■ TIAA-CREF LIFECYCLE IDX 2055 1 TTIIX $ 14.31 98,135.4036 $ 1,404,317.63 6.02% 469
continued
Fund Name
■ TIAA-CREF LIFECYCLE IDX RET IN
■ VICTORY SYCAMORE ESTAB VALUE A
Ticker Share Price
TRILX $ 13.98
VETAX $ 28.13
Share Balance
92,811.6925 $
527.3695 $
Market Value
1,297,507.46
14,834.90
23,328,087.89
Asset Reconciliation
As of 03/31/2020
Pct of Ppt Count
Total Assets
5.56% 121
0.06% 11
Quarterly Fund Activity
As of 03/31/2020
Beginning
Earnings
Fund Name
Contributions
Withdrawals
Loan
Activity
Transfers/Other
Fees/Expenses
Ending Balance
Balance
Gain/Loss
AMERICAN FUNDS EUROPACFIC R5E
$
73,626.52
$
1,590.80
$
-15,842.50
$
0.00
$
0.00
$
-5,391.97
$
-31.65
$
53,951.20
AMERICAN FUNDS NW PRSPCTV R6
$
47,549.47
$
1,298.00
$
-8,274.00
$
0.00
$
0.00
$
-5,314.78
$
-29.31
$
35,229.38
BNY MELLON GLBL FIXED INCOME 1
$
4,658.40
$
0.00
$
-108.90
$
0.00
$
0.00
$
0.00
$
-3.06
$
4,546.44
BNY MELLON NATURAL RESOURCES 1
$
10,761.64
$
261.00
$
-3,886.46
$
0.00
$
0.00
$
-174.83
$
-3.80
$
6,957.55
COHEN & STEERS INST REALTY SHS
$
17,092.48
$
165.90
$
-3,405.51
$
0.00
$
0.00
$
-2,779.57
$
-11.73
$
11,061.57
EV ATLANTA CAPITAL SMID CAP A
$
129,143.14
$
3,603.90
$
-33,846.26
$
0.00
$
0.00
$
-8,694.82
$
-60.14
$
90,145.82
FIDELITY 500 INDEX INST'L PREM
$
845,989.61
$
14,400.45
$
-167,871.91
$
0.00
$
0.00
$
-554.36
$
-360.59
$
691,603.20
FIDELITY CONTRAFUND
$
348,639.19
$
8,013.00
$
-47,094.01
$
0.00
$
0.00
$
-7,971.42
$
-168.29
$
301,418.47
FIDELITY INT'L INDEX INSTL PRE
$
6,747.65
$
259.20
$
-1,605.64
$
0.00
$
0.00
$
74.83
$
-4.04
$
5,472.00
FIDELITY INV MM GOV'T PORT III
$
2,750,640.71
$
2,703.75
$
5,923.40
$
0.00
$
0.00
$
-909,443.88
$
-112.46
$
1,849,711.52
FIDELITY SM CP IDX INSTL PREM
$
75,027.07
$
2,044.85
$
-23,622.67
$
0.00
$
0.00
$
15.17
$
-45.73
$
53,418.69
JPMORGAN EQUITY INCOME R5
$
144,746.14
$
2,670.00
$
-35,518.77
$
0.00
$
0.00
$
988.21
$
-68.31
$
112,817.27
MFS INT' L INTRINSIC VAL R3
$
41,339.59
$
943.80
$
-5,655.48
$
0.00
$
0.00
$
293.54
$
-23.97
$
36,897.48
PGIM HIGH YIELD Z
$
11,887.76
$
416.25
$
-2,650.30
$
0.00
$
0.00
$
6,872.44
$
-8.03
$
16,518.12
PGIM TOTAL RTRN BOND Z
$
130,058.35
$
3,003.90
$
-4,329.09
$
0.00
$
0.00
$
7,753.37
$
-52.66
$
136,433.87
PIMCO INCOME A
$
17,327.18
$
420.00
$
-2,799.98
$
0.00
$
0.00
$
17,251.39
$
-11.24
$
32,187.35
PIMCO REAL RETURN FUND A
$
30,691.16
$
1,045.50
$
196.20
$
0.00
$
0.00
$
106.73
$
-11.59
$
32,028.00
T. ROWE PRICE NEW HORIZONS
$
137,446.61
$
4,062.80
$
-17,258.96
$
0.00
$
0.00
$
-2,018.11
$
-81.15
$
122,151.19
TIAA-CREF LIFECYCLE IDX 2020 1
$
1,725,545.76
$
32,137.50
$
-174,728.88
$
0.00
$
0.00
$
-21,682.25
$
-901.84
$
1,560,370.29
TIAA-CREF LIFECYCLE IDX 2025 1
$
2,307,300.18
$
66,435.00
$
-279,614.36
$
0.00
$
0.00
$
-14,694.18
$
-1,408.08
$
2,078,018.56
TIAA-CREF LIFECYCLE IDX 2030 1
$
2,247,437.38
$
77,240.00
$
-317,252.56
$
0.00
$
0.00
$
-12,106.52
$
-1,664.16
$
1,993,654.14
TIAA-CREF LIFECYCLE IDX 2035 1
$
2,543,996.94
$
80,950.00
$
-404,589.05
$
0.00
$
0.00
$
-20,492.39
$
-1,734.63
$
2,198,130.87
TIAA-CREF LIFECYCLE IDX 2040 1
$
4,256,569.26
$
112,458.00
$
-758,686.78
$
0.00
$
0.00
$
-11,347.51
$
-2,725.51
$
3,596,267.46
TIAA-CREF LIFECYCLE IDX 2045 1
$
4,803,889.31
$
129,937.50
$
-942,243.02
$
0.00
$
0.00
$
-29,889.13
$
-3,688.35
$
3,958,006.31
TIAA-CREF LIFECYCLE IDX 2050 1
$
1,821,894.86
$
194,180.00
$
-385,929.47
$
0.00
$
0.00
$
6,647.71
$
-2,361.95
$
1,634,431.15
TIAA-CREF LIFECYCLE IDX 2055 1
$
1,529,916.04
$
237,505.00
$
-335,890.27
$
0.00
$
0.00
$
-23,868.24
$
-3,344.90
$
1,404,317.63
TIAA-CREF LIFECYCLE IDX RET IN
$
1,401,415.18
$
19,537.50
$
-106,431.97
$
0.00
$
0.00
$
-16,210.57
$
-802.68
$
1,297,507.46
VICTORY SYCAMORE ESTAB VALUE A
$
23,598.02
$
506.40
$
-6,415.25
$
0.00
$
0.00
$
-2,841.62
$
-12.65
$
14,834.90
$
27,484,935.60
$
997,790.00
$
-4,079,432.45
$
0.00
$
0.00
$ -1,055,472.76
$
-19,732.50
$
23,328,087.89
30,000,000
20,000,000
10,000,000
0
15,000
Total Plan Balance ($)
36 months 24 months
prior prior
$ 0 $ 18,944,102
12 months
prior
$ 23,227,929
Average Participant Balance ($)
is
As of
03/31/2020
$ 23,328,088
10,000 ;
5,000
O -Z
36 months 24 months 12 months As of
prior prior prior 03/31/2020
$ 0 $ 9,235 $ 9,945 $ 9,881
As of 03/31/2020
Additional Criteria used to
calculate Averages:
The total illustrated in the
sections above may differ
from other Plan level reports
based on the following
criteria. If applicable, those
differences are accounted for
below:
-Participants not Counted
-Misc Unallocated Balances
Balance by Age and Service Groups
As of 03/31/2020
The balance illustrated in the "Balance by Age" table below depicts the average balances by Age Group within the Plan. For purposes of the
illustration, the 'Nbr of Ppts" (Number of Participants) includes all employess with a balance. (See Additional Criteria).
<30
0
420
$
2,155,571
$
5,132
11.43
30-39
0
665
$
6,241,384
$
9,386
33.08
40-49
0
427
$
4,953,423
$
11,601
26.26
50-59
0
322
$
3,770,015
$
11,708
19.98
60+
0
124
$
1,744,341
$
14,067
9.25
Total
$
9,6351
100.00
The data illustrated in the "Balance by Service" table below depicts the average balances by Service Group wthin the Plan. For purposes of the
illustration, the "Nbr of Ppts" (Number of Participants) includes all employess with a balance. (See Additional Criteria).
<1 ■
0
$
0
$
0
0
1-9 ■
11747
$
13,339,014
$
7,635
70.71
I 10-19
202
$
5,155,246
$
25,521
27.33
• 20+
9
$
370,475
$
41,164
1.96
Total
1,958
1 $
1
9,6351
100
As of 03/31/2020
Employees recently hired and others not reported as of 03/31/2020 are not included in the illustration below.
■ Active 88.93%
■ Terminated 11.07%
Active 1,960 89.05%
Terminated 244 11.09%
Total 2,201 100%
Breakdown of Web and Go Green Usage
As of 03/31/2020
BPAS strongly encourages participant
activity through the website. It allows for
more immediate communication. The "Go
Green" initiative to increase participant
web activity includes data for the last 3
months.
■ Rebalance 5
Percent to Percent Transfer 4
Investment Election Change 3
Participant Web Go Green Statistics (Quarterly)
•
Total Participants with a balance
2201
'
Count
Percent
Total unique Ppt logins to the website 12
0.55
Total Ppts who have 'Gone Green' for Quarterly Statements 7
0.32
Total Ppts who have'Gone Green' for Notices and Confirms 2,177
98.91
Encourage your
plan participants
Total Ppts who have provided their e-mail address 2,180
99.05
to join BPAS in
helping the
environment and
Participant Web Activity (this does not include IVR transactions)
Go Green
Breakdown of Web and Go Green Usage
As of 03/31/2020
BPAS strongly encourages participant
activity through the website. It allows for
more immediate communication. The "Go
Green" initiative to increase participant
web activity includes data for the last 3
months.
■ Rebalance 5
Percent to Percent Transfer 4
Investment Election Change 3