2017_CommitteesAnnualReport_Final

401K COMMITTEE

MISSION ■ ■ Prepare, maintain, and review the investments periodically (quarterly basis) with guidance of a third-party financial advisor. ■ ■ Prudently select, monitor and, if necessary, recommend termination of investment options. ■ ■ Share information and recommendations to the Executive Team and President/CEO. ■ ■ Committee met on a quarterly basis. ■ ■ Funds increased from $20.3M Q4-2016 to 24.9M Q3-2017. ■ ■ Participation rate 86%. ■ ■ Expense Ratio currently at 0.86 which is below the industry average of 1.04 (based on plan assets 10M – 24.9M). ■ ■ Negotiated expense ratio with Principal as our plan has grown so in 2018 the ratio will be at 0.69. ■ ■ Continue to monitor fund performance based on Investment Policy. At the moment, we have three funds on the watch list. ■ ■ Completed 401K 101 for new hires on a quarterly basis. ■ ■ The Following Seminars and Webinar were provided in 2017: ○○ Financial Management ○○ Estate Planning ○○ Debt Reduction ○○ Budgeting Basics ■ ■ Face-to-Face meetings with advisors were provided to employees in Meriden and Hartford in the month of November. Camp Hill meetings scheduled for Jan 2018. ■ ■ Added a new member to the Committee, a representative from Architecture, David Mancuso. 2017 YEAR IN REVIEW