TERRE HAUTE —
The Vigo County School Board on Monday approved a reduction in fees for the third-party administrator and adviser that oversee two retirement plans, the 401(a) and 403(b).
CliftonLarsonAllen is the third-party administrator and Dierdre Llewellyn is the adviser/broker.
As assets in the two plans have increased, fees paid for services should decrease. “There needs to be a reduction of what we’ve been paying, and they’ve agreed with that,” said Mick Newport, director of human resources.
The proposed reduction in fees was presented to the school district’s benefits committee, which includes representatives of all employee groups. The committee approved the changes.
The proposed fee reduction results in an annual savings of $59,901 as calculated on June 30, 2012, plan assets of $41.1 million, according to a letter to the benefits committee written by Llewellyn.
The current adviser/TPA fees for the 401(a) plan are $116,093. Under the change, the fee will be $105,538, or a reduction of $10,555.
Currently, fees for the 403(b) are $183,284. Under the change, the fee will be $133,938, a reduction of $49,346.
The VCSC benefits committee will continue to look at the fee structure, typically on an annual basis, and as assets grow, fees could be lowered again, Newport said.
The fee reductions will benefit both the district and employees, he said.
In a separate matter, the board approved a Rise evaluation system for school counselors and media specialists.
Sue Loughlin can be reached at 812-231-4235 or sue.loughlin @tribstar.com.
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