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On Feb 23, 2017, at 2:00 PM, Shannon Hiskey <SHiskey@wfpusa.org<mailto:SHiskey@wfpusa.org>> wrote:

Message to WFP-USA Board of Directors from Vice-Chair Raquet

RE: Meeting by Unanimous Written Consent to approve Change of Trusteeship of the 401(k) Profit Sharing Plan (the “Plan”)

Members of the Board:

I am writing to ask for your prompt response, not later than close of business on Monday, February 27th, regarding a technical matter that we were not able to take up in our recent regular board meeting. Please review the following and the attached and respond promptly. Under the Bylaws, this approval requires unanimous consent. Failing that, we will need to hold a special meeting of the Board on February 28th by phone conference.

As you may be aware that Friends of W.F.P. Inc., d.b.a. WFP-USA, has a 401(k) Plan as an employee benefit. Operational services for the 401(k) Plan have been provided by the company, PayChex Retirement Services. The Plan investments have been managed by Key Bank. Also, the Trustee for the Plan has been the President and CEO of the organization.

The Administration of WFP-USA has recently reviewed the outside providers and the oversight structure for the Plan. They made the following decisions following negotiations with the new providers. These changes are set to be effective as of March 1, 2017.


* They will engage Mass Mutual Insurance Company to provide operational services to the Plan.
* The assets under management will be moved from Key Bank to Wells Fargo Bank.
* They concluded that the current Trustee situation (where the President/CEO is the Trustee) should be changed. They have reached an agreement that Reliance Trust Company would assume the role and responsibilities of Trustee.

Mass Mutual has now requested that the Board of Directors approve the appointment of Reliance Trust as the new Trustee, before the March 1st transition takes effect. That Resolution is attached for your review.
Please review the attached Resolution and respond on a “Reply All” e-mail whether you agree with the Resolution. Again, the DEADLINE for your reply is close of business February 27th.
If you have any questions that you would like to have answered before you respond, please e-mail Shannon Hiskey and cc: me with your question. If you would like to discuss, also please feel free to call Shannon or me directly.

Thank you for your reply,

Bonnie E. Raquet, Vice-Chair
beraquet@aol.com<mailto:beraquet@aol.com>
Mobile: 612-562-0380

<Board of Directors Resolution_401(k)Trustee_02.28.17.docx