EMAIL DETAILS

I agree with the Resolution.

t

On Thu, Feb 23, 2017 at 2:00 PM, Shannon Hiskey <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
>
> Mobile: 612-562-0380 <(612)%20562-0380>
>
>
>


--
Tony Fratto
Hamilton Place Strategies
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