The meeting was called to order by Adam Goldstein at 4:07 p.m.

 

A motion was made by Kelly Shepherd and seconded by Susan Lindsey to adopt the agenda as written. The motion passed unanimously.

 

The Trustees connected with Sean via telephone. Sean had previously provided the 2017 annual Statement of Work (SOW) from Mercer. He reviewed the line-by-line changes to the document with the group. The Trustees discussed the information provided. A request was made for Sean to provide the document in a “red-line” version and share it with the Trustees prior to approval. Sean was also asked to confirm scope, price and timing. He will send a revised SOW to Kellee for distribution to the Trustees prior to the June meeting.

Sean explained Mercer is now including standard language to the SOW. If approved as written, the terms of this SOW would automatically renew for one-year terms thereafter. The group discussed this revision and asked for a change in the number of days, as concerns were expressed that the Trust does not meet more than once a month. Another question arose on the definition of “Affiliates”. Sean will find the definition and share it with the Trustees. There is no change in fees for 2017-18. The SOW will be presented at the June meeting for action.

 

A motion was made by Kelly Shepherd and seconded by Susan Lindsey to approve the minutes from the April 19, 2017 meeting as written. The motion passed. Gregg Elder abstained.

 

Darla reported that the financials were not ready for this meeting. She shared that so far things are looking similar to the previous months.

Darla reviewed the annual audit engagement letter from Toyer, Dietrich and Associates with the group. She said Bruce Dietrich has been instrumental in helping with questions from the state auditors regarding the Trust. After the state’s audit this year, there were no findings, no management letters, and very few recommendations. Darla explained that the Trust’s audit would be separate from the district’s audit in the future and would not be under the purview of the state auditors. Darla read a letter from the state. There were no concerns in the CPS firm’s report.

The estimated proposal for this year’s audit is $9,900 which is an increase of a little over $200. This is the first increase in two years. Darla recommended staying with Toyer, Dietrich and Associates. A motion was made by Gregg Elder and seconded by Kelly Shepherd to approve the audit proposal provided by Toyer, Dietrich and Associates. The motion passed unanimously.

 

 

 

After the last meeting, Melanie explained that she reviewed the Trust’s policies and procedures and is recommending some needed revisions. Melanie reviewed for first reading the following proposed revisions:

Policy 100, General Administration

Procedure 100.1P, Trust Administration

Procedure 100.3P, TPAs Insurers Consultants Advisors

Procedure 110.1P, Membership

Procedure 110.2P, Chairperson and Secretary

Procedure 110.3P, Meetings

Procedure 110.4P, Trustee Action

Procedure 110.5P, Agendas Minutes Records

Procedure 110.7P, Delegation of Duties

Procedure 200.1P, Financial Management

Procedure 410.1P, Claims and Appeals

Procedure 410.2P, Claims Audits

The group reviewed the information and provided feedback. Melanie will make needed adjustments and provide the proposed revisions for second reading at the June meeting.

Melanie also provided a revised Trust agreement for the Trustees’ review. After last month’s meeting, she revised the agreement so that it does not require the revision process each time there is a change. A motion was made by Kelly Shepherd and seconded by Gregg Elder to approve the 2017 Restatement of the Everett School Employee Benefit Trust agreement as revised. The motion carried. Jeff Moore abstained. The required signatures will be obtained and the agreement executed before June 30, 2017.

 

In Shelley’s absence, Randi briefly reviewed her monthly report. Randi said Shelly is creating a spreadsheet that will be provided at a future meeting.

 

Randi suggested that the Trustees review the proposed Wellness Program budget before the June meeting so that they are ready to act on it. The Trustees should contact Shelly with any serious concerns or questions. The Trustees reviewed the proposed budget and provided feedback. Randi will share the Trustees’ feedback with Shelly prior to the June meeting.

 

The Trustees reviewed agenda items for the June 14, 2017 meeting.

 

 

 

 

 

 

 

The Trustees adjourned to executive session at 5: 26 p.m. The purpose of the executive session was to review the performance of the investment consultant. They returned to open session at 5:35 p.m. and adjourned the regular meeting at 5:36 p.m.

 

Sincerely,

 

 

 

Jeff Moore

Secretary

 

kn

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