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 Feb 19 2008, 09:20 AM
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#1
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Moderator Group: Sitewide Moderator Posts: 3,933 Joined: 26-August 98 From: Florida (land of hot humid summers) Member No.: 1,560  |
so, under PPA, the participant statement for non-self directed account is to include "The value of each investment to which assets have been allocated"
what meets that requirement? is it sufficient to say equities 82.00% Fixed income 13.00% money market 5.00% or do you have to list the $ amount, or do you have to provide an even more detailed breakdown? |
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Feb 19 2008, 10:57 AM
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#2
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John Feldt, CPC, QPA Group: Registered Posts: 878 Joined: 3-August 05 From: West Des Moines, Iowa Member No.: 14,892 |
IMHO, saying "X% equities" and/or "Y% fixed income" does not satisfy the requirement to disclose "the value of each investment to which assets have been allocated". The word "each" is the stumbling block to me. Guidance is needed.
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Feb 19 2008, 11:29 AM
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#3
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Moderator Group: Sitewide Moderator Posts: 3,933 Joined: 26-August 98 From: Florida (land of hot humid summers) Member No.: 1,560 |
Since you are suppose to provide this info in a format that any common idiot can figure out, I was going to say
"Look at that useless SAR you throw away every year - it tells you the total value of the assets in the plan. Now, take out your calculator, and punch in that value. if you multiply that by the investment % you will arrive at the dollar value in the fund." ha. in this plan, there are close to 50 different 'investment' just for the equities. I have a new participant, received a 1700 contribution - so technically it is not even invested yet. There is 4,000,000 in assets. over 50 investments just in equities. so if you have to list 'each' investment for this lady's .04% of the total assets....good grief. |
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Feb 19 2008, 12:14 PM
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#4
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Registered User Group: Registered Posts: 893 Joined: 17-May 05 Member No.: 14,641 |
Maybe I'm being too simplistic... I'm picturing it being like the brochure we produced every year on our GIC at my last job, where we listed out the component investments inside the GIC and gave the value of each. This results in one document per plan. The individual can then determine their % of the whole.
-------------------- "He attacked everything in life with a mix of extraordinary genius and naive incompetence, and it was often difficult to tell which was which." - Douglas Adams (last updated: 10/12/09)
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Feb 19 2008, 12:36 PM
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#5
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Registered User Group: Sitewide Moderator Posts: 1,406 Joined: 23-June 04 Member No.: 13,348 |
In the absence of [required!] guidance we are providing a list of assets and values at the end of the year.
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