2016-2017 Committees Annual Report

401K COMMITTEE

MISSION ■ ■ Prepare, maintain, and review the investments periodically (quarterly basis) with guidance of a third-party financial advisor. ■ ■ Prudently select, monitor and, if necessary, recommend termination of investment options. ■ ■ Share information and recommendations to Executive Team and President/CEO. 2016 YEAR IN REVIEW ■ ■ Initiated plan change so that effective Jan 1, 2016, new hires are able to participate in the plan immediately, removing the three- month waiting period. ■ ■ Continued to monitor fund performance based on Investment Policy. At the moment we have two funds on the watch list. ■ ■ Completed 401K 101 for new hires on a quarterly basis. ■ ■ Provided face-to-face meetings with advisors to employees in Meriden, Hartford and Camp Hill. A total of 35 employees took advantage of meetings. Patrick Clark, our Financial Advisor, also received a few calls throughout the year. ■ ■ Added a new member to the Committee, a representative from Architecture, Molly Salafia. PLAN PERFORMANCE HIGHLIGHTS ■ ■ Plan asset values increased from $17,199,300 Q4-2015 to $19,493,211 Q3-2016. ■ ■ Expense Ratio currently at 0.86 which is below the industry average of 1.04 (based on plan assets 10M – 24.9M).