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PERS

Defined Contribution Retirement Plan (DCRP) and

457 Deferred Compensation Plan (457 Plan)

Participants



Montana Public Employee Retirement Administration (MPERA)



September 2006



Brian Schweitzer, Governor

Public Employees'
Retirement Board

Carole Carey
President

John Paull
Vice-President

Robert Griffith

Jay Klawon

Troy W. McGee

Elizabeth Nedrow

Terrence Smith




^^rf^'



Roxanne Minnehan

Executive Director

MPERA

100 North Park Avenue

PO Box 200131
Helena MT 59620-0131

Phone (406)444-3154

Toll Free (877)275-7372

E-mail [email protected]

Fax (406) 444-5428



Official publication of the
Montana Public Employee
Retirement Administration

Editor: Carolyn Miller

Should any information in this

newsletter conflict with statute or

rules, the statute or rules will apply.




Important Changes to

your DCRP or 457 Plan



457 Plan Investment Options Annual Review & Update

The Public Employees' Retirement Board (PERB) and the Employee Invest-
ment Advisory Council (EIAC) recently completed their annual review of the
investment options offered in your 457 Plan.

Detailed information regarding the review process may be found at mpera.mt.gov .
including:

the PERB's Investment Policy Statement;

fund data sheets;

EIAC recommendations.

Based upon the review, the PERB decided to:

1. Discontinue the following investment options on December 4, 2006 as they
failed to meet PERB's established performance benchmarks:

V Artisan Mid Cap Investors (mid cap growth fund)

V RS Diversified Small Cap Growth (small cap growth fund)

V Templeton Foreign Fund (international fund)

V The five Great West Retirement Services Profile funds:

Conservative Profile
Moderately Conservative Profile
Moderate Profile
Moderately Aggressive Profile
Aggressive Profile

2. Place the following investment option on a watch/probation status in order
to closely monitor and possibly discontinue:

V Neuberger Berman High Income Investors

This fund only recently failed to meet PERB's performance benchmarks.



Inside this issue



457 Plan Update continued on page 2



457 Plan Investment Options Annual Review & Update ..1

DCRP Investment Options Annual Review & Update 2

Good News-DCRP Administrative Costs 2

DCRP and 457 Asset Transfer 3



Transaction Freeze Period 3

Investment House Trading Restrictions 3

Record Keeping and Administrative Services Request for
Proposal 4



MPERA Directions - September 2006



Page 2



457 Plan Update continued from page 1

3. Add the following new investment options on September 5, 2006:

V Munder Mid Cap Core Growth (replaces the Artisan Mid Cap Investors fund)

V Managers AMG Essex Small/Micro Cap Growth (replaces the RS Diversified Small Cap Growth fund)

V Dodge and Cox International Stock (replaces the Templeton Foreign Fund)

V Three Asset Allocation Funds using the Plan's existing investment options

Conservative
Moderate
Moderately Aggressive



"Detailed information

regarding the review

process may be found

atmpera.mt.gov."



The PERB also decided to add the following asset classes and categories to further
ensure sufficient diversity and selection:

V Small Cap Blend - the Vanguard Small Cap Index fund will be available effective September 4, 2006;

V Mid Cap Blend — the Neuberger Berman Genesis Trust fund will be retained within this asset class and
category. The Neuberger Berman Genesis Trust fund has been available since 1997, but has shifted its
management orientation from the original small cap growth to its current mid cap blend.s



DCRP Investment Options Annual Review & Update



The Public Employees' Retirement Board
(PERB) and the Employee Investment Advi-
sory Council (EIAC) recently completed their
annual review of the investment options offered in
the DCRP.

Detailed information regarding the review process
may be found at mpera.mt.gov including:

the PERB's Investment Policy Statement;

fund data sheets;

EIAC recommendations.

Based upon the review, the PERB decided to:

1 . Discontinue the following investment options
on December 4, 2006 as they failed to meet
PERB's established performance benchmarks:

V Artisan Mid Cap Investors (mid cap growth
fund)



V Brown Capital Small Company (small cap
growth fund)

2. Place the following investment options on a
watch/probation status in order to closely monitor
and possibly discontinue them:

V SSGA International Growth

V Vanguard Equity Income

These funds only recendy failed to meet PERB's
performance benchmarks.

3. Add the following new investment options on
September 5. 2006:

V Munder Mid Cap Core Growth (replaces the
Artisan Mid Cap Investors fund)

V Managers AMG Essex Small/Micro Cap
Growth fund (replaces the Brown Capital
Small Company fund).®



GOOD NEWS - DCRP ADMINISTRATIVE COSTS



Currendy, participants in the DCRP are assessed 75 basis points (3/4 of 1%) annually to cover the PERB's
administrative costs. This 75 basis point fee was capped at $300 annually effective January 1, 2006.

Effective with the quarter ending September 30, 2006, the 75 basis point fee will decrease to 50 basis points
(1/2 of 1%) annually or 0.125% quarterly. The $300 annual cap will remain in place.



Page 3



MPERA Directions - September 2006



DCRP AND 457 ASSET TRANSFER






Participants, in either the 457 Plan or the DCRP, who have assets in a discontinued investment option have
until 2:00 pm MST, Monday, December 4, 2006 to transfer their assets to other available investment options.

To transfer assets, participants may contact Great West Retirement Services sm by:

V calling KeyTalk® , toll free at (877) 699-4015 and either using the voice response system or talking to a
customer service representative during normal business hours (8 a.m. to 5 p.m MST)

V accessing the Plans' website: www.mperadcplans.com

Participants accessing the website will need their username and password. Participants who have forgotten
their username or password should contact a customer service representative, toll free at (877) 699-4015, for
assistance.

Participants may also contact Great West Retirement Services in the Montana offices toll-free at (800) 981-2786
or Helena (406) 449-2408 to receive personal assistance with determining appropriate asset allocations.

Assets remaining in a discontinued investment option on December 4, 2006 will automatically be transferred
as indicated below.






On December 4, 2006, Assets Remaining in:


Will Be Automatically Transferred to:






Artisan Mid Cap Investors —>


Munder Mid Cap Core Growth


RS Diversified Small Cap Growth AND the Brown
Capital Small Company — >


Managers AMG Essex Small/Micro Cap Growth


Templeton Foreign Fund — >


Dodge and Cox International Stock


Conservative Profile — >


Conservative Asset Allocation


Moderately Conservative Profile — >


Moderate Asset Allocation


Moderate Profile — >


Moderate Asset Allocation


Moderately Aggressive Profile — >


Moderately Aggressive Asset Allocation


Aggressive Profile — »


Moderately Aggressive Asset Allocation



^TRANSACTION FREEZE PERIOD^

A transaction freeze period must occur any time
investment options are discontinued or changed.
The transaction freeze period allows for the
transfer and reconciliation of assets still in the
investment options as of the discontinued date.

This year's transaction freeze period will begin at
2:00 p.m. MST, Monday, December 4, 2006 and
end the morning of Tuesday, December 5, 2006.
During this brief period, all investment options will
be closed to all inquires and transactions.



Investment House Trading Restrictions

Funds may impose redemption fees on certain
transfers, redemptions or exchanges if assets are held
less than the period stated in the fund's prospectus
or other disclosure documents. For more informa-
tion, please refer to the fund's prospectus and/or
disclosure documents or the Plans' website:

www.mperadcplans.com

Generally, investment houses impose trading
restrictions to manage their cash flow and achieve
better returns. Trading restrictions are NOT
imposed by the PERB or subject to its' discretion.
Participants are encouraged to note all restrictions
when trading between the available investment
options.



MPERA Directions - September 2006



Page 4



RECORDKEEPING AND ADMINISTRATIVE SERVICES
REQUEST FOR PROPOSAL



The PERB contracts with Great West Retirement
Services (GWRS) to provide recordkeeping and
limited administrative services for the 457 Plan and
the DCRP. The contract between the PERB and
GWRS is a term-limited contract subject to state
procurement law. The contract's term will expire on
June 30, 2007.

Under state procurement law, the contract must be
re-bid. Consequendy, the PERB is beginning the
Request for Proposal (RFP) process. Under the
RFP process, a new contract must be awarded to
the offeror who scores the highest according to
the criteria established in the RFP.

This means that, effective July 1, 2007:

1) Administrative and recordkeeping services may
be provided by a party other than GWRS;

V The PERB intends to maintain consistent or
improved level of service.

V The PERB intends for any transition to be
seamless.



2) The fees participants pay for these services will
change.

V The PERB cannot estimate, at this time, how
fees will change.

V The PERB will notify you of changes in fees
as soon as administratively possible.

Currendy, the participants are charged as follows
for the GWRS' administrative and recordkeeping
services:

1) 457 Plan

a. A graduated asset based fee ranging from
10 to 35 basis points.

b. This fee covers both GWRS' services and
the PERB's administrative costs.

2) DCRP

a. Flat dollar fee of $18.25 per participant per
quarter or $73 annually.

b. The PERB's administrative costs are

charged separately. (See Good News article
page 2.)a



IN COMPLIANCE WITH THE AMERICANS WITH DISABILITIES ACT OF 1992, ALTERNATIVE
ACCESSIBLE FORMATS OF THIS DOCUMENT WILL BE PROVIDED UPON REQUEST.



10,000 copies of this public document were published at an estimated cost of .09 cents per copy
for a total cost of $1,480.00 which includes $900.00 for printing and $580.00 for distribution.


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Online LibraryMontana.Dept. of AgriculturePesticide and fertilizer use around the home (Volume 2007) → online text (page 1 of 1)