RFP_19HA7019R0001-Questions_-_Answers.docx

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Defined Benefit Pension Plan
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19HA7019R0001
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RFP 19HA7019R0001 –

DIRECT INSURANCE DEFINED CONTRIBUTION PENSION (DCP) PLAN

QUESTIONS AND ANSWERS:

1. What are the exact assets?

The assets that will be transferred will be approximately $2 to $3 million USD. We do not have an exact figure because are in the process of offering an election to convert from this plan to a US government administered defined contribution plan. We expect 75% of the employees to transition to our in house defined contribution plan so roughly 300 of our employees, who are age 50 or above, are likely to remain in the plan.

2. What the annual contributions?

Their should be approximately 220,000 USD.

3. What is the number of eligible employees?

Approximately 300 will transfer to the new plan servicer.

4. May we view the current asset statement to see what the plan is invested in?

The assets are managed by MetLife/ALICO and we only receive a very low fixed rate of return between .5 and 5%.

End of Questions and Answers

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