[SchoolFinance] Meeting 4/9 Private MSMA PFMLA

[Sherry Moody]

The Guardian is the selected company. May 31 is the deadline to submit to
DOL for a private plan if you want to switch with an effective date of
4/1/25.

Employees are not required to participate until collective bargaining
agreements expire.

We must stay with a private plan for 3 years per statute. Rates offered are
.88% and .98% (depending upon individual schools.

82 districts did submit census data. If we participate, you will be the
policy holder, not MSMA. The Guardian will need census information annually
as part of our reporting.

A school board vote is required to participate. Wendy Douglas is the
contact and a letter of intent will be necessary after the board vote.

Wendy will be the contact person at MSMA for this process and afterwards.

Once the private plan application goes to the DOL, the Guardian will need
an application by November as well.

There is a 13 month exemption period once the process is in place.

These are my own notes so hopefully I got most of it correct.

Sherry
----
Sherry Moody, Business Mgr
Mid-Coast School of Technology
1 Main Street
Rockland, ME 04841
(207) 594-2161
www.mcst8.org


On Thu, Apr 10, 2025 at 11:04 AM Heather Reale <hreale at wocsd.org> wrote:

> Hi,
> Any feedback from the MSMA meeting yesterday on the Private PFMLA
> options?  I was not able to attend.
> Thank you
>
>
> *Heather A. Reale, MBA, Finance*
> Director of Finance
> Wells-Ogunquit Community School District
> hreale at wocsd.org
> 207-641-6909
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> SchoolFinance mailing list
> SchoolFinance at maillist.informe.org
> http://maillist.informe.org/mailman/listinfo/schoolfinance
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