[SchoolFinance] Meeting 4/9 Private MSMA PFMLA

[Heather Reale]

This is great, thank you. What did they say are the advantages of going
with them dealing directly The State of Maine? Do we send the payments
directly to them and they pay the State?


*Heather A. Reale, MBA, Finance*
Director of Finance
Wells-Ogunquit Community School District
hreale at wocsd.org
207-641-6909


On Thu, Apr 10, 2025 at 12:07 PM Sherry Moody <smoody at mcst8.org> wrote:

> 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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