On July 2, 2009, the Hospital Governing Board of the Kane County Human Resources Special Service District held a special meeting in order to reach a final decision on the hospital employee’s retirement plan.

Chairperson Dottie Ratzlaff brought the meeting to order, welcoming members, hospital attorney Ed Robbins, guests and employee representatives.

The agenda varied slightly as Ratzlaff stated she would first like to go into a closed section. The regular meeting resumed at 7:30 p.m.

Ratzlaff began by explaining the differences between the 401K; 457(b) and 403(b) retirement plans. Each plan has different features and requirements.

Member Karen Alvey stated it would be a good idea to have the employees interested and involved in the decision making process. The more you educate the people in what we are offering, the better it is.

Ratzlaff suggested the employees submit their questions and concerns and then the board would seek the answers.

Hospital Administrator Sherrie Pandya voiced a concern about the selection of a third party administrator. It needs to be someone who knows the law and knows what should or should not be done, and specializes in that field of expertise.

Due to the complex structure of each plan; it was the consensus of the board members, as well as the employees, the need to contract a third party administrator who is knowledgeable in the technical requirements of each retirement plan, someone who can scale down the 13 proposals to a more workable number. Someone who can ask representatives of the selected companies to come and present their plans and answer questions at that time and then determine which plan would be most beneficial to both the employees and the hospital.