On March 1, 2008, the Legg Mason Growth Trust's name changed to the Legg Mason Growth Equity Fund. The investments, portfolio strategy and management of the fund will remain the same, though participants will benefit from a lower fee. An updated fund description (pdf) is available.
If you have any questions regarding this change, please contact the NADART Plan Information Center at (800) 462-3278 or e-mail nadart@nada.org.
401k Plan Automatic Contribution Feature and the "QACA"
Many employers looking to increase participation in their 401k plans are considering the addition of an automatic contribution feature - a plan that forces employees to opt out of retirement savings instead of opting into plan participation. The Internal Revenue Service (IRS) has recently released proposed rules on the "qualified automatic contribution arrangement" (QACA) that becomes available in 2008. Plans with a QACA will generally not have to undergo contribution nondiscrimination testing and will satisfy the top heavy rules that can reduce the benefits of plan participation for key employees and owners.
The IRS-published Retirement News for Employers, issued in November 2007, includes a useful summary of QACA rules. If you are interested in sponsoring a 401k plan with an automatic enrollment feature of any type, please contact us for additional information. We can help you determine if this feature makes since for your organization.
New Sub-Advisors and a New Name for Our Artisan Partners International Series I
On November 30, 2007 the name of the Artisan Partners International Series I changed to the International Investors Fund. The fund will continue to be managed by Cardinal Trust and Investments, however it will have new sub-advisors - Julius Baer Investment Management LLC and Thornburg Investment Management, Inc. A fund description (pdf) is available which details the fund's investment objective, investment strategy, investment risk and fees.
Our Investment Policy Statement dictates regular review of money managers by our Trustee, in consultation with our Board of Directors. Seperate account managers must meet minimum criteria as stated in the Investment Policy Statement (pdf) and adhere to established duties and responsibilities. If you wish your current retirement plan provider would shoulder some of the responsibility for monitoring your investment line-up, you should learn more about NADART by submitting our Product Information Request Form.