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    Hennepin Healthcare Systems Retirement Plan Annual Report

    For the Fiscal Year Ending December 31, 2015

    Pursuant to the authority granted to it under Minn. Stat. § 3 83. 914, Hennepin Healthcare System ("HHS") adopted a retirement plan qualified under§ 401(a) of the Internal Revenue Code (the "40l(a) Plan") effective as of January 1, 2009. Minn. Stat. § 383B.914 grants HHS the authority to create an alternative defined contribution retirement plan for its supervisors, managers, physicians, and independent health practitioners who bill independently for their time.

    All employees classified under the following positions are eligible to participate in the plan: Supervisors, Managers and Independent Health Practitioners. Employees classified as Paramedics or Security Supervisors are not eligible to participate in the 401(a) Plan. Each year, the Board of HHS determines whether to make a contribution to the 401(a) Plan and in what amount. Currently, the contribution rate is 6% of each Participant's compensation, except that the contribution percentage for the CEO of HHS is 10%. Participants vest over a 3-year period and are entitled to plan distributions upon termination of employment.

    HHS files this report for the purpose of fulfilling its obligation to make an annual financial report to the executive director of the Legislative Commission on Pensions and Retirement and to the Legislative Reference Library pursuant to Minn. Stat. § 356.20.

    Financial statements and disclosures that indicate the financial operations and position of the retirement plan and fund are attached. Specifically, the following documents are included with this report:

    • Trial Balance/Allocation Report for the period 111115 to 3/31/15 • Trial Balance/Allocation Report for the period 4/1/15 to 6/31/15 • Trial Balance/Allocation Report for the period 7/1/15 to 9/30/15 • Trial Balance/ Allocation Report for the period 10/ 1Il5 to 12/31 /15 • Fee Summary Report describing administrative and investment expenses of the

    plan.

    Disclosure Items Required under Minn. Stat. § 356.20

    The actuarial value of assets: Not applicable. The plan is a defined contribution plan.

    The actuarial accrued liabilities, including accrued reserves: Not applicable. The plan is a defined contribution plan.

    This document is made available electronically by the Minnesota Legislative Reference Library as part of an ongoing digital archiving project. http://www.leg.state.mn.us/lrl/lrl.asp

  • The unfunded actuarial accrued liability of the fund: Not applicable. The plan is a defined contribution plan.

    Actuaries declaration specifying that the required reserves for any retirement, disability, or survivor benefits provided under a benefit formula are computed in accordance with the entry age actuarial cost method and in accordance with the most recent applicable standards for a actuarial work adopted by the Legislative Commission on Pensions and Retirement: Not applicable. The plan is a defined contribution plan.

    Itemized exhibit of the administrative expenses of the plan:

    1. Personnel expenses. None. The Plan does not pay for any personnel expenses out of plan assets.

    2. Communication-related expenses. None. The Plan does not pay for any communication-related expenses out of plan assets.

    3. Office building and maintenance expenses. None. The Plan does not pay for any office building and maintenance expenses out of plan assets.

    4. Professional services fees. An itemized list of the fees paid to Wells Fargo investments for plan administration costs are reflected in the attached expense report.

    5. Other expenses. None. The Plan does not pay for any other administrative expenses out of plan assets.

    Itemized exhibit of the investment expenses of the plan:

    1. Internal investment-related expenses. None. The Plan does not pay for any internal investment-related expenses out of plan assets.

    2. External investment-related expenses. An itemized list of the external investment-related expenses are reflected in the attached expense report.

    on Pryor, MD, M Chief Executive Officer

  • Hennepin Healthcare System, Inc. Retirement Plan Assets as o! 12/31/15

    I. Wells Fargo Fee Summaryl P1an·-1=eef:---·-··------------·-----·--- -·-·------·-···-·-···-·---·- -------·----····----·--·.-------·---· .. --- -·--··--··-·--.-----------~-- ---··--------. ---- -·-----·-- -------·------·----p-ran·rnrormatrori:·--~- ----·-.. -·--·--.. -- we11s Fargo Asset-Based Fees Wells Fargo Base Fee Wells Fargo Per Participant Fee

    Wells Fargo plan fees

    $0 $0

    $82,00S

    $82,005 (A)

    ~-·· ·-- ----···-·-·---··--·-·-·---~-~~·Total ____ _

    Fund Name

    American Century Infl-Adj Bond Instl American Funds AMCAP R6 American Funds American Balanced R6 American Funds American Hi-Inc Tr R6 American Funds American Mutual R6 American Funds Europacific Growth R6 American Funds Growth Fund of Amer R6 American Funds Income Fund of Amer R6 American Funds Money Market R6 American Funds New Perspective R6 American Funds New World R6 American Funds 2010 Trgt Date Retire R6 American Funds 2015 Trgt Date Retire R6 American Funds 2020 Trgt Date Retire R6 American Funds 2025 Trgt Date Retire R6 American Funds 2030 Trgt Date Retire R6 American Funds 2035 Trgt Date Retire R6 American Funds 2040 Trgt Date Retire R6 American Funds 2045 Trgt Date Retire R6 American Funds 2050 Trgt Date Retire R6 American Funds 2055 Trgt Date Retire R6 American Funds US Government Sec R6 American Funds Washington Mutual R6 DFA US Small Cap I PIMCO Total Return Instl Vanguard Institutional Index I Vanguard Mid Cap Growth Inv Vanguard Mid Cap Index Adm Vanguard Selected Value Inv Vanguard Small Cap Index Adm Vanguard Total Bond Market Index I Vanguard Total Intl Stock Index Admiral

    Fund Type

    Fixed Large Equity Balanced Fixed Large Equity International Equity Large Equity Balanced Stable International Equity International Equity Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Fixed Large Equity Small Equity Fixed Large Equity Mid Equity Mid Equity Mid Equity Small Equity Fixed International Equity

    Assets (B)

    $128,779 $7,996,449 $4,055,535 $1,891,302

    $14,391,403 $13, 731,899 $31,158,407 $9,809,849 $7,938,582

    $12,911,430 $2,826,127 $1,855,064 $1,553,522 $4,574,667 $4,780,851 $5,526,739 $5,447,201 $7,946,163 $4,692,970 $1,610,899

    $99,441 $1,591,447 $5,880,715 $625,988

    $6,815,626 $12,517,870

    $752,476 $2,591,881 $527,796

    $1,074,811 $5,996,062 $1,143,477

    SDA ASSETS $35,530, 751

    Total* $219, 976, 179

    ~The Total Expense Ratio ( C) 1s calculato?d usm9 a weightl!d average for the 1nd1v1dual funds based on value of assets on the funds as of the date spec1f1ed ~bove

    Wells Fargo Plan Fees Paid by Participants

    Total Plan Generated Revenue

    Estimated Annual Balance Due from Participants

    Total Wells Fargo Plan Fees Net Investment Cost

    Total Plan Cost

    (A)

    (H)

    (H)-(A)

    $82,005

    $64

    $81,941

    Total fin dollars)

    (A) $82,005 (D - E) $624,835

    $706,840

    Total (as a oercentaqe)

    0.04% 0.28%

    0.32%

    Total Expense Investment Ratio 2 Expense

    (C) (0) = (B * C) 0.27% $348 0.37% $29,587 0.29% $11,761 0.34% $6,430 0.30% $43,174 0.49% $67,286 0.33% $102,823 0.29% $28,449 0.33% $26,197 0.45% $58,101 0.65% $18,370 0.36% $6,678 0.36% $5,593 0.38% $17,384 0.40% $19,123 0.42% $23,212 0.43% $23,423 0.43% $34, 169 0.43% $20, 180 0.44% $7,088 0.47% $467 0.28% $4,456 0.30% $17,642 0.37% $2,316 0.46% $31,352 0.04% $5,007 0.46% $3,461 0.09% $2,333 0.44% $2,322 0.09% $967 0.06% $3,598 0.14% $1,601

    0.00%

    0.28%

    Industry average olan cost4

    0.83%

    $0

    $624,899

    Per participant with account

    balance $71.00

    $540.98

    $611.98

    Tota I Assets Total Eligible Participant5 Total Participants with an Account Balance Average Participant Balance

    Fees Paid by Fund (included in NAV)3

    (E)

    0.05% 0.00% 0.00% 0.00% 0.00% 0,00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

    0.00%

    $64

    ·1ncrusffyavera~re -- per participant with account

    balance4

    $756.00

    Additional Plan/ Asset Based Fees (outside of NAV)

    (F)

    0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

    0.00%

    $0

    Per ellaible narticioant $82.50

    $628.61

    $711.11

    $219,976,179 994 1,155 $190,456

    II

    Total Plan Generated Revenue

    (H) = (B) * (E + F) $64 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

    $0

    $64

    'Fee 1nformat1on provided 1s an estimate of the annual fees applicable to the plan based on a point m time annuallzat1on of the fees descnbed below and the fund and revenue detail descnbed 1n Section II. Fee estimate d

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