ten years ago, past-president Jim Gibbs initiated a 401(K) investment
and profit sharing program for AAPG members. In late 1993 and early
1994, this program became effective under the management of the
Retirement Trust Fund Group. This plan was moderately successful
and was primarily used by small companies or self-employed individuals.
The problem with the original plan was that not all members of AAPG
could participate and members who left larger companies could not
transfer their 401(K) accounts. In April 2001, the AAPG Investment
Committee (this group oversees all of AAPG's investments) met and
recommended to the Executive Committee that the member retirement
program be moved from the Retirement Trust Fund Group to Milliman
USA, Inc. effective October 1, 2001.
Milliman USA, Inc. is now the record keeper for GeoVest. They have
offices located in twenty-nine cities in the United States plus
Bermuda, Hong Kong, London, Melbourne and Tokyo. Marquette Alliance,
which has a long-standing relationship with the AAPG Pension and
Operating Funds, will be the financial advisory group and provide
the investment direction. Charles Schwab, Inc. will provide the
Individuals will be able to choose from fourteen selected mutual
funds such as value, growth, large cap, mid cap, small cap and international
funds. The AAPG Investment Committee has approved all funds. The
GeoVest funds will have the same-day exchange so participants can
make trades at daily market close prices.
Milliman is dedicated to make this program work. Perhaps you have
already met with their representatives at the conventions. Participants
will be able to access their accounts through the Internet to find
current balances, change contribution percentages, apply for loans
or withdrawals, or redistribute balances among the funds offered.
This is truly an exciting program offered by AAPG. As past-president
Gibbs states, "We may be the only professional society in the world
with its own customized retirement savings plan."
For more information on GeoVest, contact Gerald Erickson with Milliman
USA, Inc. at (800) 652-6672.
In this issue ...
Officers and Committees
> Deadlines for Business
Members Initiate GEM Program
of the EC, AC, and the HoD Officers
Retirement Savings Plan
> 16 YEARS AGO: Milestones for AAPG/HOD
with the .PDF suffix represent Portable Document Format files, viewable
using an Adobe Acrobat¨ Reader software. Adobe offers a free run-time
license to users, the software can be downloaded at the Adobe
Visit the House
Forum for Updates
House officers and committee chairs will be posting on the House Forum more
updates and additional information for the House meeting on March 10, 2002.
Be sure to visit Delegate's
often, and discuss the issues with fellow delegates and AAPG members before