HART is a Defined Contribution Plan that has been approved and qualified by the Internal Revenue Service. Some of the key features of the Plan are as follows:

Investment Options

HART offers the following participant directed investment options, listed in order from lowest risk/return potential to highest risk/return potential. Where available, links are provided to online information about the funds.

• Stable Value ⁄ Fixed Income Fund - Assets are held primarily in Guaranteed Investment Contracts (GICs) issued by a diversified group of insurance companies that have an average AA rating and in synthetic contracts. The funds are invested quarterly utilizing a laddered approach. The average weighted maturity ranges from one to three years. Managed by HART with consulting assistance from Mercer Investment Consulting.
• Total Bond Market Index Fund - Assets are held in the Vanguard Total Bond Market Index Fund. The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Lehman U. S. Aggregate Bond Index. At least 80% of the Fund’s assets will be invested in bonds held in the Index. The Fund maintains an average weighted maturity consistent with that of the Index of between 5 and 10 years. The Ticker Symbol is VBMFX.
• Balanced Fund - The Fund is managed by State Street Global Advisors and has a target asset allocation of 50% equities and 50% fixed income invested in a mix of other funds as follows: 50% in Equity funds in the S & P 500 Index Strategy and 50% in Fixed-income funds in the Active Core US Aggregate Bond Strategy. The Fund is managed to approximate the aforementioned target portfolio mix and will be rebalanced monthly or more often when justified by significant activity or changes in the market value of the underlying funds.
• REIT Fund - Assets are held in the American Century Real Estate Fund Institutional Class, managed by American Century Investments.
• Large Cap Value Fund - Assets are held in the Allianz NFJ Dividend Value Fund. This fund seeks income as a primary objective and, as a secondary objective, long-term growth of capital.
• Equity Index Fund - Assets are held in the State Street S & P 500 Index Fund and seeks to match the performance of the Standard & Poor’s 500 Index. The Fund invests in all 500 stocks in the S & P 500 Index in proportion to their weighting in the Index.
• US Total Market Index Strategy Fund - Assets are managed by State Street Global Advisors. The Fund seeks to match the returns of the Wilshire 5000 Index. The Wilshire 5000 Index provides broad exposure to all-cap sectors of the U.S. marketplace.
• Equity Fund - Assets are held in the Davis New York Venture Fund - Y Shares, managed by Davis Funds.
• Large Cap Growth Fund - Assets are held in the Growth Fund of America R Shares and are managed by American Funds. This fund seeks long-term growth of capital through a diversified portfolio of common stocks.
• Mid Cap Equity Fund - Assets are held in the American Century Vista Fund, managed by American Century Investments.
• MSCI EAFE International Equity Fund - Assets are managed by State Street Global Advisors. The Fund seeks to match the performance of the Morgan Stanley Capital International, Europe, Australia, Far East (MSCI EAFE) Index while providing daily liquidity. The Fund typically invests in all the stocks in the MSCI EAFE Index in proportion to their weighting in the Index.
• International Equity Fund - Assets are held in the Europacific Growth Fund, managed by the American Funds Group.
• Small Cap Blend Fund - Assets are managed by State Street Global Advisors. The Russell 2000 Index Fund seeks to match the Russell 2000 Index. The Fund attempts to invest in all 2,000 stocks in the Russell 2000 Index in proportion to their weighting in the Index.
• Small Cap Equity Fund - Assets are held in the Small-Cap Stock Fund, managed by T. Rowe Price.

Funds may be allocated among these investment options in increments as small as 1 percent.

Participant Accounts

Participants may access their accounts daily and reallocate their investments by clicking here.

Loans

Participating agencies may elect to offer the option of loans to their employees. The loan provisions conform to the Department of Labor requirements. Guidelines are as follows:

• The minimum loan is $1,000 and the maximum is $50,000.
• The amount available is 50 percent of the participant’s vested account balance.

To find out more about the loan program, please contact HART.

Life Insurance

Participating agencies may elect to offer Group Term Life Insurance to participants through Minnesota Life Insurance Company. Please refer to the Group Term Life Insurance page.

Distribution Options

Numerous options are available to the participant at the time of termination or retirement. Please refer to the Retirement Options page.