To help us more effectively accomplish our mission of improving the lives of people with disabilities through the management of special needs trusts, Wispact is implementing a new best-practice procurement policy. As part of this new policy we have formed a Trustee Evaluation Committee or “TEC.” The Wispact TEC is comprised of a group of board members, partner organization representatives and Elder Law Attorneys.
We welcome your support and have extended an opportunity for you to provide your input through dedicated communication channels listed below:
TEC Input Channels
226 Corporate Dr.
Phone: 608-268-6006 Ext.201
Evaluation Process FAQs
1. Why are you doing an evaluation for a new Trustee?
Our Procurement Policy requires that Wispact examine and review our ongoing contracts every three years. After reviewing the current trustee’s ability to meet the organization’s needs, the Wispact Board of Directors and Executive Staff determined our beneficiaries and other stakeholders will be best served by vetting alternative trustee options available. This is being done with the understanding that Wispact may retain the current trustee arrangement at the end of the review process.
2. How will this affect the creation of Wispact Trusts?
Initially, there will be no impact to the creation of Wispact Trusts. If eventually a Successor Trustee’s contract is chosen over a contract from the incumbent Trustee, there may be some changes to the subaccount creation procedure and policies. Wispact will continue to provide information as it becomes available regarding any such changes.
3. How will it affect current beneficiaries?
Current Wispact Beneficiaries will not be impacted by the evaluation. If eventually a Successor Trustee’s contract is chosen over a contract from the incumbent Trustee, there may be some changes to distribution procedures and policies. Wispact will continue to provide information as it becomes available regarding any such changes.
4. What are the tax implications?
Initial evaluation will not have any tax implications. If eventually a Successor Trustee’s contract is chosen over a contract from the incumbent Trustee, due to the structure of Wispact’s Pooled Trusts the transfer from one Trustee to another should have minimal financial impact. Wispact will continue to provide information as it becomes available regarding any such impacts.
5. What are the benefits to a new Trustee contract?
Wispact is evaluating contract proposals with the goal of providing our Beneficiaries, Creating Attorneys, and greater Wispact community the highest quality of desired services which meet the highest percentage of needs at the best price possible. Wispact is seeking to secure a contract, which provides at least the same quality of service as our current Trustee contract, and provides specific improvements including but not limited to greater flexibility in accepting unique assets into trust. Wispact will continue to provide information as it becomes available regarding specific benefits resulting from a new Trustee contract.
6. Why are we being told about this now?
Wispact is dedicated to working with and for our beneficiaries and greater community. We believe keeping you informed of any potential changes in and around our organization is key to being able to understand and meet your needs.
Special Edition Newsletters
Request for Proposal for Corporate Trustee to Wispact, Inc.
Earlier this year, as part of a larger quality assurance program, Wispact formed a Trustee Evaluation Committee (TEC). The Wispact TEC is composed of board members, external stakeholders and staff. Based upon numerous discussions, Trustee satisfaction surveys and staff input it was decided to issue a Request for Proposal (RFP) for trustee services. The objective is to implement a trustee evaluation process that maintains objectivity and best serves the needs of our beneficiaries and external stakeholders.
Request for Proposal (RFP) for Corporate Trustee to Wispact, Inc. – July 23, 2019
(Responses Due: 5:00 PM CDT / August 23, 2019)
Wispact, Inc. is not a registered investment adviser, registered stock broker or broker-dealer and does not offer investment advisory services, programs or products. Any investment questions should be directed to qualified licensed professional financial advisers.
Wispact Inc.pooled and community trust account fund allocations and investments are made by Chemical Bank. Chemical Bank has retained SEI Investments Management Corporation to assist in managing the assets of the fund. Wispact Inc. is not affiliated with Chemical Bank or SEI Investments Management Corporation.