Clients investing in the ECF Pooled Funds choose between how much of the ECF Growth Fund and the ECF Income Fund they want to own. This decision is usually based on time horizon, income needs, and risk tolerance. Clients can own any proportionate mix of the ECF Growth and Income Funds that meets their investment objectives – 60/40, 70/30, 40/60 (equities/fixed income). The ECF Balanced Fund is a 50/50 choice between the Growth and Income Funds.
Some clients choose to open more than one account in order to apply different investment strategies to different accounts, or to keep track of various accounts separately. The only additional cost is the $100 per year per account administrative fee charged by SSgA.
Opening a New Account
To open an account, clients complete an application form and e-mail or mail it to ECF. SSgA opens a new account and provides ECF with an account number. The client is informed of the account number and given instructions on how to transfer assets into their new account.
The primary and secondary contacts listed on your application form will be the persons authorized to initiate withdraw of funds or make changes in asset allocation unless ECF receives instructions in writing establishing a different authorization.
Because the ECF Pooled Funds are invested in a collection of funds which are valued once a month following the end of a month, additions and withdrawals follow a monthly pattern. If additional contributions are received during a month, the funds are invested in a money market fund until the month-end valuation, at which time the funds are invested in the chosen asset allocation of the ECF Pooled Funds. Disbursal of the funds is made following the month-end valuation.
Contributions or Additions to an Account
After the initial funding, clients can add to their investment at any time. Clients should notify ECF in writing and then send or wire funds to State Street Global Advisors (SSgA) noting the appropriate account number for crediting. The funds are invested in a money market fund until the month-end valuation at which time they are invested in the client’s chosen asset allocation.
Checks should be made payable to State Street Global Advisors (SSgA) noting the account number to receive the funds.
Distribution or Withdrawals from an Account
Requests for withdrawals are made by notifying ECF in writing (e-mail is acceptable).
Persons authorized to request withdrawals from an account are the primary and secondary contacts as listed on the account application form or any written, confirmed updates to that information.
Wire Transfer Using the ACH (Automated Clearing House) System
All clients are invited to establish an Automated Clearing House (ACH) system to permit direct wire transfers between SSgA and the Account’s local bank. There is no additional cost for this transfer. Transactions usually take about three business days to complete. An ACH form is sent to each new account.
The accounts in the ECF Pooled Funds are rebalanced automatically to the agreed-upon asset allocation each time funds are added, withdrawn, or vary by more than 3% from the target at the end of any quarter.
Each account in the EMS Pooled Funds receives a monthly statement by mail showing current month and year-to-date account values, additions, withdrawals, income, appreciation/depreciation, current asset allocation, account holdings, and transaction details. Complete performance reports on the ECF Pooled Funds are posted on the ECF website each quarter with abbreviated performance reports posted each month.