[00:00:01]
OKAY.UM, THE DEFERRED COMP COMMITTEE MEETING OF THE EAST BAY REGIONAL PARK DISTRICT ON THURSDAY, MARCH 7TH, UH, BEGINNING NOW AT 10:04 AM UH, IT'S NOW OPEN.
[Roll Call]
DO THE ROLL CALL.UM, RECORDING, SECRETARY, TAKING ROLL CALL.
THAT'S, UH, TODAY'S MEETING IS HELD PURSUANT TO THE BROWN ACT, WE ARE PROVIDING LIVE AUDIO AND VIDEO STREAMING.
MEMBERS OF THE PUBLIC WISHING TO MAKE A COMMENT CAN DO SO BY ONE VIA THE ZOOM TWO BY SUBMITTING AN EMAIL OR THREE BY LEAVING A VOICEMAIL.
THIS INFORMATION IS NOTED ON THE AGENDA AND ALSO AT OUR WEBSITE@WWW.EBPARKS.ORG.
IF THERE ARE NO OTHER QUESTIONS ABOUT THE MEETING PROCEDURES, WE CAN BEGIN.
[Approval of Minutes]
THE LAST MEETING.IF EVERYONE'S REVIEWED THAT, CAN WE GET A MOTION TO APPROVE THE MINUTES? SO, MOVE PETE'S MADE A MOTION.
WE'LL TAKE A, UM, MOTION APPROVED.
UM, AND, AND WE SHOULD, UM, NOTE THAT IT'S AS OH, THAT'S RIGHT.
SO MEADOW PROVIDED EDITS TO SOME, SOME SMALL EDITS TO THE MINUTES, UM, ADDING IN SOME TITLES AND CLARIFYING SOME, UM, ACRONYMS. AND I BELIEVE THOSE ARE THE ONLY CHANGES.
SO WE'RE, WE'RE APPROVING THE MINUTES WITH THE EDITS AS MADE BY MEADOW DARCY? CORRECT.
SO, UH, UM, MINUTES HAVE BEEN APPROVED.
ANY PUBLIC COMMENTS? NO PUBLIC COMMENTS AT THIS TIME.
LOOKING AT THE AGENDA, THERE ARE NO ACTION ITEMS IT LOOKS LIKE.
SO UNLESS YOU, ANYTHING ELSE TO GO ON THAT? NOPE.
[Informational Items]
ON TO THE INFORMATION ITEMS. WE'LL START WITH THE FIRST ONE, WHICH IS THE TRANSITION TO EMPOWER UPDATE.SO, UM, I'LL KIND OF TAKE THE LEAD ON THIS, BUT I THINK IT'LL BE A, A BIT OF A GROUP DISCUSSION.
SO WE HAD WANTED TO PROVIDE AN UPDATE ON WHERE WE ARE WITH THE, UH, TRANSITION FROM MISSION SQUARE TO EMPOWER, AND, AND THEN PETE EMAILED IN A NUMBER OF QUESTIONS.
SO AS PART OF GIVING OUR UPDATE, WE'RE GONNA TALK THROUGH HIS QUESTIONS.
UM, WHAT ORDER SHOULD WE DO THE QUESTIONS FIRST AND THEN GIVE THE OVERVIEW OR WHAT DO YOU THINK WOULD BE BEST? I THINK IF WE DO THE OVERVIEW, IT MAY ADDRESS SOME OF PETE'S QUESTIONS.
SO WE'VE BEEN, UM, MEETING WITH EMPOWER, UH, EVERY WEEK SINCE THIS DECISION WAS MADE BACK LAST OCTOBER.
UM, AND GOING THROUGH THIS, UH, LONG DETAILED AND, UM, VERY IMPORTANT PROCESS OF TRANSITIONING, UH, ALL OF THE ASSETS FROM MISSION SQUARE OVER TO EMPOWER.
UM, AND SO WE JUST GOT AN EMAIL UPDATE TODAY.
UM, AND IT LOOKS LIKE YOU MIGHT HAVE IT ON YOUR PHONE, SO MAYBE I'LL HAVE MONICA READ IT OFF.
YEAH, WE ACTUALLY GOT FROM OUR IMPLEMENTATION MANAGER A LIST OF UPDATES THAT WE CAN SHARE.
UM, HE CONFIRMED THAT ALL SHARES AND INVESTMENTS WERE TRANSFERRED IN KIND TO THE 4 0 1 AND 4 57 PLANS.
UM, HE IS STILL WAITING FROM MISSION SQUARE INFORMATION ABOUT SDB ASSETS.
I'M NOT QUITE SURE WHAT THAT IS.
UM, LOANS HAVE BEEN LOADED TO THEIR TEST ENVIRONMENT AND ARE BEING REVIEWED.
ALLOCATIONS HAVE BEEN LOADED FOR THE 4 0 1 PLAN.
ALLOCATIONS ARE BEING QUALITY REVIEWED FOR THE 4 57 PLAN WITH ANTI ANTICIPATION.
THEY'LL BE LOADED TODAY AND PLAN DOCUMENTS ARE NEAR COMPLETION.
THERE'S ONLY ONE ITEM PENDING FOR THE 4 0 1 AND 4 57 PLANS.
SO THINGS ARE MOVING SMOOTHLY.
UM, LIKE DEB SAID, WE HAVE WEEKLY MEETINGS WITH HIM.
OUR NEXT MEETING IS ON FRIDAY, SO WE'LL FIND OUT WHAT'S PENDING AND HOW THINGS ARE GOING.
HOW ABOUT THE BLACKOUT PERIOD? BLACKOUT PERIOD IS SCHEDULED TO END NEXT WEEK.
A SPECIFIC DATE HASN'T BEEN GIVEN BECAUSE THEY NEED TO SEE HOW THIS TRANSITION OF DATA HAS MOVED FORWARD.
BUT ONCE THEY CONFIRM THAT ALL IS SET DATA LOOKS GREAT, THEN THEY'LL LET US KNOW.
AND WE WILL GO AHEAD AND SEND OUT A MESSAGE TO ALL CURRENT ACTIVE PARTICIPANTS I'VE ALREADY MAILED OUT TODAY, UH, A NOTICE TO ALL RETIREES WITH THE INFORMATION ON HOW TO CREATE AND LOG IN TO EMPOWER
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AFTER THE BLACKOUT PERIOD.THIS MIGHT BE A GOOD TIME TO TALK ABOUT THE, UM, THE INFORMATION THAT WE HAVE PUT ON THE DISTRICT'S BENEFITS PORTAL.
SO WE'VE BEEN TRYING TO SHARE INFORMATION, UH, ELECTRONICALLY.
SO WE'VE SENT OUT A FEW EMAILS TO EMPLOYEES TO UM, RETIREES.
AND THEN WE HAVE THESE WEBSITES THAT PEOPLE CAN GO TO WHERE WE HAVE EVERYTHING THAT'S BEEN MAILED OUT.
AND I THINK THERE'S A FEW ADDITIONAL DOCUMENTS LIKE FREQUENTLY ASKED QUESTIONS CORRECT.
SO THERE IS THE RETIREE INFO SITE THAT'S IN OUR GENERAL DISTRICT EMAIL.
I, I WASN'T AWARE THAT THAT EVEN EXISTED.
CAN YOU TELL ME, TELL ME A LITTLE MORE ABOUT THAT.
SO IF YOU GO TO THE PARK DISTRICT WEBSITE, UNDER THE JOBS LINK AT THE, TOWARDS THE MIDDLE OF THE PAGE, THERE'S A RETIREE BENEFIT INFO SITE.
AND WHEN YOU CLICK ON THAT, IT, UH, IT WILL PROVIDE, IT WAS INITIALLY CREATED TO PROVIDE, UH, SOME ASSISTANCE DURING THE TRANSITION TO P AND A GROUP, WHICH PETE, AS YOU KNOW, IS A RETIREE RECEIVING A REIMBURSEMENT.
YOU WERE AFFECTED BY THAT TRANSITION.
SO WE ORIGINALLY CREATED IT FOR THAT TO HELP WITH THE TRANSITION AND PROVIDE FAQS.
BUT WE'VE NOW ALSO UPDATED INFORMATION ABOUT THE TRANSITION TO EMPOWER.
SO WHEN YOU GO TO THAT SITE, WE LIST AT THE VERY TOP ANY URGENT UPDATES THAT WE WANT RETIREES TO BE AWARE OF.
UM, AND WHAT'S AT THE VERY TOP, OBVIOUSLY IS IN EMPOWER RIGHT NOW.
UM, A NOTICE OF THIS RETIREE WEBSITE WAS SENT LAST SUMMER, AND IT WAS SENT TO ALL OF OUR RETIREES THAT WERE EITHER RECEIVING A REIMBURSEMENT OR BEING BILLED FOR A RETIREE BENEFIT.
UM, AND SO, YOU KNOW, IT SOUNDS LIKE MAYBE YOU DID NOT GET YOURS, BUT IT HAS BEEN UP FOR A LIT ALMOST A YEAR NOW, AND WE'RE GONNA CONTINUE UTILIZING IT.
WAS IT SENT THROUGH THE RETIREES ASSOCIATION? JULIE WAS NOTIFIED OF IT, YES.
UM, BUT DID YOU, WAS THAT THE ONLY WAY IT WAS SENT OUT OR DID YOU NO, NO.
WE SENT OUT A LETTER, A LETTER THAT, UM, I COULD, I'D BE HAPPY TO PROVIDE YOU A COPY OF THE LETTER THAT WAS SENT OUT.
AND THE, THE LETTER I MENTIONED YESTERDAY THAT, UH, OR THAT WE'RE MAILING OUT TODAY IS REMINDING RETIREES OF THE WEBSITE AS WELL AS PROVIDING INFORMATION ABOUT HOW TO CREATE THE EMPOWER LOGIN.
AND THEN ON THE ACTIVE EMPLOYEE SIDE, WE HAVE OBVIOUSLY THE BENEFIT SHAREPOINT SITE.
THAT IS OUR VERSION OF THE INTRANET.
UM, AND WE'VE POSTED, WE'VE REMOVED THE MISSION SQUARE LINK AND WE'VE CREATED A NEW EMPOWER LINK AND POSTED ALL THE DOCUMENTS WE'VE RECEIVED FROM EMPOWER SINCE ON THAT SITE AS WELL.
YEAH, SO THE, THE, UM, NEXT BIG ITEM IS THAT, UM, ON MARCH 20TH AND THE 27TH, WE'RE GOING TO BE DOING WELL, EMPOWER IS GOING TO BE PROVIDING TRAININGS ON HOW TO LOG INTO THE SYSTEM, HOW TO ACCESS YOUR ACCOUNT, HOW TO SET IT UP, UM, IF YOU WANNA LIKE, PULL IN YOUR OWN ACCOUNTS TO VIEW THEM THERE.
AND SO THAT, UM, INFORMATION HAS BEEN, YOU SAID IT'S BEEN MAILED OUT ALREADY, EMAILS ARE GONNA GO OUT.
UM, EMPOWER, I BELIEVE IS SENDING INFORMATION AS WELL.
SO HOPING TO GET LOTS OF PARTICIPATION, UH, IN THOSE TRAININGS SO PEOPLE CAN GET IN THERE, YOU KNOW, SEE THEIR FUNDS AGAIN.
UM, AND YEAH, START LEARNING HOW TO, HOW TO MANAGE YOUR FUNDS IN THIS NEW WEBSITE, IN THIS NEW PORTAL.
AND I DO WANNA POINT OUT IN THIS MAILER THAT WE ARE FINISHING UP TODAY, LIKE I SAID EARLIER, IT'S BEING SENT TO ALL FORMER EMPLOYEES.
AS WE SHARE MY GETTING THIS DOWN, UM, AS WE SHARED IN THE PAST, THERE'S NO WAY TO DIFFERENTIATE THOSE WHO HAVE RETIRED VERSUS JUST LEFT THE DISTRICT AT MISSION SQUARE.
SO, UM, WHAT I DID IS SENT A MAILER TO FORMER EMPLOYEES.
AND SO THAT'S THE TITLE OF THE LETTER.
SO, UM, PEOPLE WHO SEPARATED BUT NOT NECESSARILY RETIRED FROM THE PARK DISTRICT WILL GET THE SAME INFORMATION AND CAN STILL ACCESS THE RETIREE WEBSITE IF THEY HAVE ANY QUESTIONS.
UM, BUT THE LINK FOR THE INFO SESSIONS HASN'T BEEN PROVIDED YET BY EMPOWER.
THEY HAD TO MAKE SOME CHANGES.
'CAUSE WE DID HAVE SOME SCHEDULING CONFLICTS, UM, WITH MANDATORY TRAININGS THAT WERE HAPPENING FOR OUR EMPLOYEES ON THE 20TH.
AND THEY ARE SPECIFICALLY, UM, SCHEDULING ONE JUST FOR RETIREES,
[00:10:01]
UM, SO THAT WE CAN ADDRESS THEIR SPECIFIC CONCERNS.'CAUSE I UNDERSTAND THAT THERE'S A LUNCHEON THAT RETIREES ARE HAVING ON THE 20TH AT THE BRAZIL ROOM THAT WAS CREATING SOME CONFLICTS AS WELL.
UH, HOPEFULLY WE WILL HAVE AN UPDATE FROM THEM ON FRIDAY AS TO WHEN WE'LL GET THOSE LINKS.
ACTIVE EMPLOYEES WILL GET AN EMAIL FROM THE BENEFITS EMAIL ADDRESS, AND THEN RETIREES, I'LL SEND THE LINK TO JULIE AS WELL AS POST IT ON THE RETIREE WEBSITE.
COUPLE QUESTIONS ON WHAT YOU JUST SAID.
UM, THE, YOU SAID WITH MISSION SQUARE, WE COULDN'T REALLY MONITOR THE RETIREE VERSUS THOSE WHO SEPARATED.
CAN WE DO THAT WITHIN EMPOWER OR NO? NO.
UM, UM, COULD DEFINITELY ASK AGAIN.
BUT IT SOUNDS LIKE WHAT WE DO IS, YOU KNOW, WHAT I'VE SEEN IS YOU JUST PUT SEPARATION DATE.
WE'LL ASK, MAYBE THERE'S AN OPTION.
UM, AND THEN I'VE BEEN GETTING MAILINGS FROM EMPOWER.
THEY HAVE OUR CON, I MEAN, THE EMAIL THAT GOES OUT, THEY HAVE ALL OF OUR CONTACT INFORMATION.
IS THAT JUST MAILINGS OR EMAILS? HOW DO THEY CONTACT US THAT, THAT YOU GUYS DIDN'T TALK TO 'EM ABOUT? THEY HAVE BOTH OR, SO WHAT THEY DID IS THEY PULLED THE ADDRESSES THAT MISSION SQUARE HAD.
UM, AND USED THAT INFORMATION.
SO HOPEFULLY THAT INFORMATION IS UP TO DATE.
UM, WE ALSO ARE GONNA BE SENDING A PAYROLL FILE BIWEEKLY FOR ALL ACTIVE EMPLOYEES, WHETHER YOU'RE A PARTICIPANT OR NOT.
AND SO IT'S GONNA HAVE EVERYONE'S INFORMATION THERE AS WELL.
AND THEN YOU MENTIONED THE SBD ASSETS.
I DON'T, DO WE KNOW WHAT THOSE ARE? THEY SAID SOMETHING CURIOUS, UNFORTUNATELY, YEAH.
OUR, OUR, UM, NETWORK IS DOWN, SO I CAN'T LOOK IN MY YEAH.
UH, EMAIL TO SEE WHAT THAT ACRONYM MEANS ANYMORE, BUT I CAN GET BACK TO EVERYBODY.
AND THEN JUST ONE MORE QUESTION.
SO THE EMAIL WENT OUT, UH, THE TRANSITION AT THE END OF FEBRUARY MENTIONS, UM, BASICALLY NO ACCESS TO YOUR ACCOUNT.
IT SAYS THROUGH THE END OF THE WEEK, MARCH 10TH.
IS THAT GONNA BE MOVED OR IS THAT STILL ACCURATE? ACCORDING TO EMPOWER, THEY, THAT'S THE ESTIMATED TIMELINE.
I MEAN, IT SOUNDS LIKE THINGS ARE GOING WELL.
BUT WE'LL GET MORE INFORMATION ON FRIDAY WHEN WE MEET WITH THEM AGAIN.
I JUST WANNA KNOW IF YOU NEED TO UPDATE PEOPLE LET KNOW.
IT CAN BE LONGER OR SHORTER, SO THAT'S FINE.
ANYTHING ELSE FOR TRANSITION? WELL, I CAN, I CAN GO THROUGH PETE'S QUESTIONS NOW.
UM, YEAH, I'VE COPIED AND PASTED FROM AN EMAIL THAT PETE SENT, AND I'LL JUST, UM, I DUNNO IF YOU WANT ME TO READ OUT THE QUESTION, THEN I CAN SEE MY ANSWER.
UM, WE DON'T EVEN HAVE A COPYRIGHT 'CAUSE YOU COULD JUST COPY, UH, I'VE GOT 'EM RIGHT HERE.
BUT JUST FOR THE, THE BENEFIT OF PEOPLE WHO DON'T HAVE THE PAPER, I'M THINKING WE SHOULD READ 'EM OUT.
THAT, THAT, THAT'LL BE JUST AS GOOD, RIGHT? SURE.
SO ALL THE MONEY IN THE PARK DISTRICTS DEFERRED COMP PLANS BELONGS TO THE DISTRICT EMPLOYEES, RETIREES.
THERE ARE NO DISTRICT FUNDS INVOLVED IN THIS PLAN.
SO WHY WERE BOTH THE DISTRICT'S UNIONS AND RETIREES GIVEN NO OPPORTUNITY TO HAVE INPUT ON THE PROCESS OF CHANGING THE DEFERRED COMP PLAN PROVIDER? SO, UM, I DISAGREE WITH THIS AND I'LL, AND I'LL WALK THROUGH MY THOUGHT PROCESS.
SO, UM, THROUGH THE DEFERRED COMP ADVISORY COMMITTEE, THIS WAS THE OPPORTUNITY FOR PEOPLE TO HEAR ABOUT IT.
AND SO, SO THE, SO PE AS A REP FROM THE RETIREE GROUP, AND THEN MEADOW FROM ASKED ME AND BEN, YOU FROM PA MM-HMM.
SO I, I PULLED TOGETHER ALL THE TIMES THAT WE BROUGHT THIS TO THE DI DEFERRED COMP ADVISORY COMMITTEE.
SO FIRST WE HAD IT ON OUR WORK PLAN.
UM, SO GOING BACK TO JANUARY OF 2023, WE HAD IT ON OUR WORK PLAN THAT THIS WAS SOMETHING THAT WE WERE GONNA BE WORKING ON DURING THE YEAR.
AND THEN AT, UM, AT THE MAY MEETING.
AND SO THIS IS FROM THE, THE MINUTES I'M JUST READING OUT.
SO, UH, ONE OF THE AGENDA ITEMS WAS PLAN ADMINISTRATOR RFP UPDATE.
SO SPALDING REMINDED THE COMMITTEE, THE DISTRICT IS, HAS BEEN WITH MISSION SQUARE SINCE 1981.
THE RFP WILL POST THE END OF JUNE WITH THE PROPOSALS DUE IN MID-JULY.
INTERVIEWS WILL BE HELD, UM, MID-JULY, BRINGING A RECOMMENDATION TO FINANCE COMMITTEE, THEN TO THE BOARD ON AUGUST 8TH WITH THE AWARD OF CONTRACT, UM, HOPE FOR SEPTEMBER 1ST, EFFECTIVE DATE, JANUARY ONE.
UM, SPALDING MENTIONED THE INTERVIEW PANEL WILL CONSIST OF ONE MEMBER OF THE DCAC, ADDITIONAL STAFF FROM HUMAN RESOURCES AND FINANCES, UH, IN FINANCE AND POSSIBLY OTHER STAFF.
UM, AND SO WE HAD INVITED MEADOW TO BE ON THE MEADOW, WHO'S THE CHAIR OF THE DEFERRED COMP ADVISORY COMMITTEE.
WE INVITED HER TO BE THE REPRESENTATIVE FROM THE DCAC.
[00:15:01]
SHE SAID SHE WAS TOO BUSY, SO SHE ASKED BEN TO STEP IN.SO, UM, SO WE DID HAVE DCAC, UH, INVOLVEMENT IN THE RFP AND IN THE INTERVIEWS.
UM, SO THEN AT THE JULY DEFERRED COMP MEETING, UM, SO AGAIN, THIS IS, I'M JUST READING BACK FROM THE MINUTES.
SO SPALDING GAVE AN UPDATE ON THE DEFERRED COMP ADMINISTRATOR RFP PROCESS.
PROPOSALS ARE DUE AUGUST 4TH INTERVIEWS WILL BE AUGUST 14TH THROUGH 18TH.
THE PANEL CONSISTS OF DEFERRED COMP ADVISORY COMMITTEE, CHAIR, PARK DISTRICT BENEFITS MANAGER, COMMITTEE MEMBER SPALDING AND PARK DISTRICT LEGAL COUNSEL STAFF WILL BRING THE RECOMMENDATION TO THE BOARD MEETING SEPTEMBER 19TH.
SO, SO THIS IS ALL, WHO WAS THE, WHO WAS THE DCAC REP? BEN WAS.
OH, I DIDN'T HEAR YOU MENTION HIM.
SO, SO THAT WAS THE UPDATE I GAVE.
AND AGAIN, I'M JUST READING IT IN SUMMARY HERE.
BUT THAT WAS THE UPDATE I GAVE AT THAT MEETING.
AND AT THAT TIME, THE RFP WAS, WAS ON THE WEBSITE AND IT LISTED THE TIMELINE AND HOW PROPOSALS WOULD BE SCORED.
UM, AND THEN WE WENT THROUGH OUR RFP PROCESS.
LIKE WE MET, WE TALKED ABOUT WHAT QUESTIONS WE WANTED, WANTED TO ASK.
I THINK WE ASKED YOU, BEN, TO GO, AND I DON'T REMEMBER, I COULD BE WRONG, BUT TO ASK OTHER COMMITTEE MEMBERS IF THERE WERE OTHER QUESTIONS THAT WE WANTED TO BE ASKED IN THE INTERVIEWS.
BUT, UM, I THOUGHT WE PUT THE QUESTIONS OUT TO THE GROUP.
MAYBE WE EVEN PUT THE QUESTIONS OUT TO THE GROUP.
MAYBE WE EMAILED THEM OUT TO THE GROUP, LIKE, HERE ARE THE QUESTIONS WE'RE GONNA ASK.
SO WE REALLY TRIED VERY HARD TO INVOLVE THE COMMITTEE.
UM, AND SO THEN, SO THEN WE WENT THROUGH OUR PROCESS, AND THEN AT THE SEPTEMBER MEETING, I PRESENTED THE OUTCOME.
UM, AND I, AGAIN, I CAN READ BACK FROM THE MINUTES THAT, UM, SPALDING PRESENTED AN OVERVIEW OF THE, HOW THE RFP WAS REVIEWED, THE FIRMS THAT RESPONDED AND WHY EMPOWER WAS SELECTED.
I WON'T, I WON'T READ ALL THIS, BUT, UM, BUT THEN I WILL READ BACK.
SO PETE, YOUR, YOU KIND OF RECAPPED IT AT THE END.
SO I WENT THROUGH THIS AND SAID, SO THEN CONNIE CAPTURED IN THE MINUTES, VOL VOLIN REITERATED WHY THE MOVE TO EMPOWER FOR RETIREES, LESS COST TO THE DISTRICT AND PARTICIPANTS EDUCATION AND COMMUNICATION BETTER AND EASIER TO UNDERSTAND WILLINGNESS TO ACT AS A FIDUCIARY, GOOD BUSINESS PRACTICE TO GO OUT AND SEE WHAT OTHER PROVIDERS ARE AVAILABLE AND WHAT THEY OFFER.
UM, THIS IS THE BEST ADMINISTRATOR FOR OUR NEEDS AND GOALS OF THE PROGRAM.
STRESS THE IMPORTANCE OF EMPOWER SPEAKING WITH RETIREES VIA, VIA HANDOUTS, WEBINARS, AND IN PERSON.
UM, AND THEN SPALDING ADVISED THE COMMITTEE THAT RFP RECOMMENDATION WILL GO TO THE BOARD OCTOBER 3RD, 2023.
SO I REALLY FEEL LIKE WE DID OUR BEST TO INFORM YOU GUYS OF WHAT WAS HAPPENING.
AND THAT IT WASN'T DONE LIKE BEHIND CLOSED DOORS, THAT THERE WAS LOTS OF DISCUSSION ABOUT IT IN ADVANCE, AND OPPORTUNITIES FOR YOU TO WEIGH IN AND, AND GET INVOLVED AND, AND ALSO SHARE THE INFORMATION WITH YOUR GROUP THAT YOU'RE REPRESENTING.
AND I, I, I HEAR YOU THAT, THAT LIKE, MAYBE YOU WEREN'T AWARE THAT THAT WAS WHAT WAS SUPPOSED TO, THAT YOU WERE SUPPOSED TO BE DOING THAT, BUT THAT WAS WHAT I THOUGHT WAS HAPPENING.
WELL, YOU JUST MENTIONED THAT YOU WENT BACK TO THE BOARD FINANCE COMMITTEE BEFORE YOU MADE A FINAL DECISION TO REVIEW.
THAT WAS WHAT YOU SAID RIGHT AT THE BEGINNING.
ORIGINALLY, ORIGINALLY IT WAS GONNA GO TO THE, YEAH.
WHEN I FIRST WAS PLANNING IT WAS GONNA GO TO THE FINANCE COMMITTEE, BUT THEN WE RAN OUT OF TIME AND SO WENT STRAIGHT TO THE BOARD.
AND WE ALSO DID THIS BECAUSE THE BOARD IS THE FIDUCIARY, AND SO THEY ALL NEED TO WEIGH IN AND HEAR THE FULL DISCUSSION.
AND ALSO HAVING THE WHOLE BOARD HAVE THE DISCUSSION TOGETHER.
WAS OUR DECISION TO BRING IT STRAIGHT TO THE BOARD.
WELL, I DON'T SEE WHY IT COULDN'T HAVE BEEN BROUGHT BACK TO THIS COMMITTEE TO REVIEW.
AND I THINK IT SHOULD HAVE, BUT IT, BUT I, I JUST EXPLAINED THAT IT WAS BROUGHT TO THIS COMMITTEE BEFORE IT WENT TO THE BOARD.
IT DID COME TO THIS COMMITTEE, BUT WE NEVER, BY THAT TIME IT WAS AN ACCOMPLISHED FACT.
SO WE HAD A, YOU NEVER CAME TO THE BOARD AND SAID, WE'RE, WE'RE THINKING OF MOVING TO EMPOWER, OR HOW DO YOU FEEL ABOUT THAT? YOU NEVER, TO THE BOARD, TO THIS COMMITTEE.
THAT WAS THE BOARD APPOINTED COMMITTEE.
THAT'S HOW IT ON, I WOULD THINK THAT WE WOULD'VE BEEN NOT JUST INFORMED AFTER THE FACT THAT THE DECISION HAD BEEN MADE, BUT I DON'T SEE THAT WE HAD ANY MEANINGFUL INPUT ON THE DECISION.
SO BEN WAS SELECTED TO REPRESENT THE COMMITTEE.
UM, MEADOW WAS ORIGINALLY INVITED TO BE THAT PERSON.
BUT YOU CAN'T HAVE EVERYBODY, THE COMMITTEE HAS, HAS THREE OUT OF FIVE MEMBERS REPRESENTING THE PEOPLE WHO OWN THE FUNDS.
[00:20:01]
YOUR COMMITTEE HAD ONE OUT OF FIVE.I MEAN, IT WAS A, I I, I HEAR WHAT YOU'RE SAYING.
AND IT WAS A UNANIMOUS DECISION ON THE PANEL TO SELECT EMPOWER.
UM, THERE WAS NOT, IT WAS NOT A CLOSE CALL, I'LL SAY.
UM, SO MAYBE THAT'S, BUT, BUT WE WENT THROUGH A, A CAREFUL RFP PROCESS.
WE RECEIVED THE PROPOSALS, WE DID INTERVIEWS.
WE GAVE THE COMMITTEE OPPORTUNITIES TO GIVE INPUT ON HOW THE PROCESS WOULD WORK.
WE COULDN'T HAVE EVERYBODY ON, WE CAN'T HAVE THE WHOLE, YOU KNOW, EVERYBODY ON THE PANEL TO PICK.
SO WE PICKED ONE PERSON FROM THE COMMITTEE TO BE HER.
WELL, YOU COULD HAVE, WE DECIDED NOT TO.
WE, I MEAN, WE HAD THREE, LIKE, SO MONICA AND I ARE BOTH ON THE DEFERRED COMP ADVISORY COMMITTEE.
SO REALLY THREE OUT OF THE FIVE MEMBERS.
YEAH, IT WAS THREE OUTTA FIVE.
THAT'S WERE DEFERRED COMP ADVISORY COMMITTEE MEMBERS.
SO THE MAJORITY, YOU COULD SAY THE MAJORITY OF THE PANEL WAS DEFERRED COMP ADVISORY COMMITTEE MEMBERS.
WE DIDN'T INVOLVE RETIREES, BUT WE INVITED, ASKED THE RETIREES OWE WAY MORE THAN HALF THE MONEY.
WE HAD INVITED, WE HAD INVITED MEADOW TO BE OUR PERSON.
SHE COULD HAVE PICKED RETIREE OR SHE COULD HAVE PICKED BEN.
SO THAT WAS HER CHOICE, BUT IT WASN'T MINE.
I, I DID NOT MAKE THE CHOICE OF WHO WAS GONNA BE THE DEFERRED.
'CAUSE THAT MADE THE MOST SENSE.
WELL, I WILL JUST HAVE TO AGREE TO DISAGREE ON THIS.
AND I UNDERSTAND THAT YOU FELT, BUT I FELT THAT WE WERE LEFT OUT OF THE PROCESS.
THAT, THAT AT NO POINT DID ANYONE COME TO US AND SAY, WE'RE THINKING OF SERIOUSLY THINKING OF MOVING TO ANOTHER PROVIDER.
THAT'S WHAT THE RFP PROCESS WAS.
HOW, AND, AND, UH, IT'S, SO YOU COULD SEE IT WAS ON THE WORK PLAN.
I BROUGHT IT TO YOU AGAIN, BUT YOU NEVER CAME THERE.
OUTSIDE, OUTSIDE OF THE PROCESS.
THERE'S NOTHING, THERE WOULD'VE BEEN NOTHING TO PREVENT YOU FROM COMING BACK TO THE COMMITTEE AND ASKING FOR INPUT ON THE DECISION.
AND I THINK THIS IS A BOARD APPOINTED COMMITTEE, AND THE BOARD AREN'T FOOLS.
THEY PUT, DID THAT FOR A REASON.
AND, UH, YOU KNOW, IT'S A, I DON'T KNOW IF YOU'RE AWARE OF THIS, BUT IT'S A PRETTY UNPOPULAR IT'S A VERY UNPOPULAR MOVE WITH THE RETIREES.
IN FACT, I JUST GOT AN EMAIL FROM SOMEONE WHO WAS THREATENING TO SUE A RETIREE.
AND, UH, THERE WERE, ACCORDING TO JULIE, LOTS OF PEOPLE SPOKE.
NO ONE WAS HAPPY WITH IT, INCLUDING SOME VERY HIGH RANKING RETIREES WHO WERE DEFINITELY HEARD THAT.
AND, AND I DO FEEL LIKE THIS COMMITTEE, LIKE YOUR, YOU HAD OPPORTUNITIES TO TAKE WHAT WAS HAPPENING AND BRING IT TO THE RETIREES.
AND THAT WOULD'VE BEEN SUPER HELPFUL.
AND I GET IT, LIKE HINDSIGHT IS 2020.
WE ALL COULD HAVE DONE A LOT OF THINGS DIFFERENTLY.
BUT THAT'S SOMETHING THAT I FEEL LIKE COULD HAVE BEEN DONE BETTER ON YOUR PART IS LIKE WHEN YOU HEARD WE WERE DOING AN RFP, BROUGHT THAT TO THE RETIREE GROUP AND SAID, HEY, THEY'RE DOING AN RFP, WHAT DO PEOPLE THINK? AND THEN YOU COULD HAVE BROUGHT THAT BACK.
AND, AND THE FACT REMAINS, THE MAJORITY OF THE COMMITTEE IN THE RFP DID AGREE.
IF YOU HAD EVEN BROUGHT IT BACK TO THE GROUP, WE COULD HAVE DISCUSSED IT.
BUT I THINK THE DECISION WOULD'VE STILL HELD ANYWAY.
AND AS PART OF THE RFPI, I THOUGHT THEY WERE VERY GOOD PRESENTATIONS, BUT IT, IT WASN'T VERY CLOSE AND IT WAS UNANIMOUS.
WELL, THAT'S ASSUMING THAT WHAT WE SAID WOULDN'T HAVE CHANGED ANYONE'S MIND.
BUT WE WERE NEVER GIVEN AN OPPORTUNITY TO DISCUSS IT.
WE ARE THE BOARD, BOARD BOARD APPOINTED COMMITTEE OVERSEEING THIS PLAN, AND WE NEVER HAD A CHANCE TO REVIEW THAT DECISION.
AND A LOT OF PEOPLE, IT'S A FACT THAT A LOT OF PEOPLE ARE VERY UNHAPPY WITH THAT.
SO I'M GONNA MOVE ON TO YOUR OTHER QUESTIONS.
SO YOU ASKED WHY WAS THE BOARD APPOINTED DEFERRED COMP COMMITTEE NOT ALLOWED TO PARTICIPATE IN OR REVIEW THIS DECISION? SO THE CHAIR OF THIS COMMITTEE WAS SUPPOSED TO BE ON THE RFPP PANEL.
UM, SHE CHOSE NOT TO BE, AND SHE HAD OTHER THINGS THAT WERE A PRIORITY.
SHE ASKED SOMEBODY ELSE TO SERVE.
SO THEY WERE ALLOWED TO PARTICIPATE IN THE DECISION.
WE ALSO UPDATED THE COMMITTEE AT EVERY MEETING THAT WE HAD OF WHAT WAS GOING ON.
UM, YOU'RE NOT, BUT AT NO POINT DID YOU SAY WE'RE SERIOUSLY THINKING OF MOVING TO ANOTHER, BUT THAT'S WHAT AN RFP IS LIKE WHEN YOU'RE ASKING FOR PROPOSALS, IT'S LIKE, WE ARE LOOKING AT ANYTHING AT ANYTHING CAN HAPPEN.
[00:25:01]
SEE WHAT'S OUT THERE AND THE CHANGE COULD HAPPEN.SO THAT WAS, THAT'S WHAT AN RFP IS ABOUT.
AND TO DEB'S POINT, IN SEPTEMBER IT WAS SHARED WHAT THE RESULTS OF THE RFP WERE AND WHO WAS SELECTED.
SO AT THAT TIME, WE DISCUSSED WHO THE OPTION WAS AND COULD HAVE CONTINUED THAT DISCUSSION.
WE HAVE RECORD OF YOU ACKNOWLEDGING IT.
UM, SO WE DID BRING IT BEFORE WE EVEN WENT TO THE BOARD.
I, MY RECOLLECTION IS THAT WE WERE PRESENTED WITH AN ACCOMPLISHED FACT AND WE NEVER HAD AN OPPORTUNITY TO SAY, WAIT A MINUTE, I DON'T THINK THE PEOPLE LIKE THIS.
THERE'S, I THINK I, I DON'T REMEMBER THAT.
YEAH, I MEAN, WE HAVE IN THE MINUTES WHAT YOU SAID, AND WE COULD PROBABLY EVEN SEE IT ON VIDEO THAT YOU HEARD US SAYING LIKE, THIS IS THE SELECTION AND THAT IT'S GONNA GO TO THE BOARD.
I, I RECALL THE DISCUSSION THAT I THINK I ASKED EVEN LIKE, IT WAS, IT WAS JUST OUR RECOMMENDATION.
THE BOARD COULD STILL HAVE MADE THEIR OWN DECISION WITH INPUT FROM ANYBODY ELSE.
IT WAS JUST WHAT WE HAD THOUGHT IN THE RFP WHO THE STRONGEST CANDIDATES WERE.
AND IT WASN'T, I REMEMBER DISCUSSING THAT IN, IN THE MEETING HERE, THAT THE BOARD ULTIMATELY MAKES THAT CALL.
SO IF THEY HAD DECIDED TO GO A DIFFERENT ROUTE, THEY COULD HAVE, UNLESS I'M WRONG.
WELL, I DON'T THINK THE BOARD HAD ANY MEANINGFUL INPUT FROM EITHER THE RETIREES OR THE EMPLOYEES.
BUT I APPARENTLY WE'LL HAVE TO AGREE TO DISAGREE ON THIS ONE.
WHY DON'T WE MOVE ON THEN? WE'RE ALRIGHT.
SO YOU'RE TOUCH AROUND CIRCLES HERE.
IS IT STANDARD BUSINESS PRACTICE FOR GOVERNMENT AGENCIES TO USE A CONSULTANT IN A MAJOR RFP PROCESS? WHY WAS THERE NO CONSULTANT USED IN THIS RFP PROCESS? UM, IN MY EXPERIENCE, WE USE CONSULTANTS VERY RARELY.
ONLY WHEN WE DON'T HAVE SOMEONE ON STAFF WHO CAN TAKE THAT ON.
AND SO WE DIDN'T USE A CONSULTANT HERE.
UM, EXACTLY HOW MUCH MONEY WILL THE DISTRICT SAVE BY MOVING FROM MISSION SQUARE TO EMPOWER THE DISTRICT? SAVES NOTHING.
'CAUSE ALL OF THESE FEES ARE, ARE PLAN PARTICIPANT FEES.
SO THE DISTRICT DOESN'T GET ANYTHING OUTTA
THE, ALL OF THE FEES ARE PAID BY PLAN PARTICIPANTS.
AND SO THE MOVE TO EMPOWER IS ENTIRELY TO BENEFIT THE, THE EMPLOYEES AND THE PLAN PARTICIPANTS.
SO ALL OF THE SAVINGS THAT WE'VE BEEN TALKING ABOUT BY GETTING LOWER FEES, THAT'S ALL TO THE BENEFIT OF PEOPLE WHO ARE IN THE PLAN.
THERE'S NOTHING THAT THE DISTRICT SAVES.
WELL, UH, A LOT OF THOSE PEOPLE DON'T AGREE WITH YOU.
IT'S A QUESTION OF WHAT KIND OF SERVICE YOU'RE GONNA GET FOR WHAT KIND OF MONEY.
AND UH, AND WHAT, OKAY, SO THE DISTRICT DIDN'T SAVE ANYTHING.
ALL SAVINGS WERE FROM THE RETIREES.
WHAT WAS THE AMOUNT OF THAT? YEAH, AND THAT'S, UM, AGAIN, I CAN'T PULL UP ANYTHING 'CAUSE OUR NETWORK'S DOWN, BUT, UM, I BELIEVE IT WAS A 230,000 A YEAR, UM, BASED ON THE MOVE, UM, TO THESE NEW FUNDS THAT ARE, I THINK CONNIE HANDED THIS OUT TO EVERYBODY.
UM, SO 230,000 A YEAR AND THAT'S EVERY YEAR THAT SAVINGS WILL ACCRUE AND PEOPLE WILL BE ABLE TO EARN MORE MONEY 'CAUSE THEY'RE PAYING LESS THAN, SO ARE YOU SAYING THAT WHAT EMPOWER IS CHARGING THE PLAN PARTICIPANTS IS $230,000 LESS A YEAR THAN WHAT? MISSION SQUARE? MISSION SQUARE.
AND IT'S NOT JUST, I SHOULD SAY IT'S NOT JUST EMPOWERS FEES.
SO THE FEES THAT PEOPLE PAY ARE PARTLY TO THE PLANT ADMINISTRATOR.
SO IT USED TO BE MISSION SQUARE, BUT ALSO TO THE, IN THE FUND LINEUP THAT YOU HAVE.
SO DEPENDING ON WHAT FUND YOU'RE INVESTED IN, ALMOST ALL OF THE FUNDS IN MISSION SQUARE'S FUND LINEUP WERE MISSION SQUARE FUNDS.
SO THE EARNINGS THAT THEY GOT, WERE GOING BACK TO MISSION SQUARE.
THE NEW FUND LINEUP HAS DIFFERENT PROVIDERS THAT ARE NOT EMPOWER.
THERE ARE A FEW THAT ARE EMPOWER FUNDS THERE.
THERE'S LIKE VANGUARD, THERE'S UH, AMERICAN FUNDS GROUP.
THE FEES ARE LOWER AND THOSE FEES ARE NOT GOING TO EMPOWER.
THEY'RE GOING TO AMERICAN FUNDS OR TO VANGUARD OR WHOEVER.
CAN, CAN YOU CLARIFY JUST TO, SO THE APPROXIMATE $200,000 SAVING, THAT'S FOR A A OUR WHOLE ACCOUNT, LIKE FOR LIKE ON THE SHEET, THAT'S WHAT THE APPROXIMATE SAVINGS WOULD BE.
AND THIS WENT TO THE BOARD OF DIRECTORS IN THE, UM, THAT LAST MEETING WHERE WE ADOPTED THIS FUND LINEUP, THE COMPARISON OF WHAT FUNDS WE CURRENTLY HAVE WITH MISSION SQUARE, HOW MUCH IS INVESTED IN THOSE FUNDS.
WHAT THE FEES ARE THAT ARE CHARGED IN THOSE FUNDS, AND THEN HOW IT'S GONNA MAP TO THE NEW FUNDS, WHAT THE NEW FEES WILL BE.
AND THE SAVINGS WILL BE 230,000 A YEAR.
[00:30:02]
IS THERE ANY WAY I CAN GET A COPY OF THAT? YEAH, IT'S PUBLIC.I I CAN'T PULL IT UP NOW, BUT IT'S, IF YOU GO TO THE BOARD MEETING, IF YOU GO TO THE PACKET THAT WAS APPROVED AT THAT MEETING, UH, WHAT MEETING WAS IT? IT'S ALSO FEBRUARY, UH, YEAH, IT WAS RIGHT BEFORE OUR LAST BOARD MEETING.
FEBRUARY 12TH OR SOMETHING LIKE THAT.
CAN I ACCESS THAT AS A NON-EMPLOYEE? A HUNDRED PERCENT.
IT'S ON THE, IT WAS A BOARD MEETING.
AND, AND I PASSED IT OUT AT THIS, AT OUR LAST DEFERRED COMP ADVISORY COMMITTEE.
I PASSED THAT OUT AT THE MEETING WHEN WE WERE GOING THROUGH THE POTENTIAL FUND.
OH, I THINK YOU MISSED THAT MEETING.
YEAH, I MISSED THE LAST, UM, BUT I HANDED THAT OUT TO EVERYONE.
SO IT WAS A HANDOUT I GAVE AT THAT MEETING.
SO BEFORE IT WENT TO THE BOARD, IT WAS HANDED OUT.
IT'S ALSO ON THE, THAT RETIREE INFO SITE THAT I MENTIONED.
THE FUND PLAN TRANSFER MAPPING.
DID THE DEFERRED COMP COMMITTEE SURVEYS REVEAL ANY SIGNIFICANT DISSATISFACTION, UM, AMONG PLANS, UH, WITH MISSION SQUARE SERVICES? I, I RECALL THERE WERE CONCERNS THAT WERE RAISED AND THESE WERE THINGS THAT WE WERE SPECIFICALLY LOOKING FOR AS WE WERE GOING THROUGH OUR RFP PROCESS.
ONE WAS THAT FEES WERE NOT CLEAR.
UM, AND THAT IT WAS VERY DIFFICULT FOR PEOPLE TO KNOW WHAT FEES THEY WERE PAYING ON THEIR MISSION SQUARE, UM, UM, MAILINGS.
UM, AND ON THE WEBSITE IT WAS HARD TO FIND THAT INFORMATION.
UM, OVERALL, I DON'T THINK THERE WAS DISSATISFACTION WITH MISSION SQUARE.
I THINK THAT WASN'T THE REASON WE DID THE RFP 'CAUSE PEOPLE WERE UNHAPPY.
IT'S A BEST PRACTICE TO, TO SEE WHAT WHAT ELSE IS OUT THERE AND TO DO A REGULAR RFE PROCESS.
AND WE JUST HADN'T DONE IT BEFORE.
SO I, I GET THAT IT'S VERY NEW AND, UM, IT'S BEEN HARD FOR PEOPLE, BUT IT IS A BEST PRACTICE.
AND IN MANY, MANY OTHER AGENCIES, THEY DO THIS EVERY FIVE YEARS.
EVERY 10 YEARS THEY GO OUT AND THEY SEE WHAT, WHAT'S THE BEST PLAN RIGHT NOW AND MAKE A SWITCH.
IF, IF WHEN THEY DO THE RFP THEY FIND A NEW PLAN THAT THEY THINK IS BETTER.
UM, UH, WHICH DISTRICT EMPLOYEES PARTICIPATED IN THE RFP PROCESS? SO IT WAS, UH, BEN MONICA, ME, UM, JASON ROSENBERG, WHO IS, UH, ASSISTANT GENERAL COUNSEL OR DISIN.
AND THEN DEBORAH OCKER WHO WAS THE A GM AND CFO AT THE TIME.
UH, WHAT EXPERIENCE DID THESE PEOPLE HAVE IN RUNNING PREVIOUS RFP PROCESS? UM, I BELIEVE ALL OF THESE PEOPLE HAD, I KNOW I CAN SPEAK FOR MYSELF AND MONICA 'CAUSE WE'VE SERVED ON PANELS FOR EACH OTHER.
WE HAVE A LOT OF EXPERIENCE WITH THIS.
I I I, I'M GUESSING THAT EVERYBODY HAD SOME EXPERIENCE, UM, AND THE MEMBERS OF THE PANEL WERE CHOSEN BASED ON THEIR EDUCATION, THEIR EXPERIENCE IN, YOU KNOW, BENEFITS, FINANCE, PROCUREMENT AND LAW.
UM, DID THE DISTRICT REVEAL THAT EMPOWER REPRESENTATIVES WHAT MISSION SQUARE WAS CHARGING FOR ADMINISTERING THE DEFERRED COMP PLAN? NO, THAT WAS NOT SOMETHING WE DISCLOSED.
UM, DID THE DISTRICT RESEARCH WHETHER EMPOWER HAD EXPERIENCE ADMINISTERING PLANS FOR GOVERNMENT AGENCIES? YES.
SO WE, UM, THROUGH THE RFP PROCESS, THE PROPOSALS WE RECEIVED, WE ASKED THEM FOR, UM, TO GIVE US, UM, OTHER AGENCIES THAT THEY WORKED FOR AS, UM, SO THAT WE COULD HAVE A SENSE OF WHO ELSE THEY WERE ASSISTING.
AND I BELIEVE WE ASKED QUESTIONS IN THE RFP PROCESS, LIKE ABOUT WHAT OTHER PUBLIC AGENCIES, WHAT OTHER PUBLIC AGENCIES THEY WERE WORKING WITH.
UM, I KNOW THEY'RE, UH, EMPOWER IS CITY OF BERKELEY.
UM, I KNOW THERE'S, THERE'S LOTS.
SO THEY'RE, THIS EMPOWER IS THE SECOND LARGEST DEFERRED COMP PLAN ADMINISTRATOR IN THE COUNTRY.
FIDELITY'S NUMBER ONE AND EMPOWER IS NUMBER TWO.
SO THEY HAVE LOTS AND LOTS OF PLANS AND, AND LOTS OF GOVERNMENT PLANS.
UM, WHY DID THE DISTRICT NOT NOTIFY DISTRICT RETIREES WHO OWN WELL OVER HALF THE FUNDS, UM, IN THE DISTRICT'S DEFERRED COMP PLAN ABOUT THE CHANGES? I'LL SAY THIS WAS A LEARNING EXPERIENCE FOR US.
WE MADE OUR BEST EFFORT, BUT WE DID NOT HAVE UPTODATE RECORDS FOR ALL EMPLOYEES, SO FOR
[00:35:01]
RETIREES.SO WHEN PEOPLE LEAVE, THEY MAY NOT CONTINUE TO PROVIDE US WITH UPDATED INFORMATION.
AND WE FOUND THIS AS WELL WHEN WE WERE USING MISSION SQUARE'S INFORMATION THAT PEOPLE HAD NOT BEEN UPDATING THEIR INFORMATION WITH MISSION SQUARE.
AND SO WE DID THE BEST WE COULD, BUT WE DID NOT HAVE FOR PEOPLE WHO HAVE LEFT THE DISTRICT, WE DIDN'T ALWAYS HAVE WAYS TO GET IN TOUCH WITH PEOPLE.
THAT WAS, UH, WE DID THE BEST WE COULD.
I THINK THAT WAS, WELL IT'S ALSO PUBLIC RECORD IN THESE MEETINGS AND IT'S DISCUSSED IN THERE.
YEAH, THAT'S TRUE FOR THE, THAT'S TRUE.
DISCUSSIONS WE HAD, UM, SORRY, YOU DID HAVE MORE QUESTIONS.
DOES THE DISTRICT, WHICH BEARS RESPONSIBILITY FOR ADMINISTERING A NUMBER OF IMPORTANT BENEFIT PLANS FOR THE RETIREES, HAVE A LIST OF DISTRICT RETIREES AND CONTACT INFORMATION? WE DON'T HAVE A, WE DON'T TRACK RETIREES, FORMER EMPLOYEES OR PLANNED PARTICIPANTS.
YOU DON'T TRACK RETIREES, FORMER EMPLOYEES OR PLANNED PARTICIPANTS, BUT SEPARATING EMPLOYEES SOMETIMES DO GIVE US THEIR FORWARDING INFORMATION, BUT WE RELY ON PEOPLE TO GIVE US THAT INFORMATION.
WE CAN'T, LIKE, WE CAN'T FORCE THEM TO GIVE THAT TO US.
SO YOU DON'T HAVE A LIST OF, WE, WE KNOW WHO, I UNDERSTAND THAT PEOPLE SOMETIMES MOVE AND DON'T NOTIFY YOU.
BUT I DON'T UNDERSTAND HOW YOU COULD POSSIBLY NOT HAVE A LIST OF RETIREES ADDRESSES AND EMAIL ADDRESSES.
THAT DOESN'T MEAN THAT ALL THOSE RETIREES ARE PARTICIPANTS OF THIS PLAN.
SO IF WE WERE TO, YOU KNOW, WE RELY ON WHAT MISSION SQUARE PROVIDED, WHICH IS WHO THE PARTICIPANTS ARE WITH BALANCES AVAILABLE AND THE INFORMATION THEY HAD ON, ON THEIR SITE AS FAR AS ADDRESS AND CONTACT INFORMATION.
ALL THE INFORMATION THAT I GOT ON THIS WAS THROUGH THE RETIREES ASSOCIATION.
I DON'T RECALL GETTING ANY DIRECT EMAILS OR MAILERS FROM YOU FROM THE DISTRICT.
I MEAN, WE WORKED WITH EMPOWER TO GET THAT INFORMATION OUT.
SO THEY LED MOST OF THE, THE, WELL, THERE WAS A MAILING FROM MANPOWER THAT CAME FIVE DAYS BEFORE THE DEADLINE.
AND I'VE TALKED TO A LOT OF OTHER PEOPLE AND I, I, I HAVEN'T HEARD, I HAVEN'T HEARD, I THINK WE'VE, WE'VE LEARNED THAT THERE MAYBE PEOPLE'S INFORMATION WASN'T UPDATED WITH MISSION SQUARE, THAT THEY WERE NOT UPDATING THEIR MAILING INFORMATION AND THEIR EMAIL ADDRESSES.
WE'VE HAD PEOPLE, I I CAN SPEAK FROM EXPERIENCE PEOPLE WHO HAVE CONTACTED ME AND SAID I DIDN'T GET ANYTHING.
THEY TELL ME WHAT THEIR NEW ADDRESS, WHAT THEIR CURRENT ADDRESS IS.
I SEND THAT TO EMPOWER EMPOWER SAYS, HERE'S WHAT WE GOT FROM MISSION SQUARE AND IT'S THEIR OLD ADDRESS.
SO I THINK THAT WAS SOMETHING WE LEARNED THROUGH THIS PROCESS IS PEOPLE WEREN'T UPDATING THEIR INFORMATION.
AND MAYBE WE SHOULD HAVE SAID LIKE, DON'T FORGET TO UPDATE THIS.
SO YOU'RE GETTING EVERYTHING RIGHT.
BECAUSE WHEN YOU SEND STUFF OUT THROUGH THE RETIREES ASSOCIATION, THAT'S A REALLY BAD, I MEAN, THERE'S A LOT OF PEOPLE WHO AREN'T ON THAT LIST.
NOT BY, NOT EVEN CLOSE TO ALL RETIREES ARE ON THAT LIST.
WHAT ABOUT P AND A? DID YOU TRY AND USE THE THEY MUST HAVE UPDATED.
THEY, THEY, THEY MUST HAVE ADDRESSES.
UH, I CAN'T UNDERSTAND HOW THERE COULD BE, HOW YOU COULD NOT HAVE A UPTODATE LIST OF RETIREE ADDRESSES.
I UNDERSTAND THAT SOMETIMES PEOPLE MOVE AND DON'T TELL YOU AND THAT'S BEYOND YOUR CONTROL.
BUT TO NOT EVEN HAVE A BASE LIST.
SO AGAIN, THE LIST WE USED WAS FOR MISSION SQUARE, IT WAS WHATEVER ADDRESS AND CONTACT INFORMATION MISSION SQUARE HAD AVAILABLE.
SO IF THAT ADDRESS WAS NOT UPDATED, UM, UNFORTUNATELY IT DID GO TO INCORRECT ADDRESSES AND WE'RE HOPING TO MAKE THOSE CORRECT.
ALL I GOT WAS, EVERYTHING I GOT WAS THROUGH THE RETIREES ASSOCIATION.
SO I, WE, I'D BE HAPPY TO VERIFY DEBORAH, I WHAT ADDRESS AND EMPOWER HAD FOR YOU BASED ON WHAT THEY WERE PROVIDED BY MISSION SQUARE.
BUT THEY PULLED EVERYONE WITH AN ACCOUNT BALANCE.
BUT I, WHAT, I KNOW I GOT THIS THING FROM EMPOWER FIVE DAYS BEFORE THE, THE DEADLINE DAY THERE.
WAS THERE ANOTHER MAILING THAT THEY SENT? IT WAS LIKE JANUARY, JANUARY, JANUARY, EARLY FEBRUARY.
YEAH, THAT WAS A, LIKE A FOUR FIVE PAGE FLYER.
MY QUESTION IS, BEFORE, WHY DIDN'T I GET SOMETHING FROM THE DISTRICT? I I I HAVE A QUESTION.
SO IF SOMEONE SEPARATES FROM THE DISTRICT, UH, FOR RETIREMENT OR THEIR OWN VOLUNTARY SEPARATION, THE DISTRICT, DO THEY KEEP RECORD OF WHO ACTUALLY WAS IN A DEFERRED COMP PLAN? OR IS THAT
[00:40:01]
JUST THAT'S THE EMPLOYEES.SO THAT WOULD MEAN THAT WE HAD TO GET THE INFORMATION FROM THE DEFERRED COMP PROVIDER.
BECAUSE THE DISTRICT'S NOT HAVING RECORD OF WHAT THE EMPLOYEE HAD OR DIDN'T HAVE.
THE DISTRICT HAS RECORD OF THE EMPLOYMENT.
SO THAT'S WHY THEY PULLED IT ALL FROM MISSION SQUARE.
'CAUSE THEY'RE THE ONES WHO ACTUALLY HAD THOSE RECORDS, NOT THE DISTRICT KEEPING TRACK OF WHO WAS PARTICIPATING DEFERRED COMP AFTER THE FACT.
BUT THIS IS THE DISTRICT PLAN.
I DON'T UNDERSTAND WHY I DIDN'T GET ANYTHING FROM THE DISTRICT OTHER THAN THROUGH THE RETIREES ASSOCIATION.
WHICH MEANS A LOT OF RETIREES DIDN'T GET IT BECAUSE THE DISTRICT'S, NOT THE DISTRICT'S PLAN.
IT'S YOUR PLAN, IT'S YOUR MONEY.
SO IT'S UP TO YOU TO KEEP TRACK OF YOUR CONTACT INFORMATION TO MAKE SURE IT'S ACCURATE.
BUT THE DISTRICT PROVIDES RETIREE LIFE INSURANCE, RETIREE MEDICAL RETIREE DENTAL, AND, AND THE DEFERRED COMPENSATION PLAN.
PROBABLY A COUPLE OTHER THINGS.
HOW DO YOU NOT HAVE A LIST OF CONTACT PEOPLE? EVEN IF IT'S NOT A PERFECT LIST? IT'S NOT YOUR FAULT IF SOMEBODY MOVES AND DOESN'T TELL YOU.
I ABSOLUTELY ACKNOWLEDGE THAT.
BUT YOU KNOW, I DID THIS JOB FOR 20 YEARS.
IT IS, IT IS INCOMPREHENSIBLE TO ME THAT YOU WOULDN'T KEEP A LIST.
AND WHEN PEOPLE RETIRED, OH, I'M SURE AS BLANK, PUT THEM ON THE, ON THE, ON A LIST OF RETIREES.
I MEAN THAT, THAT LIST EXISTED.
SO I, I DO WANNA POINT OUT THAT THE INFORMATION P AND A GROUP IS, HAS ON RETIREES, IS BASED ON WHAT BENEFITS THEY'RE ELIGIBLE FOR, WHICH IS SEPARATE FROM THE DEFERRED COMP.
WE ADMINISTER THE REIMBURSEMENTS INTERNALLY AND WE ALSO ADMINISTER THE RETIREE LIFE AND THE RETIREE DENTAL.
UM, THE MISSION SQUARE BENEFITS, ONCE YOU SEPARATED, THAT'S SOMETHING THAT MISSION SQUARE TOOK ON AND TOOK OVER.
SO WE HAVE NO INFORMATION OF WHO STILL HAS A PLAN BALANCE AND WHO DOESN'T.
UM, AND WE RELIED ON THE RECORDS THERE.
IT'S NOT NECESSARILY THE SAME LIST.
SO IT'S NOT EVERYONE ON THE P AND A LIST MATCH WHAT IS IN MISSION SQUARE.
'CAUSE THERE ARE TWO DIFFERENT TYPE OF BENEFITS.
BUT I STILL DON'T UNDERSTAND HOW YOU COULD NOT HAVE A CONTACT LIST OF RETIREES AND IT'S ABSOLUTELY NOT WORKING TO GO THROUGH THE RETIREES ASSOCIATION.
ARE IS THIS SOMETHING THAT THAT'S HOW IT IS AND THAT'S HOW IT'S GONNA STAY? OR DO YOU INTEND TO CREATE SUCH A LIST? PETE? I I DON'T THINK WE EVER SAID THAT WE DON'T HAVE A RETIREE LIST.
NOT EVEN IF YOU SENT IT TO SOME PEOPLE WHO WEREN'T YOU, YOU COULD HAVE JUST SAID, HEY LOOK, IF YOU'RE NOT A MEMBER OF MISSION SQUARE, IGNORE THIS.
BUT IF YOU ARE, IT'S IMPORTANT.
I THINK THE FACT THAT THE DISTRICT NEVER SENT ANYTHING OUT AND SOME, YOU KNOW, A MAILING FROM EMPOWER, A LOT OF PEOPLE WOULD JUST THROW THAT RIGHT IN THE TRASH IF THEY HADN'T HEARD FROM YOU, HEY, WE'RE MOVING TO EMPOWER AGAIN.
I THINK WHAT DEB SAID EARLIER, WE'VE LEARNED A LOT THROUGH THIS PROCESS AND WE DEFINITELY ARE GONNA MAKE SOME IMPROVEMENTS IN COMMUNICATION AND WE COULD IN THE FUTURE SEND MESSAGES TO ALL RETIREES, EVEN IF IT DOESN'T AFFECT THEM.
BUT WE WERE FOCUSED ON THOSE THAT HAD PLANNED, UH, ACCOUNT BALANCES.
AND THAT CAME FROM MISSION SQUARE.
IT CAME THROUGH THE RETIREES ASSOCIATION.
THE DISTRICT DIDN'T SEND ANYTHING OUT.
YOU, YOU, YOU KNOW, YOU, YOU HAD THE CONTACT, THE PE A LIST FROM MISSION SQUARE OF THE PEOPLE WHO ARE ON THAT PLAN.
BUT YOU RELIED ON THE RETIREES ASSOCIATIONS AND THEY TOLD YOU THAT WAS AN IMPERFECT LIST AND YOU NEVER SENT THAT DIRECTLY TO RETIREES SAYING, HEY, HERE'S A HEADS UP, WE'RE MOVING TO EMPOWER.
WATCH FOR WHAT THEY'RE GONNA SEND YOU.
I'LL SAY IN ADDITION TO WHAT MONICA JUST SAID, LIKE, WE LEARNED A LOT FROM THIS PROCESS.
I THINK WE WERE ALSO HOPING THAT YOU WOULD HAVE A WAY OF CONTACTING RETIREES AND THAT YOU WOULD BE HELPING TO GET THIS INFORMATION OUT.
AND THAT, THAT WAS, YOU NEVER ASKED ME TO DO THAT.
WE, I, I DO FEEL LIKE WE TALKED ABOUT THIS AT THE DEFERRED COMP ADVISORY COMMITTEE, THAT LIKE THAT YOUR ROLE ON THIS COMMITTEE IS TO COMMUNICATE WITH YOUR MEMBERS AND TO SHARE WITH THEM WHAT'S HAPPENING.
AND I, I FEEL LIKE THAT'S BEEN CLEAR.
I, I DISCUSSED WITH MY MEMBERS AND TOLD 'EM THERE COULD BE A TRANSITION COMING.
I LET THEM KNOW ABOUT THESE MEETINGS, THE AVAILABILITY ONLINE TO WATCH 'EM CONTACT ME WITH QUESTIONS, PARTICIPATION, YOU WHOLE WAY OF CONTACTING, YOU KNOW EXACTLY WHO'S IN THE POLICE ASSOCIATION.
AND IF, I DON'T KNOW IF EVERYBODY YOU HAVE CONTACT WITH THESE PEOPLE, I DON'T HAVE CONTACT WITH THESE PEOPLE.
I DON'T HAVE ANY MEANS OF CONTACTING THOSE PEOPLE OTHER THAN THE RETIREES ASSOCIATION, WHICH IS,
[00:45:01]
WHICH I DID DO.AND WHICH IS, UH, IT'S A VERY INCOMPLETE LIST.
AND YOU GUYS HAD, I DON'T SEE HOW THE DISTRICT DIDN'T, NOTHING CAME FROM THE DISTRICT ITSELF WARNING, ALERTING RETIREES THAT THIS WAS, THIS WAS GONNA HAPPEN.
PETE, I I AGREE WITH YOU THAT IN THE FUTURE, MAYBE WE COULD PUT A BLANKET EMAIL OUT TO EVERYBODY OR A LETTER OF ALL THE PEOPLE ON THE LIST.
BUT THAT'S LESSON TO BE LEARNED.
UM, THERE I COULD SEE SOME PEOPLE THOUGH, WOULDN'T WANT THE DISTRICT TO KNOW THAT THEY HAVE MONEY IN RETIREMENT AFTER THE FACT DOWN THE ROAD.
THEY'D WANNA BE TOTALLY SEPARATED AND, AND KEEP THEIR OWN BUSINESSES THEMSELVES.
SO IT'S A DIFFERENCE OF OPINION.
MAYBE IN THE FUTURE WE COULD PUT A MAIL OUT TO EVERYBODY FOR SAYING AS BIG AS THIS AND AS IMPORTANT AS THIS, BUT IT DIDN'T HAPPEN.
WELL, I THINK THAT WAS A SERIOUS PROBLEM FOR A LOT OF PEOPLE.
A LOT OF PEOPLE DIDN'T FIND OUT UNTIL RIGHT BEFORE.
AND THEY MAY VERY WELL HAVE BEEN DISADVANTAGED BY THAT.
AND, UM, THAT'S A, A REAL ISSUE FOR THE RETIREES ASSOCIATIONS, NOT JUST ME SAYING THIS.
AND, AND THE FACT THAT NO DIRECT COMMUNICATION CAME FROM THE DISTRICT.
ARE THERE MORE QUESTIONS OR THAT, THAT WAS, THAT WAS A, OH, I THOUGHT, OKAY.
THE ONLY NOTICE SINCE DISTRICT RETIREES ABOUT THIS PROVIDER CHANGE WAS SENT TO RETIREES VIA THE EAST BAY REGIONAL PARK DISTRICT RETIREES ASSOCIATION.
THE RETIREES ASSOCIATION COOPERATED WITH THIS REQUEST TO SEND OUT THE NOTICE TO ITS MEMBERS, BUT IT INFORMED THE DISTRICT THAT NOT ALL THE RETIREES ARE MEMBERS OF THE RETIREES ASSOCIATION.
AS A RESULT, THE ONLY NOTICE THE SIGNIFICANT NUMBER OF DISTRICT RETIREES RECEIVED WAS DIRECTLY FROM EMPOWER ABOUT FIVE DAYS BEFORE THE CONNECTION WITH MISSION SQUARE WAS TERMINATED.
THOSE RETIREES, ESPECIALLY THE ONE WHO HAD A PORTION OF THEIR RETIREMENT SAVINGS INVESTED IN THE VERY POPULAR GUARANTEED INVESTMENT FUND, MAY HAVE BEEN FINANCIALLY DISADVANTAGED.
IF THE DISTRICT DOES HAVE A RETIREE CONTACT LIST, WHY WAS IT NOT USED TO INFORM, UH, RETIREES OF THE UPCOMING CHANGE IN A TIMELY FASHION? WELL, I GUESS WE'VE JUST DISCUSSED THAT.
YEAH, AND I'LL JUST SAY THERE WA THERE WAS A MAILING THAT WENT OUT, I THINK IN JANUARY IN ADDITION TO THE FLYER THAT WENT OUT.
AND IT WASN'T FIVE DAYS BEFORE, SOME PEOPLE MAYBE DIDN'T GET IT BECAUSE THEY WERE ON, THE ONE PERSON I KNOW WAS ON VACATION AND DIDN'T GET IT.
UM, IN A TIME TIMELY FASHION, BUT IT WASN'T MAILED OUT FIVE DAYS BEFORE THE TRANSITION.
SO, AND THEN THERE WAS ANOTHER MAILING THAT WENT OUT, UM, I THINK IN JANUARY.
JANUARY OR, YEAH, SO IF YOU GOT THIS ONE, YOU WOULD'VE GOTTEN THAT ONE.
AND, AND, UM, SO IT WASN'T THAT THERE WAS JUST ONE MAILING.
AND THE LAST QUESTION, WHICH I SENT IN SEPARATELY.
UM, MISSION SQUARE HAD AN EMPLOYEE, KIM HAMMOND, WHO OVER THE YEARS MET INDIVIDUALLY AND AT LENGTH WITH HUNDREDS OF DISTRICT EMPLOYEES AND RETIREES ABOUT THEIR DEFERRED COMPENSATION ISSUES.
SHE HAD BEEN SERVING THE DISTRICT FOR SEVERAL DECADES.
EMPLOYEES AND RETIREES WERE ABLE TO SCHEDULE APPOINTMENTS WITH KIM HAMMOND THROUGH THE DISTRICT'S HUMAN RESOURCES DEPARTMENT.
WILL EMPOWER, HAVE SUCH A CONTACT PERSON AVAILABLE TO MEET WITH DISTRICT EMPLOYEES AND RETIREES.
IF SO, PLEASE PROVIDE THIS PERSON'S CONTACT INFORMATION.
YEAH, SO THERE ARE GOING TO BE FOUR PEOPLE ASSIGNED TO OUR PLAN DURING THIS FIRST TRANSITION PERIOD.
UM, AGAIN, I DON'T HAVE ACCESS TO THE INTERNET TO GET YOU THEIR NAMES, BUT I CAN GET, I CAN GET YOU THAT LATER.
UM, AFTER WE GO THROUGH THIS FIRST TRANSITION PROCESS, WE'LL NARROW IT DOWN TO JUST HAVE ONE PERSON, BUT THEY'RE JUST ENVISIONING THAT WE'RE GONNA HAVE A LOT OF PEOPLE WANTING ASSISTANCE.
SO WE'LL GET FOUR PEOPLE AT FIRST, AND YES, GOING FORWARD THERE WILL BE THE SAME ACCESS TO HAVING A REPRESENTATIVE, JUST THE WAY WE HAD KIM HAMMOND IN THE PAST.
IS THERE AN APPROXIMATE TIME FOR THE FOUR PEOPLE? LIKE I SAID, SIX MONTHS, A YEAR? HOW? I DON'T, I DON'T KNOW.
THEY, THEY DIDN'T PROVIDE THAT INFORMATION.
BUT THEY WILL BE PRESENT AT THE INFO SESSIONS.
SO I THINK THAT'S ALL WE HAD ON THAT ITEM.
UH, MOVING ON TO BULLET B, THE PARTICIPATION DATA.
[00:50:03]
PETE, DID YOU HAVE, UH, ANY QUESTIONS ON THIS? OR I THINK THIS IS THE ITEM THAT YOU'VE BEEN INTERESTED IN.IT LOOKS LIKE THERE MAY BE A TYPO ON THE, UH, YEAH, THERE'S A TYPO IN THERE.
THE 1231 AND THE 1 31 BALANCES.
UM, AND AGAIN, I WOULD PULL IT UP AND BECAUSE IT, AND CORRECT IT IMMEDIATELY, BUT, UM, IT, YEAH, I'M MISSING A COMMENT IN THERE.
UH, SO ON DECEMBER 31ST, IT SHOULD BE 144,279,936 FOR JANUARY 31ST.
I'LL, AND I'LL RESEND THIS OUT AS SOON AS I HAVE ACCESS.
ANY OTHER COMMENTS ON THE PARTICIPATION DATA? YOU GUYS CAN TAKE A SECOND LOOK AT IT TOO.
AND THIS, THIS WAS PULLED FROM, WHICH DATA? IS THIS FROM MISSION SQUARE OR HOW DID WE GET, OR US, UM, WHAT I GET FROM, UM, H SHOULD I, YEAH.
UM, ON A MONTHLY BASIS FROM HR, I GRAB THE, UM, BARGAINING UNITS, UH, FTES FROM THEM FULL-TIME AND PART-TIME.
AND THEN ABOUT, UM, IT'S USUALLY ABOUT A WEEK AFTER THE END OF EACH MONTH.
UM, I ASK, UM, HILLIS FOR THE, BOTH THE PLAN PARTICIPATION NUMBERS ON HIS SIDE AND THE BALANCE, AND THEN WE'LL GET THE SAME DATA MOVING FORWARD WITH EMPOWER.
I DO WANNA POINT OUT THAT EMPOWER'S GONNA ALWAYS GET A BIWEEKLY LIST FROM THE DISTRICT, UM, OF ALL EMPLOYEES THAT ARE ELIGIBLE, WHETHER THEY HAVE A PLAN ACCOUNT OR NOT.
SO THEY WILL BE ABLE TO PROVIDE THIS DATA COMPLETELY, I THINK, BUT WE, YOU KNOW, HR IS MORE THAN, LIKE, MORE THAN HAPPY TO CONTINUE PROVIDING THE EMPLOYEE COUNT THOUGH.
I JUST THINK IT'S JUST TO HAVE SOME RECORD MOVING FORWARD WHERE WE COMPARED TO APPLES TO APPLES IN THE FUTURE.
IT'S ALWAYS BEEN VERY IMPORTANT, ESPECIALLY FROM PETE, YOU KNOW, THE, THE PERCENTAGE THAT WE GET.
SO IF WE HAVE SOMETHING MOVING FORWARD, WE WANNA MAKE SURE WE'RE AS ACCURATE AS POSSIBLE.
ANY COMMENTS ON PARTICIPATION DATA? NO, BUT IT'S, I'M GLAD.
SO IT LOOKS LIKE CONNIE GAVE US A, UM, A DRAFT BASED ON WHAT WE'VE DONE IN PAST YEARS.
I KNOW ONE THING THAT, UM, FOR SURE WE WANNA SCHEDULE AND THEN WE, THAT SHOULD BE EASY TO TALK THROUGH, IS, UH, WHEN WE WOULD LIKE TO GET THE, UM, REPORTS FROM EMPOWER ON THE INVESTMENTS SO WE CAN, I MEAN, IT LOOKS LIKE IT'S, UM, IN HERE FOR MARCH, MAY.
OBVIOUSLY WE'RE NOT DOING MARCH, BUT, UM, MAY AND THEN SEPTEMBER AND NOVEMBER.
SO WE CAN KEEP IT IN THOSE MONTHS IF THAT, IF THAT SEEMS GOOD TO PEOPLE.
I WOULD SAY, WHAT, WHAT'S THE TIMING ON THE SURVEY? WE TRIED WORKING WITH MISSION SQUARE ON GETTING A SURVEY OUT BEFORE THE TRANSITION AND THERE WAS A FEW DELAYS, SO WE WEREN'T UNABLE TO DO THAT, BUT WE CAN DEFINITELY WORK WITH EMPOWER TO SEE IF WE COULD DO A SURVEY WITH THEM ONCE WE'RE UP IN LIVE.
WELL, IN THE PAST THE SURVEYS COME FROM US AND GONE DIRECTLY TO EMPLOYEES.
I DON'T REMEMBER IT GOING THROUGH MISSION SQUARE.
MISSION SQUARE DEVELOPS THE SURVEY AND THEY SEND US A LINK THAT WE CAN SHARE SO THAT THEY CAN GATHER ALL THE DATA FOR US.
BUT DIDN'T WE COME UP WITH, I DISTINCTLY REMEMBER US COMING UP WITH A LISTS
[00:55:01]
OF QUESTIONS.AND IF YOU LOOK AT THE OLD SURVEYS, ARE WE STILL GONNA DO THAT? AND DOES IT MAKE SENSE TO POSTPONE THAT A BIT AND OR WHEN ARE WE PLANNING TO SEND THAT OUT? I MEAN, WE MIGHT AS WELL BE AT LEAST A MONTH OR TWO.
WHAT ARE YOUR THOUGHTS? PARDON? WHAT ARE YOUR THOUGHTS OF WHEN WE, WHEN WE SHOULD WELL, I'M THINKING WE SHOULD PROBABLY BE WITH EMPOWER AT LEAST A COUPLE OF MONTHS BEFORE WE SEND IT OUT SO WE KNOW WHAT WE'RE SAYING.
WE'RE SEEING TO MAKE SENSE TO ME, BUT, SO LIKE SEPTEMBER? YEAH, MAYBE MAY.
SO THEY'RE SENDING IT OUT, WHICH MEANS WE NEED TO, I THINK WE WOULD WANNA LOOK AT THE SURVEY AGAIN.
SO MAYBE WE LOOK AT IT AGAIN IN MAY AND THEN WE SEND IT OUT SOMETIME AND THEN WE WOULD GET THE RESULTS BACK FOR JULY.
IS THAT WHAT WE'RE TALKING ABOUT? WE LOOKED AT THE RESULTS.
I DON'T REMEMBER MISSION SQUARE BEING INVOLVED IN THE SURVEY AT ALL.
OH, THEY A HUNDRED PERCENT ARE.
WE SENT OUT, I MEAN, LOOK AT THE OLD SURVEYS.
ALL THE QUESTIONS WERE STUFF THAT WE CAME UP WITH.
WE, WE CAME UP WITH THE QUESTIONS, BUT THEY ADMINISTERED IT.
THEY HAD THEIR OWN SURVEY DATABASE TO CRUNCH THE NUMBERS.
THEY DID ALL THE, WELL, THAT MAY WELL BE, BUT WE'RE STILL GONNA TELL THEM WHAT QUESTIONS WE WANT TO ASK.
I MEAN, I WOULD CERTAINLY LIKE TO HAVE SOME INPUT ON THAT.
AS FAR AS WHAT QUESTIONS, THAT WAS ALL US, BUT AS FAR AS LIKE ADMINISTERING IT, IT WAS ALL OH, THAT, THAT VERY WELL MAY BE, I'M SURE THAT'S RIGHT.
BUT, UM, OR ARE WE GONNA HAVE SOME INPUT ON WHAT QUESTIONS WE ASK? YES.
SO MAYBE WE BRING IT TO THE MAY COMMITTEE MEETING TO TALK ABOUT THE QUESTIONS AGAIN.
MAYBE WE COULD HAVE A ROUGH DRAFT OR AT LEAST WHAT WE ASKED LAST TIME AND THEN BRING THAT TO THE MEETING WORK FROM THERE.
SO WE'LL BRING IT TO THE MAY MEETING, FIGURE OUT THE QUESTIONS, WE'LL DECIDE THEN WHEN WE WANNA SEND IT OUT AND THEN WE WILL RESULTS.
BUT IT WOULD BE GOOD TO SEND OUT A LIST, EITHER OF THE LAST ONE OR A PROPOSED ONE, WHAT, WHATEVER OR BOTH.
AND THEN WE COULD COME TO THE MEETING AND HAVE A, HAVE IT GO MORE EFFICIENTLY, I WOULD THINK.
WE HAD A DRAFT THAT WAS READY TO GO AND THEN MISSION SQUARE SAID LIKE THEIR RESOURCES WERE TOO TIGHT AND SO THEY WEREN'T GONNA SEND IT OUT.
SO I THINK WE'LL TAKE A LOOK AT IT AGAIN IN MAY, BUT IT SHOULD BE IN LIKE GOOD SHAPE AND YEAH.
UNLESS WE WANNA ADD SOME, THERE PROBABLY SHOULD BE SOME THINGS ABOUT THE SHIFT TO EMPOWER AND HOW PEOPLE FEEL ABOUT THAT.
UM, I DO WANNA POINT OUT THAT THE QUESTIONS WE FOCUSED ON WERE MORE FOR ACTIVES, SO WE DEFINITELY NEED TO UPDATE THE ONES FOR RETIREES NOW THAT THE TRANSITION IS OVER, UM, OR SOON TO BE OVER.
BUT YEAH, WE COULD BRING THE QUESTIONS NEXT MAY AND OR HAVE CONNIE SEND THEM OUT AND THAT WOULD BE GREAT.
TALK ABOUT THEM AND IF YOU WANT TO DO THE OLD QUESTIONS IN YOUR PROPOSED NEW DRAFT, THAT'S FINE.
THAT MIGHT BE A GOOD WAY TO DO IT, IF THAT'S ALRIGHT WITH YOU.
WHAT ELSE DO WE WANNA TALK ABOUT HERE? I HAVE A QUESTION ON THE WORK PLAN.
SO WITH EMPOWERS A NEW PROCESS, IF A MEMBER CAME TO ME OR IF THE DEFERRED COMP GROUP WANTED TO MAKE A RECOMMENDATION TO THE BOARD TO ADD A FUND OR GOT, YOU KNOW, EMPOWERS INPUT, WOULD THAT BE UNDER THE IPS INVESTMENT REVIEW PERIOD? THOSE MONTHS? THAT'S WHERE WE BRING IT UP AS A DISCUSSION TOPIC.
SO, OR THERE A DIFFERENT TIME WE HAVE SET ASIDE THAT I THINK THAT WOULD BE A GREAT TIME TO BRING IT UP.
SO WE'LL HAVE A REP FROM EMPOWER THERE.
WE CAN TALK ABOUT WHAT OUR IDEAS ARE AS FAR, I'M FAR, SORRY.
COULD YOU REMIND ME WHAT IPS STANDS FOR? INVESTMENT POLICY STATEMENTS.
SO THE, THE FUND LINEUP, UM, WILL GET A RUN THROUGH FROM OUR EMPOWER REP.
UM, AND THEN WE COULD ASK QUESTIONS OR SAY LIKE, WHAT ABOUT THIS FUND AS FAR AS LIKE ADDING, MAKING A CHANGE TO THE LINEUP HAD TO GO TO THE BOARD.
THAT WOULD'VE TO GO TO THE BOARD.
AND SO I THINK WE'D WANNA BE LIKE REALLY CLEAR, LIKE, WE'RE DEFINITELY GONNA MAKE, WE REALLY WANNA RECOMMEND THIS.
AND UM, BEST PRACTICE IS NOT TO CHANGE TOO OFTEN BECAUSE WHOEVER'S INVESTED IN THAT THEN THEY GET CHANGED AROUND.
BUT, BUT TO BRING UP FOR DISCUSSION THAT WOULD BE BEST AT ONE OF THOSE MEETINGS.
I DON'T HAVE ANYTHING ELSE FOR THE WORK PLAN UNLESS ANYBODY ELSE DOES TO DISCUSS TOPICS ON THERE.
MY ONLY CONCERN IS WE'RE STILL SO NEW WITH EMPOWER.
OBVIOUSLY WE'RE GONNA BE HOSTING AN INFO SESSION WITH ALL PARTICIPANTS IN MARCH, BUT
[01:00:01]
UM, WE DEFINITELY MAY WANT TO START LOOKING AT WHAT, I DON'T REMEMBER WHAT WE SAID WAS GONNA BE THE EMPLOYEE EDUCATION PLANNING, BUT UM, WE MAY NEED TO YEAH.IS THAT ON HERE? IT'S FOR MAY.
MAYBE WE MOVE THAT TOWARDS LIKE SEPTEMBER OR SOMETHING.
YEAH, I THINK IT OCTOBER IS THE DEFERRED COMP INVESTMENT MONTH.
SO IF WE COULD DO SOMETHING, UM, OH YEAH.
BUT RIGHT BEFORE THEN THAT WOULD BE GOOD.
SO IF WE TALK ABOUT IT IN MAYBE SEPTEMBER SO THAT WE CAN HAVE PEOPLE PREPARED FOR THE OCTOBER KIND OF BIG EVENT, THAT WOULD BE MY RECOMMENDATION.
THE SAME TOPIC JUST MOVED TO YEAH, SEPTEMBER.
I, REMIND ME WHAT THE P TWO P EXCHANGE IS? YEAH, THAT'S A, IT'S PEER TO PEER EXCHANGE.
IT'S SOMETHING THAT THE NADA, THE, UM, SO YOU KNOW, THE ANNUAL CONFERENCE, THE NATIONAL ASSOCIATION OF DEFERRED COMP GOVERNMENT ADMINISTRATION, UM, THEY, UM, HAVE A BIMONTHLY PEER-TO-PEER EXCHANGE MEETING.
THERE'S DIFFERENT TOPICS THAT ARE COVERED AND I BELIEVE WE'VE ALL BEEN GETTING EMAILS ABOUT THOSE.
'CAUSE WE'RE ALL NAGGED A MEMBERS, SO I BELIEVE WE ARE ALL GETTING EMAILS SAYING, HEY, THIS PEER-TO-PEER, TELL ME IF YOU GUYS ARE GETTING, I KNOW I'M GETTING THEM, BUT I, IF EVERYBODY, I THINK I'M GETTING IT.
PRETTY SURE I REMEMBER SEEING EM.
IT'S LIKE THIS IS THE TOPIC WE'RE GONNA, THAT'S GONNA BE COVERED AT THIS MEETING, SO YOU CAN, YOU CAN GO TO IT IF YOU'RE INTERESTED.
ANYTHING ELSE FOR THE WORK PLAN? NOTHING.
UH, MOVING ON, BULLET D, THE 2024 DEFERRED COMP ADVISORY COMMITTEE, BUDGET PLANNING AND ADMINISTRATIVE ALLOWANCE ACCOUNT.
YEAH, SO WE, AT THIS POINT, WE DO NOT HAVE AN ADMINISTRATIVE ALLOWANCE.
SO THE, UM, THE FUNDS THAT WERE IN THE ADMINISTRATIVE ALLOWANCE ACCOUNT WERE DISTRIBUTED TO PARTICIPANTS, UM, BY MISSION SQUARE.
AND, UM, WE DID NOT, WE DID NOT, UH, IMPLEMENT AN ADMINISTRATIVE ALLOWANCE ACCOUNT WITHIN EMPOWER.
SO WE HAVE NO BUDGET TO WORK WITH, PER SE.
UM, WE COULD TALK ABOUT, YOU KNOW, WHAT WE'RE INTERESTED IN DOING AS A COMMITTEE AND WHAT WE WOULD, WHAT WE WOULD NEED FUNDS FOR.
AND THAT, I GUESS IS THE FIRST QUESTION IS LIKE, HOW MUCH MONEY DO WE THINK WE NEED AND FOR WHAT? AND THEN WE HAVE TO FIGURE OUT, WELL, WHERE DOES THAT MONEY COME FROM? YEAH.
I DON'T KNOW IF I'M PREPARED TO TALK ABOUT THAT TODAY FOR ADMINISTRATIVE OF ALLOWANCE AND HOW MUCH WE'D, WE'D LOOK AT AND WHAT PLANS WE HAVE.
I KNOW, PETE, I THINK YOU WERE INVOLVED OR WE HAD A COMMITTEE BEFORE FOR, FOR OUTREACH, RIGHT? WAS THAT YOU, PETE? YEAH.
I DON'T KNOW IF THE FUNDS WERE FOR COMING FROM THE ADMIN ACCOUNT OR WERE INTENDED TO.
UM, I, I'M NOT FAIR TO TALK ABOUT THAT TODAY FOR IDEAS.
UM, I DO HAVE A QUESTION THOUGH.
SO THE ADMINISTRATIVE ALLOWANCE ACCOUNT THAT HAD BEEN, UM, I GUESS FOR LACK OF A BETTER WORD, REBATED TO PARTICIPANTS, DO WE KNOW WHEN THAT WAS? AND IT WAS ON A STATEMENT FROM, UH, FROM MISSION SQUARE OR ANYTHING? I, I CAN FIND OUT THE EXACT DATE.
UM, I DO HAVE AN EMAIL FROM MISSION SQUARE SAYING THE FUNDS WENT OUT AND IT SHOULD BE ON YOUR STATEMENT.
UM, AND SO I CAN, I CAN LOOK INTO THAT AND THEN EMAIL THE COMMITTEE.
I SENT OUT AN EMAIL TO ALL YOU GUYS TOO.
YEAH, BUT I CAN'T, AND DO YOU GUYS KNOW, DID THEY JUST PUT THAT IN THE STATEMENT? WAS IT LIKE A REFUND OR HOW ANYBODY KNOW HOW THEY MARKED IT? LET'S SHOW UP IN YOUR STATEMENT.
AND I CAN'T REMEMBER HOW I REMEMBER THAT.
IT'S HARD TO SEE AND THEN PEOPLE OFTEN HAVE QUESTIONS, WHAT IS THIS? GOT IT.
SO THE LAST STATEMENT, MAYBE FROM MISSION SQUARE, WHERE WOULD IT BE IN, DO WE KNOW? LET ME FIND OUT AND I'LL GET BACK TO YOU.
ANYTHING ELSE FOR BULLET D? NOTHING.
UH, E I'M GONNA TABLE THAT ONE.
THAT WAS, UH, JUST A QUESTION, UH, ABOUT IF, YOU KNOW, UM, ADDING, TAKING AWAY FUNDS DISCUSSION.
I KINDA GOT THE DEADLINES FOR THAT, BUT, UM, WE WANNA STICK WITH EMPOWER FOR A LITTLE WHILE.
FIRST FOR ANY INPUT FROM, FROM MY PEOPLE, BUT I'LL TABLE THAT ONE FOR NOW FOR ANOTHER TIME.
[01:05:04]
WELL, DID, UM, DO YOU WANNA GIVE US A HEADS UP OF LIKE WHAT WAS BEING CONSIDERED OR IS IT REALLY JUST TOO LIKE, PREMATURE TO EVEN TALK ABOUT IT? UM, JUST THEY WANNA TAKE A CHANCE TO LOOK AT THE FUNDS AND SEE HOW THEY ACTUALLY MATCHED UP WITH THE OLD MISSION SQUARE, UM, FOR HOLDINGS, PERFORMANCE, THINGS LIKE THAT.AND THEN THEY GO MOVING FORWARD INTO IF THERE ARE ANY RECOMMENDATIONS, AGAIN, IT'S GOING TO EMPOWER, IT'S ALL NEW TO US, RIGHT? YEP.
SO EMPOWER, TRY TO MATCH IT THE BEST THEY COULD, BUT IT'S NOT A PERFECT MATCH, WHICH WE GET.
BUT, UM, THERE MIGHT BE RECOMMENDATION FROM STAFF TO SAY, HEY, LET'S CONSIDER THIS FUND.
UM, AND NOT, NOT LIKE A SIX MONTH CHANGE, BUT LIKE, HEY, WE SHOULD REALLY CONSIDER THIS ONE LONG TERM.
SO, BUT YOU KNOW, WHEN DOES THAT COME IN RIGHT.
FOR THE DISCUSSION? OKAY, COOL.
I DO WANNA POINT OUT THAT THE POLICE ASSOCIATION IS PROBABLY OUR LOWEST PARTICIPANT GROUP.
SO IF THERE'S ANY, UM, SPECIAL SESSIONS OR MEETINGS THAT THEY WANNA HAVE, LIKE WE TRIED WITH KIM IN THE PAST MM-HMM.
SO MAYBE WE CAN HAVE A DISCUSSION ABOUT THAT.
AND THEN ANYTHING EMPOWER HAS FOR US, FOR THE PA UM, IN PERSON'S GREAT.
BUT WE'RE DOING LIKE A HYBRID SOMETIMES NOW FOR ONLINE STUFF FOR US.
SO, UH, AND ONLINE MEET AND GREET EDUCATION WOULD BE GREAT FOR OUR PEOPLE.
THAT'S ALSO EASY FOR EMPOWER TECHNOLOGY WISE.
JUST A VIDEO CALL OR WHATEVER ELSE WOULD BE SOMETHING FOR US.
BUT YEAH, ANYTHING THEY THEY HAVE, WE CAN SET IT UP.
ANYBODY HAVE ANYTHING ELSE FOR
[Announcements]
THE MEETING? OKAY.UH, CALL, UM, ACTUALLY, UM, MONICA DID, DID THEY, WAS THE DATE SET FURTHER THAT EMPOWER, UH, YOU KNOW, YOU HAD TO MOVE THE DATE FOR THE EMPOWER INFORMING NUMBER, THAT KIND OF MEETING ONLINE WITH THE RETIREES.
DID YOU MENTION WHAT THE NEW DATE WAS OR DO WE KNOW THAT YET? YEAH, IT'S MARCH 27TH.
MM-HMM,
UM, AND WE WILL PROVIDE A MEETING LINK.
I'LL SEND, I'LL, I'LL POST IT ON OUR WEBSITE.
AND IN THE NOTICE THAT WENT OUT OR WILL BE GOING OUT TODAY, WE'LL ALSO HAVE THE LINK TO THE WEBSITE SO PEOPLE CAN FIND IT THERE.
YOU KNOW, THAT'S STILL, WE STILL HAVE THIS, WE HAVE TO FIGURE OUT A WAY TO GET THIS INFORMATION DIRECTLY FROM THE DISTRICT AND NOT RELY ON THE RETIREES ASSOCIATION TO INFORM RETIREES ABOUT THESE KIND OF THINGS.
THE NOTICE THAT'S GOING OUT IS COMING FROM THE DISTRICT.
IT'S, IT'S SOMETHING I DRAFTED AND SENT TO ALL PARTICIPANTS OF DEFERRED COMP.
SO IT IS COMING FROM THE DISTRICT.
IT'LL BE ON DISTRICT LETTERHEAD.
IT'S GONNA INCLUDE A FLYER FROM EMPOWER ON THAT.
AND THIS IS A MAILER AS OPPOSED TO AN EMAIL? YES, CORRECT.
MM-HMM,
WE USING, LIKE, MONICA, YOU MADE A STATEMENT EARLIER ABOUT THE PA ASSOCIATION HAS THE LOWEST PARTICIPATION.
THAT'S JUST PERCENTAGE WISE, CORRECT? PERCENTAGE WISE.
IF NOTHING ELSE, UH, CALL A MEETING ADJOURNED AT 11, 13 HOURS.