[00:00:02]
THE DEFERRED COMP COMMITTEE MEETING OF THE EAST BAY REGIONAL PARK DISTRICT ON THURSDAY, MARCH 7TH BEGINNING NOW AT 10:04 A.M.. IT'S NOW OPEN.CONNIE, IF YOU CAN DO THE ROLL CALL.
[Roll Call]
SURE. CONNIE SWISHER.RECORDING SECRETARY TAKING ROLL CALL CHAIR BEN GUZMAN.
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 AT WWLP.ORG.
IF THERE ARE NO OTHER QUESTIONS ABOUT THE MEETING PROCEDURES, WE CAN BEGIN.
WE HAVE THE MINUTES FROM THE LAST MEETING.
[Approval of Minutes]
IF EVERYONE'S REVIEWED THAT, CAN WE GET A MOTION TO APPROVE THE MINUTES? SO, MOVED.WE SHOULD NOTE THAT IT'S AS EDITED.
SO MEADOW PROVIDED EDITS TO SOME SMALL EDITS TO THE MINUTES.
ADDING IN SOME TITLES AND CLARIFYING SOME ACRONYMS, AND I BELIEVE THOSE ARE THE ONLY CHANGES.
SO WE'RE APPROVING THE MINUTES WITH THE EDITS AS MADE BY MEADOW DARCY.
CORRECT. SO, MINUTES HAVE BEEN APPROVED.
THANK YOU. ANY PUBLIC COMMENTS.
NO PUBLIC COMMENTS AT THIS TIME.
THERE ARE NO ACTION ITEMS IT LOOKS LIKE, SO UNLESS YOU HAVE ANYTHING ELSE TO GO ON THAT.
NOPE. OKAY, MOVING ON TO THE INFORMATION ITEMS.
[Informational Items]
WE'LL START WITH THE FIRST ONE WHICH IS THE TRANSITION TO EMPOWER UPDATE.ALL RIGHT. SO I'LL KIND OF TAKE THE LEAD ON THIS, BUT I THINK IT'LL BE A BIT OF A GROUP DISCUSSION.
AND, AND THEN PETE EMAILED IN A NUMBER OF QUESTIONS.
SO AS PART OF GIVING OUR UPDATE, WE'RE GOING TO TALK THROUGH HIS QUESTIONS.
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 MEETING WITH EMPOWER EVERY WEEK SINCE THIS DECISION WAS MADE BACK LAST OCTOBER.
AND GOING THROUGH THIS LONG, DETAILED AND VERY IMPORTANT PROCESS OF TRANSITIONING ALL OF THE ASSETS FROM MISSION SQUARE OVER TO EMPOWER.
AND SO WE JUST GOT AN EMAIL UPDATE TODAY.
AND IT LOOKS LIKE YOU MIGHT HAVE IT ON YOUR PHONE, SO MAYBE I'LL HAVE MONICA READ IT OFF.
GREAT. YEAH. WE ACTUALLY GOT FROM OUR IMPLEMENTATION MANAGER A LIST OF UPDATES THAT WE CAN SHARE.
HE CONFIRMED THAT ALL SHARES AND INVESTMENTS WERE TRANSFERRED IN KIND TO THE 401 AND 457 PLANS.
HE IS STILL WAITING FROM MISSION SQUARE.
ASSETS? NOT QUITE SURE WHAT THAT IS.
LOANS HAVE BEEN LOADED TO THEIR TEST ENVIRONMENT AND ARE BEING REVIEWED.
ALLOCATIONS HAVE BEEN LOADED FOR THE 401 PLAN.
ALLOCATIONS ARE BEING QUALITY REVIEWED FOR THE 457 PLAN, WITH AN ANTICIPATION THEY'LL BE LOADED TODAY AND PLAN DOCUMENTS ARE NEAR COMPLETION.
THERE'S ONLY ONE ITEM PENDING FOR THE 401 AND 457 PLANS, SO THINGS ARE MOVING SMOOTHLY.
LIKE DEB SAID, WE HAVE WEEKLY MEETINGS WITH THEM.
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.
BUT ONCE THEY CONFIRM THAT ALL IS SET, DATA LOOKS GREAT, THEN THEY'LL LET US KNOW AND WE'LL GO AHEAD AND SEND OUT A MESSAGE TO ALL CURRENT ACTIVE PARTICIPANTS. I'VE ALREADY MAILED OUT TODAY A NOTICE TO ALL RETIREES WITH THE INFORMATION ON HOW TO CREATE AND LOG IN TO EMPOWER AFTER THE BLACKOUT PERIOD.
[00:05:04]
THIS MIGHT BE A GOOD TIME TO TALK ABOUT THE INFORMATION THAT WE HAVE PUT ON THE DISTRICT'S BENEFITS PORTAL AND ALSO THE RETIREE PORTAL.SO WE'VE BEEN TRYING TO SHARE INFORMATION ELECTRONICALLY.
SO WE'VE SENT OUT A FEW EMAILS TO EMPLOYEES, TO RETIREES, AND THEN WE HAVE THESE WEBSITES THAT PEOPLE CAN GO TO WHERE WE HAVE EVERYTHING THAT'S BEEN MAILED OUT.
YES. SO, THERE IS THE RETIREE INFO SITE THAT'S IN OUR GENERAL DISTRICT EMAIL UNDER JOBS.
I WASN'T AWARE THAT THAT EVEN EXISTED.
CAN YOU TELL ME TELL ME A LITTLE MORE ABOUT IT? ABSOLUTELY. 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 WILL PROVIDE.
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.
AND WHAT'S AT THE VERY TOP OBVIOUSLY IS IN POWER RIGHT NOW.
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.
WAS SENT THROUGH THE RETIREES ASSOCIATION.
JULIE WAS NOTIFIED OF IT? YES. BUT DID YOU? WAS THAT THE ONLY WAY IT WAS SENT OUT, OR DID YOU? NO, NO, WE SENT OUT A LETTER.
I'D BE HAPPY TO PROVIDE YOU A COPY OF THE LETTER THAT WAS SENT OUT.
YEAH. WITH A LINK AND THE LETTER I MENTIONED YESTERDAY THAT 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.
YEAH. 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.
SO THE NEXT BIG ITEM IS THAT 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.
IF YOU WANT TO LIKE, PULL IN YOUR OWN ACCOUNTS TO VIEW THEM THERE.
AND SO THAT INFORMATION HAS BEEN YOU SAID IT'S BEEN MAILED OUT ALREADY.
EMPOWER I BELIEVE, IS SENDING INFORMATION AS WELL.
AND YEAH, START LEARNING HOW TO HOW TO MANAGE YOUR FUNDS IN THIS NEW WEBSITE AND THIS NEW PORTAL.
THAT'S CORRECT. AND I DO WANT TO POINT OUT IN THIS MAILER THAT WE ARE FINISHING UP TODAY, LIKE I SAID EARLIER, IT'S BEING SENT TO ALL FORMER EMPLOYEES, NOT JUST RETIREES, BECAUSE.
SO WHAT I DID IS SENT A MAILER TO FORMER EMPLOYEES.
AND SO THAT'S THE TITLE OF THE LETTER.
BUT THE LINK FOR THE INFO SESSIONS HASN'T BEEN PROVIDED YET BY EMPOWER.
THEY HAD TO MAKE SOME CHANGES BECAUSE WE DID HAVE SOME SCHEDULING CONFLICTS WITH MANDATORY TRAININGS THAT WERE HAPPENING FOR OUR EMPLOYEES ON THE 20TH, AND THEY ARE SPECIFICALLY SCHEDULING ONE JUST FOR RETIREES SO THAT WE CAN ADDRESS THEIR SPECIFIC CONCERNS.
[00:10:04]
AND THAT WILL BE ON THE 27TH, BECAUSE 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.
HOPEFULLY WE'LL 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 POSTED ON THE RETIREE WEBSITE.
A COUPLE OF QUESTIONS ON WHAT YOU JUST SAID.
THE YOU SAID WITH MISSION SQUARE, WE COULDN'T REALLY MONITOR THE RETIREE VERSUS THOSE WHO SEPARATED.
CAN WE DO THAT WITHIN POWER OR NO, NO.
YEAH. AND SO. OKAY, WE'LL ASK, MAYBE THERE'S AN OWNER COULD POSSIBLY KNOW THAT.
AND THEN I'VE BEEN GETTING MAILINGS FROM EMPOWER.
THEY HAVE OUR 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 HADN'T TALKED TO THEM ABOUT.
THEY HAVE BOTH. SO WHAT THEY DID IS THEY PULLED THE ADDRESSES THAT MISSION SQUARE HAD.
OKAY. AND USE THAT INFORMATION.
OKAY. SO HOPEFULLY THAT INFORMATION IS UP TO DATE.
YEAH. IF NOT, WHEN YOU GET ACCESS TO EMPOWER YOU'LL BE ABLE TO UPDATE IT THERE.
AND SO IT'S GOING TO HAVE EVERYONE'S INFORMATION THERE AS WELL.
OKAY. AND THEN YOU MENTIONED THE SBD ASSETS I DON'T DO WE KNOW WHAT THOSE ARE.
THEY SAID SOMETHING THAT I UNFORTUNATELY OUR NETWORK IS DOWN.
SO, I CAN'T LOOK IN MY EMAIL TO SEE WHAT THAT ACRONYM MEANS ANYMORE.
BUT YEAH, I CAN GET BACK TO EVERYBODY.
OKAY. AND THEN JUST ONE MORE QUESTION.
THE TRANSITION AT THE END OF FEBRUARY MENTIONS BASICALLY NO ACCESS TO YOUR ACCOUNT.
IT SAYS THROUGH THE END OF THE WEEK, MARCH 10TH.
IS THAT GOING TO BE MOVED OR IS THAT STILL ACCURATE? ACCORDING TO EMPOWER THE THAT'S THE ESTIMATED TIMELINE.
I MEAN, IT SOUNDS LIKE THINGS ARE GOING WELL.
OKAY, BUT WE'LL GET MORE INFORMATION ON FRIDAY WHEN WE MEET WITH THEM.
ANYTHING ELSE FOR? WELL, I CAN GO THROUGH PETE'S QUESTIONS NOW.
THAT WOULD BE HELPFUL. OKAY, SO YEAH, I'VE COPIED AND PASTED FROM AN EMAIL THAT PETE SENT, AND I'LL JUST I DON'T KNOW IF YOU WANT ME TO READ OUT THE QUESTION, THEN I CAN SAY MY ANSWER.
OH, WE DON'T EVEN HAVE A COPY.
RIGHT. BECAUSE YOU COULD JUST COPY.
YEAH, I THINK WE SHOULD. YEAH, THAT WILL BE JUST AS GOOD, RIGHT? SURE. YEAH. OKAY.
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 I DISAGREE WITH THIS, AND I'LL WALK THROUGH MY THOUGHT PROCESS.
SO, I PULLED TOGETHER ALL THE TIMES THAT WE BROUGHT THIS TO THE DEFERRED COMP ADVISORY COMMITTEE.
SO FIRST WE HAD IT ON OUR WORK PLAN.
AND SO THIS IS FROM THE MINUTES I'M JUST READING OUT.
SO ONE OF THE AGENDA ITEMS WAS PLAN ADMINISTRATOR RFP UPDATE.
SO, SPALDING REMINDED THE COMMITTEE THE DISTRICT HAS BEEN WITH MISSION SQUARE SINCE 1981.
THE RFP WILL POST AT THE END OF JUNE, WITH THE PROPOSALS DUE IN MID-JULY.
HOPE FOR SEPTEMBER 1ST EFFECTIVE DATE JANUARY 1ST.
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. SO WE DID HAVE DCAC INVOLVEMENT IN THE RFP AND IN THE INTERVIEWS.
SO THEN AT THE JULY DEFERRED COMP MEETING SO AGAIN, THIS IS I'M JUST READING BACK FROM THE MINUTES.
SO SPALDING GAVE AN UPDATE ON THE DEFERRED COMP ADMINISTRATOR RFP PROCESS.
INTERVIEWS WILL BE AUGUST 14TH THROUGH 18TH.
STAFF WILL BRING THE RECOMMENDATION TO THE BOARD MEETING SEPTEMBER 19TH.
SO. THIS IS WHO WAS THE WHO WAS THE DCAC REP? BEN, WAS I DIDN'T HEAR YOU MENTION HIM.
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 THEN WE WENT THROUGH OUR RFP PROCESS.
AND BEN WAS ON THAT COMMITTEE LIKE WE MET, WE TALKED ABOUT WHAT QUESTIONS WE WANT TO WANTED TO ASK.
I THINK WE ASKED YOU, BEN, TO GO, AND I DON'T REMEMBER.
I KNOW IT'S SO LONG AGO, BUT I THOUGHT WE PUT THE QUESTIONS OUT TO THE GROUP.
MAYBE WE EVEN PUT THE QUESTIONS OUT TO THE GROUP.
I THOUGHT WE DID. MAYBE WE EMAILED THEM OUT TO THE GROUP.
LIKE, HERE ARE THE QUESTIONS WE'RE GOING TO ASK.
SO WE REALLY TRIED VERY HARD TO INVOLVE THE COMMITTEE.
AGAIN. I CAN READ BACK FROM THE MINUTES, BUT SPALDING PRESENTED AN OVERVIEW OF THE HOW THE RFP WAS REVIEWED, THE FIRMS THAT RESPONDED, AND WHY EMPOWER WAS SELECTED. BLAH BLAH BLAH.
I WON'T READ ALL THIS, 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 VOLLEN 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.
THIS IS THE BEST ADMINISTRATOR FOR OUR NEEDS AND GOALS OF THE PROGRAM.
STRESS THE IMPORTANCE OF EMPOWER SPEAKING WITH RETIREES VIA HANDOUTS, WEBINARS AND IN PERSON.
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 GET INVOLVED AND, AND ALSO SHARE THE INFORMATION WITH YOUR GROUP THAT YOU'RE REPRESENTING.
WILL. YOU JUST MENTIONED THAT YOU WENT BACK TO THE BOARD FINANCE COMMITTEE BEFORE YOU MADE A FINAL DECISION TO REVIEW? CORRECT. THAT WAS WHAT YOU SAID RIGHT AT THE BEGINNING.
ORIGINALLY IT WAS GOING TO GO TO THE.
YEAH, WHEN I FIRST WAS PLANNING IT WAS GOING TO 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.
TIMING 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 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.
HOW DO YOU FEEL ABOUT THAT? YOU NEVER TO THE BOARD TO THIS COMMITTEE.
THAT WAS THE BOARD APPOINTED COMMITTEE TO ADVISE THE BOARD.
THAT'S HOW ON I WOULD THINK THAT WE WOULD HAVE 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 AND THAT WAS SO.
BEN WAS SELECTED TO REPRESENT THE COMMITTEE.
MEADOW WAS ORIGINALLY INVITED TO BE THAT PERSON.
THE COMMITTEE HAS THREE OUT OF FIVE MEMBERS REPRESENTING THE PEOPLE WHO OWN THE FUNDS.
AND YOUR COMMITTEE HAD ONE OUT OF FIVE.
[00:20:03]
THAT'S NOT THE SAME THING.THERE WAS NOT, IT WAS NOT A CLOSE CALL, I'LL SAY.
SO MAYBE THAT'S, BUT WE WENT THROUGH 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.
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 OUT OF FIVE. YEAH.
THAT'S OUR DEFERRED COMP ADVISORY COMMITTEE MEMBERS.
I HEAR WHAT YOU'RE SAYING. WE DIDN'T INVOLVE RETIREES, BUT WE IN THE RETIREES HOME WAY MORE THAN HALF THE MONEY, RIGHT? WE HAD INVITED WE HAD INVITED MEADOW TO BE OUR PERSON.
SHE COULD HAVE PICKED RETIREE, OR SHE COULD HAVE PICKED BEN AND SHE PICKED BEN.
I DID NOT MAKE THE CHOICE OF WHO WAS GOING TO BE THE DEFERRED.
WE ASKED THE CHAIR BECAUSE 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 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 WAS. AND HOW DO YOU, AND.
SO YOU CAN SEE IT WAS ON THE WORK PLAN.
AND I THINK THIS IS A BOARD APPOINTED COMMITTEE, AND THE BOARD AREN'T FOOLS.
IN FACT, I JUST GOT AN EMAIL FROM SOMEONE WHO WAS THREATENING TO SUE A RETIREE, AND THERE WERE ACCORDING TO JULIE, LOTS OF PEOPLE SPOKE AND NO ONE WAS HAPPY WITH IT, INCLUDING SOME VERY HIGH RANKING RETIREES WHO.
DEFINITELY HEARD THAT 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 HAVE BEEN SUPER HELPFUL AND IT DIDN'T HAPPEN AND I GET IT.
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 THE FACT REMAINS, THE MAJORITY OF THE COMMITTEE IN THE RFP DID AGREE.
IF YOU EVEN BROUGHT IT BACK TO THE GROUP, WE COULD HAVE DISCUSSED IT.
YOU'RE CORRECT, PETE, BUT I THINK THE DECISION WOULD HAVE STILL HELD ANYWAY.
WELL, THAT'S ASSUMING THAT WHAT WE SAID WOULDN'T HAVE CHANGED ANYONE'S MIND.
CORRECT. BUT WE WERE NEVER GIVEN AN OPPORTUNITY TO DISCUSS IT.
WE ARE THE 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.
YES, I HAVE HEARD THAT UNHAPPINESS.
ALL RIGHT. SO I'M GOING TO 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 RFP PANEL.
AND SHE HAD OTHER THINGS THAT WERE A PRIORITY.
SHE ASKED SOMEBODY ELSE TO SERVE.
SO THEY WERE ALLOWED TO PARTICIPATE IN THE DECISION.
THE COMMITTEE AT EVERY MEETING THAT WE HAD OF WHAT WAS GOING ON.
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'RE LOOKING AT ANYTHING CAN HAPPEN IN RFP, RIGHT? RIGHT. YEAH. WE'RE LOOKING TO SEE WHAT'S OUT THERE AND THE CHANGE COULD HAPPEN.
[00:25:03]
SO THAT WAS THAT'S WHAT AN RFP IS ABOUT.SO AT THAT TIME WE DISCUSSED WHO THE OPTION WAS AND COULD HAVE CONTINUED THAT DISCUSSION.
WE HAVE RECORD OF YOU ACKNOWLEDGING IT.
SO WE DID BRING IT BEFORE WE EVEN WENT TO THE BOARD.
THERE'S. 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 GOING TO GO TO THE BOARD. I RECALL THE DISCUSSION THAT I THINK I ASKED, EVEN LIKE 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 THE MEETING HERE THAT THE BOARD ULTIMATELY MAKES THAT CALL.
SO IF THEY HAD DECIDED TO GO A DIFFERENT ROUTE, THEY COULD HAVE.
THAT'S TRUE. WELL, I DON'T THINK THE BOARD HAD ANY MEANINGFUL INPUT FROM EITHER THE RETIREES OR THE EMPLOYEES, BUT APPARENTLY WE'LL HAVE TO AGREE TO DISAGREE ON THIS ONE. WHY DON'T WE MOVE ON? WE'RE GOING IN 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? 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.
EXACTLY HOW MUCH MONEY WILL THE DISTRICT SAVE BY MOVING FROM MISSION SQUARE TO EMPOWER THE DISTRICT? SAVES NOTHING BECAUSE ALL OF THESE FEES ARE PLANNED PARTICIPANT FEES, SO THE DISTRICT DOESN'T GET ANYTHING OUT.
OH. I'M SORRY, ALL OF THE FEES ARE PAID BY.
THERE'S NOTHING THAT THE DISTRICT SAVES.
WELL, A LOT OF THOSE PEOPLE DON'T AGREE WITH YOU.
IT'S A QUESTION OF WHAT KIND OF SERVICE YOU'RE GOING TO GET, FOR WHAT KIND OF MONEY AND WHAT.
OKAY, SO THE DISTRICT DIDN'T SAVE ANYTHING.
ALL SAVINGS WERE FOR THE RETIREES.
WHAT WAS THE AMOUNT OF THAT? YEAH. AND THAT'S AGAIN, I CAN'T PULL UP ANYTHING BECAUSE OUR NETWORK'S DOWN.
BUT I BELIEVE IT WAS A 230,000 A YEAR.
BASED ON THE MOVE TO THESE NEW FUNDS THAT ARE.
I THINK CONNIE HANDED THIS OUT TO EVERYBODY.
SO ARE YOU SAYING THAT WHAT EMPOWER IS CHARGING THE PLAN PARTICIPANTS IS $230,000 LESS A YEAR THAN WHAT 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 PLAN ADMINISTRATOR.
SO IT USED TO BE MISSION SQUARE, BUT ALSO TO THE FUND LINEUP THAT YOU HAVE.
SO THE EARNINGS THAT THEY GOT WERE GOING BACK TO MISSION SQUARE.
THE NEW FUND LINEUP HAS DIFFERENT PROVIDERS THAT ARE NOT IN POWER.
THERE ARE A FEW THAT ARE IN POWER FUNDS, BUT THERE'S LIKE VANGUARD, THERE'S AMERICAN FUNDS GROUP.
THE FEES ARE LOWER AND THOSE FEES ARE.
THEY'RE GOING TO AMERICAN FUNDS OR TO VANGUARD OR WHOEVER CAN.
CAN YOU CLARIFY JUST A SO THE APPROXIMATE $200,000 SAVINGS.
THAT'S FOR A OUR WHOLE ACCOUNT LIKE FOR LIKE ON THE SHEET THAT'S WITH THE APPROXIMATE SAVINGS WOULD BE AND THIS WENT TO THE BOARD OF DIRECTORS IN THE 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 GOING TO 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. IT'S ON THE BOARD.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.
WHAT MEETING? IT'S ALSO VERY YEAH, IT WAS RIGHT BEFORE OUR LAST BOARD MEETING.
YEAH. FEBRUARY 12TH OR SOMETHING LIKE THAT.
CAN I ACCESS THAT AS A NON EMPLOYEE? 100%. IT'S PUBLIC.
IT'S ON THE. IT WAS A BOARD MEETING.
YEP. AND I PASS IT OUT AT THIS.
I THINK YOU MISSED THAT MEETING. I MISSED THE LAST ONE, BUT I HANDED THAT OUT TO EVERYONE.
YOU WERE HERE. 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 THAT RETIREE INFO SITE THAT I MENTIONED.
THE FUND PLAN TRANSFER MAPPING.
DID THE DEFERRED COMP COMMITTEE SURVEYS REVEAL ANY SIGNIFICANT DISSATISFACTION AMONG PLANS 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.
IT WAS HARD TO FIND THAT INFORMATION.
OVERALL, I DON'T THINK THERE WAS DISSATISFACTION WITH MISSION SQUARE.
I THINK THAT WASN'T THE REASON WE DID THE RFP BECAUSE PEOPLE WERE UNHAPPY.
IT'S A BEST PRACTICE TO TO SEE WHAT WHAT ELSE IS OUT THERE AND TO DO A REGULAR RFP PROCESS.
AND WE JUST. HADN'T DONE IT BEFORE.
SO I GET THAT IT'S VERY NEW AND 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 TEN 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. WHICH DISTRICT EMPLOYEES PARTICIPATED IN THE RFP PROCESS? SO IT WAS BEN MONICA.
WHO IS ASSISTANT GENERAL COUNSEL OR.
YEAH, ASSISTANT GENERAL COUNSEL.
AND THEN DEBORAH ACKER, WHO WAS THE AGM AND CFO AT THE TIME.
WHAT EXPERIENCE DID THESE PEOPLE HAVE IN RUNNING PREVIOUS RFP PROCESS? I BELIEVE ALL OF THESE PEOPLE I KNOW, I CAN SPEAK FOR MYSELF AND MONICA BECAUSE WE'VE SERVED ON PANELS FOR EACH OTHER.
WE HAVE A LOT OF EXPERIENCE WITH THIS.
I'M GUESSING THAT EVERYBODY HAD SOME EXPERIENCE.
DID THE DISTRICT REVEAL TO EMPOWER REPRESENTATIVES WHAT MISSION SQUARE WAS CHARGING FOR ADMINISTERING THE DEFERRED COMP PLAN? NO, THAT WAS NOT SOMETHING WE DISCLOSED.
DID THE DISTRICT RESEARCH WHETHER EMPOWER HAD EXPERIENCE ADMINISTERING PLANS FOR GOVERNMENT AGENCIES? YES. SO WE THROUGH THE RFP PROCESS.
THE PROPOSALS WE RECEIVED, WE ASKED THEM FOR TO GIVE US OTHER AGENCIES THAT THEY.
WORKED FOR AS SO THAT WE COULD HAVE A SENSE OF WHO ELSE THEY WERE ASSISTING.
WERE THERE MANY? YES. I KNOW THERE EMPOWERS CITY OF BERKELEY.
SO, THEY HAVE LOTS AND LOTS OF PLANS AND LOTS OF GOVERNMENT PLANS.
WHY DID THE DISTRICT NOT NOTIFY DISTRICT RETIREES WHO OWN WELL OVER HALF THE FUNDS 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 UP TO DATE RECORDS FOR ALL EMPLOYEES.
[00:35:01]
SO WHEN PEOPLE LEAVE, THEY MAY NOT CONTINUE TO PROVIDE US WITH UPDATED INFORMATION.SORRY YOU DID HAVE MORE QUESTIONS.
WE DON'T HAVE A WE DON'T TRACK RETIREES, FORMER EMPLOYEES OR PLANNED PARTICIPANTS.
SO AGAIN, YOU DON'T TRACK RETIREES, FORMER EMPLOYEES OR PLANNED PARTICIPANTS.
WE CAN'T FORCE THEM TO GIVE THAT TO US.
I UNDERSTAND THAT PEOPLE SOMETIMES MOVE AND DON'T NOTIFY YOU.
WE DO. WE HAVE IT IN OUR SYSTEM.
THAT DOESN'T MEAN THAT ALL THOSE RETIREES ARE PARTICIPANTS OF THIS PLAN.
SO IF WE WERE TO YOU, YOU KNOW, WE RELY ON WHAT MISSION SQUARE PROVIDED, WHICH IS WHO THE PARTICIPANTS ARE WITH BALANCES AVAILABLE AND THE INFORMATION THEY HAD 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.
AND I'VE TALKED TO A LOT OF OTHER PEOPLE AND I HAVEN'T HEARD, I HAVEN'T HEARD I THINK THAT WE'VE LEARNED THAT THERE MAY BE PEOPLE'S INFORMATION WASN'T UPDATED WITH MISSION SQUARE, THAT THEY WERE NOT UPDATING THEIR MAILING INFORMATION AND THEIR EMAIL ADDRESSES, POSSIBLY WITH MISSION SQUARE. WE'VE HAD PEOPLE 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.
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.
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 PMA? DID YOU TRY AND USE? THEY MUST HAVE.
THEY. THEY MUST HAVE ADDRESSES.
I CAN'T UNDERSTAND HOW THERE COULD BE.
HOW YOU COULD NOT HAVE A UP TO DATE 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 UNFORTUNATELY IT DID GO TO INCORRECT ADDRESSES.
ALL I GOT WAS EVERYTHING I GOT WAS THROUGH THE RETIREES ASSOCIATION.
BUT THEY PULLED EVERYONE WITH AN ACCOUNT BALANCE.
BUT I WHAT I KNOW I GOT THIS THING FROM EMPOWER FIVE DAYS BEFORE THE DEADLINE DATE.
ANOTHER MAILING THAT THEY SENT IT WAS LIKE JANUARY, JANUARY, EARLY FEBRUARY.
THAT WAS LIKE A 4- OR 5-PAGE FLIER.
MY QUESTION IS, WHY DIDN'T I GET SOMETHING FROM THE DISTRICT? I HAVE A QUESTION THAT MIGHT ADDRESS THAT.
SO IF SOMEONE SEPARATES FROM THE DISTRICT 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 JUST THAT THE EMPLOYEES, THEY OWN IT.
[00:40:03]
THAT'S THAT, SO THAT WOULD MEAN THAT WE'D HAVE 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.RIGHT. SO THAT'S WHY THEY PULLED IT ALL FROM MISSION SQUARE, BECAUSE THEY'RE THE ONES WHO ACTUALLY HAD THOSE RECORDS, NOT THE DISTRICT KEEPING TRACK OF WHO WAS PARTICIPATING IN DEFERRED COMP AFTER THE FACT.
YEAH. BUT THIS IS THE DISTRICT PLAN.
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 AND MAKE SURE IT'S ACCURATE.
PROVIDES RETIREE LIFE INSURANCE, RETIREE MEDICAL, RETIREE DENTAL AND THE DEFERRED COMPENSATION PLAN.
PROBABLY A COUPLE OF 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'S 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.
SO, I DO WANT TO POINT OUT THAT THE INFORMATION PNA GROUP IS HAS ON RETIREES IS BASED ON WHAT BENEFITS THEY'RE ELIGIBLE FOR, WHICH IS SEPARATE FROM THE DEFERRED COMP.
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.
AND WE RELIED ON THE RECORDS THERE.
IT'S NOT NECESSARILY THE SAME LIST.
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.
IS THIS SOMETHING THAT THAT'S HOW IT IS AND THAT'S HOW IT'S GOING TO STAY? OR DO YOU INTEND TO CREATE SUCH A LIST? PETE, I DON'T THINK WE EVER SAID THAT WE DON'T HAVE A RETIREE LIST.
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 A POWER, 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 GOING TO 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 ACCOUNT BALANCES, AND THAT CAME FROM MISSION SQUARE.
IT CAME THROUGH THE RETIREES ASSOCIATION.
THE DISTRICT DIDN'T SEND ANYTHING OUT.
YOU KNOW, YOU HAD THE CONTACT, THE A LIST FROM MISSION SQUARE OF THE PEOPLE WHO ARE ON THAT PLAN.
AND 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 GOING TO SEND YOU, BECAUSE THIS IS IMPORTANT.
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.
I DO FEEL LIKE WE TALKED ABOUT THIS AT THE DEFERRED COMP ADVISORY COMMITTEE THAT LIKE THAT.
AND. I FEEL LIKE THAT'S BEEN CLEAR.
I DISCUSSED WITH MY MEMBERS AND TOLD THERE COULD BE A TRANSITION COMING.
[00:45:05]
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 GOING TO HAPPEN.
THEY WANT TO BE TOTALLY SEPARATED AND KEEP THEIR OWN BUSINESSES THEMSELVES.
WELL, I THINK THAT WAS A SERIOUS PROBLEM FOR A LOT OF PEOPLE.
AND THAT'S A REAL ISSUE FOR THE RETIREES ASSOCIATION.
THANK YOU. AND THE FACT THAT NO DIRECT COMMUNICATION CAME FROM THE DISTRICT.
ARE THERE MORE QUESTIONS OR THAT? YEAH, THAT WAS A OH, I THOUGHT, OKAY I HAVE SOME MORE.
THE RETIREES ASSOCIATION COOPERATED WITH DISTRICT 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.
ABOUT FIVE DAYS BEFORE THE CONNECTION WITH MISSION SQUARE WAS TERMINATED.
IF THE DISTRICT DOES HAVE A RETIREE CONTACT LIST, WHY WAS IT NOT USED TO INFORM RETIREES OF THE UPCOMING CHANGE IN A TIMELY FASHION? WELL, I GUESS WE'VE JUST DISCUSSED THAT.
YEAH, AND I'LL JUST SAY THERE WAS A MAILING THAT WENT OUT, I THINK, IN JANUARY.
IN ADDITION TO THE FLIER THAT WENT OUT.
AND IT WASN'T FIVE DAYS BEFORE.
BUT IT WASN'T MAILED OUT FIVE DAYS BEFORE THE TRANSITION.
THE EMPOWER MAILING, THE EMPOWER.
SO. AND THEN THERE WAS ANOTHER MAILING THAT WENT OUT I THINK IN JANUARY.
JANUARY. YEAH. SO IF YOU GOT THIS ONE, YOU WOULD HAVE GOTTEN THAT ONE.
AND SO IT WASN'T THAT THERE WAS JUST ONE MAILING.
OKAY. AND THE LAST QUESTION, WHICH I SENT THEM SEPARATELY 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.
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.
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 GOING TO HAVE A LOT OF PEOPLE WANTING ASSISTANCE.
SO WE'LL GET FOUR PEOPLE AT FIRST.
IS THERE AN APPROXIMATE TIME FOR THE FOUR PEOPLE? LIKE IS IT SIX MONTHS, A YEAR OR MONTH? THEY DIDN'T PROVIDE THAT INFORMATION.
BUT THEY WILL BE PRESENT AT THE INFO SESSIONS.
ALL RIGHT. I THINK THAT'S ALL WE HAD ON THAT ITEM.
GOT IT. OKAY MOVING ON TO BULLET B, THE PARTICIPATION DATA.
[00:50:03]
DID YOU HAVE 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.
YEAH, THERE'S A TYPO IN THE 1231 AND THE 131 BALANCES.
AND AGAIN, I WOULD PULL IT UP AND CAUSE IT AND CORRECT IT IMMEDIATELY, BUT IT.
YEAH. MISSING A COMMA IN THERE.
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.
THANK YOU. 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? THIS IS FROM MISSION SQUARE OR HOW DID WE GET OR US WHAT I GET FROM SHOULD I? YEAH. ON A MONTHLY BASIS.
FROM HR, I GRAB THE BARGAINING UNITS FTES FROM THEM FULL TIME AND PART TIME.
AND THEN ABOUT USUALLY ABOUT A WEEK AFTER THE END OF EACH MONTH.
I ASK HILLIS FOR THE BOTH THE PLAN PARTICIPATION NUMBERS ON HIS SIDE AND THE BALANCE, AND THEN WE'LL GET THE SAME DATA MOVING FORWARD WITHIN POWER. IS THAT THE PLAN? CORRECT. OKAY.
I DO WANT TO POINT OUT THAT EMPOWER IS GOING TO ALWAYS GET A BIWEEKLY LIST FROM THE DISTRICT.
OF ALL EMPLOYEES THAT ARE ELIGIBLE, WHETHER THEY HAVE A PLAN ACCOUNT OR NOT.
OKAY. SO, THEY WILL BE ABLE TO PROVIDE THIS DATA COMPLETELY, I THINK.
BUT, YOU KNOW, HR IS MORE THAN LIKE MORE THAN HAPPY TO CONTINUE PROVIDING THE EMPLOYEE COUNT THOUGH.
OKAY. I THINK YOU JUST HAVE SOME RECORD MOVING FORWARD.
SO, WE'RE COMPARING APPLES TO APPLES IN THE FUTURE.
IT'S ALWAYS BEEN VERY IMPORTANT, ESPECIALLY FROM PETE, YOU KNOW, THE PERCENTAGE WE GET.
SO, WE HAVE SOMETHING MOVING FORWARD TO MAKE SURE WE'RE AS ACCURATE AS POSSIBLE.
ANY COMMENTS ON PARTICIPATION DATA.
OKAY. NEXT BULLET, THE 2024 DRAFT WORK PLAN.
ALL RIGHT, SO IT LOOKS LIKE CONNIE GAVE US A DRAFT BASED ON WHAT WE'VE DONE IN PAST YEARS.
SO, THANK YOU, CONNIE. THAT'S VERY HELPFUL.
I KNOW ONE THING THAT FOR SURE, WE WANT TO SCHEDULE AND THAT SHOULD BE EASY TO TALK THROUGH, IS WHEN WE WOULD LIKE TO GET THE REPORTS FROM EMPOWER ON THE INVESTMENTS.
SO, WE CAN, I MEAN, IT LOOKS LIKE IT'S IN HERE FOR MARCH.
MAY. OBVIOUSLY WE'RE NOT DOING MARCH, BUT MAY.
SO, WE CAN KEEP IT IN THOSE MONTHS, IF THAT SEEMS GOOD TO PEOPLE.
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 AND LIVE WELL IN THE PAST.
THE SURVEYS COME FROM US AND GONE DIRECTLY TO EMPLOYEES.
I DON'T REMEMBER GOING THROUGH MISSION SQUARE.
BUT DIDN'T WE COME UP WITH THAT? I DISTINCTLY REMEMBER US COMING UP WITH A LIST OF QUESTIONS.
[00:55:01]
AND IF YOU LOOK AT THE OLD SURVEYS, ARE WE STILL GOING TO DO THAT? AND DOES IT MAKE SENSE TO POSTPONE THAT A BIT? AND WHERE WHEN ARE WE PLANNING TO SEND THAT OUT? I MEAN, WE MIGHT AS WELL BE AT LEAST A MONTH OR TWO WITH THOUGHTS.PARDON? WHAT ARE YOUR THOUGHTS OF WHEN WE WHEN WE.
IT WOULD SEEM TO MAKE SENSE TO ME, BUT.
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? LOOKED AT THE RESULTS.
I DON'T REMEMBER MISSION SQUARE BEING INVOLVED IN THE SURVEY AT ALL.
OH THEY WERE YEAH, I SENT WE SENT OUT I MEAN, LOOK AT THE OLD SURVEYS.
ALL THE QUESTIONS WERE STUFF THAT WE CAME UP WITH.
WE CAME UP WITH THE QUESTIONS, BUT THEY ADMINISTERED IT.
THEY HAD THEIR OWN SURVEY DATABASE TO CRUNCH THE NUMBERS.
THEY DID. ALL THAT MAY WELL BE, BUT WE'RE STILL GOING TO TELL THEM WHAT QUESTIONS WE WANT TO ASK.
I MEAN, I WOULD CERTAINLY LIKE TO HAVE SOME INPUT ON THAT.
YEP. AS FAR AS WHAT QUESTIONS, THAT WAS ALL US.
BUT AS FAR AS LIKE ADMINISTERING IT, IT WAS ALL THAT VERY WELL MAY BE.
I'M SURE THAT'S RIGHT, IF THAT'S WHAT YOU'RE SAYING.
BUT OR ARE WE GOING TO HAVE SOME INPUT ON WHAT QUESTIONS WE ASK? YES, AND THAT'S WHAT I'M SAYING.
SO MAYBE WE BRING IT TO THE MAY COMMITTEE MEETING TO TALK ABOUT THE QUESTIONS AGAIN.
DOES THAT MAKE SENSE? SO, WE'LL BRING IT TO THE MAIN MEETING, FIGURE OUT THE QUESTIONS.
WE'LL DECIDE THEN WHEN WE WANT TO SEND IT OUT.
BUT IT WOULD BE GOOD TO SEND OUT A LIST EITHER OF THE LAST ONE OR A PROPOSED ONE, WHATEVER, OR BOTH.
AND THEN WE COULD COME TO THE MEETING AND HAVE A HAVE A GO.
MORE EFFICIENTLY, I WOULD THINK.
SO I THINK WE'LL TAKE A LOOK AT IT AGAIN IN MAY, BUT IT SHOULD BE IN LIKE GOOD SHAPE.
I WOULD, I WOULD THINK, YEAH, YEAH.
I DO WANT TO 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. 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 TO TALK ABOUT.
AND IF YOU WANT TO DO THE OLD QUESTIONS THEN YOUR PROPOSED NEW DRAFT, THAT'S FINE.
THAT MIGHT BE A GOOD WAY TO DO IT, IF THAT'S ALL RIGHT WITH YOU.
ALL RIGHT. WHAT ELSE DO WE WANT TO TALK ABOUT HERE? I HAVE A QUESTION ON THE WORK PLAN.
SO, WITH THE POWERS, 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, EMPOWERED INPUT, WOULD THAT BE UNDER THE IPS INVESTMENT REVIEW PERIOD? THOSE MONTHS? THAT'S WHERE WE BRING IT UP AS A.
SO WAS THERE A DIFFERENT TIME WE HAVE SET ASIDE? 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 COULD YOU REMIND ME WHAT IPS STANDS FOR INVESTMENT POLICY STATEMENT.
SO, THE FUND LINEUP WILL GET A RUN THROUGH FROM OUR EMPOWER REP.
BUT TO BRING THAT FOR DISCUSSION, THAT WOULD BE BEST AT ONE OF THOSE MEETINGS.
SURE. I DON'T HAVE ANYTHING ELSE FOR THE WORK PLAN. ANYBODY ELSE DOES TO DISCUSS TOPICS ON THERE.
MY ONLY CONCERN IS WE'RE STILL SO NEW WITH EMPOWER EMPLOYEE EDUCATION EVENT.
[01:00:04]
TO START LOOKING AT WHAT I DON'T REMEMBER WHAT WE SAID WAS GOING TO BE THE EMPLOYEE EDUCATION PLANNING, BUT WE MAY NEED TO MOVE THAT OUT A LITTLE BIT.IS THAT ON HERE? IT'S FOR MAY.
YEAH, THAT'S A GOOD IDEA. MAYBE WE MOVE THAT TOWARDS LIKE SEPTEMBER OR SOMETHING.
YEAH. I THINK OCTOBER IS THE DEFERRED COMP INVESTMENT MONTH.
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.
SURE. REMIND ME WHAT THE P2P EXCHANGE IS.
YEAH, THAT'S A IT'S PEER TO PEER EXCHANGE.
IT'S SOMETHING THAT THE NAGDA THE.
YOU KNOW, THAT ANNUAL CONFERENCE, THE NATIONAL ASSOCIATION OF DEFERRED COMP AND GOVERNMENT ADMINISTRATORS? THEY 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 BECAUSE WE'RE ALL NAGDA MEMBERS, I BELIEVE WE ARE ALL GETTING EMAILS SAYING, HEY, THIS PEER TO PEER, TELL ME IF YOU GUYS ARE GOING, I KNOW I'M GETTING THEM, BUT I DON'T KNOW IF EVERYBODY I THINK I'M GETTING I'M PRETTY SURE I REMEMBER SEEING THEM.
IT'S LIKE, THIS IS THE TOPIC WE'RE GOING TO THAT'S GOING TO BE COVERED AT THIS MEETING.
SO YOU CAN GO TO IT IF YOU'RE INTERESTED.
ANYTHING ELSE FOR THE WORK PLAN? NOTHING. OKAY MOVING ON.
BULLET DEE 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.
AND WE DID NOT WE DID NOT IMPLEMENT AN ADMINISTRATIVE ALLOWANCE ACCOUNT WITHIN POWER.
SO, WE HAVE NO BUDGET TO WORK WITH PER SE.
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 THINK IT'S A GREAT TOPIC.
I KNOW, PETE, I THINK YOU WERE INVOLVED, OR WE HAD A COMMITTEE BEFORE 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.
I'M NOT HERE TO TALK ABOUT THAT TODAY FOR IDEAS.
DO WE KNOW WHEN THAT WAS? AND IT WAS ON A STATEMENT FROM MISSION SQUARE OR ANYTHING? I CAN FIND OUT THE EXACT DATE.
AND SO I CAN LOOK INTO THAT AND THEN EMAIL THE COMMITTEE.
I SENT OUT AN EMAIL TO ALL OF YOU GUYS TO, OKAY, THAT IT WAS DONE.
OH, THANK YOU CONNIE. AND DO YOU GUYS KNOW? DID THEY JUST PUT THAT IN THE STATEMENT? WAS IT LIKE A REFUND OR ANYBODY KNOW HOW THEY MARKED IT 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. I'LL GET BACK TO YOU.
SEVEN E, I'M GOING TO TABLE THAT ONE.
BUT WE WANT TO STAY IN POWER FOR A LITTLE WHILE FIRST FOR ANY INPUT FROM MY PEOPLE.
BUT I'LL TABLE THAT ONE FOR NOW, FOR ANOTHER TIME.
[01:05:03]
WELL, DID DO YOU WANT TO GIVE US A HEADS UP OF, LIKE, WHAT WAS BEING CONSIDERED, OR IS IT REALLY JUST TOO, LIKE, PREMATURE TO EVEN TALK ABOUT IT? JUST THEY WANT TO TAKE A CHANCE TO LOOK AT THE FUNDS AND SEE HOW THEY ACTUALLY MATCHED UP WITH THE OLD MISSION SQUARE FOR HOLDINGS PERFORMANCE, THINGS LIKE THAT.AND THEN THEY GO MOVING FORWARD INTO IF THERE ARE ANY RECOMMENDATIONS, AGAIN, IT'S GOING TO EMPOWER.
SO, EMPOWER TRY TO MATCH UP THE BEST THEY COULD.
BUT IT'S NOT A PERFECT MATCH WHICH WE GET.
BUT THERE MIGHT BE RECOMMENDATION FROM STAFF TO SAY, HEY, LET'S CONSIDER THIS FUND AND NOT LIKE A SIX-MONTH CHANGE, BUT LIKE, HEY, WE SHOULD REALLY CONSIDER THIS LONG TERM. YEAH. SO, BUT, YOU KNOW, WHEN DOES THAT COME IN FOR THE DISCUSSION? OKAY, COOL. I DO WANT TO POINT OUT THAT THE POLICE ASSOCIATION IS PROBABLY OUR LOWEST PARTICIPANT GROUP.
SO, IF THERE'S ANY SPECIAL SESSIONS OR MEETINGS THAT THEY WANT TO HAVE, LIKE WE TRIED WITH KIM IN THE PAST, WE COULD POSSIBLY DO THAT WITH EMPOWER.
YEAH. OKAY. SO MAYBE WE CAN HAVE A DISCUSSION ABOUT THAT THEN.
SO, AN ONLINE MEET AND GREET EDUCATION WOULD BE GREAT FOR OUR PEOPLE.
IT'S ALSO EASY FOR EMPOWER TECHNOLOGY WISE.
JUST A VIDEO CALL OR WHATEVER ELSE WOULD BE SOMETHING FOR US.
BUT YEAH, ANYTHING THEY HAVE, WE CAN SET IT UP.
ANYBODY HAVE ANYTHING ELSE FOR THE MEETING?
[Announcements]
OKAY. I'LL CALL.DID THEY? WAS THE DATE SET FOR THAT EMPOWER? YOU KNOW, YOU HAD TO MOVE THE DATE FOR THE EMPOWER, INFORMING THEM 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.
AND THAT CAN BE DONE ONLINE, RIGHT? IT'S ONLY VIRTUAL.
AND WE'LL PROVIDE A MEETING LINK.
I'LL SEND I'LL POST IT ON OUR WEBSITE.
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 KINDS OF THINGS.
THE NOTICE THAT'S GOING OUT IS COMING FROM THE DISTRICT.
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 GOING TO INCLUDE A FLIER FROM EMPOWER ON.
OKAY. AND THIS IS A MAILER AS OPPOSED TO AN EMAIL.
THAT'S GOOD. THAT'S WONDERFUL THAT WE'RE DOING THAT.
THAT'S GOOD. WE'RE USING THAT LIKE.
MONICA, YOU MADE A STATEMENT EARLIER ABOUT THE PA ASSOCIATION HAS THE LOWEST PARTICIPATION.
THAT'S JUST PERCENTAGE WISE, CORRECT PERCENTAGE WISE, YEAH.
CALL A MEETING ADJOURNED AT 11:13 HOURS.
THANK YOU.
* This transcript was compiled from uncorrected Closed Captioning.