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10. Update on Fiduciary Briefcase Status Paul notified the Committee that MassMutual, on behalf
of the County submitted the Fiduciary Briefcase for
consideration of a NAGDCA Award. The Committee
members are enrolled and can access this site. Paul
asked that the Committee consider any additional items
that should be included. There was a question and
discussion about whether participants should access this
site. NFP indicated that there were many avenues which
participants could access information pertinent to their
issues but recommended that the site be retained for the
use of the Committee. The Committee concurred.
11. Update on Committee Governance Lisa asked that this item be postponed to the August
meeting.
12. Retreat Paul mentioned that the Committee had previously
determined that two items had been determined for the
Retreat later this year: Efficient Portfolio and CIT
Comparison for the entire County portfolio. To these two
items, a third item was added during discussion: how
changes in virtual interaction may be leveraged to make
improvements to processes or the plan. Subsequent to
the retreat, the Committee agreed to hold this Special
meeting on October 28 in the morning.
13. Change in Managed Account Services Bob discussed that MassMutual was changing its
Provider Provider of Investment services to Next Capital Advisors
effective July 1. This move will reduce fees and will
include automatic movement of current participants from
the current to the new provider. In this process, Map My
Finances will replace Retire Smart as a tool for
participants.
14. Legislative Update Bill provided a brief update on both the SECURE and
CARES Acts as both of these have been discussed
previously with the Committee and elective changes
have been approved.
15. Status of Fund Change This was an informational item from the previous
meeting regard the Small Cap Return of 1.69%. Vince
had provided a written explanation of this change.
16. Status of Down-Market Communication MassMutual had previously prepared a communication
on staying the course as a result of the pandemic and
the volatile market. Kim reported that the communication
had been sent out in May and it appeared from Bob’s
earlier remarks on the Plan Review that many
