Page 4 - DeferredComp-Feb2018

4. Provider Performance Review Penalties
5. Financial Soundings Strategy
6. Watch List Review
7. Review and Approve 12018 Education Plan for standard was to assure that people did not wait an inordinately
Participants and Committee
8. Status of Committee Vacancy
and the 2018 Meeting dates.
Paul and Bob explained that the standards proposed by
MassMutual were that 80% of the calls would be answered
within 80 seconds. Paul indicated that the key portion of the
long time on the phone and he felt the new standard was
acceptable to NFP / SST. Each of the three attendees in the
November meeting agreed that: 1) they were ok with the new
standard and 2) that no penalty should be imposed. In the
Special Meeting, Steve indicated that the Committee had
already chosen not to penalize MassMutual for previously not
meeting the standard and that he was okay with doing so again
but would be less willing prospectively to not penalize
MassMutual if the standard was not met in the future. The
Committee unanimously agreed. During the conversation, two
other possible standards were discussed: that problem
resolution within one call would be the objective of a future
standard and that discussions of the application of the 70½
information would also be shared. These two topics will be
added to the next agenda to address. Bob agreed to develop
suggested standards for these two items.
As mentioned above, the Committee approved the continuation
of Financial Soundings.
Vince discussed both the Oakmark and Loomis Sayles Bond
funds and indicated that NFP / SST recommended keeping them
on the watch list. They also recommended replacing the MFS
Utility Fund. There was an option not to have a replacement but
the Committee expressed a desire to have a replacement. Vince
discussed three replacements but recommended the Vanguard
Fund which had a lower cost and higher Scorecard rating. The
Committee approved unanimously. There will be no blackout
period for the replacement but MassMutual expects the change
to take place (with the 30 day IPS notification provisions) in
February, 2018. The February agenda will include a status
update on the replacement and mapping.
Paul will send to Marife the listing of Educational Topics for the
Committee which will be postponed to the February date.
Regarding the 2018 MassMutual plan for participants, Patrick
discussed his objective of increasing by 10% his outreach to
participants. He wants to reach more facilities and to also have
stronger outreach to retirees. His objective is to have 50% of the
people he reaches take some action (what MassMutual calls
Next Best Steps) although he is closer to 60%. He also wants to
strengthen the use of RetireSmart. He concluded by reviewing a
month-by-month calendar of specific activities.
Andy Armando is the new Safety representative and Victoria
Mejia (who was unable to attend the Special Meeting) will bring
the Committee back to full strength.