Page 10 - FebDefComp

The Committee asked that NFP bring a comparison of
the remaining four CITs back for consideration as a
replacement for existing like funds. MassMutual
indicated that neither of the two funds were currently part
of their platform and that it would take approximately 16
weeks from notification of adoption to have their system
ready to accommodate these replacements. He agreed
to also provide the agreements that need to be signed to
allow these funds. These will be provided to Jay.
MassMutual, NFP and the County will develop a
communication that not only covers the replacement of
these underperforming funds with CITs but will also
include a discussion of CITs so that participants
understand these new options. A draft of this
communication will be provided at the February meeting.
Since MassMutual will already be working on
establishing these fund options on their platform, the
time should permit the County to take these actions in
the early spring of 2020.
Vince review the HSA fund line-up. Paul reminded the
Committee that the HSA funds could not be exactly
replicated from one plan to the next and that NFP had
agreed to review these funds as well. For any funds that
are on both the HSA and 457(b) any action on one plan
would be simultaneously taken on the other. As a result,
the actions taken on the funds described above also
apply to the HSA. After discussion, the Committee
additionally and unanimously agreed on the HSA fund
line-up to:
1. Eliminate the Loomis Sayles Bond and default
assets to the age appropriate Target Date Fund;
2. Eliminate the MFS Utilities R4 fund and default
assets to the age appropriate Target Date Fund;
3. Eliminate the Oakmark Equity and Income
Investor fund and default assets to the age
appropriate Target Date Fund
4. Eliminate the Invesco Oppenheimer
International Bd R6 and default assets to the
age appropriate Target Date Fund