Page 4 - FebDefComp
P. 4
use less of this feature but in fact calls to the 800
number remain high. This change from expectations is
part of the reason that MassMutual had issues with
timely responsiveness to calls when they expected them
to decline but in fact they increased.
Bob reviewed the OBRA plan where current balances
are $11.6 million for the frozen 401(a) plan and are $8.6
million for the 457(b) active plan.
Because of the County’s auto enrollment program
participation in Asset Allocation / Lifecycle (TDF) plan is
high for individuals under age 30 and diminish
accordingly for subsequent demographic age groups.
The participation in TDFs and Stable Value Funds
appear appropriate for each of the age groups in the
plan.
Rollovers were $6.5 million which still represents a high
figure. The Committee discussed a number of strategies
that might lower that rollover amount including after hour
participant/spousal informal social educational
gatherings that might help reduce the overall rollover
amount. Staff agreed that they would look at some
options in this area.
Bob also discussed the implementation of the dual
authentication program. Paul asked that the next report
include the number of people who are electronically
enrolled and are therefore using this new tool.
3. NAGDCA Highlights Paul indicated that he had not attended the 2019
NAGDCA conference but that his NFP colleagues had
provided a summary of each of the session topics. He
reviewed the NAGDCA Highlights document covering
social gathers, de-cumulation phase strategies and the
importance of featuring increased communication with
retirees. The Committee discussed this in some detail
and sought to discuss further at the February meeting
the topic of specific strategies that can be targeted to
retirees. Other Committee members shared their
learning experiences from NAGDCA sessions.
4. Phone Call Responsiveness Bob and Una discussed MassMutual’s increased focus
on call responsiveness. The overall phone
responsiveness was over the standard nationwide (84%
in 80 seconds) but slightly below the standard for San
