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had on their agenda six upcoming RFPs and that this
would need to be included in that overall workload. He
agreed that we would continue to list this item on
upcoming agendas so he could report the progress in
this area.
8. Conflict of Interest Requirements Jay indicated that County Counsel would need to provide
an education session and direction for the DCAC
regarding its conflict of interest requirements. He is
hoping this item can be addressed at the February
meeting so this item will be agendized for that time.
9. Legislative Update Paul reviewed the News and Views with the Committee.
The first item covered congressional support for changes
to 457(b) plans many of which are supported by
NAGDCA. Paul said he was less optimistic than he was
a couple of months ago about passage this year based
on impeachment proceedings. Nevertheless, both
Portman and Cardin have developed a bill with broad
bipartisan support and Paul is hopeful this will be re-
introduced and will have some action in 2020. Paul then
covered the update of fiduciary rules from the DOL which
is now part of SEC actions. The SEC has drafted new
rules but eight state AGs have filed suit to address
investor best interest and clarification of blurred lines
between investment advisers and broker-dealers. NFP
will continue to provide updates in this area. Paul then
summarized financial wellness and withdrawal options,
both of which are currently being addressed by the
Committee. Bob mentioned that the IRS had just
distributed new IRS limits for 2020. Maximum
contributions will increase from $19,000 to $19,500; Age
50+ Catch-up provisions will increase from $6,000 to
$6,500. These increases will be communicated to plan
participants.
10. 2020 Dates The Committee agreed to meet February 27, May 21,
August 27, and November 5 in 2020.
11. Other Items Paul mentioned that MassMutual had provided bullet
points and a powerpoint for discussing down market
strategies. He will draft a memo for the Committee’s
review and discussion in February.
The Committee adjourned at 1:55.
