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11. SECURE Act and Legislative Update Paul began by indicating that the SECURE Act included
Discussion one mandatory and several discretionary provisions. The
mandatory portion is the increase from age 70½ to 72
the age at which Required Minimum Distributions must
begin and explained that this applied to individuals who
had not yet begun RMDs as of 1-1-2020. Bob
summarized the remaining options and provided a
MassMutual handout that discussed the status. Both
Paul and Bob indicated that this was for educational
purposes only as there has been no federal guidance /
direction on how discretionary provisions are to be
managed. When that direction is provided, this item will
again be placed on the agenda for Committee discussion
and action.
12. NAGDCA Award Consideration Paul indicated that the Fiduciary Briefcase was one
possible consideration for a NAGDCA award since it
provided three distinct advantages: 1) quick information
for current Committee members, 2) onboarding
information for newly designated Committee members
and 3) location for reviewable information by anyone
performing an audit. NFP and MassMutual will explore
the array of possible subjects that could be considered
for NAGDCA award (including suggestions by
Committee members) and notify the Committee at the
next meeting.
13. Review Participation Education on Asset Bob reviewed material for distribution to participants on
Allocations in Down Markets asset allocation in down markets. Paul recommended
that this material be distributed to plan participants and
the Committee agreed.
14. Potential New Additional OBRA Investment This item had arisen from a Retreat discussion where
Options some participants in the County’s OBRA Plan wanted
other potential investment options. Bob read the
guidelines for the types of investments suitable for
OBRA Plans. While it is true that some participants might
want multiple options, the Committee agreed that the
current SAGIC option is prudent and that if individuals
want other investment options they may pursue those in
other areas.
The Committee adjourned at 12:01.
