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covered in the November meeting along with the review
and approval of the Reserve Policy. Both reviews
represent the Committee’s due diligence annual review
of its policies.
9. Review and Approval of Report of Special This item was postponed to the November meeting.
Services
10. Update on Committee Governance Jay indicated that County Counsel was still working on
this item and that it would remain a standing agenda
item until direction had been provided by County
Counsel.
11. Strategies for Leaving Balances in Rollover Bob provided a brochure that discussed general
Accounts strategies for participants who are considering rollover of
funds at retirement / separation. The County will review
strategies for integrating this information with its current
Rollover Checklist and how to best deploy this
information. Bridget and Lisa mentioned that last year’s
NAGDCA Conference had included a suggestion to
incorporate testimonials into communication strategies
for leaving a portion of funds in the plan. This will be
discussed in upcoming debriefs for developing initiatives
that might enhance this messaging.
12. Approval of Budget for 2020 and 2021 Jay shared information regarding the County’s current
budget and a workplan for reducing overall reserves
going forward. The Committee unanimously approved
the budget with the understanding that the Reserve
Policy will be brought back to the Committee for formal
approval at the next quarterly meeting.
13. Appointment of Sub-Committee for Re- The Sub-Committee will meet in September to discuss
Negotiation goals and objectives of renegotiating MassMutual’s
contract as approved by the Committee in the last
quarterly meeting.
14. Legislative Update Bill provided a brief update on employer activity related
to the SECURE and CARES Acts as both of these have
been discussed previously with the Committee and
elective changes have been approved. Bob referenced a
loosening of the definition of a qualified eligible individual
which was also contained in the NFP News and Views.
15. Next Meeting The next regular quarterly meeting will be held on
November 5, 2020 although a Special Annual Retreat
will occur on October 28, 2020.
The Committee adjourned at 11:13.
