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All the need to know order this, the order of trespasses, the salary of the girl in the middle.

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We're going to call the Navy in order to address the order of trustee, so the salary

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of the Federal and matching plan, too.

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Thank you.

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Thank you, everybody.

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Thank you all for being here.

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I'd like to welcome our new citizen representatives, Cathy Farbs.

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Thank you, Cathy.

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If you're enjoying this, and you're willing to serve.

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So we'll ask Dr. Tracy, maybe give you a little introduction.

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First, the order of business is approval of the Minister, and I've been here for 12.

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Motion or any questions or discussion on lines?

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I'll make a motion to approve those new.

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Second.

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Motion and second, any discussion?

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All in favor, please say aye.

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Aye.

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Five.

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One question, please.

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And next up, we have our update from DV&T for the formally investment of board.

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So, that's that.

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Sure.

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So, just for a new representative member.

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I'm Zach Walley, and I'm with the DV&T.

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And I'm the investment consultant that works with the relationship here.

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And Tracy Reynolds, which is their relationship manager.

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What is your new term now?

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We've merged the term.

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We're not a retirement consultant as your title.

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Thank you.

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Thank you.

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Now, I remember that back.

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And I'm actually an investment strategist.

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So, anyway, what we're going to do is just go through.

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I'm going to talk a little bit about the economy.

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We'll go through the fine lineups and everything else.

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And as we usually do, and I'll stop.

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You know, you guys feel free to stop and answer any questions.

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I'll feel free to ask or answer any questions that you guys have.

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So, just now, we'll page now, homie.

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There we go.

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Sorry.

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So, I just want to talk a little bit about where we are.

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What happened last year, where we are here today.

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So, last year was a great year.

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And then, you know, up on the chart, you can see here on the page.

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You'll see all the different sectors and market indices across.

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As a class returns at the top of the page.

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And you can see the positive returns across the board with US large cap growth.

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Being the largest down towards the bottom with almost the 36.5%.

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Return.

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But you can also see in red there, what happened in 2018.

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And I think it's amazing how many people forget that you had negative returns.

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It turns out to the markets back in 2018.

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And then, what a wonderful year last year was.

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When you look at the S&P itself was up almost 31.5% last year.

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And bonds were up 8.7%.

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So, that's the first time.

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And that's the best return you've seen in bonds in the last 12 years.

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But when you think about it that you had stocks up that high and bond with an 8.7% return.

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Again, it was a great year.

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On the bottom of the page, one thing I'll point out that stands out is

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the sector's last year in 2019.

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You'll see technology all the way over there on the far left.

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Technology was up almost 50% that sector.

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And then you can see the other sectors as you scroll across.

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You'll see the S&P there in the middle in gray at about 31.5% return.

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What's interesting is you go all the way to the right and you'll see energy up only 11.8%

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as the worst performing sector.

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So one of the things that we looked at and just want to mention to everybody is

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every all the sectors weren't just right around the performance of the S&P within

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four or five percent.

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You'll see that technology really was way out there and led the way last year.

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In terms of the economy and where we are, GDP for the fourth quarter last year at 2.1%.

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Again, that number will be revised a couple of times but still very positive.

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The consumer really propelled the economy in the fourth quarter and continues to do so.

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We make up 68 or almost 70%.

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I think things will continue to be slow instead of growth wise.

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Again, with some volatility involved.

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And obviously a lot of questions are being asked what happens to the market in the economy.

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One, it's a presidential year.

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So typically what we've seen is the volatility in a presidential election year.

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Often tell about July or so.

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The market tends to be more volatile.

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Once you get to about July, things seem to sell down as more focused on probably the two candidates

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are.

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And then what the odds are of who's going to win or what the thoughts are, who's going to win.

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So we can expect some volatility early.

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History is in the indication of the past presidential election years.

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The other thing that's out there right now that's creating some volatility is the coronavirus.

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And so I'll talk about that for just a minute.

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But one thing that makes this different than the outbreak over the years and I did bring.

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And what did I put it?

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I'll get to it just like I'll hand it out to you guys there.

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There it is.

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Question with few minds.

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Just printed this out yesterday.

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I know it's not in your packet that we can hand these out.

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So this is just an interesting thing.

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I printed out just regarding past outbreaks like this from.

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These are the SARS to the A.B. and flu to merge to Ebola, measles in Ebola and different times

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and what the market is done.

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And you can see the ups and downs.

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The one thing that I will say is different about the coronavirus and what the effect may have is unlike

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in the past when you go back to the 90s.

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And we all date ourselves with this.

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But what was an existing social media wasn't there.

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So three things that really can happen.

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The effect on how this turns out and what happens.

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Social media.

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The global supply chain is much more integrated than it ever has been as well.

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So that has an effect or could have an effect.

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And then the market is sitting at relatively all time highs currently.

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So any volatility there that could come from that.

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Now, no alarm is in here.

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I mean I saw articles this morning saying this thing could be done by April.

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But, you know, it could be contained that everybody is working on vaccinations on other

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World Health Organization was in China trying to get a better handle on it as well.

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So we'll have to see what happens.

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But again, I think you will see some volatility out of that in the presidential election.

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Now, as far as earnings go out of corporations so far this year, the numbers were seen.

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They're all very solid.

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No issues there.

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So it continues to support where the market is.

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Unemployment, again, very solid numbers.

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I mean, as Eddie and we're talking earlier, the numbers.

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Job growth is there.

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I know unemployment tick from 3.5 to 3.6, but it's still basically the lowest we've seen in 50 years.

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And a solid wage growth still continues to be there.

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Although we'd like to see some more upward pressure on wage growth.

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Just to help the consumer themselves.

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But on the flip side of that oil prices have really tumbleed as well.

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And I know coming down here and I know up around.

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And they're going to couple of areas.

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Guess is under $2 a gallon.

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I saw $1.98.99.

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So that's a real positive to the consumer as well.

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As the barrel has fallen to a closed on February 4th was 49.60 per barrel.

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Now, one thing that becomes interesting when you talk about that in jobs in job growth is when you're pulling it out of the ground.

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Right now, break evens at about $50 a barrel.

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So you're sitting right there at break even.

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One other thing that I'll point out in terms of oil in the economy is we became the largest producer of oil in the world.

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Almost 12 billion, 12 million barrels a day and we're in that exporter of it at this point, but that's created a lot of jobs.

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And it also creates stability in our economy with those jobs and the fact that we had that oil in those resources here versus importing them like we did years ago.

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So overall we're still positive on the markets in the economy going forward.

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But we do think there could be a little volatility in between due to a few of those things just like last year.

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We saw some volatility in a couple of months.

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One other thing that I'll just point out.

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January was a negative.

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I'm sorry.

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I'm not touching the screen quick enough.

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January we did have a negative return in the S&P.

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It lost four tens of one percent.

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That's the first negative month we've seen since August of 2019.

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In the first down January since 2016.

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However, the market is right now is up over 3 percent.

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It had a good week last week.

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The best week we've seen in years.

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And so we're back to a positive 3 plus percent return so far here today.

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And it was up when I came in here this morning.

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12 calls there and see 30 questions on markets or economy or anything.

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Anybody wants to talk about?

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All right.

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Let's take a look at the start with a matching plan.

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And this will be on page 12 in your pocket.

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And this is just the application again from years past to 12 31 of 19 over on the far right.

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And we can scroll down page 13 again.

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She has the same and then page 14.

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You get the totals there and one thing that I will point out.

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Interestingly enough is when you look at the 12 31 18 number of 6,689.

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And then you look at the 12 31 19 number of 9,302,000.

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I realize this counts contributions as well on the game.

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But you're looking at a 35 plus percent gain for that plan over last year.

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So that is a real positive and I know contributions are part of that.

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But there was a lot of investment growth there as well.

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And you can see that represented on page 15 in your packet.

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The growth through the bar charts there.

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You'll notice the growth from even from the fourth quarter of last year for the end of the year.

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So we're at $9 million mark.

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On the salary deferral plan, the same page is there.

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And again on page 18 of your packet.

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You'll see that the growth can't went from eight and a half million to 11.3 million.

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So again, the solid returns about over $2 million in right around 34 percent are so in terms of growth of the plan.

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Again, contributions are included but a fair amount of that came from investment growth.

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And page 19 will show you the bar chart again as well.

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You can look it from the end of 18 to the end of 19.

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And you'll just see that the stair step up as well.

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Any questions on any of those?

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All right, let's look at the investment performance of the different funds.

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And we will walk through that and we will start on page 22 of your packet.

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And one thing to point out here in terms of investment performance.

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Again, both plans have the same lineups and the only difference will be the dollars that are shown over on the far right.

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So just highlighting coming down to the third fund down.

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See the Dodgen Cox income fund had a great fourth quarter.

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This was in the top third for the trailing one year period there.

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And I guess the way I need to point this out and I apologize if you look on the screen and this is for our new member.

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Thank you.

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So this is the name of the fund here.

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This is the symbol of the fund.

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The idea and then the number 11 means he was in the top 11 percent.

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He returned 87 basis points for just under one percent.

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The benchmark right above it returned 38 basis points.

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And then the category average.

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That's for every.

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I think maybe eight.

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Sorry.

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But then scrolling over you'll see he was not 75 for the year last year.

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In the top third or 37 percent.

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And then this is the morning star rating over here for stars.

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The manager.

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So no issues there fund is doing well.

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Ryan underneath that the DFA world actually has government funds struggled a little bit in the fourth quarter.

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It was actually in the 100th percentile down to 75.

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For the one year he's right at the 50th percentile mark.

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The three year he's in the 26th percentile in the five year he's in the 14th.

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Four star rated still.

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You guys currently have $47,000 in that particular fund.

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Underneath that particular fund one other high like the American funds balance fund had a great fourth quarter.

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Returned almost 6 percent in the quarter.

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Put him in the top 15 percent in the country.

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Well, ahead of the benchmark and the category average.

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For the trailing year he's ahead of the benchmark.

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A little behind the category average was still on the top half.

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His three year numbers in the top 12 percent in his five year numbers in the top six.

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And his 10 year numbers in the top 5 percent with an average annual return over the last 10 years of almost 10 and a half percent.

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And you guys it's a five star fund and you currently have just over 56,000 hours in that particular fund.

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The target date funds right underneath that.

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We'll start there.

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They've all done extremely well.

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Most had a pretty good fourth quarter.

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You'll see that.

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But when you really look out at the three year number you'll see the 20.05 fund.

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Which got us just 15 years behind this now.

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So that fund will be facing out later this year.

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I believe I'll check the date but I believe it's later this year up to 15 years.

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They pays out.

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Was in the 20 second percent out.

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But the 2010 fund in the top one percent the 2015 for the last three years in the top five.

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00:14:06,000 --> 00:14:10,000
And on the next page on page 23 you'll see those three year ranks.

240
00:14:10,000 --> 00:14:13,000
Everybody's in the top 10 percent on the one year rank.

241
00:14:13,000 --> 00:14:20,000
Everybody is basically top third until you get out to the 255 fund which is more heavily equity weighted.

242
00:14:20,000 --> 00:14:26,000
It was in the top 35 percent ahead of the benchmark as well as ahead of the category average.

243
00:14:26,000 --> 00:14:34,000
But just didn't scream right out there but still very solid performance with the 255 and a half percent return last year.

244
00:14:34,000 --> 00:14:39,000
And then on page 24 you finish out the target date funds there at the top.

245
00:14:39,000 --> 00:14:45,000
The 2060 fund in the top 44 percent again ahead of the benchmark in the category average.

246
00:14:45,000 --> 00:14:49,000
But in the 44 percent top but just three year numbers still in the top eight percent.

247
00:14:49,000 --> 00:14:51,000
So all those are still doing extremely well.

248
00:14:51,000 --> 00:14:55,000
Going down the rest of that page everything is doing well.

249
00:14:55,000 --> 00:14:59,000
You can scroll down until you see the Vanguard strategic equity.

250
00:15:00,000 --> 00:15:29,000
We listed in red. We have the Fidelity Medcap Index in Medcap Blend and we have that active manager in Medcap Blend. They had a great fourth quarter. If you'll just scroll over there to the right, you'll see he was up over 8% in the fourth quarter, which put him in the top 20% in the country. That really helped. If you remember last quarter, he was under, they were under review for some under performance. So last year, while he was behind the benchmark behind the category average,

251
00:15:30,000 --> 00:15:39,000
he was still in the top half in the country with a 26 and 3 quarter percent return. His 3 year number, he's still being dinged on in terms of monitoring and scoring.

252
00:15:39,000 --> 00:15:48,000
It would have been in the 69% tall, but his 5 and 10 year numbers are all still solid. No suggested changes to that under this time, but we will keep an eye on it.

253
00:15:48,000 --> 00:16:01,000
And then finally, on the next page of the book, we finish out with the small cap index, the international index and the real estate portfolio, all which are still fine.

254
00:16:01,000 --> 00:16:14,000
No issues in nobody is on watch. So the next couple of pages are the investment performance for the salary deferral plan. Again, the only difference that you will see is the dollars on the right. The funds are all exactly the same.

255
00:16:14,000 --> 00:16:22,000
So I'll let the pass that and then we'll get into the scoring. And so I'll do this for a few minutes.

256
00:16:22,000 --> 00:16:32,000
So what we do, according to your message, we take all the funds and we want to take it right here.

257
00:16:32,000 --> 00:16:45,000
So you'll see you need to be in the top half or we're currently one three five and in there.

258
00:16:45,000 --> 00:16:50,000
You're paying us, you're paying me to be in line with your product history, you need to have this three years.

259
00:16:50,000 --> 00:16:56,000
You're managing your 10 year needs to be at least three years. You're administrative, you're the cost of the transaction.

260
00:16:56,000 --> 00:17:01,000
You need to be in the top half or what we say to the bottom half.

261
00:17:01,000 --> 00:17:07,000
The best thing if you're a person at the top, number of holes you don't like concentrated funds that create a lot of balls.

262
00:17:07,000 --> 00:17:10,000
So it's always to need to be in the works of five fund.

263
00:17:10,000 --> 00:17:15,000
Style threads, walking harder than you do and manage, we expect you to stick to.

264
00:17:15,000 --> 00:17:18,000
We have that problem here a couple of years.

265
00:17:18,000 --> 00:17:22,000
Small cap growth manager, and you're paying the big cap growth.

266
00:17:22,000 --> 00:17:35,000
And then you need to outperform the index over the last three years.

267
00:17:35,000 --> 00:17:38,000
And then the last one is three out of the last six quarters.

268
00:17:38,000 --> 00:17:41,000
And on the far right you get your total score.

269
00:17:41,000 --> 00:17:44,000
So you need to 85 per pass.

270
00:17:44,000 --> 00:17:48,000
So if you can see here on the index funds, everybody is at 90 or 100.

271
00:17:48,000 --> 00:17:50,000
Now issues there.

272
00:17:50,000 --> 00:17:54,000
And these are the four index funds that are currently in the plan.

273
00:17:54,000 --> 00:17:57,000
Next are the target eight funds that we just want over the performance on.

274
00:17:57,000 --> 00:18:00,000
And you will see currently they all score at 100.

275
00:18:00,000 --> 00:18:03,000
Those are the nerds in the class.

276
00:18:03,000 --> 00:18:07,000
And then we get to the fixed income funds.

277
00:18:07,000 --> 00:18:11,000
So the stable value fund is passing.

278
00:18:11,000 --> 00:18:14,000
So as you have a score of 83, but there are a number of NAs there.

279
00:18:14,000 --> 00:18:19,000
And when they're in A's, they reduce the number of the formula.

280
00:18:19,000 --> 00:18:21,000
Because there are no numbers there.

281
00:18:21,000 --> 00:18:23,000
So that's why you get an odd score of 83.

282
00:18:23,000 --> 00:18:26,000
The same is on the DFA World X US government.

283
00:18:26,000 --> 00:18:28,000
You'll see he gets an 89 and it is passing.

284
00:18:28,000 --> 00:18:33,000
But how do you get an 89 when everything is on five and ten five point and ten point marks.

285
00:18:33,000 --> 00:18:35,000
Because there's one less category.

286
00:18:35,000 --> 00:18:38,000
So when they do the numbers, that's what it comes out to.

287
00:18:38,000 --> 00:18:44,000
The second fund is just government securities and 85 in the dodging boxes that are 100.

288
00:18:44,000 --> 00:18:48,000
On page 36, we will look at the stock or equity funds.

289
00:18:48,000 --> 00:18:54,000
Everybody is passing except that Vanguard strategic equity income fund or equity fund that we just talked about.

290
00:18:54,000 --> 00:18:59,000
I just pointed out that it did out perform in the fourth quarter, which I typed in the note here.

291
00:18:59,000 --> 00:19:04,000
And that's a reversal from the third quarter performance that we talked about in our last meeting.

292
00:19:04,000 --> 00:19:07,000
I'm not only watching consumer stacals drove the out performance.

293
00:19:07,000 --> 00:19:09,000
As I mentioned earlier what technology did last year.

294
00:19:09,000 --> 00:19:12,000
It also has out performed in the peer group for the 3 year period.

295
00:19:12,000 --> 00:19:16,000
It's the 3 year period that I mentioned earlier, where they're still behind.

296
00:19:16,000 --> 00:19:19,000
The fund tends to lean a little bit to the value side do to their process.

297
00:19:19,000 --> 00:19:22,000
The longer performance, I said, is still good.

298
00:19:22,000 --> 00:19:25,000
Is I noted and there are no changes recommended at this time for that fund.

299
00:19:25,000 --> 00:19:30,000
Then you have the heart for midcap fund right below within 85.

300
00:19:30,000 --> 00:19:33,000
And that the federality real estate fund would have 90.

301
00:19:33,000 --> 00:19:39,380
On page 37 is the ASS allocation page, just showing you all the different asset classes that

302
00:19:39,380 --> 00:19:40,740
we cover with the plan.

303
00:19:40,740 --> 00:19:45,180
Again, all the large cap, mid-cap, and then small cap is covered with the index there in

304
00:19:45,180 --> 00:19:46,180
the center.

305
00:19:46,180 --> 00:19:50,420
Fixed-in-com, or bond funds are on the right, we've got the U.S. Government Security

306
00:19:50,420 --> 00:19:54,660
Fund, the DFA World Fund, and the Dodging Cox Income Fund.

307
00:19:54,660 --> 00:19:58,620
And then on the bottom are the International Funds, the Balance Fund, and the Target

308
00:19:58,620 --> 00:20:04,020
Data Funds, and then the stable value in the real estate investment fund.

309
00:20:04,020 --> 00:20:07,860
And if you have trouble sleeping tonight, all the fund pages are in the back for all

310
00:20:07,860 --> 00:20:08,860
the different statistics.

311
00:20:08,860 --> 00:20:13,300
But again, everything finished the year strongly, everything looks good with the two plans

312
00:20:13,300 --> 00:20:18,860
that performance has been good of all the funds and no suggested changes at this time.

313
00:20:18,860 --> 00:20:22,580
Now, with that, I will turn it over, I'll pause and see if there any questions that I'll let

314
00:20:22,580 --> 00:20:26,080
trace, present her.

315
00:20:26,080 --> 00:20:27,080
All right.

316
00:20:27,080 --> 00:20:29,080
Any questions?

317
00:20:29,080 --> 00:20:30,080
All right.

318
00:20:30,080 --> 00:20:30,920
No, okay.

319
00:20:30,920 --> 00:20:36,680
Let me get her trace these, which should be, all right.

320
00:20:36,680 --> 00:20:37,680
All right.

321
00:20:37,680 --> 00:20:38,680
All right.

322
00:20:38,680 --> 00:20:39,680
All right.

323
00:20:39,680 --> 00:20:40,680
Good afternoon.

324
00:20:40,680 --> 00:20:46,180
Let's start on page 84 of your packet.

325
00:20:46,180 --> 00:20:51,580
This is the, you can now, are the benefits that look current benefits outlook.

326
00:20:51,580 --> 00:21:00,260
And in the end of 2019, Congress did pass the Secure Act, which makes some changes to the

327
00:21:00,260 --> 00:21:03,700
plans and to the retirement industry.

328
00:21:03,700 --> 00:21:09,740
Some of the changes are effective as a one-one, some are later, and because of programming and

329
00:21:09,740 --> 00:21:11,420
just getting it set up.

330
00:21:11,420 --> 00:21:16,060
But the things, the couple of things that are effective, one-one that you need to know about,

331
00:21:16,060 --> 00:21:21,860
the same increase with the required minimum distribution, for ever, it has been 70 and

332
00:21:21,860 --> 00:21:25,060
a half, beginning 1-1 at 72.

333
00:21:25,060 --> 00:21:32,020
So, if someone was receiving 1, and they were 70 and a half before the end of 2019, they still

334
00:21:32,020 --> 00:21:37,340
have about the 70 and a half, but everyone else will start with 72.

335
00:21:37,340 --> 00:21:43,180
Also with the required minimum distributions on death benefits, and the past has been over 10 years,

336
00:21:43,180 --> 00:21:48,580
as far as you can stretch out that benefit, and someone passes away as a beneficiary.

337
00:21:48,580 --> 00:21:55,660
Now, you can look at the expected lifetime of the beneficiary and expand those distributions

338
00:21:55,660 --> 00:21:58,460
if you're getting an annuity over that time frame.

339
00:21:58,460 --> 00:22:05,260
I'll skip the third one, the fourth one is 10% early withdrawal penalty, and if you're not 59 and

340
00:22:05,260 --> 00:22:11,500
a half in you take distributions out of these plans, you usually incur early distribution penalty,

341
00:22:11,500 --> 00:22:17,820
but with the secure act, they have added an exemption to that, which is you can take up

342
00:22:17,820 --> 00:22:25,420
$25,000 during the one-year period following the birth or adoption of a child.

343
00:22:25,420 --> 00:22:29,660
And finally, on this page, the increase in automatic contribution to false, there's different types

344
00:22:29,660 --> 00:22:31,140
of automatic contributions.

345
00:22:31,140 --> 00:22:36,980
One, you default someone in, it's a 6% in the new year, they increase automatically, and in

346
00:22:36,980 --> 00:22:41,180
the past is only, you can only increase up to 10%, and now you can't go up to 15%.

347
00:22:41,180 --> 00:22:49,020
Page 85, talked about a few other things that's really not applicable to this plan.

348
00:22:49,020 --> 00:22:56,460
I will point out the last bullet point is if you're 70 and a half, you can't continue to contribute

349
00:22:56,460 --> 00:22:59,460
to a traditional IRA now.

350
00:22:59,460 --> 00:23:04,660
So all these things that will be an amendment to the plan, we're waiting on the language, and

351
00:23:04,660 --> 00:23:10,660
we have until, actually, the end of 2022 to have those amendments in place.

352
00:23:10,660 --> 00:23:16,780
So we'll be operating on your operating statement until that point.

353
00:23:16,780 --> 00:23:24,020
Page 86 is just the non-calorie or plan compliance timeframe, and we're in third quarter for

354
00:23:24,020 --> 00:23:28,660
your plan now, but there's nothing that's really needing to be done, this is typically when

355
00:23:28,660 --> 00:23:34,380
you have to file page 500s and this plan is exempt from that.

356
00:23:34,380 --> 00:23:42,420
On 87, each year, BB&T, we participate in different types of surveys, and one of the ones

357
00:23:42,420 --> 00:23:51,420
that we worked with is the plan's monster magazine, and so the 2019 results are out in BB&T,

358
00:23:51,420 --> 00:23:57,140
score 36 best in class awards, so we have to brag about ourselves every now and then.

359
00:23:57,380 --> 00:23:58,620
We're showing off now.

360
00:23:58,620 --> 00:24:01,220
We're showing off, we are.

361
00:24:01,220 --> 00:24:04,140
If we don't, nobody else does.

362
00:24:04,140 --> 00:24:10,460
If you look at your specific plan, you can see as Zach had said earlier, the assets in the

363
00:24:10,460 --> 00:24:16,980
both plans are increasing, and you can see from 2014 to 2019 how much they've increased, salary

364
00:24:16,980 --> 00:24:22,900
deferrals at 11.11.4 million, and the employee matching plans at 9.3 million.

365
00:24:22,900 --> 00:24:33,180
And then total participants, this is the first time, first quarter since 2014, that

366
00:24:33,180 --> 00:24:39,460
the matching plan exceeded the salary deferral plan with participants, has only about two, but

367
00:24:39,460 --> 00:24:49,020
it's 663 and matching 665 and salary deferrals, so there's a lot of growth there.

368
00:24:49,020 --> 00:24:54,020
This is a slide that I like, the average count balances, you can see have grown.

369
00:24:54,020 --> 00:25:00,180
2017, they were up at 18, with the markets, they were down quite a bit, so they've recovered

370
00:25:00,180 --> 00:25:08,180
from 17 and surpassed that, so average balance in the salary deferrals, 17,000, and 14,000

371
00:25:08,180 --> 00:25:13,020
in the matching plan.

372
00:25:13,020 --> 00:25:17,260
And then investment diversification, again this is where we hope to see participants in at least

373
00:25:17,260 --> 00:25:24,300
three funds, or in a target date fund, which is an allocation asset allocation.

374
00:25:24,300 --> 00:25:31,220
The majority of participants are in target date funds, the salary deferral has 225 participants

375
00:25:31,220 --> 00:25:37,780
in at a target date and the matching has 249, the participants we would be concerned about are those

376
00:25:37,780 --> 00:25:44,220
who are one investment in a non-target date, so we have 22 in salary deferral 23 in the matching

377
00:25:44,220 --> 00:25:47,220
plan, who are not diversified.

378
00:25:47,220 --> 00:25:54,180
And then you see the 234 five for more, on average participants are holding four funds and

379
00:25:54,180 --> 00:26:00,460
salary deferral 3.7 in the match, and if you exclude the target dates and take those out, they're

380
00:26:00,460 --> 00:26:05,140
holding five funds in each.

381
00:26:05,140 --> 00:26:13,160
Proinvest is the advice that participants can get online, 6% of the participants in the salary

382
00:26:13,160 --> 00:26:17,800
deferral plan have higher pro-invest managed their money, and they're managing about 12%

383
00:26:17,800 --> 00:26:20,440
of the total assets.

384
00:26:20,440 --> 00:26:23,920
And then in the matching plan there's five percent of participants have higher pro-invest and

385
00:26:23,920 --> 00:26:28,440
managing about 10% of the assets.

386
00:26:28,440 --> 00:26:29,640
Do you have any questions?

387
00:26:29,640 --> 00:26:34,320
Yes, what's the average age of the participants?

388
00:26:34,320 --> 00:26:38,680
Hi, how much age are your participants?

389
00:26:39,680 --> 00:26:43,680
Are we heavily skewing towards people who are about to retire?

390
00:26:43,680 --> 00:26:53,960
Let's say, I do have the pension plan with closed in 2006, so we still have a lot of what

391
00:26:53,960 --> 00:27:00,640
is that maybe a little over 200 employees that are in the pension plan, but again, as of the end

392
00:27:00,640 --> 00:27:07,440
of 2006, only this plan has been an option, so that may skew it a little more towards younger participants.

393
00:27:07,440 --> 00:27:11,160
And we can get that information back.

394
00:27:11,160 --> 00:27:16,400
Yeah, I see the growing, but these are people that are about to retire now, they're a long way

395
00:27:16,400 --> 00:27:17,400
off.

396
00:27:17,400 --> 00:27:23,400
And we do have this information.

397
00:27:23,400 --> 00:27:25,600
Thank you.

398
00:27:25,600 --> 00:27:28,840
And this is in the salary deferral plan.

399
00:27:28,840 --> 00:27:29,840
Thank you.

400
00:27:29,840 --> 00:27:33,880
These are the active participants, so these are the ones who actually had a deferral into

401
00:27:33,880 --> 00:27:41,080
the plan during the fourth quarter of 2019, as you can see, the breakdown by age, by compensation

402
00:27:41,080 --> 00:27:42,080
and by tenure.

403
00:27:42,080 --> 00:27:43,080
Thank you.

404
00:27:43,080 --> 00:27:50,360
There were 37 participants who did not contribute that we had a record, and you can see their

405
00:27:50,360 --> 00:27:58,520
same information by age, comp, and tenure.

406
00:27:58,520 --> 00:28:03,120
Terminated participants, we didn't have 91 participants as of December 31st in the plan who

407
00:28:03,120 --> 00:28:08,960
would terminate it, and on page 108 in your packet, you can see the breakdown, we have five

408
00:28:08,960 --> 00:28:17,440
who were less than $1,000 in the plan, 46, between 1 and 5,000 and then 40 who were over 5,000.

409
00:28:17,440 --> 00:28:21,000
So they're money, they're just not taking their money out of the plan yet.

410
00:28:21,000 --> 00:28:28,200
Most of this stuff I put into those first few slides and the investments that did, so I did

411
00:28:28,200 --> 00:28:31,440
want to touch on page 122.

412
00:28:31,440 --> 00:28:36,640
The internet and phone usage plan track, which is the online site that participants can go to,

413
00:28:36,640 --> 00:28:42,880
we had 985 hits to plan track during the fourth quarter of the year, and you see the top five

414
00:28:42,880 --> 00:28:43,880
activities.

415
00:28:43,880 --> 00:28:51,480
Most of the hits were just to look at the overview of the plan, withdrawals were 38, the benefits

416
00:28:51,480 --> 00:28:57,840
done, we had 15 calls, and you can see what was there, and as sponsored link would be

417
00:28:57,840 --> 00:29:02,400
Julie or I, I'm pretty sure you'd have that as well, thank you.

418
00:29:02,400 --> 00:29:10,720
Signing on and looking for a participant, it just has a question or just looking of information.

419
00:29:10,720 --> 00:29:19,440
And let's see, and then here's the matching plan, it's the same information, terminated participants

420
00:29:19,440 --> 00:29:26,440
for 77 in the matching plan, who have left their account in the plan, and then we can

421
00:29:26,440 --> 00:29:35,280
look at the design investment information, and the internet and phone usage, 765 sessions

422
00:29:35,280 --> 00:29:41,360
in the on plan track and non calls.

423
00:29:41,360 --> 00:29:42,760
That's all that I have.

424
00:29:42,760 --> 00:29:43,760
Do you have any questions?

425
00:29:44,680 --> 00:29:48,680
Sorry.

426
00:29:48,680 --> 00:29:53,320
So when it went proactively, I'm reaching out to reduce, and this, these stats, you just gave

427
00:29:53,320 --> 00:29:57,480
more people coming to you asking information on students and quarterly statements, and you

428
00:29:57,480 --> 00:29:59,680
really re-use, and that they have all that information.

429
00:29:59,680 --> 00:30:00,680
Yeah.

430
00:30:00,000 --> 00:30:09,000
They have statements. They have access online, or they go out any day. Statements are also online. I think we keep like two years worth of statements online.

431
00:30:09,000 --> 00:30:12,000
If a participant must go out and pull a nose statement.

432
00:30:12,000 --> 00:30:16,000
Is there any concern that there are any employees that don't have access to internet?

433
00:30:16,000 --> 00:30:19,000
We have a 800 number.

434
00:30:19,000 --> 00:30:20,000
So those are probably the colors then.

435
00:30:20,000 --> 00:30:27,000
They can call in and the statements are mailed. If a participant does not want to get an online statement, they're statements are mailed.

436
00:30:28,000 --> 00:30:31,000
And then education, we help with education.

437
00:30:31,000 --> 00:30:36,000
We have a communication specialist who comes out two or three times a year.

438
00:30:36,000 --> 00:30:38,000
We have three days.

439
00:30:38,000 --> 00:30:39,000
Yeah.

440
00:30:39,000 --> 00:30:41,000
We have three days of education in here.

441
00:30:41,000 --> 00:30:42,000
Okay.

442
00:30:43,000 --> 00:30:44,000
Okay.

443
00:30:44,000 --> 00:30:45,000
Thank you.

444
00:30:45,000 --> 00:30:46,000
Thank you.

445
00:30:49,000 --> 00:30:51,000
Any other questions?

446
00:30:51,000 --> 00:30:58,000
Any updates on the merger?

447
00:30:58,000 --> 00:30:59,000
Yeah.

448
00:30:59,000 --> 00:31:01,000
So it's going to take one second on that.

449
00:31:01,000 --> 00:31:05,000
So as of December 9th, we became truest financial operation.

450
00:31:05,000 --> 00:31:07,000
We're still two separate companies on trust this year.

451
00:31:07,000 --> 00:31:09,000
And the meeting is here.

452
00:31:09,000 --> 00:31:11,000
It's just owned by truest financial cooperation.

453
00:31:11,000 --> 00:31:13,000
The merger is going along pretty smoothly.

454
00:31:13,000 --> 00:31:15,000
We haven't fully started systems.

455
00:31:15,000 --> 00:31:17,000
We're going along those lines that I mentioned before.

456
00:31:17,000 --> 00:31:19,000
They're 2,700 systems.

457
00:31:19,000 --> 00:31:21,000
They have to figure out how to make work all together.

458
00:31:21,000 --> 00:31:23,000
But so far, everything's been smooth.

459
00:31:23,000 --> 00:31:25,000
We do trade under the stock symbol.

460
00:31:25,000 --> 00:31:28,000
TFC now for truest financial cooperation.

461
00:31:28,000 --> 00:31:32,000
And so VVNT and Central Stock did go away as they merge those stocks into that.

462
00:31:32,000 --> 00:31:34,000
And that's the whole company.

463
00:31:34,000 --> 00:31:37,000
Both existing companies and totally fully get put together.

464
00:31:37,000 --> 00:31:40,000
But everything did happen and everything's gone along smoothly.

465
00:31:40,000 --> 00:31:41,000
So.

466
00:31:41,000 --> 00:31:42,000
I have a stadium.

467
00:31:42,000 --> 00:31:43,000
Yes.

468
00:31:43,000 --> 00:31:44,000
I have a stadium.

469
00:31:44,000 --> 00:31:45,000
Yeah.

470
00:31:45,000 --> 00:31:46,000
It's been interesting.

471
00:31:46,000 --> 00:31:47,000
We have a new color.

472
00:31:47,000 --> 00:31:48,000
I don't know if you've seen that.

473
00:31:48,000 --> 00:31:49,000
It's the color of the stadium.

474
00:31:49,000 --> 00:31:50,000
It's the color of the stadium.

475
00:31:50,000 --> 00:31:51,000
It's purple.

476
00:31:51,000 --> 00:31:52,000
Yeah.

477
00:31:52,000 --> 00:31:53,000
The color of the stadium.

478
00:31:53,000 --> 00:31:54,000
It's purple.

479
00:31:54,000 --> 00:31:55,000
Yeah.

480
00:31:55,000 --> 00:31:56,000
Yeah.

481
00:31:56,000 --> 00:31:57,000
What was burgundy?

482
00:31:57,000 --> 00:31:58,000
And what was blue?

483
00:31:58,000 --> 00:31:59,000
And blended.

484
00:31:59,000 --> 00:32:00,000
I came up with purple.

485
00:32:00,000 --> 00:32:04,000
We haven't used symbol and truest financial cooperation.

486
00:32:04,000 --> 00:32:05,000
But no worries.

487
00:32:05,000 --> 00:32:06,000
Everything still says VVNT.

488
00:32:06,000 --> 00:32:08,000
Until we run out of printing paper.

489
00:32:08,000 --> 00:32:09,000
All that stuff.

490
00:32:09,000 --> 00:32:10,000
That's our pipe.

491
00:32:10,000 --> 00:32:11,000
Play saw that.

492
00:32:11,000 --> 00:32:12,000
Yeah.

493
00:32:12,000 --> 00:32:14,000
And our business car is still the same.

494
00:32:14,000 --> 00:32:15,000
And at some point it will.

495
00:32:15,000 --> 00:32:16,000
But everything.

496
00:32:16,000 --> 00:32:17,000
Thank you very much.

497
00:32:17,000 --> 00:32:18,000
Everything has gone smoothly.

498
00:32:18,000 --> 00:32:19,000
So far.

499
00:32:19,000 --> 00:32:20,000
And there have been no real changes.

500
00:32:20,000 --> 00:32:23,000
And we don't think you'll see any changes in it.

501
00:32:23,000 --> 00:32:24,000
I'm certain for any.

502
00:32:24,000 --> 00:32:25,000
I think it'll be 12.

503
00:32:25,000 --> 00:32:27,000
18 months before you begin to see.

504
00:32:27,000 --> 00:32:28,000
Yeah.

505
00:32:28,000 --> 00:32:29,000
I think it'll be.

506
00:32:29,000 --> 00:32:30,000
The recording may look a little different.

507
00:32:30,000 --> 00:32:31,000
At some point depending on.

508
00:32:31,000 --> 00:32:34,000
And the reason I say that is we've got a great system.

509
00:32:34,000 --> 00:32:35,000
Central Services.

510
00:32:35,000 --> 00:32:36,000
Which one do you choose?

511
00:32:36,000 --> 00:32:37,000
You don't need a paper boat.

512
00:32:37,000 --> 00:32:39,000
Or is I heard as well.

513
00:32:39,000 --> 00:32:40,000
They're out looking at.

514
00:32:40,000 --> 00:32:41,000
Is there.

515
00:32:41,000 --> 00:32:43,000
So this size here and can afford this.

516
00:32:43,000 --> 00:32:44,000
Can we now do something different?

517
00:32:44,000 --> 00:32:46,000
So the recording may look a little differently.

518
00:32:46,000 --> 00:32:47,000
At some point.

519
00:32:47,000 --> 00:32:48,000
But that will.

520
00:32:48,000 --> 00:32:49,000
That will really be it.

521
00:32:49,000 --> 00:32:51,000
If it's not where they decide to go.

522
00:32:51,000 --> 00:32:53,000
Thank you.

523
00:32:53,000 --> 00:32:54,000
Thank you.

524
00:32:54,000 --> 00:32:58,000
Is there any specific communication employees that like it hasn't.

525
00:32:58,000 --> 00:33:02,000
It's about the change that they'll know when their statements start to say true.

526
00:33:02,000 --> 00:33:05,000
We didn't sell everything and change everything that is the same thing.

527
00:33:05,000 --> 00:33:08,000
Is that part of their statement or is that part of the education process?

528
00:33:08,000 --> 00:33:09,000
Go ahead.

529
00:33:09,000 --> 00:33:10,000
Go ahead.

530
00:33:10,000 --> 00:33:12,000
And if there will be part of the education process going forward.

531
00:33:12,000 --> 00:33:14,000
But because really nothing has changed.

532
00:33:14,000 --> 00:33:15,000
It's still.

533
00:33:15,000 --> 00:33:16,000
As you can see.

534
00:33:16,000 --> 00:33:17,000
BB&T still shows here.

535
00:33:17,000 --> 00:33:18,000
That might log on.

536
00:33:18,000 --> 00:33:19,000
It's still.

537
00:33:19,000 --> 00:33:20,000
BB&T.

538
00:33:20,000 --> 00:33:21,000
The website still says.

539
00:33:21,000 --> 00:33:22,000
BB&T.

540
00:33:22,000 --> 00:33:24,000
They'll probably put notifications up there.

541
00:33:24,000 --> 00:33:26,000
At some point again when they merge.

542
00:33:26,000 --> 00:33:28,000
A system together to do something.

543
00:33:28,000 --> 00:33:29,000
They'll be more.

544
00:33:29,000 --> 00:33:30,000
More.

545
00:33:30,000 --> 00:33:31,000
That.

546
00:33:31,000 --> 00:33:32,000
But for the time being.

547
00:33:32,000 --> 00:33:33,000
The point.

548
00:33:33,000 --> 00:33:34,000
Nothing.

549
00:33:34,000 --> 00:33:35,000
It's just that main overall.

550
00:33:35,000 --> 00:33:36,000
Thank you.

551
00:33:36,000 --> 00:33:37,000
I was looking.

552
00:33:37,000 --> 00:33:38,000
Yeah.

553
00:33:38,000 --> 00:33:39,000
Yeah.

554
00:33:39,000 --> 00:33:40,000
Yeah.

555
00:33:40,000 --> 00:33:41,000
It's just like something and news lately.

556
00:33:41,000 --> 00:33:42,000
Yeah.

557
00:33:42,000 --> 00:33:46,000
And we'll be communicating with Julie and Patricia on changes as they occur.

558
00:33:46,000 --> 00:33:47,000
Probably.

559
00:33:47,000 --> 00:33:48,000
And emails.

560
00:33:48,000 --> 00:33:49,000
We can go definitely eat.

561
00:33:49,000 --> 00:33:51,000
I mean, even get that came out.

562
00:33:51,000 --> 00:33:53,000
In case they're email and our news letter.

563
00:33:53,000 --> 00:33:55,000
That's our main form of communication with their voice.

564
00:33:55,000 --> 00:33:56,000
Okay.

565
00:33:56,000 --> 00:33:57,000
A bit.

566
00:33:57,000 --> 00:33:58,000
Thanks.

567
00:33:58,000 --> 00:33:59,000
Thanks.

568
00:33:59,000 --> 00:34:00,000
Thank you.

569
00:34:00,000 --> 00:34:02,000
I think the only change you'll see if you go into a branch.

570
00:34:02,000 --> 00:34:04,000
They'll say welcome to BB&T.

571
00:34:04,000 --> 00:34:05,000
Now true.

572
00:34:05,000 --> 00:34:06,000
That's about it.

573
00:34:06,000 --> 00:34:09,000
But even a branch signage has changed.

574
00:34:09,000 --> 00:34:10,000
I don't know.

575
00:34:10,000 --> 00:34:12,000
I've got that millions and millions of dollars.

576
00:34:12,000 --> 00:34:14,000
I've tried to change all those signs.

577
00:34:14,000 --> 00:34:16,000
It's something.

578
00:34:16,000 --> 00:34:17,000
They'll do it.

579
00:34:17,000 --> 00:34:19,000
But not for a while.

580
00:34:19,000 --> 00:34:21,000
Any other questions?

581
00:34:21,000 --> 00:34:23,000
Any other business for the group?

582
00:34:23,000 --> 00:34:24,000
All right.

583
00:34:24,000 --> 00:34:31,000
Well, I guess the next part of business is next quarterly meeting.

584
00:34:31,000 --> 00:34:34,000
We have 10 to play picked.

585
00:34:34,000 --> 00:34:35,000
I win today.

586
00:34:35,000 --> 00:34:36,000
It's definitely Tuesday.

587
00:34:36,000 --> 00:34:37,000
That would.

588
00:34:37,000 --> 00:34:42,000
How would non-check in the wins day, May 6th?

589
00:34:48,000 --> 00:34:49,000
That could be.

590
00:34:49,000 --> 00:34:50,000
That's five more.

591
00:34:50,000 --> 00:34:52,000
Should it be good to be?

592
00:34:52,000 --> 00:34:53,000
Not a try.

593
00:34:53,000 --> 00:34:54,000
Of course.

594
00:34:54,000 --> 00:34:55,000
Does that have to go?

595
00:34:55,000 --> 00:34:56,000
Well.

596
00:34:56,000 --> 00:34:58,000
They'd be all leave yet.

597
00:34:58,000 --> 00:34:59,000
Yeah.

598
00:34:59,000 --> 00:35:00,000
That's right.

599
00:35:00,000 --> 00:35:01,000
I'm here.

600
00:35:01,000 --> 00:35:02,000
Nice.

601
00:35:03,000 --> 00:35:04,000
Yes.

602
00:35:04,000 --> 00:35:05,000
To a clock.

603
00:35:05,000 --> 00:35:06,000
To a clock.

604
00:35:06,000 --> 00:35:07,000
That worked.

605
00:35:07,000 --> 00:35:08,000
Or to a clock.

606
00:35:08,000 --> 00:35:10,000
But not to get.

607
00:35:10,000 --> 00:35:11,000
It'll bring it down.

608
00:35:11,000 --> 00:35:12,000
Go.

609
00:35:12,000 --> 00:35:13,000
Think of mine.

610
00:35:13,000 --> 00:35:14,000
Yeah.

611
00:35:14,000 --> 00:35:15,000
Oh.

612
00:35:15,000 --> 00:35:16,000
Sure.

613
00:35:16,000 --> 00:35:19,000
It's also the day after election.

614
00:35:19,000 --> 00:35:20,000
So.

615
00:35:20,000 --> 00:35:21,000
So.

616
00:35:21,000 --> 00:35:22,000
All right.

617
00:35:22,000 --> 00:35:23,000
I have that.

618
00:35:23,000 --> 00:35:24,000
The motion.

619
00:35:24,000 --> 00:35:25,000
Wednesday.

620
00:35:25,000 --> 00:35:27,000
May 6th.

621
00:35:27,000 --> 00:35:28,000
Question.

622
00:35:28,000 --> 00:35:29,000
I'm sorry.

623
00:35:29,000 --> 00:35:30,000
I'm sorry.

624
00:35:30,000 --> 00:35:31,000
Question.

625
00:35:31,000 --> 00:35:32,000
Oh, wait a minute.

626
00:35:32,000 --> 00:35:33,000
Okay.

627
00:35:33,000 --> 00:35:34,000
Thank you.

628
00:35:34,000 --> 00:35:35,000
Go for a second.

629
00:35:35,000 --> 00:35:36,000
Okay.

630
00:35:36,000 --> 00:35:37,000
I'm motion.

631
00:35:37,000 --> 00:35:38,000
I need to question.

632
00:35:38,000 --> 00:35:40,000
All in favour of please.

633
00:35:40,000 --> 00:35:41,000
All right.

634
00:35:41,000 --> 00:35:42,000
All right.

635
00:35:42,000 --> 00:35:43,000
All right.

636
00:35:43,000 --> 00:35:44,000
All right.

637
00:35:44,000 --> 00:35:45,000
And motion to adjourn.

638
00:35:45,000 --> 00:35:46,000
So move.

639
00:35:46,000 --> 00:35:47,000
All right.

640
00:35:47,000 --> 00:35:48,000
Any discussion?

641
00:35:48,000 --> 00:35:49,000
All in favour of please.

642
00:35:49,000 --> 00:35:50,000
Next.

643
00:35:50,000 --> 00:35:51,000
Okay.

644
00:35:55,000 --> 00:35:56,000
All in favour of please.

645
00:35:56,000 --> 00:35:58,000
I'm your agent.

646
00:36:26,000 --> 00:36:28,000
You