[This transcript was generated automatically from audio using AI and hasn't been reviewed by a person -- it can contain mistakes, including plausible-sounding sentences that were never actually said. Treat it as a starting point, not a verbatim record.]

[0:00] All the need to know order this, the order of trespasses, the salary of the girl in the middle.
[0:24] We're going to call the Navy in order to address the order of trustee, so the salary
[0:29] of the Federal and matching plan, too.
[0:31] Thank you.
[0:32] Thank you, everybody.
[0:33] Thank you all for being here.
[0:34] I'd like to welcome our new citizen representatives, Cathy Farbs.
[0:38] Thank you, Cathy.
[0:39] If you're enjoying this, and you're willing to serve.
[0:43] So we'll ask Dr. Tracy, maybe give you a little introduction.
[0:46] First, the order of business is approval of the Minister, and I've been here for 12.
[0:53] Motion or any questions or discussion on lines?
[0:55] I'll make a motion to approve those new.
[0:57] Second.
[0:58] Motion and second, any discussion?
[1:00] All in favor, please say aye.
[1:02] Aye.
[1:03] Five.
[1:04] One question, please.
[1:05] And next up, we have our update from DV&T for the formally investment of board.
[1:09] So, that's that.
[1:10] Sure.
[1:11] So, just for a new representative member.
[1:14] I'm Zach Walley, and I'm with the DV&T.
[1:17] And I'm the investment consultant that works with the relationship here.
[1:22] And Tracy Reynolds, which is their relationship manager.
[1:26] What is your new term now?
[1:28] We've merged the term.
[1:29] We're not a retirement consultant as your title.
[1:31] Thank you.
[1:32] Thank you.
[1:33] Now, I remember that back.
[1:34] And I'm actually an investment strategist.
[1:36] So, anyway, what we're going to do is just go through.
[1:38] I'm going to talk a little bit about the economy.
[1:40] We'll go through the fine lineups and everything else.
[1:42] And as we usually do, and I'll stop.
[1:44] You know, you guys feel free to stop and answer any questions.
[1:47] I'll feel free to ask or answer any questions that you guys have.
[1:51] So, just now, we'll page now, homie.
[1:54] There we go.
[1:58] Sorry.
[1:59] So, I just want to talk a little bit about where we are.
[2:04] What happened last year, where we are here today.
[2:07] So, last year was a great year.
[2:09] And then, you know, up on the chart, you can see here on the page.
[2:12] You'll see all the different sectors and market indices across.
[2:16] As a class returns at the top of the page.
[2:18] And you can see the positive returns across the board with US large cap growth.
[2:23] Being the largest down towards the bottom with almost the 36.5%.
[2:27] Return.
[2:28] But you can also see in red there, what happened in 2018.
[2:31] And I think it's amazing how many people forget that you had negative returns.
[2:34] It turns out to the markets back in 2018.
[2:37] And then, what a wonderful year last year was.
[2:39] When you look at the S&P itself was up almost 31.5% last year.
[2:44] And bonds were up 8.7%.
[2:46] So, that's the first time.
[2:48] And that's the best return you've seen in bonds in the last 12 years.
[2:51] But when you think about it that you had stocks up that high and bond with an 8.7% return.
[2:56] Again, it was a great year.
[2:58] On the bottom of the page, one thing I'll point out that stands out is
[3:02] the sector's last year in 2019.
[3:05] You'll see technology all the way over there on the far left.
[3:08] Technology was up almost 50% that sector.
[3:11] And then you can see the other sectors as you scroll across.
[3:14] You'll see the S&P there in the middle in gray at about 31.5% return.
[3:19] What's interesting is you go all the way to the right and you'll see energy up only 11.8%
[3:23] as the worst performing sector.
[3:24] So one of the things that we looked at and just want to mention to everybody is
[3:28] every all the sectors weren't just right around the performance of the S&P within
[3:33] four or five percent.
[3:34] You'll see that technology really was way out there and led the way last year.
[3:38] In terms of the economy and where we are, GDP for the fourth quarter last year at 2.1%.
[3:45] Again, that number will be revised a couple of times but still very positive.
[3:49] The consumer really propelled the economy in the fourth quarter and continues to do so.
[3:54] We make up 68 or almost 70%.
[3:57] I think things will continue to be slow instead of growth wise.
[4:01] Again, with some volatility involved.
[4:04] And obviously a lot of questions are being asked what happens to the market in the economy.
[4:08] One, it's a presidential year.
[4:10] So typically what we've seen is the volatility in a presidential election year.
[4:13] Often tell about July or so.
[4:16] The market tends to be more volatile.
[4:18] Once you get to about July, things seem to sell down as more focused on probably the two candidates
[4:23] are.
[4:24] And then what the odds are of who's going to win or what the thoughts are, who's going to win.
[4:28] So we can expect some volatility early.
[4:31] History is in the indication of the past presidential election years.
[4:35] The other thing that's out there right now that's creating some volatility is the coronavirus.
[4:40] And so I'll talk about that for just a minute.
[4:43] But one thing that makes this different than the outbreak over the years and I did bring.
[4:48] And what did I put it?
[4:50] I'll get to it just like I'll hand it out to you guys there.
[4:53] There it is.
[4:54] Question with few minds.
[4:56] Just printed this out yesterday.
[4:58] I know it's not in your packet that we can hand these out.
[5:08] So this is just an interesting thing.
[5:11] I printed out just regarding past outbreaks like this from.
[5:16] These are the SARS to the A.B. and flu to merge to Ebola, measles in Ebola and different times
[5:24] and what the market is done.
[5:25] And you can see the ups and downs.
[5:26] The one thing that I will say is different about the coronavirus and what the effect may have is unlike
[5:32] in the past when you go back to the 90s.
[5:36] And we all date ourselves with this.
[5:38] But what was an existing social media wasn't there.
[5:41] So three things that really can happen.
[5:43] The effect on how this turns out and what happens.
[5:46] Social media.
[5:47] The global supply chain is much more integrated than it ever has been as well.
[5:51] So that has an effect or could have an effect.
[5:54] And then the market is sitting at relatively all time highs currently.
[5:58] So any volatility there that could come from that.
[6:01] Now, no alarm is in here.
[6:04] I mean I saw articles this morning saying this thing could be done by April.
[6:08] But, you know, it could be contained that everybody is working on vaccinations on other
[6:12] World Health Organization was in China trying to get a better handle on it as well.
[6:16] So we'll have to see what happens.
[6:18] But again, I think you will see some volatility out of that in the presidential election.
[6:22] Now, as far as earnings go out of corporations so far this year, the numbers were seen.
[6:26] They're all very solid.
[6:28] No issues there.
[6:30] So it continues to support where the market is.
[6:33] Unemployment, again, very solid numbers.
[6:36] I mean, as Eddie and we're talking earlier, the numbers.
[6:39] Job growth is there.
[6:40] I know unemployment tick from 3.5 to 3.6, but it's still basically the lowest we've seen in 50 years.
[6:46] And a solid wage growth still continues to be there.
[6:49] Although we'd like to see some more upward pressure on wage growth.
[6:53] Just to help the consumer themselves.
[6:56] But on the flip side of that oil prices have really tumbleed as well.
[7:00] And I know coming down here and I know up around.
[7:02] And they're going to couple of areas.
[7:04] Guess is under $2 a gallon.
[7:06] I saw $1.98.99.
[7:08] So that's a real positive to the consumer as well.
[7:11] As the barrel has fallen to a closed on February 4th was 49.60 per barrel.
[7:19] 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.
[7:26] Right now, break evens at about $50 a barrel.
[7:28] So you're sitting right there at break even.
[7:30] 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.
[7:36] 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.
[7:42] 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.
[7:52] So overall we're still positive on the markets in the economy going forward.
[7:56] But we do think there could be a little volatility in between due to a few of those things just like last year.
[8:02] We saw some volatility in a couple of months.
[8:05] One other thing that I'll just point out.
[8:07] January was a negative.
[8:10] I'm sorry.
[8:11] I'm not touching the screen quick enough.
[8:13] January we did have a negative return in the S&P.
[8:16] It lost four tens of one percent.
[8:19] That's the first negative month we've seen since August of 2019.
[8:24] In the first down January since 2016.
[8:28] However, the market is right now is up over 3 percent.
[8:31] It had a good week last week.
[8:33] The best week we've seen in years.
[8:35] And so we're back to a positive 3 plus percent return so far here today.
[8:40] And it was up when I came in here this morning.
[8:43] 12 calls there and see 30 questions on markets or economy or anything.
[8:47] Anybody wants to talk about?
[8:50] All right.
[8:52] Let's take a look at the start with a matching plan.
[8:58] And this will be on page 12 in your pocket.
[9:01] And this is just the application again from years past to 12 31 of 19 over on the far right.
[9:08] And we can scroll down page 13 again.
[9:11] She has the same and then page 14.
[9:15] You get the totals there and one thing that I will point out.
[9:18] Interestingly enough is when you look at the 12 31 18 number of 6,689.
[9:25] And then you look at the 12 31 19 number of 9,302,000.
[9:31] I realize this counts contributions as well on the game.
[9:34] But you're looking at a 35 plus percent gain for that plan over last year.
[9:39] So that is a real positive and I know contributions are part of that.
[9:43] But there was a lot of investment growth there as well.
[9:47] And you can see that represented on page 15 in your packet.
[9:51] The growth through the bar charts there.
[9:54] You'll notice the growth from even from the fourth quarter of last year for the end of the year.
[9:59] So we're at $9 million mark.
[10:04] On the salary deferral plan, the same page is there.
[10:07] And again on page 18 of your packet.
[10:10] You'll see that the growth can't went from eight and a half million to 11.3 million.
[10:15] So again, the solid returns about over $2 million in right around 34 percent are so in terms of growth of the plan.
[10:24] Again, contributions are included but a fair amount of that came from investment growth.
[10:29] And page 19 will show you the bar chart again as well.
[10:32] You can look it from the end of 18 to the end of 19.
[10:36] And you'll just see that the stair step up as well.
[10:41] Any questions on any of those?
[10:45] All right, let's look at the investment performance of the different funds.
[10:49] And we will walk through that and we will start on page 22 of your packet.
[10:56] And one thing to point out here in terms of investment performance.
[10:59] Again, both plans have the same lineups and the only difference will be the dollars that are shown over on the far right.
[11:07] So just highlighting coming down to the third fund down.
[11:11] See the Dodgen Cox income fund had a great fourth quarter.
[11:15] This was in the top third for the trailing one year period there.
[11:19] 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.
[11:25] Thank you.
[11:27] So this is the name of the fund here.
[11:30] This is the symbol of the fund.
[11:32] The idea and then the number 11 means he was in the top 11 percent.
[11:37] He returned 87 basis points for just under one percent.
[11:42] The benchmark right above it returned 38 basis points.
[11:46] And then the category average.
[11:48] That's for every.
[11:49] I think maybe eight.
[11:50] Sorry.
[11:51] But then scrolling over you'll see he was not 75 for the year last year.
[11:57] In the top third or 37 percent.
[12:00] And then this is the morning star rating over here for stars.
[12:12] The manager.
[12:14] So no issues there fund is doing well.
[12:29] Ryan underneath that the DFA world actually has government funds struggled a little bit in the fourth quarter.
[12:35] It was actually in the 100th percentile down to 75.
[12:39] For the one year he's right at the 50th percentile mark.
[12:42] The three year he's in the 26th percentile in the five year he's in the 14th.
[12:47] Four star rated still.
[12:48] You guys currently have $47,000 in that particular fund.
[12:52] Underneath that particular fund one other high like the American funds balance fund had a great fourth quarter.
[12:58] Returned almost 6 percent in the quarter.
[13:01] Put him in the top 15 percent in the country.
[13:04] Well, ahead of the benchmark and the category average.
[13:07] For the trailing year he's ahead of the benchmark.
[13:10] A little behind the category average was still on the top half.
[13:13] His three year numbers in the top 12 percent in his five year numbers in the top six.
[13:17] 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.
[13:24] And you guys it's a five star fund and you currently have just over 56,000 hours in that particular fund.
[13:30] The target date funds right underneath that.
[13:34] We'll start there.
[13:36] They've all done extremely well.
[13:38] Most had a pretty good fourth quarter.
[13:40] You'll see that.
[13:41] But when you really look out at the three year number you'll see the 20.05 fund.
[13:47] Which got us just 15 years behind this now.
[13:49] So that fund will be facing out later this year.
[13:52] I believe I'll check the date but I believe it's later this year up to 15 years.
[13:56] They pays out.
[13:58] Was in the 20 second percent out.
[14:00] But the 2010 fund in the top one percent the 2015 for the last three years in the top five.
[14:06] And on the next page on page 23 you'll see those three year ranks.
[14:10] Everybody's in the top 10 percent on the one year rank.
[14:13] Everybody is basically top third until you get out to the 255 fund which is more heavily equity weighted.
[14:20] It was in the top 35 percent ahead of the benchmark as well as ahead of the category average.
[14:26] But just didn't scream right out there but still very solid performance with the 255 and a half percent return last year.
[14:34] And then on page 24 you finish out the target date funds there at the top.
[14:39] The 2060 fund in the top 44 percent again ahead of the benchmark in the category average.
[14:45] But in the 44 percent top but just three year numbers still in the top eight percent.
[14:49] So all those are still doing extremely well.
[14:51] Going down the rest of that page everything is doing well.
[14:55] You can scroll down until you see the Vanguard strategic equity.
[15:00] 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,
[15:30] 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.
[15:39] 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.
[15:48] 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.
[16:01] 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.
[16:14] 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.
[16:22] So what we do, according to your message, we take all the funds and we want to take it right here.
[16:32] So you'll see you need to be in the top half or we're currently one three five and in there.
[16:45] You're paying us, you're paying me to be in line with your product history, you need to have this three years.
[16:50] You're managing your 10 year needs to be at least three years. You're administrative, you're the cost of the transaction.
[16:56] You need to be in the top half or what we say to the bottom half.
[17:01] 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.
[17:07] So it's always to need to be in the works of five fund.
[17:10] Style threads, walking harder than you do and manage, we expect you to stick to.
[17:15] We have that problem here a couple of years.
[17:18] Small cap growth manager, and you're paying the big cap growth.
[17:22] And then you need to outperform the index over the last three years.
[17:35] And then the last one is three out of the last six quarters.
[17:38] And on the far right you get your total score.
[17:41] So you need to 85 per pass.
[17:44] So if you can see here on the index funds, everybody is at 90 or 100.
[17:48] Now issues there.
[17:50] And these are the four index funds that are currently in the plan.
[17:54] Next are the target eight funds that we just want over the performance on.
[17:57] And you will see currently they all score at 100.
[18:00] Those are the nerds in the class.
[18:03] And then we get to the fixed income funds.
[18:07] So the stable value fund is passing.
[18:11] So as you have a score of 83, but there are a number of NAs there.
[18:14] And when they're in A's, they reduce the number of the formula.
[18:19] Because there are no numbers there.
[18:21] So that's why you get an odd score of 83.
[18:23] The same is on the DFA World X US government.
[18:26] You'll see he gets an 89 and it is passing.
[18:28] But how do you get an 89 when everything is on five and ten five point and ten point marks.
[18:33] Because there's one less category.
[18:35] So when they do the numbers, that's what it comes out to.
[18:38] The second fund is just government securities and 85 in the dodging boxes that are 100.
[18:44] On page 36, we will look at the stock or equity funds.
[18:48] Everybody is passing except that Vanguard strategic equity income fund or equity fund that we just talked about.
[18:54] I just pointed out that it did out perform in the fourth quarter, which I typed in the note here.
[18:59] And that's a reversal from the third quarter performance that we talked about in our last meeting.
[19:04] I'm not only watching consumer stacals drove the out performance.
[19:07] As I mentioned earlier what technology did last year.
[19:09] It also has out performed in the peer group for the 3 year period.
[19:12] It's the 3 year period that I mentioned earlier, where they're still behind.
[19:16] The fund tends to lean a little bit to the value side do to their process.
[19:19] The longer performance, I said, is still good.
[19:22] Is I noted and there are no changes recommended at this time for that fund.
[19:25] Then you have the heart for midcap fund right below within 85.
[19:30] And that the federality real estate fund would have 90.
[19:33] On page 37 is the ASS allocation page, just showing you all the different asset classes that
[19:39] we cover with the plan.
[19:40] Again, all the large cap, mid-cap, and then small cap is covered with the index there in
[19:45] the center.
[19:46] Fixed-in-com, or bond funds are on the right, we've got the U.S. Government Security
[19:50] Fund, the DFA World Fund, and the Dodging Cox Income Fund.
[19:54] And then on the bottom are the International Funds, the Balance Fund, and the Target
[19:58] Data Funds, and then the stable value in the real estate investment fund.
[20:04] And if you have trouble sleeping tonight, all the fund pages are in the back for all
[20:07] the different statistics.
[20:08] But again, everything finished the year strongly, everything looks good with the two plans
[20:13] that performance has been good of all the funds and no suggested changes at this time.
[20:18] Now, with that, I will turn it over, I'll pause and see if there any questions that I'll let
[20:22] trace, present her.
[20:26] All right.
[20:27] Any questions?
[20:29] All right.
[20:30] No, okay.
[20:30] Let me get her trace these, which should be, all right.
[20:36] All right.
[20:37] All right.
[20:38] All right.
[20:39] Good afternoon.
[20:40] Let's start on page 84 of your packet.
[20:46] This is the, you can now, are the benefits that look current benefits outlook.
[20:51] And in the end of 2019, Congress did pass the Secure Act, which makes some changes to the
[21:00] plans and to the retirement industry.
[21:03] Some of the changes are effective as a one-one, some are later, and because of programming and
[21:09] just getting it set up.
[21:11] But the things, the couple of things that are effective, one-one that you need to know about,
[21:16] the same increase with the required minimum distribution, for ever, it has been 70 and
[21:21] a half, beginning 1-1 at 72.
[21:25] So, if someone was receiving 1, and they were 70 and a half before the end of 2019, they still
[21:32] have about the 70 and a half, but everyone else will start with 72.
[21:37] Also with the required minimum distributions on death benefits, and the past has been over 10 years,
[21:43] as far as you can stretch out that benefit, and someone passes away as a beneficiary.
[21:48] Now, you can look at the expected lifetime of the beneficiary and expand those distributions
[21:55] if you're getting an annuity over that time frame.
[21:58] I'll skip the third one, the fourth one is 10% early withdrawal penalty, and if you're not 59 and
[22:05] a half in you take distributions out of these plans, you usually incur early distribution penalty,
[22:11] but with the secure act, they have added an exemption to that, which is you can take up
[22:17] $25,000 during the one-year period following the birth or adoption of a child.
[22:25] And finally, on this page, the increase in automatic contribution to false, there's different types
[22:29] of automatic contributions.
[22:31] One, you default someone in, it's a 6% in the new year, they increase automatically, and in
[22:36] the past is only, you can only increase up to 10%, and now you can't go up to 15%.
[22:41] Page 85, talked about a few other things that's really not applicable to this plan.
[22:49] I will point out the last bullet point is if you're 70 and a half, you can't continue to contribute
[22:56] to a traditional IRA now.
[22:59] So all these things that will be an amendment to the plan, we're waiting on the language, and
[23:04] we have until, actually, the end of 2022 to have those amendments in place.
[23:10] So we'll be operating on your operating statement until that point.
[23:16] Page 86 is just the non-calorie or plan compliance timeframe, and we're in third quarter for
[23:24] your plan now, but there's nothing that's really needing to be done, this is typically when
[23:28] you have to file page 500s and this plan is exempt from that.
[23:34] On 87, each year, BB&T, we participate in different types of surveys, and one of the ones
[23:42] that we worked with is the plan's monster magazine, and so the 2019 results are out in BB&T,
[23:51] score 36 best in class awards, so we have to brag about ourselves every now and then.
[23:57] We're showing off now.
[23:58] We're showing off, we are.
[24:01] If we don't, nobody else does.
[24:04] If you look at your specific plan, you can see as Zach had said earlier, the assets in the
[24:10] both plans are increasing, and you can see from 2014 to 2019 how much they've increased, salary
[24:16] deferrals at 11.11.4 million, and the employee matching plans at 9.3 million.
[24:22] And then total participants, this is the first time, first quarter since 2014, that
[24:33] the matching plan exceeded the salary deferral plan with participants, has only about two, but
[24:39] it's 663 and matching 665 and salary deferrals, so there's a lot of growth there.
[24:49] This is a slide that I like, the average count balances, you can see have grown.
[24:54] 2017, they were up at 18, with the markets, they were down quite a bit, so they've recovered
[25:00] from 17 and surpassed that, so average balance in the salary deferrals, 17,000, and 14,000
[25:08] in the matching plan.
[25:13] And then investment diversification, again this is where we hope to see participants in at least
[25:17] three funds, or in a target date fund, which is an allocation asset allocation.
[25:24] The majority of participants are in target date funds, the salary deferral has 225 participants
[25:31] in at a target date and the matching has 249, the participants we would be concerned about are those
[25:37] who are one investment in a non-target date, so we have 22 in salary deferral 23 in the matching
[25:44] plan, who are not diversified.
[25:47] And then you see the 234 five for more, on average participants are holding four funds and
[25:54] salary deferral 3.7 in the match, and if you exclude the target dates and take those out, they're
[26:00] holding five funds in each.
[26:05] Proinvest is the advice that participants can get online, 6% of the participants in the salary
[26:13] deferral plan have higher pro-invest managed their money, and they're managing about 12%
[26:17] of the total assets.
[26:20] And then in the matching plan there's five percent of participants have higher pro-invest and
[26:23] managing about 10% of the assets.
[26:28] Do you have any questions?
[26:29] Yes, what's the average age of the participants?
[26:34] Hi, how much age are your participants?
[26:39] Are we heavily skewing towards people who are about to retire?
[26:43] Let's say, I do have the pension plan with closed in 2006, so we still have a lot of what
[26:53] is that maybe a little over 200 employees that are in the pension plan, but again, as of the end
[27:00] of 2006, only this plan has been an option, so that may skew it a little more towards younger participants.
[27:07] And we can get that information back.
[27:11] Yeah, I see the growing, but these are people that are about to retire now, they're a long way
[27:16] off.
[27:17] And we do have this information.
[27:23] Thank you.
[27:25] And this is in the salary deferral plan.
[27:28] Thank you.
[27:29] These are the active participants, so these are the ones who actually had a deferral into
[27:33] the plan during the fourth quarter of 2019, as you can see, the breakdown by age, by compensation
[27:41] and by tenure.
[27:42] Thank you.
[27:43] There were 37 participants who did not contribute that we had a record, and you can see their
[27:50] same information by age, comp, and tenure.
[27:58] Terminated participants, we didn't have 91 participants as of December 31st in the plan who
[28:03] would terminate it, and on page 108 in your packet, you can see the breakdown, we have five
[28:08] who were less than $1,000 in the plan, 46, between 1 and 5,000 and then 40 who were over 5,000.
[28:17] So they're money, they're just not taking their money out of the plan yet.
[28:21] Most of this stuff I put into those first few slides and the investments that did, so I did
[28:28] want to touch on page 122.
[28:31] The internet and phone usage plan track, which is the online site that participants can go to,
[28:36] we had 985 hits to plan track during the fourth quarter of the year, and you see the top five
[28:42] activities.
[28:43] Most of the hits were just to look at the overview of the plan, withdrawals were 38, the benefits
[28:51] done, we had 15 calls, and you can see what was there, and as sponsored link would be
[28:57] Julie or I, I'm pretty sure you'd have that as well, thank you.
[29:02] Signing on and looking for a participant, it just has a question or just looking of information.
[29:10] And let's see, and then here's the matching plan, it's the same information, terminated participants
[29:19] for 77 in the matching plan, who have left their account in the plan, and then we can
[29:26] look at the design investment information, and the internet and phone usage, 765 sessions
[29:35] in the on plan track and non calls.
[29:41] That's all that I have.
[29:42] Do you have any questions?
[29:44] Sorry.
[29:48] So when it went proactively, I'm reaching out to reduce, and this, these stats, you just gave
[29:53] more people coming to you asking information on students and quarterly statements, and you
[29:57] really re-use, and that they have all that information.
[29:59] Yeah.
[30:00] 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.
[30:09] If a participant must go out and pull a nose statement.
[30:12] Is there any concern that there are any employees that don't have access to internet?
[30:16] We have a 800 number.
[30:19] So those are probably the colors then.
[30:20] 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.
[30:28] And then education, we help with education.
[30:31] We have a communication specialist who comes out two or three times a year.
[30:36] We have three days.
[30:38] Yeah.
[30:39] We have three days of education in here.
[30:41] Okay.
[30:43] Okay.
[30:44] Thank you.
[30:45] Thank you.
[30:49] Any other questions?
[30:51] Any updates on the merger?
[30:58] Yeah.
[30:59] So it's going to take one second on that.
[31:01] So as of December 9th, we became truest financial operation.
[31:05] We're still two separate companies on trust this year.
[31:07] And the meeting is here.
[31:09] It's just owned by truest financial cooperation.
[31:11] The merger is going along pretty smoothly.
[31:13] We haven't fully started systems.
[31:15] We're going along those lines that I mentioned before.
[31:17] They're 2,700 systems.
[31:19] They have to figure out how to make work all together.
[31:21] But so far, everything's been smooth.
[31:23] We do trade under the stock symbol.
[31:25] TFC now for truest financial cooperation.
[31:28] And so VVNT and Central Stock did go away as they merge those stocks into that.
[31:32] And that's the whole company.
[31:34] Both existing companies and totally fully get put together.
[31:37] But everything did happen and everything's gone along smoothly.
[31:40] So.
[31:41] I have a stadium.
[31:42] Yes.
[31:43] I have a stadium.
[31:44] Yeah.
[31:45] It's been interesting.
[31:46] We have a new color.
[31:47] I don't know if you've seen that.
[31:48] It's the color of the stadium.
[31:49] It's the color of the stadium.
[31:50] It's purple.
[31:51] Yeah.
[31:52] The color of the stadium.
[31:53] It's purple.
[31:54] Yeah.
[31:55] Yeah.
[31:56] What was burgundy?
[31:57] And what was blue?
[31:58] And blended.
[31:59] I came up with purple.
[32:00] We haven't used symbol and truest financial cooperation.
[32:04] But no worries.
[32:05] Everything still says VVNT.
[32:06] Until we run out of printing paper.
[32:08] All that stuff.
[32:09] That's our pipe.
[32:10] Play saw that.
[32:11] Yeah.
[32:12] And our business car is still the same.
[32:14] And at some point it will.
[32:15] But everything.
[32:16] Thank you very much.
[32:17] Everything has gone smoothly.
[32:18] So far.
[32:19] And there have been no real changes.
[32:20] And we don't think you'll see any changes in it.
[32:23] I'm certain for any.
[32:24] I think it'll be 12.
[32:25] 18 months before you begin to see.
[32:27] Yeah.
[32:28] I think it'll be.
[32:29] The recording may look a little different.
[32:30] At some point depending on.
[32:31] And the reason I say that is we've got a great system.
[32:34] Central Services.
[32:35] Which one do you choose?
[32:36] You don't need a paper boat.
[32:37] Or is I heard as well.
[32:39] They're out looking at.
[32:40] Is there.
[32:41] So this size here and can afford this.
[32:43] Can we now do something different?
[32:44] So the recording may look a little differently.
[32:46] At some point.
[32:47] But that will.
[32:48] That will really be it.
[32:49] If it's not where they decide to go.
[32:51] Thank you.
[32:53] Thank you.
[32:54] Is there any specific communication employees that like it hasn't.
[32:58] It's about the change that they'll know when their statements start to say true.
[33:02] We didn't sell everything and change everything that is the same thing.
[33:05] Is that part of their statement or is that part of the education process?
[33:08] Go ahead.
[33:09] Go ahead.
[33:10] And if there will be part of the education process going forward.
[33:12] But because really nothing has changed.
[33:14] It's still.
[33:15] As you can see.
[33:16] BB&T still shows here.
[33:17] That might log on.
[33:18] It's still.
[33:19] BB&T.
[33:20] The website still says.
[33:21] BB&T.
[33:22] They'll probably put notifications up there.
[33:24] At some point again when they merge.
[33:26] A system together to do something.
[33:28] They'll be more.
[33:29] More.
[33:30] That.
[33:31] But for the time being.
[33:32] The point.
[33:33] Nothing.
[33:34] It's just that main overall.
[33:35] Thank you.
[33:36] I was looking.
[33:37] Yeah.
[33:38] Yeah.
[33:39] Yeah.
[33:40] It's just like something and news lately.
[33:41] Yeah.
[33:42] And we'll be communicating with Julie and Patricia on changes as they occur.
[33:46] Probably.
[33:47] And emails.
[33:48] We can go definitely eat.
[33:49] I mean, even get that came out.
[33:51] In case they're email and our news letter.
[33:53] That's our main form of communication with their voice.
[33:55] Okay.
[33:56] A bit.
[33:57] Thanks.
[33:58] Thanks.
[33:59] Thank you.
[34:00] I think the only change you'll see if you go into a branch.
[34:02] They'll say welcome to BB&T.
[34:04] Now true.
[34:05] That's about it.
[34:06] But even a branch signage has changed.
[34:09] I don't know.
[34:10] I've got that millions and millions of dollars.
[34:12] I've tried to change all those signs.
[34:14] It's something.
[34:16] They'll do it.
[34:17] But not for a while.
[34:19] Any other questions?
[34:21] Any other business for the group?
[34:23] All right.
[34:24] Well, I guess the next part of business is next quarterly meeting.
[34:31] We have 10 to play picked.
[34:34] I win today.
[34:35] It's definitely Tuesday.
[34:36] That would.
[34:37] How would non-check in the wins day, May 6th?
[34:48] That could be.
[34:49] That's five more.
[34:50] Should it be good to be?
[34:52] Not a try.
[34:53] Of course.
[34:54] Does that have to go?
[34:55] Well.
[34:56] They'd be all leave yet.
[34:58] Yeah.
[34:59] That's right.
[35:00] I'm here.
[35:01] Nice.
[35:03] Yes.
[35:04] To a clock.
[35:05] To a clock.
[35:06] That worked.
[35:07] Or to a clock.
[35:08] But not to get.
[35:10] It'll bring it down.
[35:11] Go.
[35:12] Think of mine.
[35:13] Yeah.
[35:14] Oh.
[35:15] Sure.
[35:16] It's also the day after election.
[35:19] So.
[35:20] So.
[35:21] All right.
[35:22] I have that.
[35:23] The motion.
[35:24] Wednesday.
[35:25] May 6th.
[35:27] Question.
[35:28] I'm sorry.
[35:29] I'm sorry.
[35:30] Question.
[35:31] Oh, wait a minute.
[35:32] Okay.
[35:33] Thank you.
[35:34] Go for a second.
[35:35] Okay.
[35:36] I'm motion.
[35:37] I need to question.
[35:38] All in favour of please.
[35:40] All right.
[35:41] All right.
[35:42] All right.
[35:43] All right.
[35:44] And motion to adjourn.
[35:45] So move.
[35:46] All right.
[35:47] Any discussion?
[35:48] All in favour of please.
[35:49] Next.
[35:50] Okay.
[35:55] All in favour of please.
[35:56] I'm your agent.
[36:26] You