1
00:00:34,220 --> 00:00:36,500
Chair to Brinkette, microphones are live.

2
00:00:52,320 --> 00:00:53,420
Thank you very much.

3
00:01:11,660 --> 00:01:14,360
We'll go ahead and get started. Good morning.

4
00:01:14,700 --> 00:01:16,680
Welcome to the Defined Contribution Meeting.

5
00:01:17,500 --> 00:01:22,400
Today is the 21st of August, 2026. I'd like to call the meeting to order.

6
00:01:23,020 --> 00:01:24,100
Can I get a roll call, please?

7
00:01:24,920 --> 00:01:25,920
Chair to Brinkette.

8
00:01:26,280 --> 00:01:26,440
Here.

9
00:01:27,060 --> 00:01:28,240
Vice Chair Barth.

10
00:01:28,520 --> 00:01:28,700
Here.

11
00:01:29,520 --> 00:01:30,180
Member Burch.

12
00:01:30,700 --> 00:01:30,880
Here.

13
00:01:31,460 --> 00:01:32,140
Member Marx.

14
00:01:32,920 --> 00:01:33,100
Here.

15
00:01:33,540 --> 00:01:34,340
Member Miracle.

16
00:01:34,620 --> 00:01:34,860
Here.

17
00:01:34,860 --> 00:01:37,220
Let's stand for the Pledge of Allegiance.

18
00:01:58,200 --> 00:01:58,980
Okay.

19
00:02:00,660 --> 00:02:04,980
Can I get approval of the minutes from the May 15th meeting?

20
00:02:08,360 --> 00:02:09,080
I'll make that motion.

21
00:02:10,120 --> 00:02:10,660
Second.

22
00:02:11,660 --> 00:02:12,540
Who is the seconder?

23
00:02:12,920 --> 00:02:13,440
Birch.

24
00:02:15,730 --> 00:02:16,410
All in favor?

25
00:02:17,130 --> 00:02:17,530
Aye.

26
00:02:18,270 --> 00:02:19,150
None opposed?

27
00:02:19,870 --> 00:02:21,450
Motion carries.

28
00:02:22,330 --> 00:02:25,590
Can I get a motion for the approval of today's agenda?

29
00:02:27,610 --> 00:02:28,130
Motion.

30
00:02:31,900 --> 00:02:32,540
All in favor?

31
00:02:33,400 --> 00:02:33,680
Aye.

32
00:02:34,460 --> 00:02:35,300
None opposed?

33
00:02:35,940 --> 00:02:37,360
Motion carries.

34
00:02:38,880 --> 00:02:41,100
Next item on the agenda are comments.

35
00:02:41,320 --> 00:02:42,700
I'll make a quick comment.

36
00:02:43,360 --> 00:02:47,700
A reminder this meeting falls before our defined benefit meeting,

37
00:02:47,880 --> 00:02:51,440
so if we could keep our presentations concise and brief.

38
00:02:52,020 --> 00:02:54,200
I'd appreciate not to move this along,

39
00:02:54,200 --> 00:03:00,940
but there is a lot that we're going to be talking about at 9.30 so 9.15 would be

40
00:03:00,940 --> 00:03:08,140
our time to adjourn and we have some technical difficulties on the desk so

41
00:03:08,140 --> 00:03:13,440
you'll see a smart board behind you for presentations for us to see we can't see

42
00:03:13,440 --> 00:03:19,520
here it's on the projector so we have the view board to assist for today

43
00:03:19,520 --> 00:03:28,240
sorry for the inconvenience. Are there any other comments on the desk? No? Okay. Any

44
00:03:28,240 --> 00:03:35,960
comments from the public? I see none. We'll go into general business. We have a

45
00:03:35,960 --> 00:03:41,460
Mark and Investment Performance Review by Kerry Richardville, Senior Advisor from

46
00:03:41,460 --> 00:03:42,240
Airner. Welcome.

47
00:03:44,680 --> 00:03:46,940
Just making sure that's on. Good morning everyone. I

48
00:03:46,940 --> 00:03:50,600
I will definitely respect the request to keep the comments brief.

49
00:03:50,920 --> 00:03:52,220
Thank you for the time this morning.

50
00:03:52,900 --> 00:03:56,120
I'm going to hit just a few pages in our quarterly book.

51
00:03:56,560 --> 00:03:58,260
The first one will be page three.

52
00:03:58,960 --> 00:04:03,180
And again, we'll be very brief here if you take a look at the top right chart.

53
00:04:03,680 --> 00:04:06,100
You can see the numbers essentially speak for themselves.

54
00:04:06,700 --> 00:04:11,980
We had a phenomenal quarter really across all public market segments.

55
00:04:11,980 --> 00:04:18,300
You can see the S&P was up over 15 percent, all segments of U.S. equity strongly positive.

56
00:04:18,880 --> 00:04:21,100
Small caps were up almost 22 percent.

57
00:04:21,840 --> 00:04:27,100
Lot of continued excitement, exuberance around the buildout of AI, sort of the hyperscalers

58
00:04:27,100 --> 00:04:29,300
putting into place that necessary infrastructure.

59
00:04:30,080 --> 00:04:34,280
The U.S. economy has been very resilient despite the fact that we have situations,

60
00:04:34,620 --> 00:04:37,620
you know, going on obviously in Iran that continue to go on.

61
00:04:38,340 --> 00:04:43,820
very, very robust performance across markets, very technology-driven, as you can imagine.

62
00:04:44,980 --> 00:04:50,660
Overseas markets, very similar, 14.5 percent for basically everyone but the U.S.

63
00:04:51,860 --> 00:04:56,260
Developed markets up 11, emerging markets up 24 percent, again, same thing.

64
00:04:56,460 --> 00:05:02,580
A lot of those countries, Taiwan, South Korea, Malaysia, supply a lot of the parts and

65
00:05:02,580 --> 00:05:04,580
inputs that go into kind of that AI trait.

66
00:05:05,480 --> 00:05:07,920
And even bonds in the bottom there were positive.

67
00:05:08,480 --> 00:05:10,140
Interest rates have been pretty volatile,

68
00:05:10,460 --> 00:05:12,680
kind of following what's going on geopolitically

69
00:05:12,680 --> 00:05:13,540
and energy prices.

70
00:05:14,260 --> 00:05:16,920
But we did get positive returns out of bonds as well.

71
00:05:17,100 --> 00:05:18,460
So really stellar quarter.

72
00:05:18,740 --> 00:05:20,180
And I think you'll see that come through

73
00:05:20,180 --> 00:05:21,820
when we look at the individual plans

74
00:05:21,820 --> 00:05:23,640
and just how the market values have changed

75
00:05:24,260 --> 00:05:25,660
just quarter over quarter.

76
00:05:25,980 --> 00:05:27,580
And so sort of along those lines,

77
00:05:27,700 --> 00:05:31,680
I'll move to what is page number 12 in your books.

78
00:05:31,680 --> 00:05:39,380
And I'm looking here, top left just at the summary, across the 457 and 401A plans, your

79
00:05:39,380 --> 00:05:45,360
values, it kind of combined values went from about $78.5 million at the end of March to

80
00:05:45,360 --> 00:05:46,960
a little over $85 million.

81
00:05:47,420 --> 00:05:50,200
So very nice pickup in market value across those plans.

82
00:05:50,860 --> 00:05:56,780
And then on 13, for the RHS plans, they picked up about $1 million in market value

83
00:05:56,780 --> 00:05:59,840
to going from about $8.8 million to about $9.8 million.

84
00:05:59,840 --> 00:06:01,700
and so nice positive market movements,

85
00:06:02,120 --> 00:06:04,100
kind of moving the balances across all the funds.

86
00:06:05,080 --> 00:06:07,900
I will just briefly hit on 25,

87
00:06:08,600 --> 00:06:11,000
which is our sort of heat map for the funds

88
00:06:11,000 --> 00:06:12,620
that we offer across your plans.

89
00:06:13,080 --> 00:06:14,760
And I will say in summary,

90
00:06:15,320 --> 00:06:18,880
we don't recommend any changes to the lineup at this time.

91
00:06:19,120 --> 00:06:20,980
I'll give just a few high-level comments

92
00:06:20,980 --> 00:06:23,580
on some of the yellow and reds that you do see.

93
00:06:24,240 --> 00:06:25,120
But in summary,

94
00:06:25,300 --> 00:06:27,560
we're not recommending any changes at this time,

95
00:06:27,560 --> 00:06:29,420
Just kind of from top to bottom.

96
00:06:29,980 --> 00:06:34,660
You can see Waycross, their core focused equity strategy, throwing a couple yellows.

97
00:06:34,720 --> 00:06:37,280
Really they've just stubbed their toes over a couple quarters.

98
00:06:37,720 --> 00:06:43,100
So much has depended upon your portfolio weights and specific names, especially related to

99
00:06:43,100 --> 00:06:43,900
that AI theme.

100
00:06:44,560 --> 00:06:48,100
So we're not concerned for now, it's just very much a function of how concentrated

101
00:06:48,100 --> 00:06:49,180
the market has been.

102
00:06:49,980 --> 00:06:53,900
Below that, your Victory Sycamore Value Fund.

103
00:06:53,900 --> 00:06:59,520
fund, this is a very long-tenured fund that historically has protected in down markets.

104
00:07:00,940 --> 00:07:04,620
It's really kind of hit a rough patch just over the last couple years, so we'd like to

105
00:07:04,620 --> 00:07:06,360
continue to give that a little bit of time.

106
00:07:06,780 --> 00:07:09,840
And the management team has been in place for a long time there.

107
00:07:09,960 --> 00:07:13,720
They did have a recent retirement in April, but the rest of the team and portfolio

108
00:07:13,720 --> 00:07:16,700
manager are very long-tenured, so we'd like to kind of give that a little bit

109
00:07:16,700 --> 00:07:17,100
of runway.

110
00:07:17,880 --> 00:07:19,680
And I'd say same for mid-cap growth.

111
00:07:19,860 --> 00:07:23,080
A lot of the kind of triggers that they're hitting are right on the line from an

112
00:07:23,080 --> 00:07:24,180
and investment policy standpoint.

113
00:07:25,140 --> 00:07:27,940
Same thing for that mission square diversified international.

114
00:07:28,480 --> 00:07:30,280
You can see a couple of those reds are throwing

115
00:07:30,280 --> 00:07:33,000
because the funds are 51st or 52nd percentile.

116
00:07:33,120 --> 00:07:34,160
We're looking for 50th.

117
00:07:34,860 --> 00:07:36,660
So again, want to kind of let that play.

118
00:07:37,020 --> 00:07:39,400
And then finally, the inflation-focused

119
00:07:39,400 --> 00:07:41,660
mission square fund, which is second from the bottom,

120
00:07:41,980 --> 00:07:43,540
pretty much right on top of the line

121
00:07:43,540 --> 00:07:44,980
from a compliance policy too.

122
00:07:45,620 --> 00:07:47,920
So we'd like to continue to watch those,

123
00:07:48,060 --> 00:07:50,380
and we are comfortable with those funds at this time.

124
00:07:51,460 --> 00:07:56,020
And I am happy to answer any questions that you all might have regarding the funds,

125
00:07:56,180 --> 00:07:58,200
the performance, or anything else you may see.

126
00:08:06,440 --> 00:08:10,740
I think since we just have a couple minutes, I'm just kind of curious as to

127
00:08:10,740 --> 00:08:16,740
with the international funds, just in general on page 3,

128
00:08:17,420 --> 00:08:22,200
but just with the international funds and their performance with

129
00:08:24,540 --> 00:08:32,720
with the war in the Middle East and the impact on energy cost and all that.

130
00:08:32,980 --> 00:08:37,640
So if you could just give a quick synopsis of what's driving the international market.

131
00:08:37,880 --> 00:08:38,160
Yes.

132
00:08:38,440 --> 00:08:42,320
So emerging markets is a huge piece when you look at the all country of what's driving

133
00:08:42,320 --> 00:08:43,260
performance there.

134
00:08:44,440 --> 00:08:47,880
Technology's done really well there too, but I will tell you one thing that's interesting

135
00:08:47,880 --> 00:08:52,280
is technology is not as big of a weight of the kind of developed markets international

136
00:08:52,280 --> 00:08:59,120
index as it is here in the U.S. But things like sort of expectations for increased defense

137
00:08:59,120 --> 00:09:03,640
spending, obviously Europe in particular is very susceptible to what's going on with

138
00:09:03,640 --> 00:09:08,720
an energy. But I'd say, you know, emerging markets has been a huge piece of that followed

139
00:09:08,720 --> 00:09:14,040
by kind of industrials. Consumers held up okay as well when it comes to international

140
00:09:14,040 --> 00:09:14,560
markets.

141
00:09:14,780 --> 00:09:15,780
Thank you.

142
00:09:16,100 --> 00:09:16,540
Absolutely.

143
00:09:16,540 --> 00:09:16,700
Absolutely.

144
00:09:17,180 --> 00:09:17,460
Any

145
00:09:24,820 --> 00:09:25,280
other questions?

146
00:09:31,890 --> 00:09:32,290
Okay.

147
00:09:35,410 --> 00:09:37,350
I see no other comments on the desk.

148
00:09:37,430 --> 00:09:37,810
Thank you.

149
00:09:37,890 --> 00:09:38,110
Okay.

150
00:09:38,230 --> 00:09:38,570
My pleasure.

151
00:09:38,670 --> 00:09:39,050
Thank you.

152
00:09:39,390 --> 00:09:40,190
Appreciate it.

153
00:09:42,100 --> 00:09:46,820
Next item of business is the Define Contribution Plan Updates.

154
00:09:47,540 --> 00:09:48,820
Howard with Mission Square.

155
00:09:59,650 --> 00:10:00,030
We'll quiz.

156
00:10:04,730 --> 00:10:06,130
I got it.

157
00:10:06,550 --> 00:10:09,950
All right.

158
00:10:21,200 --> 00:10:21,860
Good morning, everyone.

159
00:10:23,660 --> 00:10:24,120
Good morning.

160
00:10:24,640 --> 00:10:27,260
So what is the picture today on

161
00:10:33,500 --> 00:10:33,880
the cover?

162
00:10:36,860 --> 00:10:37,380
No guesses?

163
00:10:39,160 --> 00:10:40,160
Yeah, that was it.

164
00:10:40,460 --> 00:10:40,900
Part three.

165
00:10:41,260 --> 00:10:42,260
I didn't even know it existed.

166
00:10:42,940 --> 00:10:43,780
Had no idea.

167
00:10:44,600 --> 00:10:45,720
Well, I'm not a golfer.

168
00:10:46,240 --> 00:10:46,920
I'm not a golfer.

169
00:10:49,240 --> 00:10:55,000
I once sponsored a golf tournament and it was for what they called a short game.

170
00:10:55,660 --> 00:10:58,500
And I kept looking at my watch and I said to the instructor,

171
00:10:58,700 --> 00:11:00,120
I thought we're playing a short game.

172
00:11:00,460 --> 00:11:01,700
He says, well, what do you think it was?

173
00:11:01,700 --> 00:11:02,720
As I said, nine holes.

174
00:11:03,100 --> 00:11:05,340
He goes, no, this is the short game, right on the green,

175
00:11:05,540 --> 00:11:07,600
so I do not know that stuff.

176
00:11:08,780 --> 00:11:11,700
But at the benefits fair, I got to meet the golf pro,

177
00:11:12,000 --> 00:11:13,540
seemed like a really nice individual.

178
00:11:16,320 --> 00:11:17,800
So I didn't come alone today.

179
00:11:18,500 --> 00:11:20,980
Last time, I brought Daryl Dennis from our managed

180
00:11:20,980 --> 00:11:21,420
accounts.

181
00:11:22,600 --> 00:11:25,680
Today, I brought Dan Vasquez, our CFP.

182
00:11:25,760 --> 00:11:28,300
And some of you might have worked with him in the past.

183
00:11:28,620 --> 00:11:30,400
He's going to do part of this presentation,

184
00:11:30,660 --> 00:11:33,020
but he's also going to meet with some participants today

185
00:11:33,020 --> 00:11:35,320
to do the comprehensive financial planning.

186
00:11:36,460 --> 00:11:42,580
I put an insert that shows Dan's information as well as Natasha.

187
00:11:42,940 --> 00:11:44,980
Natasha is our RPS.

188
00:11:45,860 --> 00:11:48,200
She just started here at the city recently,

189
00:11:48,580 --> 00:11:50,560
but she's been with Mission Square for 10 years.

190
00:11:52,460 --> 00:11:57,200
Jillian during the last meeting made a point and, you know,

191
00:11:57,760 --> 00:12:01,180
I guess we all take it for granted the resources that we have.

192
00:12:01,180 --> 00:12:04,720
But when do your employees use which resource?

193
00:12:05,380 --> 00:12:07,480
So I've been working with our marketing department.

194
00:12:07,860 --> 00:12:10,520
This is a piece that was out there already,

195
00:12:11,100 --> 00:12:15,500
but we're working to incorporate Darrell's information there.

196
00:12:15,780 --> 00:12:19,780
So all of the client or participant facing individuals

197
00:12:19,780 --> 00:12:23,040
will be able to really see who's available out there,

198
00:12:23,160 --> 00:12:27,920
the RPS, the CFP, the FC, and kind of a roadmap.

199
00:12:28,240 --> 00:12:30,140
When do I go to each one?

200
00:12:30,140 --> 00:12:35,540
because it's kind of unclear because a lot of what they do is I don't want to say

201
00:12:35,540 --> 00:12:40,960
redundant but overlaps and they work very closely together so I'm working with the

202
00:12:40,960 --> 00:12:44,820
marketing department and hopefully by the next quarter we're gonna have

203
00:12:44,820 --> 00:12:49,000
something for you but it's also thank you because we're gonna roll this out

204
00:12:49,000 --> 00:12:57,300
nationally as well so thank you for your comments so the boy who cried wolf I've

205
00:12:57,300 --> 00:13:03,240
been appearing here for a couple of years and we've been talking about enhancements, enhancements,

206
00:13:03,420 --> 00:13:09,120
and enhancements, and they haven't been coming. And I feel like the boy who cried, well, but

207
00:13:09,120 --> 00:13:13,700
today I'm able to talk about some of those enhancements that are actually here.

208
00:13:16,040 --> 00:13:22,940
So the RHS enhancements, Dan is going to talk about PHY for Life, which is our in-plan

209
00:13:23,860 --> 00:13:30,020
I'm going to show you and try to do a live demo on our new landing page, which wasn't

210
00:13:30,020 --> 00:13:36,740
available last week except to me and mission square employees that is now live, and then

211
00:13:36,740 --> 00:13:42,500
I want to talk about data and something I've been working with Jodion behind the scenes.

212
00:13:47,370 --> 00:13:51,470
RHS, we've been talking about the debit card for quite some time.

213
00:13:51,870 --> 00:13:54,130
This is at point of interaction.

214
00:13:54,130 --> 00:14:00,730
People are having to out-of-pocket expenses, but now we're going to have a debit card.

215
00:14:00,850 --> 00:14:07,130
This debit card is going to be issued in November to all those who are benefit-eligible.

216
00:14:07,670 --> 00:14:10,830
So no more claims forms, no more being reimbursed.

217
00:14:11,330 --> 00:14:12,850
They're going to get that debit card.

218
00:14:13,310 --> 00:14:18,850
And it's going to go to, again, only those who are eligible or benefit-eligible to use it.

219
00:14:18,850 --> 00:14:23,810
So if a lot of you are separated from service people, we'll be getting this debit card.

220
00:14:24,230 --> 00:14:27,890
It's a welcome enhancement to this process.

221
00:14:31,780 --> 00:14:38,880
We talked a little bit about the self-direct brokerage account being allowed in the RHS.

222
00:14:39,680 --> 00:14:42,080
You have it in your 457.

223
00:14:42,340 --> 00:14:45,840
There's only four employees that are taking advantage of it there.

224
00:14:46,000 --> 00:14:48,680
So there's probably no need to do it in this.

225
00:14:48,680 --> 00:14:55,600
this is again for medical benefits I guess I could talk both sides of the

226
00:14:55,600 --> 00:14:59,460
fence on this whether it's good or bad but it does

227
00:15:00,000 --> 00:15:06,760
Bring up some obviously fiduciary issues allowing your employees to invest this money in that.

228
00:15:06,960 --> 00:15:08,840
But I want you to know it is available.

229
00:15:09,720 --> 00:15:12,460
There are ways of putting guardrails on that.

230
00:15:12,840 --> 00:15:15,480
They could invest in stocks, mutual funds, ETS,

231
00:15:15,960 --> 00:15:20,560
or we could really silo that and allow them just specific types of investments.

232
00:15:24,980 --> 00:15:27,740
The Five for Life is our in-plan annuity.

233
00:15:28,180 --> 00:15:31,640
It's something the market has been asking for for quite some time.

234
00:15:31,640 --> 00:15:34,640
I'm going to let Dan come up here and talk about that investment.

235
00:15:38,840 --> 00:15:39,580
Thank you, Howard.

236
00:15:39,920 --> 00:15:43,900
Thank you guys for having us, Dan Vasquez, Certified Financial Planner.

237
00:15:44,360 --> 00:15:47,920
I wanted to touch a little bit about this new product that is now launched.

238
00:15:48,220 --> 00:15:50,920
It's the Income America Five for Life, right?

239
00:15:51,080 --> 00:15:55,740
So for those participants that are looking for some form of guaranteed income during

240
00:15:55,740 --> 00:15:59,120
retirement, let's say, you know, they have a pension, they have Social Security,

241
00:15:59,180 --> 00:16:02,660
but there's a gap in income, whatever that gap may be, and they're looking for

242
00:16:02,660 --> 00:16:03,620
guaranteed income.

243
00:16:03,620 --> 00:16:08,640
income, that income that they'll know will be coming in consistently the same amount

244
00:16:08,640 --> 00:16:09,280
every month.

245
00:16:09,560 --> 00:16:13,920
This could be a great option for those participants, and I'll talk a little bit more about the

246
00:16:13,920 --> 00:16:14,580
details here.

247
00:16:15,580 --> 00:16:19,720
So let's just go over a specific example, right?

248
00:16:20,100 --> 00:16:26,100
So let's say at age 55, there's a participant that is looking for guaranteed income during

249
00:16:26,100 --> 00:16:32,560
retirement, so they move $60,000 from other funds into the Mission Square Five for

250
00:16:32,560 --> 00:16:38,880
life fund, right? In this case, the income base is set and reviewed each birthday. So

251
00:16:38,880 --> 00:16:46,640
at age 65, by the time that they choose to turn on that income base, they have accumulated

252
00:16:47,720 --> 00:16:54,840
contributions of 143,500 into the fund. With market growth, it is invested in a balance

253
00:16:54,840 --> 00:17:01,080
fund. That fund grows to 200,000. So at 65, they decide to turn on that income

254
00:17:01,080 --> 00:17:07,820
income stream, and now that income base is locked at that $200,000, and in this case,

255
00:17:07,900 --> 00:17:12,740
they would have 5% guaranteed each year for the rest of their life.

256
00:17:13,340 --> 00:17:19,120
So in this case, in this particular example, they would have $10,000 a year that they're

257
00:17:19,120 --> 00:17:21,720
guaranteed in income for the rest of their life.

258
00:17:22,140 --> 00:17:26,700
So for a participant that has an income gap or is looking for guaranteed income during

259
00:17:26,700 --> 00:17:29,600
retirement, this could be a great potential option.

260
00:17:29,600 --> 00:17:37,280
One thing I wanted to touch on is that $200,000 is locked, meaning that in worst case scenario,

261
00:17:37,460 --> 00:17:43,140
even if the whole account value is depleted, they're guaranteed that $10,000 a year for

262
00:17:43,140 --> 00:17:43,980
the rest of their life.

263
00:17:44,400 --> 00:17:49,600
However, in the likely case that the market continues to rise, if their income base

264
00:17:49,600 --> 00:17:54,140
goes up, they're guaranteed that 5% at the higher income base.

265
00:17:54,140 --> 00:18:01,640
However, if the market value goes down, it's locked at the lowest at the $200,000 once

266
00:18:01,640 --> 00:18:06,320
they turn $65,000, and it's at 5% guaranteed for life.

267
00:18:06,820 --> 00:18:10,060
So again, let's say you have a participant that has Social Security.

268
00:18:10,240 --> 00:18:10,960
They have their pension.

269
00:18:11,760 --> 00:18:14,280
Let's say they spend $6,000 a month.

270
00:18:14,380 --> 00:18:17,980
Their pension pays them $3,000, Social Security pays them $2,000.

271
00:18:18,420 --> 00:18:21,280
They're looking for another $1,000 in guaranteed income.

272
00:18:21,280 --> 00:18:24,160
this could be a great potential option for them.

273
00:18:27,120 --> 00:18:31,080
I believe that's any questions on income for life.

274
00:18:33,130 --> 00:18:34,090
Yes, we do.

275
00:18:34,570 --> 00:18:35,190
Go ahead, Bob.

276
00:18:35,610 --> 00:18:35,670
Yeah.

277
00:18:36,750 --> 00:18:37,510
Thanks, Dan.

278
00:18:37,810 --> 00:18:41,230
And if you can bear with me, I've got quite a few questions on this.

279
00:18:41,550 --> 00:18:48,050
So what's the minimum age that someone could enter this?

280
00:18:48,310 --> 00:18:48,850
Great question.

281
00:18:49,090 --> 00:18:53,110
So there is no minimum age to enter this particular product, right?

282
00:18:53,110 --> 00:19:00,110
However, the minimum age to turn on that income feature for that guaranteed 5% for life is age 65

283
00:19:00,110 --> 00:19:03,390
Okay, and then and then with the

284
00:19:04,790 --> 00:19:11,330
And again it is there a minimum amount then that someone has to contribute to start this

285
00:19:11,330 --> 00:19:12,410
No minimum amount

286
00:19:12,410 --> 00:19:12,810
Okay

287
00:19:12,810 --> 00:19:16,390
So you could start with as little as a dollar right and then you could just set it up

288
00:19:16,390 --> 00:19:21,950
Let's say each paycheck you have a certain percentage or maybe your whole allocation that goes into that

289
00:19:22,490 --> 00:19:26,770
And a lot of the times, you know, participants would work with myself or the retirement plan specialist

290
00:19:26,770 --> 00:19:32,430
to maybe get a better gauge through the planning process to see if this product is something that makes sense for them

291
00:19:32,430 --> 00:19:35,650
and how much, what percentage they should be contributing to the product.

292
00:19:35,950 --> 00:19:43,050
Okay. And then they have, then there's options with that because you could put in a one-time amount and let it sit, right?

293
00:19:43,430 --> 00:19:43,710
Correct.

294
00:19:44,030 --> 00:19:49,290
Or it's not like you're required to do an annual contribution or something like that.

295
00:19:49,350 --> 00:19:49,590
Correct.

296
00:19:49,590 --> 00:19:53,450
You can do a one-time contribution into the product, let's say you've built up a balance

297
00:19:53,450 --> 00:19:58,270
in your account and you want to do a one-time contribution, you can also do the one-time

298
00:19:58,270 --> 00:20:03,030
contribution and then do reoccurring contributions through your payroll.

299
00:20:04,030 --> 00:20:06,050
So there's various options there.

300
00:20:07,270 --> 00:20:16,770
And then in regards to the second bullet point on the income base setting, so this

301
00:20:16,770 --> 00:20:21,610
So this is done annually, right, right, okay, and so let's let's say

302
00:20:22,290 --> 00:20:27,810
Let's use example, you know you put in $60,000 and then in year one

303
00:20:27,810 --> 00:20:33,870
Okay, let's say the and I put it into an investment. Yes

304
00:20:33,870 --> 00:20:40,230
So it's it's sort of like a retirement target. They fund a balance on it's about 60 40 is is a current allocation

305
00:20:40,230 --> 00:20:42,530
So let's say I put in $60,000

306
00:20:42,530 --> 00:20:47,610
And let's say the market that year does not do well and it loses $10,000

307
00:20:47,610 --> 00:20:52,330
So does my income base then reset at $50,000?

308
00:20:53,070 --> 00:20:58,690
Well, your income base doesn't lock in till age 65, but yes up until the point that you're 65

309
00:20:58,690 --> 00:21:02,050
Your ink your your balance could go up or down

310
00:21:02,050 --> 00:21:08,930
You can lock it in starting at 65 and then beyond that it locks in at that minimum in this example

311
00:21:08,930 --> 00:21:16,230
it's 200,000, right? And then if it goes up, your income base goes up. However, if in that

312
00:21:16,230 --> 00:21:20,030
following year it resets every year on your birthday, that following year the income base

313
00:21:20,030 --> 00:21:27,090
is lower, you have that guaranteed floor of the 200,000 that you locked in each year on

314
00:21:27,090 --> 00:21:33,310
your birthday. So let's say the following year the income base is now 210,000, that's

315
00:21:33,310 --> 00:21:35,010
your new locked-in floor.

316
00:21:35,270 --> 00:21:37,190
But it only locks in at age 65.

317
00:21:37,190 --> 00:21:43,690
correct it only locks in at age so if the market tanks I mean I it is there's

318
00:21:43,690 --> 00:21:49,890
variability there's risk here it's not as though you you set $60,000 here and

319
00:21:50,310 --> 00:21:56,290
you're never going to lose that because if if heaven forbid you know the

320
00:21:56,290 --> 00:22:04,230
market really tanks for for a period of time you could end up at age 65 with a

321
00:22:04,230 --> 00:22:08,330
lower balance. Correct it is possible. Normally when you look at a long-time

322
00:22:08,330 --> 00:22:12,790
horizon in the market session of balance portfolio but yes absolutely there is

323
00:22:12,790 --> 00:22:18,850
market risk before age 65. Okay and then and then let's say you're you're a

324
00:22:18,850 --> 00:22:25,370
younger person and you know you did this at age 40 and you know at age 50 you're

325
00:22:25,370 --> 00:22:30,070
like I'm I want out. Are you able to get out? Yes this is the great thing

326
00:22:30,070 --> 00:22:33,170
about the product it's not like your annuity where there's a surrender fee

327
00:22:33,170 --> 00:22:41,250
There's a lock in period you're able to move in and out of the fund. There's no like surrender fee. No penalty. No penalty. Correct

328
00:22:42,390 --> 00:22:44,170
So it gives you a lot more flexibility

329
00:22:46,030 --> 00:22:46,990
Okay, okay

330
00:22:47,790 --> 00:22:52,290
Great. Yeah, this is a great. I mean, it's a it's a good option for people

331
00:22:52,290 --> 00:22:58,090
Like you said who wants, you know, want a fixed income, you know at the when they retire. So

332
00:22:59,250 --> 00:23:01,430
Okay, thank you very much. Thank you

333
00:23:02,810 --> 00:23:09,970
If someone wanted to wait until they were 66 can they wait till the 66 or 65 is the number absolutely they can wait 65

334
00:23:09,970 --> 00:23:13,370
It's just the minimum to start that income stream

335
00:23:13,370 --> 00:23:20,410
But they can delay that beyond that and then based on however many years were paid off based on your $200,000 example

336
00:23:21,210 --> 00:23:27,750
When someone ultimately passes that 200,000 goes back to their estate. Yes, it would pass down to their beneficiaries

337
00:23:28,350 --> 00:23:29,410
Thank you good question

338
00:23:31,390 --> 00:23:36,650
Yes, yes so there is a joint option so let's say you're married and you want

339
00:23:36,650 --> 00:23:41,810
that income you want that guaranteed base to go to your spouse. There is a joint

340
00:23:41,810 --> 00:23:48,090
option where if you were to pass away it would go to your significant other

341
00:23:48,090 --> 00:23:53,530
your spouse in this case and that would lock in for your spouse at the four

342
00:23:53,530 --> 00:24:00,470
percent guaranteed for their life. So your survivor benefit goes from five

343
00:24:00,470 --> 00:24:08,350
to four four because it would be guaranteed for your spouse I just had one

344
00:24:08,350 --> 00:24:14,690
so would this be rolled into the main portfolio or would it be a separate line

345
00:24:14,690 --> 00:24:20,270
up because right now you have your we have a 457 RHS would this be a

346
00:24:20,270 --> 00:24:26,010
standalone account part of the options within those investment lineups of a

347
00:24:29,600 --> 00:24:36,260
So, Paul Murray has all the collateral to help you vet this out.

348
00:24:37,280 --> 00:24:39,960
Him and I have talked about it, you probably have seen it.

349
00:24:40,140 --> 00:24:44,420
I know you have an entire division that looks at these income for life programs.

350
00:24:45,040 --> 00:24:52,680
And if this is something that you want to adopt, if I know by September 7th, it could

351
00:24:52,680 --> 00:24:56,040
be implemented on November 13th.

352
00:25:00,780 --> 00:25:07,560
So, the benefit of this, because I'm trying to figure out, because, you know, how you

353
00:25:07,560 --> 00:25:11,580
can have losses and everything, so it's kind of just like, you know, if you invested today,

354
00:25:11,940 --> 00:25:19,880
however, is that the carrot is that at 65, or if you choose at 65 or 66 or whatever,

355
00:25:20,240 --> 00:25:24,320
when you choose to lock in, then you cannot lose what you lock in.

356
00:25:26,040 --> 00:25:45,800
whereas if you had another investment, it could lose money at age 66 and you've lost it. Whereas here, you lock it in upon retirement, you get a fixed income coming back to you and you can't lose value.

357
00:25:46,580 --> 00:25:48,900
Is that really, I mean that's the difference.

358
00:25:49,440 --> 00:25:53,080
So the main difference, market value could still go up and down.

359
00:25:53,460 --> 00:25:58,580
However, you're guaranteed the 5% income, the 5% return for the rest of your life, right?

360
00:25:58,660 --> 00:26:02,760
So let's say you live to 100, and you have, you know, 200,000 in there.

361
00:26:02,860 --> 00:26:07,500
You're guaranteed at least $10,000 a year for the next 35 years, right?

362
00:26:07,780 --> 00:26:09,960
However, market value could still go up and down.

363
00:26:10,080 --> 00:26:13,480
So let's say you were to pass away, or you were to move products, right?

364
00:26:13,680 --> 00:26:15,560
Obviously, that's subject to market fluctuations.

365
00:26:17,360 --> 00:26:24,420
It's the income that's guaranteed for life, the 5% of the value, right?

366
00:26:24,800 --> 00:26:26,400
So that value is locked in, right?

367
00:26:26,520 --> 00:26:27,680
So your income is locked in.

368
00:26:27,820 --> 00:26:33,580
However, to his question about just the value being able to withdraw it, that could go up

369
00:26:33,580 --> 00:26:36,680
and down if you were to move products, if you were to pass away and it would go to

370
00:26:36,680 --> 00:26:37,380
your beneficiaries.

371
00:26:38,680 --> 00:26:42,820
So that's why potentially that joint life option could make sense if you want that

372
00:26:42,820 --> 00:26:45,460
income that higher income base to go to your spouse.

373
00:26:58,600 --> 00:26:59,000
Okay.

374
00:27:04,600 --> 00:27:06,700
Thank you Dan. Thank you guys. Appreciate it.

375
00:27:08,910 --> 00:27:14,410
Chair, can I ask one question? Sure. Or might be multiple after a while. When they do it,

376
00:27:14,470 --> 00:27:19,810
would it be an option inside their fund? So if they had a 457, they would elect it inside

377
00:27:20,650 --> 00:27:26,390
their fund. It wouldn't be us. Or if they had a payroll deduction, would we have to split

378
00:27:26,390 --> 00:27:33,510
that out saying they're going to put 10% out of their payroll into this, into the annuity

379
00:27:34,550 --> 00:27:35,870
within their 457?

380
00:27:36,210 --> 00:27:36,670
Great question.

381
00:27:36,870 --> 00:27:40,510
So it's going to be part of the investment lineup within the 457, right?

382
00:27:40,810 --> 00:27:45,130
So when you go to choose your investments or choose your future allocations, it's

383
00:27:45,130 --> 00:27:47,470
going to be one of the choices on there if you guys do it like that.

384
00:27:47,810 --> 00:27:49,050
That was my question.

385
00:27:49,250 --> 00:27:51,690
How does the funds get managed?

386
00:27:51,950 --> 00:27:55,490
Is it a separate account or is it within the 457?

387
00:27:55,490 --> 00:28:02,570
So it would just be a fund that they can pick from your 457 you'd allocate what percent of your

388
00:28:03,150 --> 00:28:04,830
Contribution goes to which fund

389
00:28:04,830 --> 00:28:08,170
And is it three tax or post tax

390
00:28:08,170 --> 00:28:15,630
Well, so pre tax or post tax would depend on you know within the 457 they have the option to go pre tax or post tax

391
00:28:15,630 --> 00:28:17,070
So that would depend on the participant

392
00:28:17,910 --> 00:28:21,790
In most cases right the 457 for when a I would say

393
00:28:21,790 --> 00:28:26,010
It's more likely that it's pre-tax, but it could be either or depending on the participant.

394
00:28:26,750 --> 00:28:30,890
In our retirement, for standard for general employees, it's 62.

395
00:28:31,530 --> 00:28:38,690
So if they're retired at 62, can they still make contributions to this from 62 till they're

396
00:28:38,690 --> 00:28:39,190
65?

397
00:28:40,210 --> 00:28:40,710
Good question.

398
00:28:40,770 --> 00:28:45,070
So let's say they retire from the plan, they can no longer make new contributions.

399
00:28:45,130 --> 00:28:45,590
Excuse me.

400
00:28:45,770 --> 00:28:48,010
Please speak into the microphone so it's recorded.

401
00:28:50,270 --> 00:28:55,770
when it comes to new contributions if it's after retirement they can't make any new

402
00:28:55,770 --> 00:29:00,130
contributions because they're no longer active in plan however they could move

403
00:29:00,130 --> 00:29:07,790
their current investments into the fund okay so based on all of this it's the

404
00:29:07,790 --> 00:29:12,770
it'd be determined by your 457 limits contribution limits you can't do

405
00:29:12,770 --> 00:29:16,410
something extra then I guess yes it'd be determined by the limits right

406
00:29:16,410 --> 00:29:19,870
which is, you know, the standard 24,500 before age,

407
00:29:19,950 --> 00:29:23,390
50,000, 32,500 after age, a year.

408
00:29:30,960 --> 00:29:31,680
Great questions.

409
00:29:31,980 --> 00:29:32,260
Thank you.

410
00:29:33,540 --> 00:29:34,740
Thank you for the questions.

411
00:29:35,000 --> 00:29:35,420
Thank you, Dan.

412
00:29:36,060 --> 00:29:37,700
I'm going to come back to this page.

413
00:29:38,420 --> 00:29:41,640
This is the new website, the new landing page

414
00:29:41,640 --> 00:29:43,480
that your employees are going to see.

415
00:29:43,620 --> 00:29:45,320
I don't know if you've had the opportunity

416
00:29:45,320 --> 00:29:47,880
to go into missionsquare.com, but this

417
00:29:47,880 --> 00:29:51,600
is the refreshed new look that we're

418
00:29:51,600 --> 00:29:52,720
calling the landing page.

419
00:29:53,420 --> 00:29:58,500
But I wanted to talk about something that we're working with Jody on and the administrative

420
00:29:58,500 --> 00:29:59,540
team on.

421
00:30:00,000 --> 00:30:10,880
There's been a change in personnel. For those of you on the board, you're not familiar with what happens behind the scenes. We work with a gentleman named Mike Stupp.

422
00:30:11,440 --> 00:30:20,260
Mike Stupp decided to retire at age 48 years old and take off to Roatan, where he loves scuba diving.

423
00:30:21,020 --> 00:30:25,920
He's purchasing a restaurant out there, so if anyone ever goes to Roatan, let me know

424
00:30:25,920 --> 00:30:27,820
and we'll set you up at a restaurant.

425
00:30:28,260 --> 00:30:33,000
Monday night is lobster night, and the big drink there is the Monkey Lala.

426
00:30:33,340 --> 00:30:34,640
I couldn't make this stuff up.

427
00:30:34,800 --> 00:30:36,580
Is this from personal experience, Howard?

428
00:30:36,980 --> 00:30:37,600
Not yet.

429
00:30:37,800 --> 00:30:38,060
Okay.

430
00:30:38,180 --> 00:30:38,860
It's Christmas.

431
00:30:39,340 --> 00:30:39,520
All right.

432
00:30:39,820 --> 00:30:39,980
Okay.

433
00:30:40,580 --> 00:30:46,600
So, our new RPAM, or Time and Plan Account Manager, is a young lady named Donna Davis.

434
00:30:46,600 --> 00:30:49,500
Donna has been with us for 19 years.

435
00:30:50,160 --> 00:30:53,380
A soft introduction has been done to Jodi yesterday,

436
00:30:53,620 --> 00:30:57,880
and we're working through some payroll configuration changes.

437
00:30:58,740 --> 00:31:03,360
And one of the things that we'd like to propose is the census.

438
00:31:04,160 --> 00:31:07,300
Right now, we get information from you primarily

439
00:31:07,300 --> 00:31:11,180
for those people who are participating in the plan.

440
00:31:11,440 --> 00:31:13,900
But there's a lot more people that are not

441
00:31:13,900 --> 00:31:18,260
that we could help enroll and encourage them to participate.

442
00:31:18,900 --> 00:31:23,160
So by receiving census data, we do a couple of things.

443
00:31:23,680 --> 00:31:26,960
One, we're calling it the single source of truth.

444
00:31:27,420 --> 00:31:33,220
So if somebody updates a birth date, a termination date,

445
00:31:33,600 --> 00:31:37,520
an address on your file, they still have to come to us

446
00:31:37,520 --> 00:31:39,480
and give us the information.

447
00:31:39,920 --> 00:31:42,260
And a lot of times people move and they don't do that.

448
00:31:42,260 --> 00:31:49,020
So, we're thinking that if you provide us with the census data, our information will

449
00:31:49,020 --> 00:31:52,120
match your information every single day.

450
00:31:52,780 --> 00:31:56,680
This I also hope will help with the vesting issue.

451
00:31:56,820 --> 00:32:01,940
We still have a small vesting issue with that, that this will correct that vesting

452
00:32:01,940 --> 00:32:02,900
issue as well.

453
00:32:08,100 --> 00:32:08,220
Ms. Anderson.

454
00:32:08,380 --> 00:32:13,040
Really quickly, Jody Justice again, we are working with Mission Square through the

455
00:32:13,040 --> 00:32:13,780
new ERP.

456
00:32:13,780 --> 00:32:23,300
So our ERP transitions team with Vista is we're working on files. So where we'll have a just as we do for eligibility for our

457
00:32:24,340 --> 00:32:29,240
Insurance we're working on an eligibility file that will be automatically uploaded to

458
00:32:30,000 --> 00:32:36,900
To mission square every payroll. So we are that's that's what prompted us to meet Donna yesterday

459
00:32:36,900 --> 00:32:41,160
Kind of I only matter through emails because it was a little busy, but they had

460
00:32:41,160 --> 00:32:47,040
And we'll be working on that transition, and let everybody know it's when we go live is

461
00:32:47,040 --> 00:32:50,080
when that will actually start, so it will be closer to the end of the year.

462
00:32:53,340 --> 00:32:54,200
Thank you, Jodi.

463
00:32:54,560 --> 00:33:00,800
The other thing that this is going to do, it's going to allow us to start a very large

464
00:33:00,800 --> 00:33:04,740
drip campaign for all those people who are not participating.

465
00:33:05,460 --> 00:33:11,620
So creating awareness to all the eligible versus participating, help them enroll,

466
00:33:11,620 --> 00:33:17,360
and we would then be able to do proactive outreach to all of those employees, explain

467
00:33:17,360 --> 00:33:22,940
the program, explain the benefits, and really hand hold them if they want to enroll in this

468
00:33:22,940 --> 00:33:23,320
program.

469
00:33:25,180 --> 00:33:27,360
So I'm excited about this.

470
00:33:28,380 --> 00:33:31,120
This is a great enhancement for us with this program.

471
00:33:33,390 --> 00:33:35,030
The other thing is the data.

472
00:33:35,290 --> 00:33:36,570
The data will get better.

473
00:33:36,570 --> 00:33:44,910
This program actually was rolled out to me earlier in the week so usually my presentation

474
00:33:44,910 --> 00:33:49,730
has some things about the investments, it has demographics, trends, things like that.

475
00:33:50,210 --> 00:33:52,830
I started working on that earlier in the week.

476
00:33:53,290 --> 00:33:57,590
Before I give you anything I need to make sure that the data is correct, so I will

477
00:33:57,590 --> 00:34:04,930
be sending next week to Gillian, to Jodi that presentation, they'll email it out

478
00:34:04,930 --> 00:34:10,470
to you and you'll see the new format and all that information who's just too late to go

479
00:34:10,470 --> 00:34:13,870
to print and have it here for the board to see it prior to that time.

480
00:34:16,330 --> 00:34:17,610
Any questions for me?

481
00:34:24,100 --> 00:34:28,960
So I'd like to ask, the way I understand you had a meeting and objectives agenda, there

482
00:34:28,960 --> 00:34:32,500
were four items, do you need action from us today?

483
00:34:34,240 --> 00:34:40,020
Well, the fight for life, obviously, is something that's out there.

484
00:34:40,520 --> 00:34:46,160
You do have a consultant on this program, and usually that's vetted through the consultant,

485
00:34:46,320 --> 00:34:51,980
but if you wanted to say, yes, I'd like that implemented, we could always add that.

486
00:34:52,900 --> 00:34:53,260
Okay.

487
00:34:53,980 --> 00:34:58,500
And on the RHS self-directed, you mentioned there's options.

488
00:34:59,100 --> 00:35:00,580
Do you need direction from us?

489
00:35:00,580 --> 00:35:03,020
or is this going to be automatically available?

490
00:35:03,280 --> 00:35:04,480
That is not automatic.

491
00:35:04,880 --> 00:35:06,840
If that's something you want to add,

492
00:35:07,040 --> 00:35:10,100
the self-direct brokerage account, we could do that.

493
00:35:11,220 --> 00:35:14,200
What I tell you and what I'd like to do

494
00:35:14,200 --> 00:35:17,880
is really send you the options within the self-direct.

495
00:35:18,060 --> 00:35:20,320
I don't know if you want to have the open architecture

496
00:35:20,820 --> 00:35:23,580
where you just want to allow mutual funds and ETFs.

497
00:35:23,960 --> 00:35:25,300
That would be your decision.

498
00:35:26,020 --> 00:35:27,900
Opening up self-direct is one thing.

499
00:35:27,900 --> 00:35:31,780
What do you want them to be allowed to invest in is another.

500
00:35:32,460 --> 00:35:32,760
Sure.

501
00:35:32,880 --> 00:35:39,720
So you have open architecture now in the self-direct, in the other plan where only four people are doing it.

502
00:35:40,160 --> 00:35:44,060
If you'd like to copy that into the RHS, we could do that as well.

503
00:35:44,320 --> 00:35:51,180
Or again, if you wanted to put guardrails on that and only allow mutual funds, ETFs, and fixed income, we could do that too.

504
00:35:51,780 --> 00:35:52,220
Sure.

505
00:35:52,640 --> 00:35:56,240
I'd like to open it up for comments to see if there is an interest.

506
00:35:56,240 --> 00:36:05,140
I have my own personal opinion, but RHS is a retirement health savings, it's not a time

507
00:36:05,140 --> 00:36:13,920
to be aggressive and start chasing new IPOs, so are there any comments on the desire to

508
00:36:14,580 --> 00:36:17,300
open it? Keep it the same?

509
00:36:20,360 --> 00:36:22,100
That's kind of my comment.

510
00:36:25,040 --> 00:36:27,080
Right and I go back to last meeting

511
00:36:27,080 --> 00:36:32,220
we had a participant that was interested in having open architecture but it was one out

512
00:36:32,220 --> 00:36:37,680
of all the participants so I'm not sure if there's a retiree.

513
00:36:37,680 --> 00:36:46,780
and just just a question for Howard other employers who have opened up RHS how

514
00:36:46,780 --> 00:36:51,840
have they done that I mean what what oh none I have no planned sponsors in my

515
00:36:51,840 --> 00:36:56,460
book of business that have adopted the self-direct brokerage in the RHS so

516
00:37:01,740 --> 00:37:01,880
we

517
00:37:01,880 --> 00:37:06,560
have the option not to go forward with the RHS but in reference to the five

518
00:37:06,560 --> 00:37:11,420
for life why would we not give that additional option it's within the

519
00:37:11,420 --> 00:37:18,340
457 program anyway so it's just another option for personnel I think the

520
00:37:18,340 --> 00:37:24,160
decision is how is it structured is it full open architecture is it limited to

521
00:37:24,160 --> 00:37:30,620
ETFs I mean if you want I know no the fight for life is one investment in a

522
00:37:30,620 --> 00:37:36,020
new system within the 457 so everything is within the same structure as a

523
00:37:36,020 --> 00:37:42,860
457. So it's just giving options out there for people to either elect to go into that

524
00:37:42,860 --> 00:37:48,040
or not. There's really – I don't see any downfall in it. It's not any more aggressive

525
00:37:48,040 --> 00:37:49,880
than a 457 with the same structure.

526
00:37:50,540 --> 00:37:50,800
Okay.

527
00:37:53,240 --> 00:37:54,020
You are correct.

528
00:37:54,540 --> 00:37:58,880
And I did have one question on the five for life. I've seen some annuities out

529
00:37:58,880 --> 00:38:04,180
there where if you're in, let's say, a 401 or 457 that's pre-taxed, if you

530
00:38:04,180 --> 00:38:09,640
You roll over the 457 funds or 401 going into the annuity, the taxation isn't there?

531
00:38:11,000 --> 00:38:12,840
Does this have that option in there?

532
00:38:13,520 --> 00:38:16,060
So this particular product does not.

533
00:38:16,940 --> 00:38:21,100
So it would stay, let's say you're in a pre-tax account, you put pre-tax money into this

534
00:38:21,100 --> 00:38:26,500
particular five-for-life product, the income would come out as taxable.

535
00:38:26,880 --> 00:38:27,420
Let's say you had raw money.

536
00:38:27,420 --> 00:38:30,760
Just like it does now in the 457, having a 20%.

537
00:38:30,760 --> 00:38:33,120
Right, right, but let's say you had Roth money

538
00:38:33,620 --> 00:38:38,840
Right in the 457 after tax then it's comes out it comes out as tax-free income

539
00:38:38,840 --> 00:38:45,660
Okay, there are some options out there as you're probably aware. Yes, rolling a 457 not getting hit with the 20%

540
00:38:45,660 --> 00:38:48,640
Taxation and going into a product like that. So

541
00:38:54,210 --> 00:38:57,190
So we gave Howard direction to do both

542
00:39:00,490 --> 00:39:04,910
RHS I don't know about that one right because for me it's just something that

543
00:39:05,830 --> 00:39:11,830
There are so little participants, four people, and parameters sound better to me.

544
00:39:12,390 --> 00:39:19,130
The annuity sounds like just another good option that can be explained by somebody managing

545
00:39:19,130 --> 00:39:22,470
your account to give you guidance, and then you either choose or don't choose it.

546
00:39:23,290 --> 00:39:24,450
That one, I...

547
00:39:24,450 --> 00:39:24,650
Sure.

548
00:39:25,730 --> 00:39:26,050
Okay.

549
00:39:26,450 --> 00:39:26,810
I can't.

550
00:39:27,090 --> 00:39:27,170
Yeah.

551
00:39:27,870 --> 00:39:34,490
Howard, on the RHS, they're getting some type of return on cash, right?

552
00:39:34,490 --> 00:39:34,570
Right?

553
00:39:35,010 --> 00:39:35,530
Oh, sure.

554
00:39:35,690 --> 00:39:35,850
Sure.

555
00:39:35,930 --> 00:39:36,230
Absolutely.

556
00:39:36,970 --> 00:39:42,670
So, I mean, it's not as though it's just sitting there and not accumulating some type of interest.

557
00:39:43,410 --> 00:39:44,050
Well, they're-

558
00:39:44,170 --> 00:39:46,070
They have investments within the portfolio.

559
00:39:46,490 --> 00:39:46,570
Right.

560
00:39:46,690 --> 00:39:49,230
They do have investments in the RHS.

561
00:39:50,310 --> 00:39:50,510
Right.

562
00:39:50,770 --> 00:39:54,630
Through Mission Square, there's a list of investments they can choose from Target

563
00:39:54,630 --> 00:39:57,010
Fund to MSQ or-

564
00:39:57,010 --> 00:39:57,950
Yeah.

565
00:39:58,130 --> 00:39:58,610
Yeah.

566
00:39:59,350 --> 00:40:00,730
I mean, I think-

567
00:40:00,730 --> 00:40:00,990
Okay.

568
00:40:00,990 --> 00:40:06,150
So I think there's consensus to leave the RHS the way it is and move forward with the

569
00:40:06,150 --> 00:40:09,650
Five for Life as an option within the 457.

570
00:40:11,330 --> 00:40:15,390
If I may jump in and just say, Paul Murray, who is on our team, is dedicated to Define

571
00:40:15,390 --> 00:40:19,210
Contribution work, and I think he's slated to attend your November meeting.

572
00:40:19,350 --> 00:40:22,910
I don't know if you all are interested in hearing from him, his perspective, maybe

573
00:40:22,910 --> 00:40:24,030
before moving forward.

574
00:40:27,770 --> 00:40:29,830
No, I think it's pretty clear.

575
00:40:29,830 --> 00:40:35,330
Yeah, yeah, we can make it available and then he can work with the participants and have a

576
00:40:36,290 --> 00:40:43,270
Consultation and go over you've hit the highlights and the details and it seems like a good option

577
00:40:44,390 --> 00:40:46,230
But thank you. Yeah

578
00:40:47,530 --> 00:40:49,450
Anything else great.

579
00:40:51,620 --> 00:40:55,020
Thank you Howard. All right. The last thing I just wanted to show you the

580
00:40:56,060 --> 00:40:56,560
Website

581
00:40:56,560 --> 00:40:58,780
This is our landing page.

582
00:40:59,220 --> 00:41:02,380
Sorry, since we gave you direction, I need to ask for a motion.

583
00:41:03,860 --> 00:41:12,620
A motion to authorize Mission Square to implement the Five for Life and maintain the RHS as is.

584
00:41:12,960 --> 00:41:13,640
I'll make the motion.

585
00:41:14,660 --> 00:41:14,960
Second.

586
00:41:15,700 --> 00:41:16,260
All in favor?

587
00:41:17,120 --> 00:41:17,440
Aye.

588
00:41:18,280 --> 00:41:18,880
You're not opposed.

589
00:41:19,340 --> 00:41:19,760
Thank you.

590
00:41:20,300 --> 00:41:20,620
All right.

591
00:41:20,700 --> 00:41:21,180
Thank you.

592
00:41:21,920 --> 00:41:23,060
This is the website.

593
00:41:23,440 --> 00:41:24,560
This is our landing page.

594
00:41:25,700 --> 00:41:31,340
Everything that you need to see is really from this great landing page.

595
00:41:31,600 --> 00:41:34,760
We asked employees what they were looking for.

596
00:41:35,400 --> 00:41:40,440
We were told there were a lot of clicks that people needed to get to, to get to certain things.

597
00:41:40,920 --> 00:41:43,080
So this is really where we are.

598
00:41:43,200 --> 00:41:44,160
Everything is right here.

599
00:41:44,300 --> 00:41:48,060
The calculators that they could work on are right off the main page.

600
00:41:50,000 --> 00:41:53,100
Individual, plan sponsor, financial professionals.

601
00:41:53,100 --> 00:41:59,280
channels. All of our products are listed here. And if you do have one, they could actually

602
00:41:59,280 --> 00:42:05,340
log in from this site, talks about our services, our videos, and education, things that they

603
00:42:05,340 --> 00:42:11,300
need are right here on the website. So this is pretty impressive. But the other thing

604
00:42:11,300 --> 00:42:17,660
that I talked about recently was the ability to open up a brokerage account. So if people

605
00:42:17,660 --> 00:42:26,360
wanted to invest outside of the retirement plan, they could actually do that here. They

606
00:42:26,360 --> 00:42:31,600
could enroll in their retirement plan or they could open up a wealth management brokerage

607
00:42:31,600 --> 00:42:37,820
account with us. And this is a couple of clicks. They transfer their assets and they could

608
00:42:37,820 --> 00:42:44,460
start trading. Right now, there's only two features in this brokerage account. It's

609
00:42:44,460 --> 00:42:50,440
as stock trades, and there's no cost for stock trades, but there is a robo-advisor. We will

610
00:42:50,440 --> 00:42:56,360
be rolling out as the year goes on different features within the brokerage account, but

611
00:42:56,360 --> 00:43:01,980
it is something that's available now. And again, it's not retirement specific. It's if people

612
00:43:01,980 --> 00:43:04,660
want to invest their money and keep things in one place.

613
00:43:06,740 --> 00:43:07,960
So I would encourage you

614
00:43:07,960 --> 00:43:12,920
to go on and just take a look at the website. It's missionsquared.com, and I think

615
00:43:12,920 --> 00:43:14,160
you'll find it very user-friendly.

616
00:43:18,740 --> 00:43:21,620
Thank you. Thank you for your time. Thank you.

617
00:43:26,700 --> 00:43:27,100
Jason,

618
00:43:27,260 --> 00:43:31,860
can I ask a quick silly question? Only if it's any other business.

619
00:43:35,090 --> 00:43:36,950
Same login works, Howard?

620
00:43:37,650 --> 00:43:39,910
Yes. Any

621
00:43:45,920 --> 00:43:49,240
other comments, questions, concerns?

622
00:43:51,660 --> 00:43:52,940
Jody, do you have anything?

623
00:43:56,980 --> 00:43:57,920
I'm sorry, I was

624
00:43:57,920 --> 00:44:05,180
Everyone pulling this together in short order and timely, not to discount how important this

625
00:44:05,180 --> 00:44:10,260
meeting is, but we do have a 9.30, I'm looking forward to hearing the market update in detail

626
00:44:10,260 --> 00:44:11,400
during that meeting.

627
00:44:13,040 --> 00:44:16,800
Is there any other public comment, I don't see any.

628
00:44:18,380 --> 00:44:26,360
The next item is the meeting schedule or next schedule meeting is November 13th, 2026

629
00:44:26,360 --> 00:44:33,320
at same time, 8 a.m. This seems to be working well for everyone. We'll keep it

630
00:44:33,320 --> 00:44:37,800
at the same time. Can I get a motion to adjourn?

631
00:44:40,070 --> 00:44:42,670
Motion. Second. Who's the

632
00:44:42,670 --> 00:44:48,450
seconder? A Bob. Miracle. You made the motion or you're the second? I owe a second.

633
00:44:48,790 --> 00:44:53,690
Birch made the motion. Okay. Thank you. All in favor? Aye.

634
00:44:53,690 --> 00:44:53,950
Hi.

635
00:44:54,390 --> 00:44:55,170
None opposed.

636
00:44:55,770 --> 00:44:56,850
Thank you, have a great day.