[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.]

[0:34] Chair to Brinkette, microphones are live.
[0:52] Thank you very much.
[1:11] We'll go ahead and get started. Good morning.
[1:14] Welcome to the Defined Contribution Meeting.
[1:17] Today is the 21st of August, 2026. I'd like to call the meeting to order.
[1:23] Can I get a roll call, please?
[1:24] Chair to Brinkette.
[1:26] Here.
[1:27] Vice Chair Barth.
[1:28] Here.
[1:29] Member Burch.
[1:30] Here.
[1:31] Member Marx.
[1:32] Here.
[1:33] Member Miracle.
[1:34] Here.
[1:34] Let's stand for the Pledge of Allegiance.
[1:58] Okay.
[2:00] Can I get approval of the minutes from the May 15th meeting?
[2:08] I'll make that motion.
[2:10] Second.
[2:11] Who is the seconder?
[2:12] Birch.
[2:15] All in favor?
[2:17] Aye.
[2:18] None opposed?
[2:19] Motion carries.
[2:22] Can I get a motion for the approval of today's agenda?
[2:27] Motion.
[2:31] All in favor?
[2:33] Aye.
[2:34] None opposed?
[2:35] Motion carries.
[2:38] Next item on the agenda are comments.
[2:41] I'll make a quick comment.
[2:43] A reminder this meeting falls before our defined benefit meeting,
[2:47] so if we could keep our presentations concise and brief.
[2:52] I'd appreciate not to move this along,
[2:54] but there is a lot that we're going to be talking about at 9.30 so 9.15 would be
[3:00] our time to adjourn and we have some technical difficulties on the desk so
[3:08] you'll see a smart board behind you for presentations for us to see we can't see
[3:13] here it's on the projector so we have the view board to assist for today
[3:19] sorry for the inconvenience. Are there any other comments on the desk? No? Okay. Any
[3:28] comments from the public? I see none. We'll go into general business. We have a
[3:35] Mark and Investment Performance Review by Kerry Richardville, Senior Advisor from
[3:41] Airner. Welcome.
[3:44] Just making sure that's on. Good morning everyone. I
[3:46] I will definitely respect the request to keep the comments brief.
[3:50] Thank you for the time this morning.
[3:52] I'm going to hit just a few pages in our quarterly book.
[3:56] The first one will be page three.
[3:58] And again, we'll be very brief here if you take a look at the top right chart.
[4:03] You can see the numbers essentially speak for themselves.
[4:06] We had a phenomenal quarter really across all public market segments.
[4:11] You can see the S&P was up over 15 percent, all segments of U.S. equity strongly positive.
[4:18] Small caps were up almost 22 percent.
[4:21] Lot of continued excitement, exuberance around the buildout of AI, sort of the hyperscalers
[4:27] putting into place that necessary infrastructure.
[4:30] The U.S. economy has been very resilient despite the fact that we have situations,
[4:34] you know, going on obviously in Iran that continue to go on.
[4:38] very, very robust performance across markets, very technology-driven, as you can imagine.
[4:44] Overseas markets, very similar, 14.5 percent for basically everyone but the U.S.
[4:51] Developed markets up 11, emerging markets up 24 percent, again, same thing.
[4:56] A lot of those countries, Taiwan, South Korea, Malaysia, supply a lot of the parts and
[5:02] inputs that go into kind of that AI trait.
[5:05] And even bonds in the bottom there were positive.
[5:08] Interest rates have been pretty volatile,
[5:10] kind of following what's going on geopolitically
[5:12] and energy prices.
[5:14] But we did get positive returns out of bonds as well.
[5:17] So really stellar quarter.
[5:18] And I think you'll see that come through
[5:20] when we look at the individual plans
[5:21] and just how the market values have changed
[5:24] just quarter over quarter.
[5:25] And so sort of along those lines,
[5:27] I'll move to what is page number 12 in your books.
[5:31] And I'm looking here, top left just at the summary, across the 457 and 401A plans, your
[5:39] values, it kind of combined values went from about $78.5 million at the end of March to
[5:45] a little over $85 million.
[5:47] So very nice pickup in market value across those plans.
[5:50] And then on 13, for the RHS plans, they picked up about $1 million in market value
[5:56] to going from about $8.8 million to about $9.8 million.
[5:59] and so nice positive market movements,
[6:02] kind of moving the balances across all the funds.
[6:05] I will just briefly hit on 25,
[6:08] which is our sort of heat map for the funds
[6:11] that we offer across your plans.
[6:13] And I will say in summary,
[6:15] we don't recommend any changes to the lineup at this time.
[6:19] I'll give just a few high-level comments
[6:20] on some of the yellow and reds that you do see.
[6:24] But in summary,
[6:25] we're not recommending any changes at this time,
[6:27] Just kind of from top to bottom.
[6:29] You can see Waycross, their core focused equity strategy, throwing a couple yellows.
[6:34] Really they've just stubbed their toes over a couple quarters.
[6:37] So much has depended upon your portfolio weights and specific names, especially related to
[6:43] that AI theme.
[6:44] So we're not concerned for now, it's just very much a function of how concentrated
[6:48] the market has been.
[6:49] Below that, your Victory Sycamore Value Fund.
[6:53] fund, this is a very long-tenured fund that historically has protected in down markets.
[7:00] It's really kind of hit a rough patch just over the last couple years, so we'd like to
[7:04] continue to give that a little bit of time.
[7:06] And the management team has been in place for a long time there.
[7:09] They did have a recent retirement in April, but the rest of the team and portfolio
[7:13] manager are very long-tenured, so we'd like to kind of give that a little bit
[7:16] of runway.
[7:17] And I'd say same for mid-cap growth.
[7:19] A lot of the kind of triggers that they're hitting are right on the line from an
[7:23] and investment policy standpoint.
[7:25] Same thing for that mission square diversified international.
[7:28] You can see a couple of those reds are throwing
[7:30] because the funds are 51st or 52nd percentile.
[7:33] We're looking for 50th.
[7:34] So again, want to kind of let that play.
[7:37] And then finally, the inflation-focused
[7:39] mission square fund, which is second from the bottom,
[7:41] pretty much right on top of the line
[7:43] from a compliance policy too.
[7:45] So we'd like to continue to watch those,
[7:48] and we are comfortable with those funds at this time.
[7:51] And I am happy to answer any questions that you all might have regarding the funds,
[7:56] the performance, or anything else you may see.
[8:06] I think since we just have a couple minutes, I'm just kind of curious as to
[8:10] with the international funds, just in general on page 3,
[8:17] but just with the international funds and their performance with
[8:24] with the war in the Middle East and the impact on energy cost and all that.
[8:32] So if you could just give a quick synopsis of what's driving the international market.
[8:37] Yes.
[8:38] So emerging markets is a huge piece when you look at the all country of what's driving
[8:42] performance there.
[8:44] Technology's done really well there too, but I will tell you one thing that's interesting
[8:47] is technology is not as big of a weight of the kind of developed markets international
[8:52] index as it is here in the U.S. But things like sort of expectations for increased defense
[8:59] spending, obviously Europe in particular is very susceptible to what's going on with
[9:03] an energy. But I'd say, you know, emerging markets has been a huge piece of that followed
[9:08] by kind of industrials. Consumers held up okay as well when it comes to international
[9:14] markets.
[9:14] Thank you.
[9:16] Absolutely.
[9:16] Absolutely.
[9:17] Any
[9:24] other questions?
[9:31] Okay.
[9:35] I see no other comments on the desk.
[9:37] Thank you.
[9:37] Okay.
[9:38] My pleasure.
[9:38] Thank you.
[9:39] Appreciate it.
[9:42] Next item of business is the Define Contribution Plan Updates.
[9:47] Howard with Mission Square.
[9:59] We'll quiz.
[10:04] I got it.
[10:06] All right.
[10:21] Good morning, everyone.
[10:23] Good morning.
[10:24] So what is the picture today on
[10:33] the cover?
[10:36] No guesses?
[10:39] Yeah, that was it.
[10:40] Part three.
[10:41] I didn't even know it existed.
[10:42] Had no idea.
[10:44] Well, I'm not a golfer.
[10:46] I'm not a golfer.
[10:49] I once sponsored a golf tournament and it was for what they called a short game.
[10:55] And I kept looking at my watch and I said to the instructor,
[10:58] I thought we're playing a short game.
[11:00] He says, well, what do you think it was?
[11:01] As I said, nine holes.
[11:03] He goes, no, this is the short game, right on the green,
[11:05] so I do not know that stuff.
[11:08] But at the benefits fair, I got to meet the golf pro,
[11:12] seemed like a really nice individual.
[11:16] So I didn't come alone today.
[11:18] Last time, I brought Daryl Dennis from our managed
[11:20] accounts.
[11:22] Today, I brought Dan Vasquez, our CFP.
[11:25] And some of you might have worked with him in the past.
[11:28] He's going to do part of this presentation,
[11:30] but he's also going to meet with some participants today
[11:33] to do the comprehensive financial planning.
[11:36] I put an insert that shows Dan's information as well as Natasha.
[11:42] Natasha is our RPS.
[11:45] She just started here at the city recently,
[11:48] but she's been with Mission Square for 10 years.
[11:52] Jillian during the last meeting made a point and, you know,
[11:57] I guess we all take it for granted the resources that we have.
[12:01] But when do your employees use which resource?
[12:05] So I've been working with our marketing department.
[12:07] This is a piece that was out there already,
[12:11] but we're working to incorporate Darrell's information there.
[12:15] So all of the client or participant facing individuals
[12:19] will be able to really see who's available out there,
[12:23] the RPS, the CFP, the FC, and kind of a roadmap.
[12:28] When do I go to each one?
[12:30] because it's kind of unclear because a lot of what they do is I don't want to say
[12:35] redundant but overlaps and they work very closely together so I'm working with the
[12:40] marketing department and hopefully by the next quarter we're gonna have
[12:44] something for you but it's also thank you because we're gonna roll this out
[12:49] nationally as well so thank you for your comments so the boy who cried wolf I've
[12:57] been appearing here for a couple of years and we've been talking about enhancements, enhancements,
[13:03] and enhancements, and they haven't been coming. And I feel like the boy who cried, well, but
[13:09] today I'm able to talk about some of those enhancements that are actually here.
[13:16] So the RHS enhancements, Dan is going to talk about PHY for Life, which is our in-plan
[13:23] I'm going to show you and try to do a live demo on our new landing page, which wasn't
[13:30] available last week except to me and mission square employees that is now live, and then
[13:36] I want to talk about data and something I've been working with Jodion behind the scenes.
[13:47] RHS, we've been talking about the debit card for quite some time.
[13:51] This is at point of interaction.
[13:54] People are having to out-of-pocket expenses, but now we're going to have a debit card.
[14:00] This debit card is going to be issued in November to all those who are benefit-eligible.
[14:07] So no more claims forms, no more being reimbursed.
[14:11] They're going to get that debit card.
[14:13] And it's going to go to, again, only those who are eligible or benefit-eligible to use it.
[14:18] So if a lot of you are separated from service people, we'll be getting this debit card.
[14:24] It's a welcome enhancement to this process.
[14:31] We talked a little bit about the self-direct brokerage account being allowed in the RHS.
[14:39] You have it in your 457.
[14:42] There's only four employees that are taking advantage of it there.
[14:46] So there's probably no need to do it in this.
[14:48] this is again for medical benefits I guess I could talk both sides of the
[14:55] fence on this whether it's good or bad but it does
[15:00] Bring up some obviously fiduciary issues allowing your employees to invest this money in that.
[15:06] But I want you to know it is available.
[15:09] There are ways of putting guardrails on that.
[15:12] They could invest in stocks, mutual funds, ETS,
[15:15] or we could really silo that and allow them just specific types of investments.
[15:24] The Five for Life is our in-plan annuity.
[15:28] It's something the market has been asking for for quite some time.
[15:31] I'm going to let Dan come up here and talk about that investment.
[15:38] Thank you, Howard.
[15:39] Thank you guys for having us, Dan Vasquez, Certified Financial Planner.
[15:44] I wanted to touch a little bit about this new product that is now launched.
[15:48] It's the Income America Five for Life, right?
[15:51] So for those participants that are looking for some form of guaranteed income during
[15:55] retirement, let's say, you know, they have a pension, they have Social Security,
[15:59] but there's a gap in income, whatever that gap may be, and they're looking for
[16:02] guaranteed income.
[16:03] income, that income that they'll know will be coming in consistently the same amount
[16:08] every month.
[16:09] This could be a great option for those participants, and I'll talk a little bit more about the
[16:13] details here.
[16:15] So let's just go over a specific example, right?
[16:20] So let's say at age 55, there's a participant that is looking for guaranteed income during
[16:26] retirement, so they move $60,000 from other funds into the Mission Square Five for
[16:32] life fund, right? In this case, the income base is set and reviewed each birthday. So
[16:38] at age 65, by the time that they choose to turn on that income base, they have accumulated
[16:47] contributions of 143,500 into the fund. With market growth, it is invested in a balance
[16:54] fund. That fund grows to 200,000. So at 65, they decide to turn on that income
[17:01] income stream, and now that income base is locked at that $200,000, and in this case,
[17:07] they would have 5% guaranteed each year for the rest of their life.
[17:13] So in this case, in this particular example, they would have $10,000 a year that they're
[17:19] guaranteed in income for the rest of their life.
[17:22] So for a participant that has an income gap or is looking for guaranteed income during
[17:26] retirement, this could be a great potential option.
[17:29] One thing I wanted to touch on is that $200,000 is locked, meaning that in worst case scenario,
[17:37] even if the whole account value is depleted, they're guaranteed that $10,000 a year for
[17:43] the rest of their life.
[17:44] However, in the likely case that the market continues to rise, if their income base
[17:49] goes up, they're guaranteed that 5% at the higher income base.
[17:54] However, if the market value goes down, it's locked at the lowest at the $200,000 once
[18:01] they turn $65,000, and it's at 5% guaranteed for life.
[18:06] So again, let's say you have a participant that has Social Security.
[18:10] They have their pension.
[18:11] Let's say they spend $6,000 a month.
[18:14] Their pension pays them $3,000, Social Security pays them $2,000.
[18:18] They're looking for another $1,000 in guaranteed income.
[18:21] this could be a great potential option for them.
[18:27] I believe that's any questions on income for life.
[18:33] Yes, we do.
[18:34] Go ahead, Bob.
[18:35] Yeah.
[18:36] Thanks, Dan.
[18:37] And if you can bear with me, I've got quite a few questions on this.
[18:41] So what's the minimum age that someone could enter this?
[18:48] Great question.
[18:49] So there is no minimum age to enter this particular product, right?
[18:53] However, the minimum age to turn on that income feature for that guaranteed 5% for life is age 65
[19:00] Okay, and then and then with the
[19:04] And again it is there a minimum amount then that someone has to contribute to start this
[19:11] No minimum amount
[19:12] Okay
[19:12] So you could start with as little as a dollar right and then you could just set it up
[19:16] Let's say each paycheck you have a certain percentage or maybe your whole allocation that goes into that
[19:22] And a lot of the times, you know, participants would work with myself or the retirement plan specialist
[19:26] to maybe get a better gauge through the planning process to see if this product is something that makes sense for them
[19:32] and how much, what percentage they should be contributing to the product.
[19:35] 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?
[19:43] Correct.
[19:44] Or it's not like you're required to do an annual contribution or something like that.
[19:49] Correct.
[19:49] You can do a one-time contribution into the product, let's say you've built up a balance
[19:53] in your account and you want to do a one-time contribution, you can also do the one-time
[19:58] contribution and then do reoccurring contributions through your payroll.
[20:04] So there's various options there.
[20:07] And then in regards to the second bullet point on the income base setting, so this
[20:16] So this is done annually, right, right, okay, and so let's let's say
[20:22] Let's use example, you know you put in $60,000 and then in year one
[20:27] Okay, let's say the and I put it into an investment. Yes
[20:33] 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
[20:40] So let's say I put in $60,000
[20:42] And let's say the market that year does not do well and it loses $10,000
[20:47] So does my income base then reset at $50,000?
[20:53] Well, your income base doesn't lock in till age 65, but yes up until the point that you're 65
[20:58] Your ink your your balance could go up or down
[21:02] You can lock it in starting at 65 and then beyond that it locks in at that minimum in this example
[21:08] it's 200,000, right? And then if it goes up, your income base goes up. However, if in that
[21:16] following year it resets every year on your birthday, that following year the income base
[21:20] is lower, you have that guaranteed floor of the 200,000 that you locked in each year on
[21:27] your birthday. So let's say the following year the income base is now 210,000, that's
[21:33] your new locked-in floor.
[21:35] But it only locks in at age 65.
[21:37] correct it only locks in at age so if the market tanks I mean I it is there's
[21:43] variability there's risk here it's not as though you you set $60,000 here and
[21:50] you're never going to lose that because if if heaven forbid you know the
[21:56] market really tanks for for a period of time you could end up at age 65 with a
[22:04] lower balance. Correct it is possible. Normally when you look at a long-time
[22:08] horizon in the market session of balance portfolio but yes absolutely there is
[22:12] market risk before age 65. Okay and then and then let's say you're you're a
[22:18] younger person and you know you did this at age 40 and you know at age 50 you're
[22:25] like I'm I want out. Are you able to get out? Yes this is the great thing
[22:30] about the product it's not like your annuity where there's a surrender fee
[22:33] 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
[22:42] So it gives you a lot more flexibility
[22:46] Okay, okay
[22:47] Great. Yeah, this is a great. I mean, it's a it's a good option for people
[22:52] Like you said who wants, you know, want a fixed income, you know at the when they retire. So
[22:59] Okay, thank you very much. Thank you
[23:02] 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
[23:09] It's just the minimum to start that income stream
[23:13] But they can delay that beyond that and then based on however many years were paid off based on your $200,000 example
[23:21] When someone ultimately passes that 200,000 goes back to their estate. Yes, it would pass down to their beneficiaries
[23:28] Thank you good question
[23:31] Yes, yes so there is a joint option so let's say you're married and you want
[23:36] that income you want that guaranteed base to go to your spouse. There is a joint
[23:41] option where if you were to pass away it would go to your significant other
[23:48] your spouse in this case and that would lock in for your spouse at the four
[23:53] percent guaranteed for their life. So your survivor benefit goes from five
[24:00] to four four because it would be guaranteed for your spouse I just had one
[24:08] so would this be rolled into the main portfolio or would it be a separate line
[24:14] up because right now you have your we have a 457 RHS would this be a
[24:20] standalone account part of the options within those investment lineups of a
[24:29] So, Paul Murray has all the collateral to help you vet this out.
[24:37] Him and I have talked about it, you probably have seen it.
[24:40] I know you have an entire division that looks at these income for life programs.
[24:45] And if this is something that you want to adopt, if I know by September 7th, it could
[24:52] be implemented on November 13th.
[25:00] So, the benefit of this, because I'm trying to figure out, because, you know, how you
[25:07] can have losses and everything, so it's kind of just like, you know, if you invested today,
[25:11] however, is that the carrot is that at 65, or if you choose at 65 or 66 or whatever,
[25:20] when you choose to lock in, then you cannot lose what you lock in.
[25:26] 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.
[25:46] Is that really, I mean that's the difference.
[25:49] So the main difference, market value could still go up and down.
[25:53] However, you're guaranteed the 5% income, the 5% return for the rest of your life, right?
[25:58] So let's say you live to 100, and you have, you know, 200,000 in there.
[26:02] You're guaranteed at least $10,000 a year for the next 35 years, right?
[26:07] However, market value could still go up and down.
[26:10] So let's say you were to pass away, or you were to move products, right?
[26:13] Obviously, that's subject to market fluctuations.
[26:17] It's the income that's guaranteed for life, the 5% of the value, right?
[26:24] So that value is locked in, right?
[26:26] So your income is locked in.
[26:27] However, to his question about just the value being able to withdraw it, that could go up
[26:33] and down if you were to move products, if you were to pass away and it would go to
[26:36] your beneficiaries.
[26:38] So that's why potentially that joint life option could make sense if you want that
[26:42] income that higher income base to go to your spouse.
[26:58] Okay.
[27:04] Thank you Dan. Thank you guys. Appreciate it.
[27:08] Chair, can I ask one question? Sure. Or might be multiple after a while. When they do it,
[27:14] would it be an option inside their fund? So if they had a 457, they would elect it inside
[27:20] their fund. It wouldn't be us. Or if they had a payroll deduction, would we have to split
[27:26] that out saying they're going to put 10% out of their payroll into this, into the annuity
[27:34] within their 457?
[27:36] Great question.
[27:36] So it's going to be part of the investment lineup within the 457, right?
[27:40] So when you go to choose your investments or choose your future allocations, it's
[27:45] going to be one of the choices on there if you guys do it like that.
[27:47] That was my question.
[27:49] How does the funds get managed?
[27:51] Is it a separate account or is it within the 457?
[27:55] So it would just be a fund that they can pick from your 457 you'd allocate what percent of your
[28:03] Contribution goes to which fund
[28:04] And is it three tax or post tax
[28:08] 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
[28:15] So that would depend on the participant
[28:17] In most cases right the 457 for when a I would say
[28:21] It's more likely that it's pre-tax, but it could be either or depending on the participant.
[28:26] In our retirement, for standard for general employees, it's 62.
[28:31] So if they're retired at 62, can they still make contributions to this from 62 till they're
[28:38] 65?
[28:40] Good question.
[28:40] So let's say they retire from the plan, they can no longer make new contributions.
[28:45] Excuse me.
[28:45] Please speak into the microphone so it's recorded.
[28:50] when it comes to new contributions if it's after retirement they can't make any new
[28:55] contributions because they're no longer active in plan however they could move
[29:00] their current investments into the fund okay so based on all of this it's the
[29:07] it'd be determined by your 457 limits contribution limits you can't do
[29:12] something extra then I guess yes it'd be determined by the limits right
[29:16] which is, you know, the standard 24,500 before age,
[29:19] 50,000, 32,500 after age, a year.
[29:30] Great questions.
[29:31] Thank you.
[29:33] Thank you for the questions.
[29:35] Thank you, Dan.
[29:36] I'm going to come back to this page.
[29:38] This is the new website, the new landing page
[29:41] that your employees are going to see.
[29:43] I don't know if you've had the opportunity
[29:45] to go into missionsquare.com, but this
[29:47] is the refreshed new look that we're
[29:51] calling the landing page.
[29:53] But I wanted to talk about something that we're working with Jody on and the administrative
[29:58] team on.
[30:00] 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.
[30:11] Mike Stupp decided to retire at age 48 years old and take off to Roatan, where he loves scuba diving.
[30:21] He's purchasing a restaurant out there, so if anyone ever goes to Roatan, let me know
[30:25] and we'll set you up at a restaurant.
[30:28] Monday night is lobster night, and the big drink there is the Monkey Lala.
[30:33] I couldn't make this stuff up.
[30:34] Is this from personal experience, Howard?
[30:36] Not yet.
[30:37] Okay.
[30:38] It's Christmas.
[30:39] All right.
[30:39] Okay.
[30:40] So, our new RPAM, or Time and Plan Account Manager, is a young lady named Donna Davis.
[30:46] Donna has been with us for 19 years.
[30:50] A soft introduction has been done to Jodi yesterday,
[30:53] and we're working through some payroll configuration changes.
[30:58] And one of the things that we'd like to propose is the census.
[31:04] Right now, we get information from you primarily
[31:07] for those people who are participating in the plan.
[31:11] But there's a lot more people that are not
[31:13] that we could help enroll and encourage them to participate.
[31:18] So by receiving census data, we do a couple of things.
[31:23] One, we're calling it the single source of truth.
[31:27] So if somebody updates a birth date, a termination date,
[31:33] an address on your file, they still have to come to us
[31:37] and give us the information.
[31:39] And a lot of times people move and they don't do that.
[31:42] So, we're thinking that if you provide us with the census data, our information will
[31:49] match your information every single day.
[31:52] This I also hope will help with the vesting issue.
[31:56] We still have a small vesting issue with that, that this will correct that vesting
[32:01] issue as well.
[32:08] Ms. Anderson.
[32:08] Really quickly, Jody Justice again, we are working with Mission Square through the
[32:13] new ERP.
[32:13] 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
[32:24] Insurance we're working on an eligibility file that will be automatically uploaded to
[32:30] To mission square every payroll. So we are that's that's what prompted us to meet Donna yesterday
[32:36] Kind of I only matter through emails because it was a little busy, but they had
[32:41] And we'll be working on that transition, and let everybody know it's when we go live is
[32:47] when that will actually start, so it will be closer to the end of the year.
[32:53] Thank you, Jodi.
[32:54] The other thing that this is going to do, it's going to allow us to start a very large
[33:00] drip campaign for all those people who are not participating.
[33:05] So creating awareness to all the eligible versus participating, help them enroll,
[33:11] and we would then be able to do proactive outreach to all of those employees, explain
[33:17] the program, explain the benefits, and really hand hold them if they want to enroll in this
[33:22] program.
[33:25] So I'm excited about this.
[33:28] This is a great enhancement for us with this program.
[33:33] The other thing is the data.
[33:35] The data will get better.
[33:36] This program actually was rolled out to me earlier in the week so usually my presentation
[33:44] has some things about the investments, it has demographics, trends, things like that.
[33:50] I started working on that earlier in the week.
[33:53] Before I give you anything I need to make sure that the data is correct, so I will
[33:57] be sending next week to Gillian, to Jodi that presentation, they'll email it out
[34:04] to you and you'll see the new format and all that information who's just too late to go
[34:10] to print and have it here for the board to see it prior to that time.
[34:16] Any questions for me?
[34:24] So I'd like to ask, the way I understand you had a meeting and objectives agenda, there
[34:28] were four items, do you need action from us today?
[34:34] Well, the fight for life, obviously, is something that's out there.
[34:40] You do have a consultant on this program, and usually that's vetted through the consultant,
[34:46] but if you wanted to say, yes, I'd like that implemented, we could always add that.
[34:52] Okay.
[34:53] And on the RHS self-directed, you mentioned there's options.
[34:59] Do you need direction from us?
[35:00] or is this going to be automatically available?
[35:03] That is not automatic.
[35:04] If that's something you want to add,
[35:07] the self-direct brokerage account, we could do that.
[35:11] What I tell you and what I'd like to do
[35:14] is really send you the options within the self-direct.
[35:18] I don't know if you want to have the open architecture
[35:20] where you just want to allow mutual funds and ETFs.
[35:23] That would be your decision.
[35:26] Opening up self-direct is one thing.
[35:27] What do you want them to be allowed to invest in is another.
[35:32] Sure.
[35:32] So you have open architecture now in the self-direct, in the other plan where only four people are doing it.
[35:40] If you'd like to copy that into the RHS, we could do that as well.
[35:44] Or again, if you wanted to put guardrails on that and only allow mutual funds, ETFs, and fixed income, we could do that too.
[35:51] Sure.
[35:52] I'd like to open it up for comments to see if there is an interest.
[35:56] I have my own personal opinion, but RHS is a retirement health savings, it's not a time
[36:05] to be aggressive and start chasing new IPOs, so are there any comments on the desire to
[36:14] open it? Keep it the same?
[36:20] That's kind of my comment.
[36:25] Right and I go back to last meeting
[36:27] we had a participant that was interested in having open architecture but it was one out
[36:32] of all the participants so I'm not sure if there's a retiree.
[36:37] and just just a question for Howard other employers who have opened up RHS how
[36:46] have they done that I mean what what oh none I have no planned sponsors in my
[36:51] book of business that have adopted the self-direct brokerage in the RHS so
[37:01] we
[37:01] have the option not to go forward with the RHS but in reference to the five
[37:06] for life why would we not give that additional option it's within the
[37:11] 457 program anyway so it's just another option for personnel I think the
[37:18] decision is how is it structured is it full open architecture is it limited to
[37:24] ETFs I mean if you want I know no the fight for life is one investment in a
[37:30] new system within the 457 so everything is within the same structure as a
[37:36] 457. So it's just giving options out there for people to either elect to go into that
[37:42] or not. There's really – I don't see any downfall in it. It's not any more aggressive
[37:48] than a 457 with the same structure.
[37:50] Okay.
[37:53] You are correct.
[37:54] And I did have one question on the five for life. I've seen some annuities out
[37:58] there where if you're in, let's say, a 401 or 457 that's pre-taxed, if you
[38:04] You roll over the 457 funds or 401 going into the annuity, the taxation isn't there?
[38:11] Does this have that option in there?
[38:13] So this particular product does not.
[38:16] So it would stay, let's say you're in a pre-tax account, you put pre-tax money into this
[38:21] particular five-for-life product, the income would come out as taxable.
[38:26] Let's say you had raw money.
[38:27] Just like it does now in the 457, having a 20%.
[38:30] Right, right, but let's say you had Roth money
[38:33] Right in the 457 after tax then it's comes out it comes out as tax-free income
[38:38] Okay, there are some options out there as you're probably aware. Yes, rolling a 457 not getting hit with the 20%
[38:45] Taxation and going into a product like that. So
[38:54] So we gave Howard direction to do both
[39:00] RHS I don't know about that one right because for me it's just something that
[39:05] There are so little participants, four people, and parameters sound better to me.
[39:12] The annuity sounds like just another good option that can be explained by somebody managing
[39:19] your account to give you guidance, and then you either choose or don't choose it.
[39:23] That one, I...
[39:24] Sure.
[39:25] Okay.
[39:26] I can't.
[39:27] Yeah.
[39:27] Howard, on the RHS, they're getting some type of return on cash, right?
[39:34] Right?
[39:35] Oh, sure.
[39:35] Sure.
[39:35] Absolutely.
[39:36] So, I mean, it's not as though it's just sitting there and not accumulating some type of interest.
[39:43] Well, they're-
[39:44] They have investments within the portfolio.
[39:46] Right.
[39:46] They do have investments in the RHS.
[39:50] Right.
[39:50] Through Mission Square, there's a list of investments they can choose from Target
[39:54] Fund to MSQ or-
[39:57] Yeah.
[39:58] Yeah.
[39:59] I mean, I think-
[40:00] Okay.
[40:00] So I think there's consensus to leave the RHS the way it is and move forward with the
[40:06] Five for Life as an option within the 457.
[40:11] If I may jump in and just say, Paul Murray, who is on our team, is dedicated to Define
[40:15] Contribution work, and I think he's slated to attend your November meeting.
[40:19] I don't know if you all are interested in hearing from him, his perspective, maybe
[40:22] before moving forward.
[40:27] No, I think it's pretty clear.
[40:29] Yeah, yeah, we can make it available and then he can work with the participants and have a
[40:36] Consultation and go over you've hit the highlights and the details and it seems like a good option
[40:44] But thank you. Yeah
[40:47] Anything else great.
[40:51] Thank you Howard. All right. The last thing I just wanted to show you the
[40:56] Website
[40:56] This is our landing page.
[40:59] Sorry, since we gave you direction, I need to ask for a motion.
[41:03] A motion to authorize Mission Square to implement the Five for Life and maintain the RHS as is.
[41:12] I'll make the motion.
[41:14] Second.
[41:15] All in favor?
[41:17] Aye.
[41:18] You're not opposed.
[41:19] Thank you.
[41:20] All right.
[41:20] Thank you.
[41:21] This is the website.
[41:23] This is our landing page.
[41:25] Everything that you need to see is really from this great landing page.
[41:31] We asked employees what they were looking for.
[41:35] We were told there were a lot of clicks that people needed to get to, to get to certain things.
[41:40] So this is really where we are.
[41:43] Everything is right here.
[41:44] The calculators that they could work on are right off the main page.
[41:50] Individual, plan sponsor, financial professionals.
[41:53] channels. All of our products are listed here. And if you do have one, they could actually
[41:59] log in from this site, talks about our services, our videos, and education, things that they
[42:05] need are right here on the website. So this is pretty impressive. But the other thing
[42:11] that I talked about recently was the ability to open up a brokerage account. So if people
[42:17] wanted to invest outside of the retirement plan, they could actually do that here. They
[42:26] could enroll in their retirement plan or they could open up a wealth management brokerage
[42:31] account with us. And this is a couple of clicks. They transfer their assets and they could
[42:37] start trading. Right now, there's only two features in this brokerage account. It's
[42:44] as stock trades, and there's no cost for stock trades, but there is a robo-advisor. We will
[42:50] be rolling out as the year goes on different features within the brokerage account, but
[42:56] it is something that's available now. And again, it's not retirement specific. It's if people
[43:01] want to invest their money and keep things in one place.
[43:06] So I would encourage you
[43:07] to go on and just take a look at the website. It's missionsquared.com, and I think
[43:12] you'll find it very user-friendly.
[43:18] Thank you. Thank you for your time. Thank you.
[43:26] Jason,
[43:27] can I ask a quick silly question? Only if it's any other business.
[43:35] Same login works, Howard?
[43:37] Yes. Any
[43:45] other comments, questions, concerns?
[43:51] Jody, do you have anything?
[43:56] I'm sorry, I was
[43:57] Everyone pulling this together in short order and timely, not to discount how important this
[44:05] meeting is, but we do have a 9.30, I'm looking forward to hearing the market update in detail
[44:10] during that meeting.
[44:13] Is there any other public comment, I don't see any.
[44:18] The next item is the meeting schedule or next schedule meeting is November 13th, 2026
[44:26] at same time, 8 a.m. This seems to be working well for everyone. We'll keep it
[44:33] at the same time. Can I get a motion to adjourn?
[44:40] Motion. Second. Who's the
[44:42] seconder? A Bob. Miracle. You made the motion or you're the second? I owe a second.
[44:48] Birch made the motion. Okay. Thank you. All in favor? Aye.
[44:53] Hi.
[44:54] None opposed.
[44:55] Thank you, have a great day.