[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.

[9:17] 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.

Defined Contribution Plan Committee Meeting

Transcript