The Plan expenses are reasonable for most funds but several categories are above the Morningstar No-Load Category average. Over 25% of plan participants are contributing less than $50 per paycheck. Joyce suggested setting up a “lunch and learn” for new hires separate from their onboarding to explain the MaineSaves program and benefits to hopefully drive participation. Participation rate among employees with less than 2 years of service is below 10%; vast majority of participants have more than 10 years of service. Employees are electing a flat dollar amount to contribute and not increasing over time with salary increases. Short video titled, “Small Things Grow Big” has been posted to the MaineSaves website. Elizabeth showed a chart of traffic on the MaineSaves website which increased each time employees received a communication. Conduent will research to see if there is a spike in enrollment when communications go out. Research on the State’s end to make it more accessible for employees to sign-up for the plan. (i.e.- Application, Emails, links) Plan Investment Report Information contained in written report. Highlights include: Tom Coughlin, Conduent Current funds on the watch list are: MassMutual: Janus Balanced- Due to the fixed income manager change, this fund will stay on the watch list and be monitored Motion to approve: Tracy Bonnevie Seconded by: Lindsey Mattson Motion passed Break (10:31-10:45) V. Dept. of Labor Rule Changes DOL Fiduciary rules became effective in June: Governmental (Fiduciary) VOYA, Valic, Mass Mutual Plans are generally exempt but Rollover IRA advice is covered. Under the new law a person would be considered a fiduciary if
The Plan expenses are reasonable for most funds but several categories are above the Morningstar No-Load Category average. Over 25% of plan participants are contributing less than $50 per paycheck. Joyce suggested setting up a “lunch and learn” for new hires separate from their onboarding to explain the MaineSaves program and benefits to hopefully drive participation. Participation rate among employees with less than 2 years of service is below 10%; vast majority of participants have more than 10 years of service. Employees are electing a flat dollar amount to contribute and not increasing over time with salary increases. Short video titled, “Small Things Grow Big” has been posted to the MaineSaves website. Elizabeth showed a chart of traffic on the MaineSaves website which increased each time employees received a communication. Conduent will research to see if there is a spike in enrollment when communications go out. Research on the State’s end to make it more accessible for employees to sign-up for the plan. (i.e.- Application, Emails, links) Plan Investment Report Tom Coughlin, Conduent Information contained in written report. Highlights include: Current funds on the watch list are: MassMutual: Janus Balanced- Due to the fixed income manager change, this fund will stay on the watch list and be monitored Motion to approve: Tracy Bonnevie Seconded by: Lindsey Mattson Motion passed Break (10:31-10:45) V. Dept. of Labor Rule Changes (Fiduciary) VOYA, Valic, Mass Mutual DOL Fiduciary rules became effective in June: Governmental Plans are generally exempt but Rollover IRA advice is covered. Under the new law a person would be considered a fiduciary if