In a recent government meeting, significant updates were shared regarding the city's retirement plan transition and outreach efforts. The retirement team has been actively engaging with employees during the open enrollment period, collaborating closely with Voya to enhance awareness of the new retirement plan options. Approximately 100 employees expressed interest in setting up accounts with Voya, indicating a positive response to the outreach initiatives.

The meeting highlighted the logistical challenges of merging two retirement plans into one, necessitating updates to plan codes and general ledger accounts. The team is implementing a system to send demographic and payroll files to Voya bi-weekly, which will streamline the enrollment process for active participants. During the transition, existing accounts in Oracle will be terminated, and new accounts will be established to reflect the updated plan structure.

City council recently passed an ordinance to update definitions related to the retirement plans, including the addition of COPTA employees to the 457 plan eligibility. The retirement office has been working diligently with tax counsel and accounting services to ensure compliance and consistency across the plans, including amendments to the Mission Square plan and the nationwide plan.

As the transition progresses, the retirement office is preparing communication materials, including postcards and enrollment guides, to assist employees in navigating the new system. A special enrollment event is planned for new recruits graduating in January, and further outreach with Voya is scheduled for late January and early February to provide additional education.

The meeting concluded with discussions about the self-directed brokerage account, a topic of high interest among employees. The retirement office is finalizing the process for employees to set up these accounts, with plans to provide detailed instructions and support once the necessary forms are received. Overall, the meeting underscored the city's commitment to ensuring a smooth transition for employees into the new retirement plan framework.