Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
McAllen staff proposes 457 investment committee to oversee roughly $30 million in employee assets
Summary
City staff briefed the McAllen City Commission on plans to create a 457 investment committee to strengthen governance and oversight of roughly $30 million in employee retirement assets; a resolution to establish roles and responsibilities is on a future agenda item but no vote occurred in the workshop.
City staff on Monday outlined a plan to create a 457(b) investment committee to oversee approximately $30 million in city employee retirement assets and improve governance and fund performance.
The proposal, presented at a McAllen City Commission workshop, said MissionSquare holds about $23 million of the assets and Nationwide—which serves firefighters’ 457 accounts—holds just over $6 million. Staff said a resolution on the commission’s agenda will establish roles and responsibilities and formally begin…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
