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School board defers vote on USI retirement-plan contract after firm offers compromise
Summary
The Knox County Board of Education voted to defer action on a contract to name USI Consulting the district's 403(b) plan administrator after USI proposed a compromise to preserve current clients' arrangements; the board set the item for reconsideration next month.
The Knox County Board of Education on Thursday deferred a planned vote to name USI Consulting Group as administrator for the district—s 403(b) platform, after the successful bidder proposed a compromise to protect current employees' vendor arrangements.
Board Chair Reverend Butler and staff told members USI contacted district officials after earlier discussion and offered to let "current clients stay where they currently are, through the end of their employment," a change staff said could be incorporated into contract terms. "USI Consulting did reach out to our team after Monday, and has proposed a somewhat of a compromise," said Miss Himmelgarn, a district staff member, during the discussion. "USI has proposed taking new business and letting current clients stay where they currently are, through the end of their employment."
The board approved a motion to defer agenda item 8e to the May meeting to give staff time to finalize contract language that would reflect USI—s proposal. The motion to defer was made by Mr. Triplett and seconded by Ms. Christie; the board carried the deferral by voice vote. "What'll happen in the meantime ... is that USI would have the ability to come back with a proposal that looks different from the proposal on the agenda right now," said Mr. Dupler, a district staff member who clarified the board—s options. "There would still be a vote as to whether or not this board wants USI as the administrator and vendor, but that will look different based upon what USI has said that they're willing to ... propose."
Supporters of keeping choice in the retirement platform spoke during public comment; Brandy Jarrell urged the board to preserve choice and said a shared platform "would provide Knox County teachers the best options to meet their retirement needs." Jarrell said she was "excited about the opportunity to work together on a plan that will establish a contract and provide the protection and benefits that this board is seeking while keeping diversity and choice of investments in Knox County for Knox County teachers."
The item will return at the board—s next scheduled meeting, when members will again vote on whether to name USI as plan administrator and on the specific contract terms that staff negotiates in the interim.
The board did not take a recorded roll-call tally on the deferral; the action was approved by voice vote and recorded in the minutes as "motion carries."
