Vallejo committee keeps several funds on watch, adds MissionSquare fund to watch, approves conference attendance and new 2070 target date

The City of Vallejo Deferred Compensation Committee met in the council chambers and unanimously approved several administrative and investment actions, including continuing watch status for existing funds, adding the MissionSquare Plus Fund to watch, approving travel for the National Association of Government Defined Contribution Administrators conference and adding Vanguard’s 2070 target-date fund to the plan lineup.

The committee’s action came after presentations from Luther Hermano of MissionSquare, who reviewed participant engagement, security and outreach initiatives, and Vincent Galindo of Highest Group, the committee’s fiduciary consultant, who reviewed plan performance, fees and the rationale for watch-list decisions.

The committee approved multiple motions by roll call. Committee Chair Brown, Vice Chair Olsen, Committee Member Derek Crutchfield, Committee Member Garcia and Committee Member Peterson voted “yes” on each action taken during the meeting.

MissionSquare presentation: participant services, security and plan metrics

Luther Hermano, relationship manager for MissionSquare Retirement, told the committee the firm is revamping its website and call-center security and expanding participant-facing services including no-cost comprehensive financial planning. He said MissionSquare is rolling out layered voice-security measures and biometric tools to help detect fraudulent callers: “When participants call in ... it’s gonna tell whether or not there’s a bad actor trying to access a participant’s…