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Board accepts no-cost financial-wellness agreement with Bank of Oklahoma
Summary
The retirement board approved a no-cost agreement with Bank of Oklahoma to provide participants access to online financial-wellness tools through Questus, with an expected July 1 effective date and distribution plan for participants.
The Oklahoma County Retirement Board approved a no-cost agreement with Bank of Oklahoma to give plan participants access to online financial-wellness tools offered through Questus.
“From my understanding, there's no cost with this agreement. This just gives us access to their online financial tools,” said Doug, introducing the Bank of Oklahoma item and describing it as a member-based financial counseling resource. A presenter described features available to participants, including the ability to consolidate outside debt, plan for college, compare Roth versus pre-tax options, and use a free adviser and coach chat. The presenter said participants would access the service through the Start Right portal and that the board could expect distribution of information with a July 1 effective date.
Board members asked how materials would be distributed; staff indicated email or mail would be used. After a motion and a second, the board approved the agreement by voice vote. The agreement was presented as providing additional member services at no direct cost to the retirement plan or plan participants.
