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Mission Square reports plan growth, flags beneficiary gaps and new engagement tools
Summary
Mission Square told the Vallejo Deferred Compensation Committee the plan’s assets rose year-over-year to roughly $70 million and reported a net cash inflow for Q3, while warning that only about two-thirds of 457 plan participants have beneficiary designations on file.
Mission Square told the City of Vallejo Deferred Compensation Committee that the retirement program showed net growth in the third quarter and that vendor and committee actions should focus on participant engagement and beneficiary-designation completeness.
Mission Square representatives presented Q3 plan metrics and tools. Presenter Luther Hermano said the plan balance rose from about $60 million at the end of 2024 to roughly $70 million by the end of the third quarter, a year-over-year increase that the vendor credited to a mix of fresh contributions and positive market performance. Hermano said net cash flow for the quarter was approximately $676,000.
The vendor flagged participant records: “about 67% of your participant base has beneficiaries on file,” Hermano said, and noted that a missing or stale designation can trigger probate or require court processes for survivors seeking plan assets. Committee members pushed for outreach tactics; one member proposed incentivizing webinar attendance with small raffles and checklists to encourage participants to verify beneficiary information.
Mission Square outlined product and service enhancements coming in the fourth quarter and into 2026: expanded wealth-management offerings outside of deferred comp (529 plans, high-yield savings, advisor-managed accounts), self-service and CFP-based financial planning, refreshed websites and calculators, and security enhancements for online accounts. For the RHS (retirement health savings) plan, Hermano explained RHS operates as an HRA under IRS rules and that Mission Square’s governmental affairs team is advocating changes to allow explicit beneficiary designations for RHS products.
On participant engagement, Mission Square described a recent National Retirement Security Month campaign (microsite, weekly emails and printable materials), and reported that about 45% of plan participants have login credentials. The vendor agreed to supply additional flyers, banners and communications and to coordinate outreach with HR.
Quotes: “About 67% of your participant base has beneficiaries on file,” Luther Hermano said. On outreach, committee member Crutchfield said a raffle tied to webinar attendance might help: “If people sign up for a webinar, they enter this raffle.”
What’s next: the committee asked Mission Square to provide an acronym legend for future presentations, to circulate the presentation materials after the meeting, and to coordinate beneficiary-outreach communications that could be funded from the administrative/excess account. The committee approved adding the raffle/incentive proposal to the January agenda for formal action.
