Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Retirement Benefits topic
No spam. Unsubscribe anytime.
Commission authorizes Soltis to manage GoalMaker option on county 401(k) plan
Summary
The commissioners approved an amendment allowing Soltis to manage the GoalMaker automated asset-allocation service for Prudential 401(k) accounts; Soltis said the service would be opt-in, carry a 0.06% participant fee, and that Soltis would assume fiduciary responsibilities and some liability.
Ralph Barnes of human resources briefed the commission on a proposal from Soltis to manage the plan's GoalMaker asset-allocation option for county employees. Barnes said the service would not impose a cost on the county; only participating employees would pay the fee.
A Soltis representative described the difference between Soltis' proposed allocations and Prudential's auto-allocation: Soltis, as the plan fiduciary, said it would build allocations not driven by product revenue but by performance considerations. "We're looking at excess of around, on each one of those time periods, more than a million dollars of better returns over those time periods," the Soltis representative said as a historical-performance example provided to the committee.
Commissioners asked whether employees would be automatically enrolled and whether participants had been surveyed; staff confirmed GoalMaker would be opt-in (employees actively enroll) and that employees had not been surveyed. Commissioners requested an outreach and education plan; Soltis and staff said they would provide one-on-one consultations and communication to participants.
Commissioner Lee moved to approve and authorize execution of the amendment described in agenda item 8; the motion was seconded and adopted by voice vote. The transcript records the motion and passage and identifies the fee as 0.06% charged only to participants; a precise roll-call tally was not included in the transcript.
