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Financial advisers pitch voluntary retirement access; board pauses action amid procurement concerns
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Summary
Atelier Financial Advisors presented voluntary 403(b)/457 options and low local participation; board members questioned procurement and a motion to adopt an administrative recommendation was withdrawn. CFO warned salaries and stipends may push the fund balance below $4 million without changes.
Atelier Financial Advisors LLC presented an overview of voluntary retirement savings options for Tangipahoa Parish School System employees on April 21 and urged a hands‑on, in‑school approach to raise participation.
Jody D'Atelier said most districts see 10–40% participation in voluntary plans but Tangipahoa’s current participation is roughly 7.5%. He described services including in‑person counseling for 403(b) and 457 plans and both pretax and Roth options. “Our job is to help your employees understand how these plans work,” he said.
Board members raised procurement and notice concerns. Several members stressed that the item was listed on the agenda as a presentation, not an action item, and that the board had not received sufficient public notice to approve a formal engagement. One board member asked whether administration recommended entering into an agreement; administrators said the current request was authorization to allow representatives to contact employees and provide information, not to bind the district to a contract. A motion to adopt administration’s recommendation was made and then withdrawn after members said proper notice and possibly an RFP or competitive process would be appropriate.
The board asked administration to follow up: if the district wants to pursue a formal relationship, staff should return with a properly noticed agenda item and a recommendation (and, if required, go through an RFP process). Board members also requested that the firm report back next year on participation and outreach results if the district allows limited access in the interim.
Separately, Chief Financial Officer presented monthly financial statements through Feb. 28 and warned that salary expenses are rising faster than revenue, in part because of an additional $30‑per‑hour payment tied to extracurricular or supplemental work. The CFO projected that paying a $500 stipend later in the year could push the district’s fund balance below a $4,000,000 target unless adjustments are made.
The board did not approve any contract with the presenter; follow‑up reporting and potential formal procurement were left to administration.
