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DC Board hears Q4 report; cash-out notification glitch to liquidate about $2 million for former employees
Summary
Corebridge reported roughly $96.6 million in plan assets, a technical glitch affecting just under 400 former employees will likely liquidate about $2 million in small balances, and Corebridge said it moved more than $3.5 million into target-date funds on Dec. 18, 2025; consultants flagged underperforming small-cap funds and will provide replacement options.
Corebridge representatives briefed the Athens-Clarke County Deferred Compensation Board on Q4 2025 plan performance and several operational issues at the Feb. 11 meeting.
Jay O’Brien of Corebridge presented the Q4 Executive Summary (as of Dec. 31, 2025), reporting approximately $96.6 million in total plan assets across the 457(b), Matching, and Management plans. The plans were cash-flow positive for the quarter, with 12 new loans recorded. Total participants across plans were reported in the range of 2,470 to 2,498.
Staff said a technical glitch prevented delivery of cash-out notification letters for former employees with balances under $7,000. The issue affects just under 400 former employees and is expected to liquidate approximately $2 million. Corebridge and county staff encouraged plan participants to create online Corebridge logins to reduce the risk of fraudulent third-party access to retirement accounts while automatic enrollment and other operational efficiencies are finalized.
O’Brien reported that, at the Board’s request, over $3.5 million was moved on Dec. 18, 2025 from default fixed account funds into age-appropriate target-date funds for affected investors. Corebridge also said it is monitoring underperformance in the BNY Small Cap Stock Index fund (DISSX) and noted the Franklin Small Cap Value A fund (FRVLX) has underperformed year-to-date. A consultant (identified in the minutes as Jeff) cautioned that it "might not be an ideal time to replace the fund because it could be in a trough before it 'reverts to the mean.'" Dennis Smillie requested that Corebridge provide two or three alternative options for FRVLX before the May 13 meeting and asked that the consultants proactively supply alternatives for any fund placed on a watch list prior to regular meetings.
Corebridge introduced Client Experience Advisor Corey Wilcox, who is working with David Micheaux to assist participants with online registration and beneficiary/trusted-contact updates; a World email introducing Wilcox will be sent to ACCGov employees before the next meeting. County Attorney’s Office representative John Hawkins conducted the annual Investment Policy Statement review and asked Board members to submit recommended changes before the next scheduled meeting.
The Board also discussed employee training and educational options to encourage savings and wealth-building among younger employees.
The meeting adjourned at 10:57 a.m.
