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Governance committee approves St. Mary's County Q1 2026 retirement plan summary after Voya presentation
Summary
The St. Mary's County Governance Committee approved the first-quarter 2026 plan summary after a Voya presentation showing roughly $27.9 million in beginning assets, higher dollar distributions and increased participant engagement. HR will follow up on low-balance distribution wording and participant outreach.
Chair David Weiskopf opened the meeting and introduced the agenda item: a first-quarter 2026 plan summary from Voya presented by the representative introduced as Miss Cata. "At the beginning of the period we had 27,900,000 in assets," the presenter said, and reported about $560,000 in payroll contributions for the quarter.
Why it matters: The presenter said distributions were significantly higher than the prior year even though the same number of participants (21) took distributions, suggesting larger account balances prompted higher dollar outflows. The committee also heard that total participants numbered 463, with 335 contributing in the last four months and 115 separated participants retaining balances in the plan; 11 separated participants had balances under $7,000 and would be candidates for the plan's typical annual small-balance distribution process.
Presentation highlights and follow-up: The Voya presenter reported average account balances rose to about $57,000 from roughly $53,000 year-over-year and that engagement metrics improved: 78% of participants used at least one plan tool (up from 73%), web registration rose to 85% from 68% and site/app actions were often deferral changes. The presenter noted a goal of 100% web registration and credited local outreach by a representative identified as Marta for increased engagement.
Committee discussion and vote: Committee members asked clarifying questions about terminology and demographics. One member suggested replacing the term "terminated employees" with "former employees" in communications; the presenter and HR agreed the wording could be made friendlier. Benetta Van Cleave moved to approve the St. Mary's County plan summary as presented; Ray Bivens seconded and the committee approved the report by voice vote.
Next steps: HR (Dina Davis) was asked to follow up on low-balance distribution mechanics and to provide any requested age-band breakout for new enrollees. The committee moved on to the quarterly performance report from Marquette Associates.
