Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Employee Benefits topic
No spam. Unsubscribe anytime.
Council agrees to consider switching employee retirement plan administration to GBS Retire
Summary
Staff recommended transitioning Midvale's retirement plan administration from MissionSquare to GBS Retire, citing lower participant fees (1.00% vs. 1.50%), enhanced fiduciary oversight, and an open-architecture investment platform; council agreed to place the change on the next consent agenda.
Midvale staff recommended the council consider transitioning the city’s retirement plan administration from MissionSquare to GBS Retire, a division of Group Benefit Services, to lower participant investment-management fees and strengthen fiduciary oversight.
Rori Andreason said the proposed change would reduce participant fees from 1.50% to 1.00% and move from proprietary funds to an open‑architecture platform with broader investment choices and participant tools, including personalized financial planning and a digital wellness portal. She told the council that GBS Retire would serve as the plan investment fiduciary, relieving the city of ongoing fiduciary responsibility for fund selection and monitoring. The council agreed to include the item on the next meeting’s consent agenda for final action.
