Los Angeles USD 403b/457b Retirement Investment Advisory Committee Meeting Agenda and Proposed Motions

Update August 19, 2013

All of my motions were tabled. We ran out of time. We did discuss Crystal Mendez and all were in agreement that she and other LAUSD employers should be recognized too. This will be part of a larger marketing campaign to get the word out that LAUSD has one of the lowest costs plan in the country. It is too late for the Board to announce this at this October meeting of Save for Retirement Week proclamation. But there is always next year.

ACCESS: This is a public meeting. To gain access to Beaudry, bring your photo ID and tell the clerks that you want to attend the Investment Oversight Meeting in Benefits on the 28th floor.

All are welcome.

Los Angeles Unified School District

RETIREMENT INVESTMENT ADVISORY COMMITTEE MEETING

333 South Beaudry Avenue, Conference Room 28-196

3:00 – 5:00 p.m., August 15, 2013

AGENDA

1.Roll Call………………………………………..….……………………………….….

2.Approval of June 20, 2013 Minutes………………..…………….………………….….…

3.457(b) Quarterly Report……………………………….……. SST Benefits Consulting

4.PlanMember Services Compliance Update…………………..……….…Brian Gould

5.403(b) Report..……..……….…………………………..….…TSA Consulting Group

6.Investment Policy Statement Update………………………………….Subcommittee

7.Proposed Motions

a. Frontline link added to Email Blast……………………………….Steve Schullo

b. Save for Retirement Week……………………………..………………………..

8.Standing items:

a. 457(b)………………………………………………………………TIAA-CREF

b. 403(b)…….……………………………………………..TSA Consulting Group

c. PARS …..……………………………………………..PARS & Sub-Committee

d. District Property Access Updates ……………….………………Sub-Committee

9.Market Value Adjustment Distribution Update..……………..CalSTRS/TIAA-CREF

10.Email Marketing Campaign…………………………………..……………..CalSTRS

11.Set agenda for next meeting………….………….……….………..….……….….……

12.Public Comments ………………………..……………….……..……….……………..

The public may address the Retirement Investment Advisory Committee on any item that is described in this notice or other issues under the subject matter jurisdiction of the Committee. Speakers are requested to limit their comments to 1 – 1 ½ minutes with a maximum of 3 minutes. Members of the Committee are only permitted to make brief responses to comments offered by members of the public.

13. Adjournment……………………………………………………..…….…..…….…….

Below are additional motions that I want to introduce:Motion #1 (to be amended to Agenda item 7 A & B):Move that LAUSD Board of Education Declare Crystal Mendez, 1st Grade Teacher at Apperson Elementary School, the Poster Retirement Plan teacher of the year for “National Save for Retirement Week.” Ms. Mendez should be honored and acknowledged for her hard work at the Los Angeles School District Board of Education Meeting during October 2013 Save for Retirement Week.

Rationale: Because of Crystal Mendez’s courage and foresight, she has made our LAUSD colleagues and working people everywhere more aware of the importance of planning for life after “the career.” Her 2006 Los Angeles Times Front Page Story, her public statements to the Board of Education about the proposed new 457b plan in 2006, her 2012 testimony in Sacramento to reform the insurance code that controls the 403b and her recent appearance on the PBS Frontline Special “The Retirement Gamble” should be celebrated and publicly acknowledged as an inspiration to all of us to save for retirement. At age 32, she has amassed more supplemental money for retirement than most Americans twice her age have saved in their entire working career! Congratulations Crystal!Dedicated by the LAUSD Board of Education Meeting during Save for Retirement Week, October 2013.

Motion #2:

Move that SST facilitate their Academy workshop to committee members. Focus on topics that the committee addresses: mission statement, access policy, fee only RIA advisors and how they differ from broker-dealer and insurance agents, basics of investing for employer plans, committee bylaws, 403b/457b plan, 457b investment policy statement. Roles of the TPA, financial consultant and LAUSD. Differences between the 403b and 457b.

Rationale for motion #2:

Part of our commitment to continued education is required by our committee bylaws. Our committee has not had a training program since SST conducted their Academy training program in 2007.

Motion #3:

Move that SST or other experienced members to conduct informal training for new committee members.

Rationale to motion #3: This committee is unique in that nowhere else in California is the 403b or the 457b plans discussed in a formal setting. The topic is foreign and sometimes uncomfortable. New members come and go and most never contribute to committee proceedings.  They need to be supported and realize the their time is important to the secure retirement of all LAUSD employees.

Motion # 4:

Move that SST facilitate training on the differences of financial advisers who work with the public: insurance agent, broker/dealer, CFA, RIA, Fee only, Fee-based and Genuine Fiduciaries.

 

Rationale for Motion #4:

Part of our commitment continued education as required by our bylaws. Our committee has not had a training program since SST conducted their Academy in 2007.  The committee needs this training to evaluate TIAA CREF’s proposed Model Advisory Program.

 

 

 

 

Submit a Comment

Your email address will not be published. Required fields are marked *