Friday, June 12, 2015

George Hartzman's ICMA-RC 457 retirement plan presentation, data source and Jodi Riddleberger News and Record article

I have written and advocated for this for two years.

No one has objected as to the veracity of the facts with any proof that states my arithmetic or concept is incorrect or non-plausible.

From Jodi Riddleberger in the News and Record on February 15, 2015;

"City's retirement-plan fee is an issue"

"...imagine your employer, after being shown this information by someone who has taught fiduciary ethics to CPAs for more than a decade, decided to look the other way.

...Lowering Greensboro’s 457 fees was part of Hartzman’s 2013 mayoral platform.  He met with city staff and went through the math, to no avail.  He wrote a column on the subject for Yes Weekly last April, in which he stated: “Some financial companies claiming to act in the best interests of their clients appear to act like parasites existing at the expense of their hosts ...
ICMA-RC appears to be charging relatively overpriced ‘retail’ rates, where part of the fees can be ‘kicked back’ to ICMA-RC from outside investment managers, as opposed to ‘institutional’ rates ...”

...Hartzman says Greensboro’s participants should be paying about $89,685 less per year, just for record-keeping.

In a News & Record letter to the editor, Hartzman wrote “City Manager Jim Westmoreland and Assistant City Manager Mary Vigue worked to prevent lower costs.” Hartzman believes a conflict exists as both Westmoreland and Vigue are members of ICMA, which created ICMA-RC in 1972. Both organizations reside in the same building in Washington, D.C., and share board members.

...In January, the city held three meetings for small groups of City Council members and ICMA lobbyists on the subject, not open to the public or press. Hartzman contends the issues he’s raised weren’t addressed in these meetings. He states that his “math has been confirmed by a former ICMA-RC employee and retirement plan benefit specialists employed for municipalities other than the city who also do business with ICMA-RC.”

I participated in a conference call led by Vigue, which included three other city staffers. I asked about the recent “closed door” meetings. Vigue said that she wouldn’t call the meetings “closed door,” but they were just “small group” meetings. She explained, “It’s easier, generally, to get on council’s calendar and to walk through some complicated information because this information is complicated.”

When I asked the conference call participants why Greensboro is paying higher fees than similar cities, Vigue clearly said, “Well, I can tell you that we’re not. That’s what we’ve tried to prove time and time again ... There isn’t a per-participant rate. Greensboro does not pay a per-participant fee ... Winston, on the other hand, has a per-participant fee that they pay.”

George disagrees and has been provided a forum to debate the subject. On Feb. 24, there will be an hour dedicated to the topic at a City Council work session that will be open to the public and press.
The Deferred Compensation Committee and ICMA-RC representatives didn't show up at the meeting to defend their fees or refute my math.

I met with the News and Record's Jeff Gauger twice to go over the information.
Zack Matheny misled City of Greensboro employees and Greensboro taxpayers on the plan at a recent City Council Meeting.

Both City of Greensboro Manager Jim Westmorland, Assistant Manager Mary Vigue and Human Resources Director Connie Hammond violated the City's Code of Ethics and misled the public and their own employees concerning the retirement plan.

Hartzman was told by Joe Killian in front of Susan Ladd there was to be a story on the 457 plan, and their wasn't, as Warren Buffett profits from overcharging retirement plan participants
How Greensboro's City Council shafted the City's employees with Zack Matheny's help

George Hartzman's ICMA-RC 457 retirement plan presentation, data source and Jodi Riddleberger News and Record article

From a currently employed ICMA-RC employee on not getting enough extra revenue producing "Managed Accounts"

Emails between City of Greensboro, Charlotte and some Winston Salem employees and their 457 Retirement Plan Provider

Please help save $35,122,520 for City of Greensboro employees

City of Greensboro Manager Jim Westmoreland Lying to Tony Wilkins and City Council

George Hartzman, presented to Guilford County's School Board, 10/23/2014