Friday, March 6, 2015

A cost comparison of Target Date Fund Expense Ratios; Greensboro, NC and Long Beach CA


Long Beach;

Long Beach, California created a customized Target Date fund line up that costs less than half of what Greensboro currently pays.

I recommended a customized line up at a February 24, 2015 City Council Work Session, which costs about the same as what Long Beach is charging, but the Deferred Compensation Committee and ICMA-RC representatives didn't show up.

City Council members minus Mike Barber were there.

Not one City Council member, other than Tony Wilkins, seemed to care whatsoever.

Greensboro's City Council let Greensboro's employees down.

Mayor Nancy Vaughan let me down along with them.

Marykay Abuzuaiter wouldn't even ask legitimate questions for me before the meeting, so I could be better prepared.

Jamal Fox is an ICMA member, and won't engage on the issue, to the detriment of Greensboro's employees.

ICMA member Mary Vigue misled the City Council members who were there, while ICMA member Jim Westmoreland looked on indifferently.

Zack Matheny knew exactly what I was proposing and kept his mouth shut.

Nancy Hoffmann slept through it.

More than ten Greensboro employees who want to speak up on this won't, due to fear of retaliation.

ICMA-RC pays ICMA to use the municipal management organization's credibility and connections with decision makers to fleece most of more than a million participants invested in about 9,000 retirement plans.