Friday, June 26, 2015

Hartzman's Retirement Plan Whistle; City of Greensboro Edition, located on the City's Server

If you would like to help
save about 2,800 Greensboro employee's
more than $500,000 per year 
in the City's ICMA-RC 457 retirement plan, 
I can do it.

George Hartzman

June 16, 2015's%20Retirement%20Plan.pdf

After being asked repetitively by multiples of citizens,
it took four months for the City of Greensboro
to provide a copy of the presentation on the City's computer systems
which should have contained the information
after the City Council Work Session.

Attachment for Request #4741
View 2 24 2015 Hartzman's Retirement Plan.pdf
Added by:  17951 on 6/26/2015 9:18:47 AM

So where is the [2/24/2015] presentation on the City's website?

It shouldn't be this hard to accomplish.

from: George Hartzman 
to: "Turlington, Donnie"  cc: "Carter, Katherine" 
date: Wed, Jun 24, 2015 at 2:52 PM

To my knowledge it’s not on the City website.

from: Turlington, Donnie 
to: George Hartzman 
cc: "Carter, Katherine" 
date: Wed, Jun 24, 2015 at 3:18 PM

Meeting Name: City Council Work Session Agenda status: Final
Meeting date/time: 2/24/2015 3:00 PM Minutes status: Final  
Meeting location: Plaza Level Conference Room

File #: ID 15-0119    Version: 1
Type: Presentation
Title: City’s Retirement Plan Observations - George Hartzman

Minutes note:  "George Hartzman provided a handout to Council; spoke to lowering fees; leaving more money in retirement to spend in the community; outlined the thrift savings plans (TSP); spoke to the cost to the City of Greensboro; expense liability; referenced S & P Dow Jones analyzes; outlined TSP’s five funds; spoke to active portfolios benchmark expectations; high investment costs; and compared asset based fees and flat fees.

Discussion ensued regarding whether or not staff agreed with Mr. Hartzman; an ICMA representative being at the meeting; and staff receiving information for the first time from Mr. Hartzman.

...Mr. Hartzman continued by stating IMCA was a shell company for Sungard; spoke to flat fees per person; provided figures that other cities paid for record keeping; and spoke to the City being overcharged.

Mayor Vaughan stated when the City started with ICMA over eight years ago, that there was a per participant fee; that at this time the City was not paying a per participant fee; that employees chose what they wanted to invest in; and that what employees invested in had different fees.

Discussion took place regarding comparing the City of Greensboro to other cities.

Mr. Hartzman spoke to the low cost index fund; potential savings; stated the City was the plan fiduciary and sponsor; and that the City could choose to change the fund line up.

Mr. Hartzman stated ICMA-RC was paying ICMA a flat fee for record keeping. Councilmember Hightower asked who would manage the fund. Mr. Hartzman responded that Sungard Omni would manage; spoke to architecture retirement plan platforms; and to ICMA-RC selling fee-based managed account services.

Councilmember Wilkins voiced concern with whether or not staff agreed with Mr. Hartzman; the City paying ICMA when they did not need to; spoke to ICMA holding small groups sessions; and asked whose decision it had been to not have ICMA at the meeting today.

Assistant City Manager Mary Vigue stated the City did not have control over the fund line; that the plan had been reviewed; and that staff continued to look at it.

City Manager Westmoreland spoke to the City going through the RFP process; and stated staff could share Mr. Hartzman’s information with ICMA.

Mayor Vaughan stated that Council had never talked about having ICMA present at the work session.

Mr. Hartzman stated he was a whistle blower; spoke to sharing information others would not tell; that ICMA was not expecting someone to come in and lay out what all the fees were; referenced his previous work history with Councilmember Matheny; spoke to changing fees within the contract by changing out the funds in the plan; and referenced teaching ethics to CPA’s.

Councilmember Abuzuaiter asked how long the City would be under a contract with ICMA. City Manager Westmoreland responded the current contract was until 2018; and that staff looked at the plan quarterly."
The City of Greensboro refusing legitimately asked for information and Davenport's Ted Oliver contact with Rick Lusk on the City's 457 plan fees after Jodi Riddleberger's News and Record article

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

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

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