Thursday, August 11, 2016

Greensboro 457 employees can't sue ICMA or the City; "Duke University faces lawsuit over 'unreasonable and excessive' retirement fees"

"Duke University faces allegations that it allowed employees to be charged “unreasonable and excessive fees.

A class-action lawsuit was filed on behalf of more than 20,000 Duke employees, alleging that Duke failed in its fiduciary duties to monitor excessive recordkeeping and administrative fees and to remove imprudent investment options.

Duke University let Wall Street skim profits from low level employees

...“We believe that Duke University failed to abide by its fiduciary duties to protect its employees’ and retirees’ retirement savings," Schlichter said in a statement. “Universities do not have high priced retail mutual funds in their multi-billion dollar endowments, yet they have them in their employees’ retirement plans, resulting in the employees paying excessive fees and diminishing their retirement savings.”

City of Greensboro only different

Schlichter argues that Duke, and other universities, failed in its duties..., causing employees to pay millions in unwarranted fees.

Employees invested in North Carolina state's 401k and pension plans
can sue, as they are being abused by NC Treasurer Janet Cowell

The lawsuit was filed in the U.S. District Court in the Middle District of North Carolina."

When presented with the opportunity to do right by City of Greensboro's employees, Tony Wilkins, Marikay Abuzuaiter, Nancy Vaughan, Mike Barber, Yvonne Johnson, Jamal Fox and Sharon Hightower supported cronies connected to the financial industry, Jim Westmoreland, Mary Vigue, Rick Lusk and Connie Hammond rather than more than 2,800 employees who are still getting skimmed off of by ICMA-RC, the administrator for the City's 457 retirement plan.

Now Mary Vigue is in charge of a legal Ponzi scheme called Say Yes to Education and Say Yes Guilford whose business model skims profits for administrators and vendors meant for college scholarships for Guilford County students with monies donated by local foundations, managed for a profit by the Community Foundation of High Point, and the Community Foundation of Greensboro, who's Walker Sanders lied to get additional taxpayer funding for Greensboro's STPAC with the help of Matt Brown, City Council and City staff, including Rick Lusk.

These folks let the banking and investment system steal from you.

And they know it.

And they didn't bother to tell you, as it would upset their benefactors.

Rick knew better and went along to keep his job as far as I can tell.

He must throw up a little every time he has to go along with the facade.

The News and Record didn't report how mimicking the federal government's Thrift Savings Plan could save Greensboro's employees more than $500,000 per year, to preserve Warren Buffett's profitability at the expense of their readers.

The City of Greensboro shafted their own employees; "401(k) Fees, Already Low, Are Heading Lower"

This is what winning reads like for those who oppose the status quo; City of Greensboro ICMA-RC 457 retirement plan edition

Say Yes to Education Red Flag; Mary Vigue; She is about to be in charge of more than $25 million for a 'non-profit' after shafting City of Greensboro employees out of investment fee cuts

Associated Press misleads for Wall Street; "Correction: Primary-Council Of State story"; Don't expect the News and Record to tell anyone in print

The News and Record and other Warren Buffett owned news outlets
are going to try to take down Ron Elmers for Wall Street profit
instead of more money in North Carolina employee pockets

From today's letter to the editor, by mayoral candidate Devin King;

"The city has not responded to a 29-question inquiry
concerning George Hartzman’s proposal for the city’s 457 retirement plan,
which remains unanswered even after anonymous city employees 
sent a letter to the city 
and Councilman Tony Wilkins’ inquiries on July 1. 

Hartzman contends the plan 
could save Greensboro’s employees more than $500,000 per year, 
and the city won’t confirm or deny the validity of his arithmetic."

How Wall Street grabs $17 billion from investors’ portfolios every year

"...In its permissiveness toward non-fiduciary financial advisers, the current regulatory environment reflects its imbalance. Funded by the very corporations it’s charged with overseeing, the Financial Industry Regulatory Authority supervises the 90% or so of financial advisers that sell what’s best for them instead of investors...

ICMA-RC is not considered a fiduciary
for Greensboro's employees,
letting City Management including Jim Westmoreland, 
Mary Vigue, members of ICMA, 
mislead and overcharge City participants
with the active help of ICMA member Jamal Fox
and the rest of City Council.

...[The Financial Industry should] once and for all prohibit the practice of revenue sharing, in which mutual fund companies pay 401(k) [and 457] plan administrators or sponsors [ICMA-RC] to put their funds on retirement plan menus. Stark conflicts of interest like revenue sharing are not acceptable, especially when they prey on a particularly vulnerable group like retirement savers....

ICMA-RC doesn't act in the best interests
of the City of Greensboro's employees, 
but the best interests of ICMA-RC
with the help of Jim Westmoreland, 
Mary Vigue, Connie Hammond, Rick Lusk, Larry Davis
and Jamal Fox. 

Bobby Monks is the former Chairman of Institutional Shareholder Services. His book with Justin Jaffe and Bree LaCasse, “Uninvested: How Wall Street Hijacks Your Money — and How to Fight Back,” was published by Penguin Random House in August."
A couple financial experts on the City of Greensboro's ICMA-RC 457 plan

The fine print on "VT", an acronym for Vantage Trust, from Greensboro's ICMA-RC plan;

"Section 401 or 457 plans invest in these “underlying” funds through the funds of the VantageTrust (“VT Funds”).  Reference to such underlying mutual fund ticker symbols or other non-performance data by VT Funds is for reference only and NOT reflective of the returns of the corresponding VT Funds [due to VT layered on fees].

Because of revenue sharing agreements 

The revenue amounts listed for VT Vantagepoint Funds and the VT PLUS Fund include all compensation paid by the fund to ICMA-RC and/or its affiliates.

City of Greensboro executive management 
knows they are letting ICMA-RC shaft their own employees
and didn't/won't do anything about it.

The Vantagepoint Funds are distributed by ICMA-RC Services LLC, a wholly owned broker-dealer subsidiary of ICMA-RC.

Which is a conflict of interest
fully supported via inaction by Jim Westmoreland, 
Mary Vigue, Connie Hammond, Rick Lusk, Larry Davis
and Jamal Fox. 

ICMA-RC or its affiliates receive payments [kickbacks to ICMA-RC via VT] from third-party mutual funds that underlie certain VantageTrust Funds that may be available for investment through your plan. These payments are for services rendered by ICMA-RC or its affiliates to plans and participants, and are in the form of 12b-1 fees, service fees, compensation for sub-accounting and other services provided by ICMA-RC or its affiliates."

Otherwise known as revenue sharing agreements
which pick the pockets of Greensboro's employees
with the help of Jim Westmoreland, Mary Vigue, Connie Hammond, 
Rick Lusk, Larry Davis, Jamal Fox and the rest of City Council
who not only don't mind ICMA-RC skimming from City employees,
but have actively worked to assure the status quo remains the same. 

ICMA-RC, located in the same Washington D.C. building as ICMA, was created by the International City/County Management Association (ICMA) in 1972.  "its 10-member board includes four current or retired government officials and the executive director of the ICMA (as of 9/22/2010), who also is a retired government official. The ICMA-RC pays the ICMA a licensing fee...", like Nationwide pays the National Association of Counties for the same thing only different.

According to ICMA-RC's 2012 IRS form 990, Robert O'neal, ICMA's Executive Director, serves as a paid director of ICMA-RC.

San Antonio’s Assistant City Manager and ICMA member Frances Gonzalez serves on ICMA-RC's board. San Antonio has $254,377,728 of City employee funds with ICMA-RC.

Like Greensboro's Mary Vigue.

Decatur, Georgia’s City Manager and ICMA member Peggy Merriss serves on ICMA-RC's board as Decatur offers an overpriced ICMA-RC 457 retirement plan.

Like Greensboro's Jim Westmoreland.

"Civil Response in writing please" ICMA members Jim Westmoreland and Mary Vigue trying to play Greensboro mayoral candidate Devin King for a fool, and losing

An email from Greensboro City Council mayoral candidate Devin King to the City's Jim Westmoreland, David Parrish, Chris Wilson, Wesley Reid and Mary Vigue

Some recent recent economic posts and other locally business related links, as we descend into financial instability and recession/depression

A July 1, 2015 open letter to Greensboro City Councilman Tony Wilkins from some anonymous City employees invested in ICMA-RC's 457 Retirement Plan, who fear retaliation, without a response from the City

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

This is what winning reads like for those who oppose the status quo; City of Greensboro ICMA-RC 457 retirement plan edition

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

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

"TriMet's 401(k)-type plan on the screen behind him and said that, outside the
federal government's Thrift Savings Plan, this was "the best I've ever seen."

"Administrative fees and the tyranny of compounding costs."

"Active Funds vs Index Funds 2014: Managed Mutual Funds Underperform
Passive Funds, Continuing Losing Streak"

From Buck Consultant's ICMA-RC 457 Plan Administration RFP for Contra Costa County

ICMA-RC Response to the City of Anaheim California's 457 RFP

Deloitte Defined Contribution / 401(k) Fee Study

How Greensboro, North Carolina Executive Management and ICMA-RC lobbyists reacted to Hartzman's Retirement Plan Whistle