"What John Oliver learned [which Greensboro's City Council and City Staff Didn't] while setting up a 401(k) plan for his employees"

"John Oliver, who has famously exposed the questionable practices of various industries on his HBO show “Last Week Tonight” ...recently took a look at the onerous fees that some retirement plans charge.

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, Sharon Hightower, Rick Lusk, Mary Vigue, Connie Hammond, Jim Westmoreland 

and Zack Matheny, who was a stockbroker and knew better, 

supported cronies connected to the financial industry

instead of more than 2,800 employees who are still getting skimmed off of by ICMA-RC, 

the administrator for the City's 457 retirement plan.

“As a favor to your future self, it is worth watching this for 20 minutes because you could easily make small mistakes that could seriously cost you down the line,” he says toward the beginning of the June 12 episode.

Those current and former City employees mentioned above are thieves

They stole from those who they are supposed to look out for

He goes on to say that most actively managed funds don’t beat the market, and that anyone can call himself an investment adviser whether he has official credentials or not. And he explains what it means when an adivser is bound by a fiduciary standard: “It’s currently legal for advisers to put their own interests ahead of yours unless they’re a fiduciary.”...

The News and Record refused to look into Greensboro's retirement plan

and North Carolina State's retirement plans

for the benefit of Warren Buffett, who owns the paper and Wells Fargo

of which Berkshire Hathaway owns more than 10%

...he dedicates much of the show to what he learned after asking his production company to set up a 401(k) plan for his employees. Namely, that there are a lot of fees.

Susan Ladd betrayed City of Greensboro employees 

and our community by inaction, while she tries over and over to save some trees

instead of thousands of residents millions over time

“Compound interest works both ways,” he says. The company managing the show’s 401(k), John Hancock, gave him and his staff a presentation. After looking at the plan’s paperwork, “Last Week Tonight” realized there were the following fees: A combined 1.69% fee, plus a $24 per person per year fee, plus a fee for a broker who was acting as an intermediary. The broker received 1% of assets the first year and 0.5% every year after that. Oliver points out that if his 35 employees saved $6,000 a year for 30 years, it would cost them $1 million in fees overall. In addition, the broker said he was not a fiduciary, and when he sent the show a table showing how much the plan could grow, he was off by more than $10 million because of bad arithmetic, according to Oliver.

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.

...A spokeswoman for John Hancock told MarketWatch via email that the show’s 401(k) plan was placed with it after “an open and rigorous competitive review,” and it was competing against other prominent companies for the account. She said John Hancock disagrees with the way its business practices were characterized.

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 Council and Staff

“We feel that the analysis and presentation of fees and services by the show is flawed and misleading,” she said, adding, “We believe in the value of the services we provide and feel they add to the success of the plan in helping participants for retirement.”

By not making an endorsement for the NC Treasurer Democratic primary,

Greensboro's News and Record, along with most of the other state papers

fucked hundreds of thousands of municipal employees out of more than $500,000,000 per year

and most don't know.

In the end, Oliver offered five tips for people saving for retirement. You can see these starting around the 18-minute mark of the video, where they are much more humorously presented than they are here:

1. Start saving now
2. Invest in low-cost index funds

The City of Greensboro lied in response to a public records request,

has been caught red handed, and our local press won't report it

for the benefit of local City executives and entrenched City Council incumbents

to the detriment of City employees and they are going to get away with it

because it may harm the financial industry's profit margins.

3. Ask if your adviser is a fiduciary
4. Gradually shift investments from stocks to bonds as you get older
5. Keep your fees under 1%

http://www.marketwatch.com/story/what-john-oliver-learned-while-setting-up-a-401k-plan-for-his-employees-2016-06-13
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The News and Record didn't report how Clayton Homes rips off poor people.

Jeff Gauger didn't report how Wells Fargo makes money from North Carolina's retirement plans.

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.

Jeff Gauger and friends steal hundreds of millions from their readers 
via lies of omission so Warren Buffett can make more money.

Joe Killian and Jeff Gauger betrayed North Carolina's employees
for Warren Buffett

Allen Johnson and Doug Clark betrayed North Carolina's employees
for Warren Buffett
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How to save $20,967,663 for the City of Durham's employees invested in ICMA-RC's 457 retirement plan

http://greensboroperformingarts.blogspot.com/2016/05/how-to-save-20967663-for-city-of.html

Greensboro's News and Record is directly responsible 

for North Carolina and the City of Greensboro's employees 

paying more for pension and retirement investments than necessary,

as they have known for years and did nothing

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.

Vanguard's John Bogle on the utter stupidity of Tony Wilkins, Nancy's Vaughan and Hoffmann, Jamal Fox, Mike Barber, Sharon Hightower, Marikay Abuzuaiter, Connie Hammond, Yvonne Johnson, Larry Davis, Rick Lusk and Jim Westmoreland, considering how they betrayed City of Greensboro employees

"Let's assume the stock market gives a 7% return over 50 years. If you get to 7%, each $1 goes up to $30.

If you get to 5% (that would be 7% less the industry's typical 2% all-in costs), you get $10," Bogle recently said in an interview.

"So $10 versus $30

So if some may be thinking our local government knows what it's doing, 

I beg to differ

You put up 100% of the capital, you took 100% of the risk, and you got 33% of the return! As I say to people, if that strikes you as a good deal, by all means do it!"

http://www.marketwatch.com/story/john-bogle-tells-you-how-to-lose-66-of-your-retirement-return-2016-05-19
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Please help save $35,122,520 for City of Greensboro employees

http://greensboroperformingarts.blogspot.com/2015/01/please-help-save-35122520-for-city-of.html

How to save $20,967,663 for the City of Durham's employees invested in ICMA-RC's 457 retirement plan

If the City of Durham asked ICMA-RC to match Winston Salem and Orlando, Florida's pricing, the City of Durham could save about $347,848 per year for Durham's employees invested in ICMA-RC's 457 plan.

Durham should ask ICMA-RC to match Winston Salem and Orlando's pricing;

Winston Salem's consultant said ICMA's [Stable Value] VT PLUS's base cost, which may be relatively high, is 0.48%.

For Durham's ICMA's VT PLUS [Stable Value] Fund,
which had $2,678,476 as of 2014's first quarter,
should cost no more than 0.11% + 0.48% = 0.59%
instead of 1.12%.

The total cost for Durham's $2,678,476 stable value fund should be at most;
$2,678,476 x 0.59% = $15,803,
instead of $29,999, or about $14,196 less,
meaning employees with money in ICMA's VT PLUS fund
could make another $14,196 more per year.

$25,531,109 total - $2,678,476 Stable Value = $22,852,633 in Equities and Bonds.

By mirroring the rest of Durham's 457 plan assets with the Federal Government's Thrift Savings Plan, designed by federal employees for themselves, the City could dramatically lower costs to employees and increase returns via low cost index funds, whose expense ratios would be even lower if assets held in each fund were larger than $5 million;

Vanguard Intermediate-Term Bond Index Fund
Expense Ratio = 0.10% + 0.11% for Record Keeping = 0.21%

Vanguard Extended Market Index Fund
Expense Ratio = 0.10% + 0.11% = 0.21%

Vanguard FTSE All-World ex-US Index Fund
Expense Ratio = 0.15% + 0.11% = 0.26%

Vanguard 500 Index Fund
Expense Ratio = 0.05% + 0.11% = 0.16%
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The total cost for Durham's $22,852,633 in bond and equity funds could be at most 0.21%,
which is the average of the funds above including Record Keeping fees.

$22,852,633 x 0.21% = $47,991, including Record Keeping fees for equities and bonds.

$47,991 + $15,803 for the Stable Value fund including Record Keeping fees
= $63,794 possible total annual cost

$63,794 / $25,531,109 = 0.25% instead of 1.06%, or the $271,472 currently being paid.

$271,472 - $63,794 = $207,678 in total potential annual savings
for everyone invested in the Durham's ICMA-RC 457 plan.

$207,678 / 461 participants = about $450 more per participant in year one.

In 30 years, another $450 per year per employee compounded at 7%
should earn another $45,483 per participant.

$45,483 x 461 = $20,967,663 potential savings for Durham's employees
invested in ICMA-RC's 457 plan over the next 30 years
compounded at 7% once annually.
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A $59.18 per participant charge for record keeping for each Winston Salem's was proposed by ICMA-RC, dated November 30, 2011, as Orlando, Florida, which re-negotiated their fees in 2014 appears to be paying about $57.23 per employee as of Q3 2014.
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Per ICMA-RC, the City of Durham had $25,531,109 in its ICMA-RC 457 plan with 461 participants, and is paying $130,646 per year for Record Keeping, as Q2 2014.

461 employees x $59.18 per employee = $27,281

$130,646, what Durham is currently paying,
- $27,281, which is what Winston is for Durham's 461 employees
= $103,365 per year being overcharged to Durham by ICMA-RC for Record Keeping.

$27,281 / $25,531,109  = 0.11% which Durham should be paying for Record Keeping
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Please help retain more money in our state by supporting the reallocating and renegotiation
of Durham's 457 plan's funds and fees.

It's the right thing to do.

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

"Employers, advisers shave retirement-plan costs as they face pressure to monitor expenses

Companies are stepping up efforts to offer lower-cost 401(k) retirement plans, a trend that has already sharply driven down average fees and is likely to continue.

But the City of Greensboro didn't lower costs

with the help of Tony Wilkins, Nancy Vaughan and Hoffmann, Jamal Fox, 

Mike Barber, Sharon Hightower, Marikay Abuzuaiter, and Yvonne Johnson

for the benefit of Jim Westmoreland's plan management providor

An explosion of information about plan fees has helped increase bargaining power for companies in negotiations with fund providers. And a wave of successful lawsuits against companies alleging their plans had high charges has also led many to seek out lower-priced options for employees.

Yet the City of Greensboro chose to betray their own

for Wall Street

...Plan administrative costs fell to their lowest level in a decade last year..

Except the City of Greensboro's fees went up

While the changes are adding up a few hundredths of a percentage point at a time, the reduction can make a big difference. According to Vanguard Group, investors in a plan that charged 0.25% a year could in theory amass 20% more money over a four-decade career than they could in one that charged 1.25%, all else being equal...

On average, the fees 401(k) participants pay for funds that invest in stocks fell from 0.77% of assets in 2000 to 0.74% in 2009, before dropping sharply to 0.54% in 2014...

But not th City of Greensboro with the help of Tony Wilkins, 

Nancy Vaughan and Hoffmann, Jamal Fox, Mike Barber, Sharon Hightower,

Marikay Abuzuaiter, Connie Hammond, Yvonne Johnson and Jim Westmoreland

Chobani LLC, a Norwich, N.Y. yogurt manufacturer, reduced its annual plan expenses from about 1.5% of assets in 2013 to about 0.50% in 2014 as it switched mainly to index funds...

Which was suggested and ignored by the City of Greensboro

More than 60% of 144 large employers said they were very or somewhat likely to move money this year into less-expensive share classes of the mutual funds on their plan menus

Not Greensboro

14% said they would switch some or all of their investment options from actively managed funds to index funds, which generally cost less.

Not Greensboro

...an Edwardsville, Kan., food distributor, reduce administrative fees from about 1% of plan assets a year to 0.41%. In all, the plan will save more than $17,000 a year in fees on the $2.9 million employees have invested...

Not Greensboro

http://www.wsj.com/articles/401-k-fees-already-low-are-heading-lower-1463304601

Tony Wilkins, Nancy Vaughan and Hoffmann, Jamal Fox, Mike Barber, Sharon Hightower,

Marikay Abuzuaiter, Connie Hammond, Yvonne Johnson and Jim Westmoreland

betrayed their employees by keeping fees high

These folks are thieves

They stole from those who they are supposed to look out for

Why North Carolina Treasurer Janet Cowell isn't running for reelection, and how the City of Greensboro's retirement plan committee betrayed their co-workers

http://www.nakedcapitalism.com/2015/12/pensions-investment-editorial-savages-trustees-for-failing-to-perform-fiduciary-duty-over-private-equity-fees.html
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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.

Same thing only different.

When presented with the opportunity to report to the public how the financial industry rips off local investors and retirement plan participants, the News and Record's Joe Killian, Susan Ladd, Stephen Doyle, Jeff Gauger, Margaret Moffet among others including the Rhino Times John Hammer and the Triad Business Journal's Mark Sutter didn't lift a finger for their readers against the parasitic interests who prey upon their readers.

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.

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.

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.