Email Chain between Treasurer and Rufo

PLEASE START FROM BOTTOM AND WORK YOUR WAY…

 

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Thank you for your response.
I would be very grateful to have an opportunity to meet with you Treasurer Simpler!

If I could just make a few points before we flesh out our meeting plans
I thank you for your candor when explaining the communication deficiencies of your office. I can appreciate your busy schedule, and the responsibilities of your staff. I understand why the role out of your plans have been slow. I see your web page has been updated. That will be useful to our state employees. I hope your office will be able to maintain the flow of information.
As far as the plan itself, I and all of the people I represent still have many, many issues. These are things that I look forward to discussing in person with you soon, but I must make it clear, moving forward with a single vendor option is not acceptable. It certainly does not match the past practices of many, many years, and it limits our employees choices and I assure you IT WILL DECREASE PARTICIPATION! I understand that 30 to 35 % of eligible employees take advantage of our current system…. I am sure WE can increase that number if we take some time and examine this issue further. While I appreciate the hard work and time dedicated to the process by the DCC, I believe that their conclusions should be recommendations, not dogma. Mr. Simpler, I truly believe you want what’s best for the employees of Delaware, I just need you to be more patient and collaborative at this point, especially now that so many of us are beginning to pay attention and want to learn more about and be active in the process. You have to understand that people are coming out of the woodwork concerning the retirement plan changes, as was my hope. My call to action on social media is just beginning to take shape. We have many people from many different parts of Delaware coming together. This is a wonderful time for you to work with those you are serving.
There needs to be another step before augmentation of your current plan. The plan should be vetted. These are some of the things we can discuss at our meeting.
As far as VOYA is concerned, I have no doubt they are a reputable company and that your office followed all correct procedures. That does not change the fact that they are a new company here, and you are asking more than 5000 employees that are currently enrolled in a plan, and 15,000 more employees that are eligible to give up choice and to give up relationships and trust that has been established over years. There are ways to accomplish what is best without harming relationships or depriving employees of choice.
Would you care to meet with me individually or would you like to invite a few members of your staff and I can have some of my team available? What ever you are more comfortable with is fine with me.
Thank you again for reaching back to me. I look forward to working with you!
-Danny


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   Danny:

Thank you for reaching out to me and my staff. We would welcome the chance to work with you, explain design changes to the 403(b) plans/program and help you work with your members/constituents to understand both the outcome of as well as the process that produced the decisions of the Deferred Compensation Council.

Some of the information that you have requested can be located on the website for the Office of the State Treasurer (click on deferred comp plans “Update” note/“sticky”):http://treasurer.delaware.gov/ . This did not exist until yesterday so your request is timely! Please note that the site is being built out further as we speak and I expect more robust information to be on there this time next week, including much more detail on expected benefits from plan changes, more FAQs and additional links to some of the information that you are seeking. Still, it is a good place to start for now.

Also, note that I have seen the concerns that you have expressed to your constituents and I understand them. I am especially sympathetic to the lack of information that has been made available to you to this point and I will take personal responsibility for the lack of better communication. My goal is to try to fix that now and going forward.

To that end, please review what is available on the website (at the link above) and then reach out to me personally and let’s schedule a time to talk with my staff. I assure you that the quality of our educators’ retirement plans, the care with which we take custody of teachers’ investment assets and the opportunity we give all eligible participants to reach true retirement readiness is of paramount importance to the Deferred Compensation Council, my staff and me.

I welcome your continued feedback and hope to work directly with you to make our retirement programs world class offerings for our teachers and education professionals.

Yours,
Ken


 

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Good morning State Treasurer Simpler fellow department staff, and members of the DCC,

Over the last few days I have been asked by my constituents to get involved concerning information related to possible changes to staff retirement savings options. I am a full time classroom teacher and our local Education Association President and admittedly I have limited time and resources to learn about the subject. Would your office please forward me the following information…

1.Any agenda or minutes from the few meetings of the Deferred Compensation Council. This will help me and my team see the process involve in recent decision making.
2.Any information your office would like to share concerning VOYA.
3.Any other information that you may fee may be valuable to my team and myself as we continue to educate ourselves and our staff regarding Deferred Compensation.
As you can imagine many of my staff members are confused and upset by the information that has been shared with them concerning the future of their retirement options. In an attempt to ease their frustration, and to communicate your office’s proposals to a broader group, I have sent emails and have established several social media outlets for staff to see and work with. In the coming weeks my team and I are planning several programs and initiatives to increase the communities knowledge and understanding of the issue. Any information that you share will be used to that end.

Thank you very much, and I look forward to working with you and perhaps meeting you soon.
-Danny

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