Hi, I’ll be live-tweeting today's @cta Deferred Compensation Committee meeting for @CHIdocumenters #CHIdocumenters

The @cta committee will meet electronically this afternoon at 2:00 PM.

You may join the meeting of the Deferred Compensation Committee at
https://meetings.ringcentral.com/j/1487670149 
or phone 1-773-231-9226
Meeting ID: 1487670149#

This afternoon's agenda (PDF): https://www.transitchicago.com/assets/1/21/042020_Def_Comp_Agenda_WEB.pdf?24953

Meeting notice (PDF): https://www.transitchicago.com/assets/1/21/042020_Def_Comp_Notice_WEB7.pdf?24952

The RingCentral meeting is active. We are waiting for some others to begin.

It seems a few members of the committee received an old meeting link. They're sorting it out. Note: I used the meeting ID in the public notice and joined with no issues.

The committee has been called to order as of 2:26 PM.

We are starting out of order with agenda item #6 - Bills. All three presented bills are approved for payment by the committee.

We move to agenda item #3 - Hardship Report.

There were 202 new hardship withdrawal requests for reasons such as foreclosure, lost wages, and medical bills.

Moving on to #4 Old Business - Retirement Education Specialist Report and Defined Compensation Virtual Presentation Demo.

The committee is discussing the increase in calls regarding participants' current market concerns.

We move on to New Business (item #5): 1Q2020 Plan Review

As expected due to COVID-19, participant contributions via wages saw a sharp decline.

In the 401(k) plan, investment income is down.

Good news - terminations of the 401(k) plan are down.

In the 457 Plan: Investors under 30 tend to choose life cycle funds. Older participants choose stable value funds. At this time, more folks are switching to "safety" funds.

A bit out of order, but we listening to/watching Jackie Anderson give the Defined Compensation Virtual Presentation Demo.

Virtual investment meetings are available to plan participants. At this moment there is about a two week lead time before meeting, so there is time to prepare the meeting. Website and mobile resources have also been presented. First meetings are on May 4 and May 6.

The committee is now discussing Cares Act, implemented in wake of COVID-19. Some early withdrawal fees are being waved. Participants will have three years to return money to investment plan.

The committee notes that there has been no delay in payouts requested by participants due to hardship.

Cares Act: Required minimum distributions suspended for this year.

The committee notes the need to stay on top of volume of hardship requests. They've been doing well so far.

We've moved on to the budget expense report, which took about two minutes.

There were no issues with the budgeting report.

The committee has noted my presence at the meeting due to record keeping purposes.

Approval of meeting minutes has been deferred.

The committee meeting has adjourned as of 3:19 PM.

This concludes my coverage for @CHIdocumenters #CHIDocumenters

Please see the @cta's website for more information. Reply to this thread or DM me with any questions.