The first paragraph of the Executive Director’s reply states, “CPS asked us to include their supplemental savings vendor in the upcoming Tier 2 webinar”. My understanding is that the CTPF Board of Trustees governs our pensions, NOT CPS. In addition, during the webinar, Kristina Betke, member service representative and pension counselor said, “I’d like to thank Jack Silver for this important collaboration as well as the representative that we have here from Corebridge Financial David Oulvey.” Jack Silver is the Chair of CTU’s Pension-Insurance Committee. David Oulvey per his linkedIn profile is District Vice President at VALIC Financial Advisors, Inc.
Second, why would we “hand-off” anything to (what all fiduciaries should know to be) the industry that has replaced many Defined Benefit pension plans? As we researched the history of 403(b) and the like, we found that, over time, through regulation changes and plan design mandates, the three predominant types of defined contribution retirement plans: 403(b), 401(k), and 457(b) have grown more similar.
Third, if our Executive Director Carlton W. Lenoir Sr. is promoting “three-legged stool” marketing scheme, then he is doing a great injustice to our members. Most working Americans are far behind in saving for retirement, not only in their supplemental plans but in terms of their total assets. We also know teachers have been negotiating to reinstate extended pay, so they are not struggling over the summer months.
Our responsibility and loyalty are to the members. We must ensure that all contributors can, if they choose, live on the income they have saved for, and guaranteed when they retire in this Defined Benefit plan. Let’s NOT follow what private companies have done with the profit and nest eggs of hard-working Americans.
Actions: Attend the January 31,2024 Town Hall Meeting. Bring your questions and suggestions on how we can collaborate to end Tier 2.
Thank you for listening. Look for more news and activity from the Pension Advocacy Group on Facebook using PensionAdvocacyGroup@gmail.com, and on X (formerly known as Twitter).
This is Tina Padilla – until next time. Ciao, Ciao for now!