Changes to NYS Deferred Compensation Plan

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bennettg
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Changes to NYS Deferred Compensation Plan

Post by bennettg » Thu Jan 26, 2017 12:56 pm

There hasn't been any announcement that I am aware of, but in digging through the meeting minutes of the December 2, 2016 meeting of the NYS Deferred Compensation Board, changes are coming to the plan's offerings in the next year. While I was hoping for changes and that they would include more Vanguard options, it appears that the opposite is true. I'm new to all this, but the choices seem like they are not advantageous to the members. What do others think?


The details can be found at https://www.goer.ny.gov/nysdcp/pdf/Meet ... 2_2016.pdf on pages 2 and 3.


Ms. Ritter next explained that the Board had determined to select the following financial
organizations to provide mutual funds (“Mutual Funds”) or collective investment trusts (“CITs”) as
investment options under the Plan:
 Blackrock, Inc. as sponsor and/or manager of the Blackrock Russell 2500 Equity Index Fund
F Lending CIT, Blackrock Equity Index Fund F (S&P 500) CIT, and Blackrock US Debt
Index Fund F Lending CIT;
 Robeco Investment Management, doing business as Boston Partners, as sponsor and/or
manager of the Boston Partners Large Cap Value Comingled Fund;
 Delaware Investments as sponsor and/or manager of the Delaware Small Cap Value Fund
(Mutual Fund Class I);
 Fidelity Institutional Asset Management Trust Company as sponsor and/or manager of the
Fidelity FIAM Small/Mid Cap Core CIT;
 Morgan Stanley Investment Management Inc. as sponsor and/or manager of the Morgan
Stanley Investment Management Global Emerging Markets Equity Mutual Fund;
 T. Rowe Price Associates, Inc. as sponsor and/or manager of the T. Rowe Price Retirement
Funds CIT, T. Rowe Price Blue Chip Growth Trust CIT, T. Rowe Price US Large Cap Equity
Income Fund CIT and T. Rowe Price QM US Small Cap Growth (Mutual Fund Class I);
 The Vanguard Group, Inc. as sponsor and/or manager of the Vanguard PRIMECAP Fund and
Vanguard Wellington Fund; and
 Voya Investment Management as sponsor and/or manager of the Voya Core Plus Fixed
Income CIT.
Mr. Fischer then read for the record the resolutions approving each such selection for an eight-year
term, commencing July 1, 2017, subject to final contract negotiations between the Board and each such
financial organization.

Grt2bOutdoors
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Re: Changes to NYS Deferred Compensation Plan

Post by Grt2bOutdoors » Thu Jan 26, 2017 1:05 pm

I read the minutes and my take is you are fortunate to have the fund selections you do in the plan. Blackrock is as good an investment manager as Vanguard and it's likely that the Blackrock options which track the same indexes as Vanguard's could be cheaper. Further, the performance consultant (Callen) likely presented enough data and statistics to recommend the investment change line-up including lower expense and higher risk adjusted performance. I also like the inclusion of the Vanguard Wellington fund - I own that one. :)
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BashDash
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Re: Changes to NYS Deferred Compensation Plan

Post by BashDash » Fri Jan 27, 2017 7:48 am

I'm assuming we will have access to the funds that are currently there? My wife is in the wellington too and I thought it was a good choice for us somewhat near our desired AA.

Grt2bOutdoors
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Re: Changes to NYS Deferred Compensation Plan

Post by Grt2bOutdoors » Fri Jan 27, 2017 8:57 am

BashDash wrote:I'm assuming we will have access to the funds that are currently there? My wife is in the wellington too and I thought it was a good choice for us somewhat near our desired AA.


Reading the minutes it appears the current selection of funds will be replaced by the list shown above by the OP. It's nice to have fiduciaries looking out for the well-being of their constituents.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

BashDash
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Re: Changes to NYS Deferred Compensation Plan

Post by BashDash » Fri Jan 27, 2017 9:08 am

So if we are currently in something we can't add more to something that does not exist right? This will really complicate my very simple AA I have going right now. I may just do a total shift to wellington then like my wife....I currently replicated the TSM with bonds for an 80/20.

Super Hans
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Re: Changes to NYS Deferred Compensation Plan

Post by Super Hans » Fri Jan 27, 2017 9:13 am

More broadly, I've been debating for more than a decade whether to rollover my money in this plan to the federal TSP. Besides figuring out whether the expenses are a good deal, are there advantages to having a 457 like this in the mix?

Grt2bOutdoors
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Re: Changes to NYS Deferred Compensation Plan

Post by Grt2bOutdoors » Fri Jan 27, 2017 9:21 am

https://www.irs.gov/retirement-plans/ir ... tion-plans

^^ See if this link answers your question.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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alpenglow
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Re: Changes to NYS Deferred Compensation Plan

Post by alpenglow » Fri Jan 27, 2017 10:11 am

It sounds like the Vanguard Institutional Fund, Institutional Total Bond, etc will be replaced with Blackrock index fund options. Hmmmm.

BashDash
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Re: Changes to NYS Deferred Compensation Plan

Post by BashDash » Fri Jan 27, 2017 12:07 pm

Does that mean I have to exit those funds if I am in them?

Super Hans
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Re: Changes to NYS Deferred Compensation Plan

Post by Super Hans » Fri Jan 27, 2017 1:28 pm

Grt2bOutdoors wrote:https://www.irs.gov/retirement-plans/irc-457b-deferred-compensation-plans

^^ See if this link answers your question.


Thanks! I think the answer is that it's well worth it to stay in a governmental 457 plan. Even though there are some nickel-and-dime recordkeeping charges I'd save with a rollover to the TSP, I understand the big benefit is that there's no early withdrawal penalty on a 457. While subject to tax regardless, it's not necessary to wait until 59 1/2. This could be fantastic for early retirement or if I lose my job and have an especially low income year.

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alpenglow
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Re: Changes to NYS Deferred Compensation Plan

Post by alpenglow » Fri Jan 27, 2017 1:30 pm

I've emailed NYSDCP to ask about some of the questions brought up in this thread. I'll report back if I hear anything useful.

NHRATA01
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Re: Changes to NYS Deferred Compensation Plan

Post by NHRATA01 » Fri Jan 27, 2017 2:23 pm

Super Hans wrote:
Grt2bOutdoors wrote:https://www.irs.gov/retirement-plans/irc-457b-deferred-compensation-plans

^^ See if this link answers your question.


Thanks! I think the answer is that it's well worth it to stay in a governmental 457 plan. Even though there are some nickel-and-dime recordkeeping charges I'd save with a rollover to the TSP, I understand the big benefit is that there's no early withdrawal penalty on a 457. While subject to tax regardless, it's not necessary to wait until 59 1/2. This could be fantastic for early retirement or if I lose my job and have an especially low income year.


Well that, and for a lot of us who are, or in my case have a spouses who are, teachers, the 457 is far better than a majority of the 403b options offered.

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alpenglow
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Re: Changes to NYS Deferred Compensation Plan

Post by alpenglow » Fri Jan 27, 2017 5:38 pm

Super useful response from NYSDCP:

Thank you for your email.

We do not have any information or updates on the funds at this time. If there is a change of investments, or if your funds are to be mapped to a new investment we will notify you by mail.

krow36
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Re: Changes to NYS Deferred Compensation Plan

Post by krow36 » Sat Jan 28, 2017 12:26 am

It looks they want to replace most of the mutual funds with Collective Investment Trusts (CITs). No doubt that will reduce the fees. https://thefinancebuff.com/collective-t ... rence.html

BashDash
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Re: Changes to NYS Deferred Compensation Plan

Post by BashDash » Fri Feb 24, 2017 5:38 am

Has there been any update on this? What is the time frame for the change to be made? Have been helping point people in the direction of this at school but don't want to do that and then have the new enrollee have to make a lot of changes.

GrandMasterBlaster
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Re: Changes to NYS Deferred Compensation Plan

Post by GrandMasterBlaster » Thu Mar 16, 2017 10:10 am

I just spoke to a rep on the phone. He said that the changes are, indeed, taking place, but won't be happening until approximately May. There is not yet a list of available funds, but he did confirm that they are moving toward many of the Blackrock products and CITs, which should significantly lower expenses. He confirmed that Vanguard Wellington and PRIMECAP will be staying, but many of the other Vanguard products will be moved to similar index funds. I'm more comfortable/familiar with Vanguard products, but the overall zeitgeist seemed to be a move to lower expenses even further, which sounds great. He also mentioned that they would automatically map your current assets to the comparable new funds, but that there would be a blackout period before implementation that would allow for changes to your allocation in the new funds.

TinpotInvestor
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Re: Changes to NYS Deferred Compensation Plan

Post by TinpotInvestor » Sat Apr 08, 2017 11:40 am

It seems interesting that the Plan doesn't make it too easy to invest in a "perfect" total stock market index fund. The Russell 2500 index is not the perfect completion index to the S&P 500. That would be, instead, the S&P Completion Index, or the Russell Small Cap Completeness index. The Russell Small Cap Completeness Index includes companies that are not in the S&P 500 and not in the Russell 2500. These would be companies that, by market cap alone, should be in the S&P 500, but aren't due to some other rules.

But one could say, good enough with an 80% S&P500 and 20% Russell 2500 for a Total Stock Market approximation.

The Plan could have made it easy with one Total Stock Market Index fund, but it doesn't.

I also looked at the RFP (request for proposal) for the TDFs (target date funds), and it's interesting that "only TDFs that implement with a fully active approach or an active/passive combination will be considered. TDFs that implement with purely passive exposure are considered non-responsive to this RFP."

The T. Rowe Price retirement funds appear to have secured the contract again, this time with the collective investment trust structure. Looking at some available documents in the internet, the Retirement Trusts have a Trustee Fee of 0.54%, which is lower than the mutual fund expense ratios of 0.76%, which is a decent improvement.

TSWNY
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Re: Changes to NYS Deferred Compensation Plan

Post by TSWNY » Sat Apr 08, 2017 1:38 pm

GrandMasterBlaster wrote:I just spoke to a rep on the phone. He said that the changes are, indeed, taking place, but won't be happening until approximately May. There is not yet a list of available funds, but he did confirm that they are moving toward many of the Blackrock products and CITs, which should significantly lower expenses. He confirmed that Vanguard Wellington and PRIMECAP will be staying, but many of the other Vanguard products will be moved to similar index funds. I'm more comfortable/familiar with Vanguard products, but the overall zeitgeist seemed to be a move to lower expenses even further, which sounds great. He also mentioned that they would automatically map your current assets to the comparable new funds, but that there would be a blackout period before implementation that would allow for changes to your allocation in the new funds.



What's significantly less than Vanguard Institutional Index (0.02), Vanguard Small-Cap (0.05) and Vanguard Total Bond Institutional (0.04)?

GrandMasterBlaster
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Re: Changes to NYS Deferred Compensation Plan

Post by GrandMasterBlaster » Sun Apr 09, 2017 12:17 pm

Good point, TSWNY, but I think the idea is to lower costs across the entirety of their options. I do believe the Blackrock TSM index was quoted at .01%, though, which is ridiculous! If the WNY in your name stands for what I think it does, I live in East Aurora!

TSWNY
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Re: Changes to NYS Deferred Compensation Plan

Post by TSWNY » Sun Apr 09, 2017 12:30 pm

GrandMasterBlaster wrote:Good point, TSWNY, but I think the idea is to lower costs across the entirety of their options. I do believe the Blackrock TSM index was quoted at .01%, though, which is ridiculous! If the WNY in your name stands for what I think it does, I live in East Aurora!



Say you're eating wings at Bar Bill.....How does one Boglehead spot another?

Countermoon
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Re: Changes to NYS Deferred Compensation Plan

Post by Countermoon » Sun Apr 09, 2017 3:15 pm

Thanks for posting this information. This is news to me. I have everything in the Vanguard Institutional Indexes but if BlackRock has an even lower cost, I'm not going to complain.

GrandMasterBlaster
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Re: Changes to NYS Deferred Compensation Plan

Post by GrandMasterBlaster » Sun Apr 09, 2017 6:06 pm

Countermoon - in either case, the NYSDCP offers some really great options!

TSWNY - you're more likely to find me at 42N. I'll be the one playing the upright bass.

secondact
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Re: Changes to NYS Deferred Compensation Plan

Post by secondact » Mon Apr 10, 2017 4:37 am

bennettg wrote:There hasn't been any announcement that I am aware of, but in digging through the meeting minutes of the December 2, 2016 meeting of the NYS Deferred Compensation Board, changes are coming to the plan's offerings in the next year. While I was hoping for changes and that they would include more Vanguard options, it appears that the opposite is true. I'm new to all this, but the choices seem like they are not advantageous to the members. What do others think?


The details can be found at https://www.goer.ny.gov/nysdcp/pdf/Meet ... 2_2016.pdf on pages 2 and 3.


Ms. Ritter next explained that the Board had determined to select the following financial
organizations to provide mutual funds (“Mutual Funds”) or collective investment trusts (“CITs”) as
investment options under the Plan:
 Blackrock, Inc. as sponsor and/or manager of the Blackrock Russell 2500 Equity Index Fund
F Lending CIT, Blackrock Equity Index Fund F (S&P 500) CIT, and Blackrock US Debt
Index Fund F Lending CIT;
 Robeco Investment Management, doing business as Boston Partners, as sponsor and/or
manager of the Boston Partners Large Cap Value Comingled Fund;
 Delaware Investments as sponsor and/or manager of the Delaware Small Cap Value Fund
(Mutual Fund Class I);
 Fidelity Institutional Asset Management Trust Company as sponsor and/or manager of the
Fidelity FIAM Small/Mid Cap Core CIT;
 Morgan Stanley Investment Management Inc. as sponsor and/or manager of the Morgan
Stanley Investment Management Global Emerging Markets Equity Mutual Fund;
 T. Rowe Price Associates, Inc. as sponsor and/or manager of the T. Rowe Price Retirement
Funds CIT, T. Rowe Price Blue Chip Growth Trust CIT, T. Rowe Price US Large Cap Equity
Income Fund CIT and T. Rowe Price QM US Small Cap Growth (Mutual Fund Class I);
 The Vanguard Group, Inc. as sponsor and/or manager of the Vanguard PRIMECAP Fund and
Vanguard Wellington Fund; and
 Voya Investment Management as sponsor and/or manager of the Voya Core Plus Fixed
Income CIT.
Mr. Fischer then read for the record the resolutions approving each such selection for an eight-year
term, commencing July 1, 2017, subject to final contract negotiations between the Board and each such
financial organization.


My concern with CITs is their lack of transparency. We will be asked to trade the integrity and low expense ratios (.02% for VIIIX ) of Vanguard for ....what? CITs do not report their dividend distributions to shareholders, and are far more opaque than mutual funds. There is a principal in accounting that states if there is an area where theft can occur, it is assumed that it is occurring. Or I could trust Blackrock, which last time I checked wasn't founded by Jack Bogle.

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ERMD
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Re: Changes to NYS Deferred Compensation Plan

Post by ERMD » Mon Apr 10, 2017 7:48 am

I'm pretty sure large numbers of Bogleheads wouldn't mind having all of their deferred compensation in the ever-popular and long-running Wellington fund. Could have been much worse!
between scotch and nothing, i'll take scotch. -- faulkner

Nate79
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Re: Changes to NYS Deferred Compensation Plan

Post by Nate79 » Mon Apr 10, 2017 9:54 am

secondact wrote:
bennettg wrote:There hasn't been any announcement that I am aware of, but in digging through the meeting minutes of the December 2, 2016 meeting of the NYS Deferred Compensation Board, changes are coming to the plan's offerings in the next year. While I was hoping for changes and that they would include more Vanguard options, it appears that the opposite is true. I'm new to all this, but the choices seem like they are not advantageous to the members. What do others think?


The details can be found at https://www.goer.ny.gov/nysdcp/pdf/Meet ... 2_2016.pdf on pages 2 and 3.


Ms. Ritter next explained that the Board had determined to select the following financial
organizations to provide mutual funds (“Mutual Funds”) or collective investment trusts (“CITs”) as
investment options under the Plan:
 Blackrock, Inc. as sponsor and/or manager of the Blackrock Russell 2500 Equity Index Fund
F Lending CIT, Blackrock Equity Index Fund F (S&P 500) CIT, and Blackrock US Debt
Index Fund F Lending CIT;
 Robeco Investment Management, doing business as Boston Partners, as sponsor and/or
manager of the Boston Partners Large Cap Value Comingled Fund;
 Delaware Investments as sponsor and/or manager of the Delaware Small Cap Value Fund
(Mutual Fund Class I);
 Fidelity Institutional Asset Management Trust Company as sponsor and/or manager of the
Fidelity FIAM Small/Mid Cap Core CIT;
 Morgan Stanley Investment Management Inc. as sponsor and/or manager of the Morgan
Stanley Investment Management Global Emerging Markets Equity Mutual Fund;
 T. Rowe Price Associates, Inc. as sponsor and/or manager of the T. Rowe Price Retirement
Funds CIT, T. Rowe Price Blue Chip Growth Trust CIT, T. Rowe Price US Large Cap Equity
Income Fund CIT and T. Rowe Price QM US Small Cap Growth (Mutual Fund Class I);
 The Vanguard Group, Inc. as sponsor and/or manager of the Vanguard PRIMECAP Fund and
Vanguard Wellington Fund; and
 Voya Investment Management as sponsor and/or manager of the Voya Core Plus Fixed
Income CIT.
Mr. Fischer then read for the record the resolutions approving each such selection for an eight-year
term, commencing July 1, 2017, subject to final contract negotiations between the Board and each such
financial organization.


My concern with CITs is their lack of transparency. We will be asked to trade the integrity and low expense ratios (.02% for VIIIX ) of Vanguard for ....what? CITs do not report their dividend distributions to shareholders, and are far more opaque than mutual funds. There is a principal in accounting that states if there is an area where theft can occur, it is assumed that it is occurring. Or I could trust Blackrock, which last time I checked wasn't founded by Jack Bogle.


Hmm. Perhaps you should actually read up on CITs a little bit:
https://www.bogleheads.org/wiki/Collect ... ent_Trusts

You were aware that Vanguard also has CITs?

Countermoon
Posts: 35
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Re: Changes to NYS Deferred Compensation Plan

Post by Countermoon » Mon Apr 10, 2017 10:17 am

secondact wrote:
bennettg wrote:There hasn't been any announcement that I am aware of, but in digging through the meeting minutes of the December 2, 2016 meeting of the NYS Deferred Compensation Board, changes are coming to the plan's offerings in the next year. While I was hoping for changes and that they would include more Vanguard options, it appears that the opposite is true. I'm new to all this, but the choices seem like they are not advantageous to the members. What do others think?


The details can be found at https://www.goer.ny.gov/nysdcp/pdf/Meet ... 2_2016.pdf on pages 2 and 3.


Ms. Ritter next explained that the Board had determined to select the following financial
organizations to provide mutual funds (“Mutual Funds”) or collective investment trusts (“CITs”) as
investment options under the Plan:
 Blackrock, Inc. as sponsor and/or manager of the Blackrock Russell 2500 Equity Index Fund
F Lending CIT, Blackrock Equity Index Fund F (S&P 500) CIT, and Blackrock US Debt
Index Fund F Lending CIT;
 Robeco Investment Management, doing business as Boston Partners, as sponsor and/or
manager of the Boston Partners Large Cap Value Comingled Fund;
 Delaware Investments as sponsor and/or manager of the Delaware Small Cap Value Fund
(Mutual Fund Class I);
 Fidelity Institutional Asset Management Trust Company as sponsor and/or manager of the
Fidelity FIAM Small/Mid Cap Core CIT;
 Morgan Stanley Investment Management Inc. as sponsor and/or manager of the Morgan
Stanley Investment Management Global Emerging Markets Equity Mutual Fund;
 T. Rowe Price Associates, Inc. as sponsor and/or manager of the T. Rowe Price Retirement
Funds CIT, T. Rowe Price Blue Chip Growth Trust CIT, T. Rowe Price US Large Cap Equity
Income Fund CIT and T. Rowe Price QM US Small Cap Growth (Mutual Fund Class I);
 The Vanguard Group, Inc. as sponsor and/or manager of the Vanguard PRIMECAP Fund and
Vanguard Wellington Fund; and
 Voya Investment Management as sponsor and/or manager of the Voya Core Plus Fixed
Income CIT.
Mr. Fischer then read for the record the resolutions approving each such selection for an eight-year
term, commencing July 1, 2017, subject to final contract negotiations between the Board and each such
financial organization.


My concern with CITs is their lack of transparency. We will be asked to trade the integrity and low expense ratios (.02% for VIIIX ) of Vanguard for ....what? CITs do not report their dividend distributions to shareholders, and are far more opaque than mutual funds. There is a principal in accounting that states if there is an area where theft can occur, it is assumed that it is occurring. Or I could trust Blackrock, which last time I checked wasn't founded by Jack Bogle.


It seems a bit silly to question the integrity of BlackRock. This isn't a new firm with no track record.

secondact
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Re: Changes to NYS Deferred Compensation Plan

Post by secondact » Mon Apr 10, 2017 6:01 pm

Nate79 wrote:
secondact wrote:
bennettg wrote:There hasn't been any announcement that I am aware of, but in digging through the meeting minutes of the December 2, 2016 meeting of the NYS Deferred Compensation Board, changes are coming to the plan's offerings in the next year. While I was hoping for changes and that they would include more Vanguard options, it appears that the opposite is true. I'm new to all this, but the choices seem like they are not advantageous to the members. What do others think?


The details can be found at https://www.goer.ny.gov/nysdcp/pdf/Meet ... 2_2016.pdf on pages 2 and 3.


Ms. Ritter next explained that the Board had determined to select the following financial
organizations to provide mutual funds (“Mutual Funds”) or collective investment trusts (“CITs”) as
investment options under the Plan:
 Blackrock, Inc. as sponsor and/or manager of the Blackrock Russell 2500 Equity Index Fund
F Lending CIT, Blackrock Equity Index Fund F (S&P 500) CIT, and Blackrock US Debt
Index Fund F Lending CIT;
 Robeco Investment Management, doing business as Boston Partners, as sponsor and/or
manager of the Boston Partners Large Cap Value Comingled Fund;
 Delaware Investments as sponsor and/or manager of the Delaware Small Cap Value Fund
(Mutual Fund Class I);
 Fidelity Institutional Asset Management Trust Company as sponsor and/or manager of the
Fidelity FIAM Small/Mid Cap Core CIT;
 Morgan Stanley Investment Management Inc. as sponsor and/or manager of the Morgan
Stanley Investment Management Global Emerging Markets Equity Mutual Fund;
 T. Rowe Price Associates, Inc. as sponsor and/or manager of the T. Rowe Price Retirement
Funds CIT, T. Rowe Price Blue Chip Growth Trust CIT, T. Rowe Price US Large Cap Equity
Income Fund CIT and T. Rowe Price QM US Small Cap Growth (Mutual Fund Class I);
 The Vanguard Group, Inc. as sponsor and/or manager of the Vanguard PRIMECAP Fund and
Vanguard Wellington Fund; and
 Voya Investment Management as sponsor and/or manager of the Voya Core Plus Fixed
Income CIT.
Mr. Fischer then read for the record the resolutions approving each such selection for an eight-year
term, commencing July 1, 2017, subject to final contract negotiations between the Board and each such
financial organization.


My concern with CITs is their lack of transparency. We will be asked to trade the integrity and low expense ratios (.02% for VIIIX ) of Vanguard for ....what? CITs do not report their dividend distributions to shareholders, and are far more opaque than mutual funds. There is a principal in accounting that states if there is an area where theft can occur, it is assumed that it is occurring. Or I could trust Blackrock, which last time I checked wasn't founded by Jack Bogle.


Hmm. Perhaps you should actually read up on CITs a little bit:
https://www.bogleheads.org/wiki/Collect ... ent_Trusts

You were aware that Vanguard also has CITs?


Thank you for the link - I absolutely want to learn more about these products that the NYSDC board wants to substitute for my current transparent low-expense Vanguard investments. To anyone else reading this, please read the link to the end - that's where it gets interesting.
I already have had some experience with a similar product - the NYSDC International Equities Fund - Index Portfolio. While they do not refer to it as a CIT, it shares many of the same characteristics. It has no symbol, it is not listed, it does not disclose dividend distributions, and nobody at NYSDC seems to understand this product. I was actually waiting for the share price to recover so I could divest. Also, I am in several Vanguard funds that now appear to be on the chopping block, and this has me worried. I love Vanguard, which is why I am on this site and read the great advice you folks offer so generously. If I sound suspicious, I guess I am, but I am not wedded to my opinion. If I'm missing something, if CITs aren't opaque, if you can independently calculate their NAV, then I'm all ears. I should also explain that in NYS we have recently had several Pension Fund managers clapped in irons and hauled off for "Pay to Play" shenanigans, so when Warren Buffett calls Jack Bogle the best friend the individual investor ever had and NYSDC responds by getting rid of several Vanguard Funds and inviting in the "usual suspects", it trips a wire for me. I would be delighted to find my fears misplaced.
Last edited by secondact on Mon Apr 10, 2017 7:23 pm, edited 1 time in total.

secondact
Posts: 13
Joined: Mon Apr 10, 2017 4:14 am

Re: Changes to NYS Deferred Compensation Plan

Post by secondact » Mon Apr 10, 2017 6:09 pm

Countermoon wrote:
secondact wrote:
bennettg wrote:There hasn't been any announcement that I am aware of, but in digging through the meeting minutes of the December 2, 2016 meeting of the NYS Deferred Compensation Board, changes are coming to the plan's offerings in the next year. While I was hoping for changes and that they would include more Vanguard options, it appears that the opposite is true. I'm new to all this, but the choices seem like they are not advantageous to the members. What do others think?


The details can be found at https://www.goer.ny.gov/nysdcp/pdf/Meet ... 2_2016.pdf on pages 2 and 3.


Ms. Ritter next explained that the Board had determined to select the following financial
organizations to provide mutual funds (“Mutual Funds”) or collective investment trusts (“CITs”) as
investment options under the Plan:
 Blackrock, Inc. as sponsor and/or manager of the Blackrock Russell 2500 Equity Index Fund
F Lending CIT, Blackrock Equity Index Fund F (S&P 500) CIT, and Blackrock US Debt
Index Fund F Lending CIT;
 Robeco Investment Management, doing business as Boston Partners, as sponsor and/or
manager of the Boston Partners Large Cap Value Comingled Fund;
 Delaware Investments as sponsor and/or manager of the Delaware Small Cap Value Fund
(Mutual Fund Class I);
 Fidelity Institutional Asset Management Trust Company as sponsor and/or manager of the
Fidelity FIAM Small/Mid Cap Core CIT;
 Morgan Stanley Investment Management Inc. as sponsor and/or manager of the Morgan
Stanley Investment Management Global Emerging Markets Equity Mutual Fund;
 T. Rowe Price Associates, Inc. as sponsor and/or manager of the T. Rowe Price Retirement
Funds CIT, T. Rowe Price Blue Chip Growth Trust CIT, T. Rowe Price US Large Cap Equity
Income Fund CIT and T. Rowe Price QM US Small Cap Growth (Mutual Fund Class I);
 The Vanguard Group, Inc. as sponsor and/or manager of the Vanguard PRIMECAP Fund and
Vanguard Wellington Fund; and
 Voya Investment Management as sponsor and/or manager of the Voya Core Plus Fixed
Income CIT.
Mr. Fischer then read for the record the resolutions approving each such selection for an eight-year
term, commencing July 1, 2017, subject to final contract negotiations between the Board and each such
financial organization.


My concern with CITs is their lack of transparency. We will be asked to trade the integrity and low expense ratios (.02% for VIIIX ) of Vanguard for ....what? CITs do not report their dividend distributions to shareholders, and are far more opaque than mutual funds. There is a principal in accounting that states if there is an area where theft can occur, it is assumed that it is occurring. Or I could trust Blackrock, which last time I checked wasn't founded by Jack Bogle.


It seems a bit silly to question the integrity of BlackRock. This isn't a new firm with no track record.


It's nothing personal against BlackRock - It is the general idea that the more transparency that someone managing my money provides, the more I trust them. Of course, the inverse is true. As I said, that's not even my idea - it's a tenet of accounting, and a good and time-tested one.

TSWNY
Posts: 106
Joined: Sun Mar 13, 2016 1:05 pm

Re: Changes to NYS Deferred Compensation Plan

Post by TSWNY » Mon Apr 10, 2017 10:22 pm

secondact wrote:
Nate79 wrote:
secondact wrote:
bennettg wrote:There hasn't been any announcement that I am aware of, but in digging through the meeting minutes of the December 2, 2016 meeting of the NYS Deferred Compensation Board, changes are coming to the plan's offerings in the next year. While I was hoping for changes and that they would include more Vanguard options, it appears that the opposite is true. I'm new to all this, but the choices seem like they are not advantageous to the members. What do others think?


The details can be found at https://www.goer.ny.gov/nysdcp/pdf/Meet ... 2_2016.pdf on pages 2 and 3.


Ms. Ritter next explained that the Board had determined to select the following financial
organizations to provide mutual funds (“Mutual Funds”) or collective investment trusts (“CITs”) as
investment options under the Plan:
 Blackrock, Inc. as sponsor and/or manager of the Blackrock Russell 2500 Equity Index Fund
F Lending CIT, Blackrock Equity Index Fund F (S&P 500) CIT, and Blackrock US Debt
Index Fund F Lending CIT;
 Robeco Investment Management, doing business as Boston Partners, as sponsor and/or
manager of the Boston Partners Large Cap Value Comingled Fund;
 Delaware Investments as sponsor and/or manager of the Delaware Small Cap Value Fund
(Mutual Fund Class I);
 Fidelity Institutional Asset Management Trust Company as sponsor and/or manager of the
Fidelity FIAM Small/Mid Cap Core CIT;
 Morgan Stanley Investment Management Inc. as sponsor and/or manager of the Morgan
Stanley Investment Management Global Emerging Markets Equity Mutual Fund;
 T. Rowe Price Associates, Inc. as sponsor and/or manager of the T. Rowe Price Retirement
Funds CIT, T. Rowe Price Blue Chip Growth Trust CIT, T. Rowe Price US Large Cap Equity
Income Fund CIT and T. Rowe Price QM US Small Cap Growth (Mutual Fund Class I);
 The Vanguard Group, Inc. as sponsor and/or manager of the Vanguard PRIMECAP Fund and
Vanguard Wellington Fund; and
 Voya Investment Management as sponsor and/or manager of the Voya Core Plus Fixed
Income CIT.
Mr. Fischer then read for the record the resolutions approving each such selection for an eight-year
term, commencing July 1, 2017, subject to final contract negotiations between the Board and each such
financial organization.


My concern with CITs is their lack of transparency. We will be asked to trade the integrity and low expense ratios (.02% for VIIIX ) of Vanguard for ....what? CITs do not report their dividend distributions to shareholders, and are far more opaque than mutual funds. There is a principal in accounting that states if there is an area where theft can occur, it is assumed that it is occurring. Or I could trust Blackrock, which last time I checked wasn't founded by Jack Bogle.


Hmm. Perhaps you should actually read up on CITs a little bit:
https://www.bogleheads.org/wiki/Collect ... ent_Trusts

You were aware that Vanguard also has CITs?


Thank you for the link - I absolutely want to learn more about these products that the NYSDC board wants to substitute for my current transparent low-expense Vanguard investments. To anyone else reading this, please read the link to the end - that's where it gets interesting.
I already have had some experience with a similar product - the NYSDC International Equities Fund - Index Portfolio. While they do not refer to it as a CIT, it shares many of the same characteristics. It has no symbol, it is not listed, it does not disclose dividend distributions, and nobody at NYSDC seems to understand this product. I was actually waiting for the share price to recover so I could divest. Also, I am in several Vanguard funds that now appear to be on the chopping block, and this has me worried. I love Vanguard, which is why I am on this site and read the great advice you folks offer so generously. If I sound suspicious, I guess I am, but I am not wedded to my opinion. If I'm missing something, if CITs aren't opaque, if you can independently calculate their NAV, then I'm all ears. I should also explain that in NYS we have recently had several Pension Fund managers clapped in irons and hauled off for "Pay to Play" shenanigans, so when Warren Buffett calls Jack Bogle the best friend the individual investor ever had and NYSDC responds by getting rid of several Vanguard Funds and inviting in the "usual suspects", it trips a wire for me. I would be delighted to find my fears misplaced.


Are all the BlackRock funds going to be CIT's? Since there is no symbol that is going to make keeping track of my AA a real pain. I like now now I can enter funds from other account into my Vanguard account and it gives me my overall AA.

willie838
Posts: 109
Joined: Thu Mar 20, 2014 1:37 am

Re: Changes to NYS Deferred Compensation Plan

Post by willie838 » Tue Apr 11, 2017 1:18 am

I had no idea that this happened.

Guess u was going to find out when I logged in after it took effect to see I was invested in all new products.

Have you guys looked through the Charles schwab SRO program that NYSdcp is offering now?

I'm going to pull the rep aside next time he's on site for a explanation of this stuff.

Artisan
Posts: 300
Joined: Sat Oct 01, 2016 8:30 am

Re: Changes to NYS Deferred Compensation Plan

Post by Artisan » Tue Apr 11, 2017 6:44 am

I've read through the available information but I don't see the big advantage to the investor. I understand that they (BlackRock) can run the funds at lower cost (to them) due to less regulations and what I am guessing is less redemptions due to the lack of individual investors.
I've seen the touted 0.01 ER for their S&P500 Index Fund but for most is that really a huge savings from the Vanguard Institutional Index Fund Institutional Plus at 0.02 ER?

The administrative fees that the NYSDCP pass on are already very low ($20/yr) plus a percentage of AUM up to $200,000. Will the cost savings from dropping Vanguard and going to BlackRock be passed onto the members of the plan in lower fees?

Not a knock against BlackRock but from what I see there are less choices (I didn't see a small cap index fund as a choice or a total bond fund).

willie838
Posts: 109
Joined: Thu Mar 20, 2014 1:37 am

Re: Changes to NYS Deferred Compensation Plan

Post by willie838 » Tue Apr 11, 2017 6:59 am

that's part of what i battered them with in an email last night.


there are billions under management in this plan

this was passed in december, it's april now and going into effect in may.

nowhere in the quarterly newsletter was it mentioned, there are no, NEWS segments on the site, and no real information passed out to almost anyone.

the group has not acted very professionally in informing participants of the changes.


was i going to log in and see that my AA of- vanguard total bond, vanguard small cap, vanguard mid cap, etc were all just converted to a "correlating" product?

wow how low rent.

Nate79
Posts: 1194
Joined: Thu Aug 11, 2016 6:24 pm
Location: Portland, OR

Re: Changes to NYS Deferred Compensation Plan

Post by Nate79 » Tue Apr 11, 2017 9:40 am

willie838 wrote:that's part of what i battered them with in an email last night.


there are billions under management in this plan

this was passed in december, it's april now and going into effect in may.

nowhere in the quarterly newsletter was it mentioned, there are no, NEWS segments on the site, and no real information passed out to almost anyone.

the group has not acted very professionally in informing participants of the changes.


was i going to log in and see that my AA of- vanguard total bond, vanguard small cap, vanguard mid cap, etc were all just converted to a "correlating" product?

wow how low rent.


I can tell you my experience with my 401k is that when there is a fund change (either provider change or even share class change) the administrator automatically changes you from one fund to another. The other option would be your account sitting in cash which I don't think you would want. This is assuming you have similar funds being changed between different providers.

TinpotInvestor
Posts: 10
Joined: Sun Dec 01, 2013 12:45 am

Re: Changes to NYS Deferred Compensation Plan

Post by TinpotInvestor » Tue Apr 11, 2017 10:06 pm

I approximate total stock market in the Plan with 84% VIIIX (S&P 500) and 16% VSCPX (small cap index). This results in a Morningstar style box that matches Vanguard Total Stock Market Index Fund (VTSAX).

This approximation maps one-to-one with 84% S&P 500 and 16% of the new Blackrock Russell 2500 fund. I used BSMKX to represent the Russell 2500 fund. This also results in style box that matches VTSAX.

As a side note, it does appear that VSCPX (small cap index) and BSMKX (Russell 2500) track pretty closely.

So the transition in this regard should be relatively non-disruptive.

I would guess that in the next Board meeting in May they will hone out the details of the roll out of the new funds.

TSWNY
Posts: 106
Joined: Sun Mar 13, 2016 1:05 pm

Re: Changes to NYS Deferred Compensation Plan

Post by TSWNY » Tue Apr 11, 2017 11:31 pm

TinpotInvestor wrote:I approximate total stock market in the Plan with 84% VIIIX (S&P 500) and 16% VSCPX (small cap index). This results in a Morningstar style box that matches Vanguard Total Stock Market Index Fund (VTSAX).

This approximation maps one-to-one with 84% S&P 500 and 16% of the new Blackrock Russell 2500 fund. I used BSMKX to represent the Russell 2500 fund. This also results in style box that matches VTSAX.

As a side note, it does appear that VSCPX (small cap index) and BSMKX (Russell 2500) track pretty closely.

So the transition in this regard should be relatively non-disruptive.

I would guess that in the next Board meeting in May they will hone out the details of the roll out of the new funds.



Are those BlackRock funds going to be offered to us though?

TinpotInvestor
Posts: 10
Joined: Sun Dec 01, 2013 12:45 am

Re: Changes to NYS Deferred Compensation Plan

Post by TinpotInvestor » Thu Apr 13, 2017 9:04 am

Looks like the Board will have a public meeting held at the Empire State Plaza on April 25. This could be very convenient for those that work at the Plaza to attend.

https://www.nysdcp.com/iApp/tcm/nysdcp/ ... ce_apr.jsp

Countermoon
Posts: 35
Joined: Wed Feb 13, 2013 10:22 pm

Re: Changes to NYS Deferred Compensation Plan

Post by Countermoon » Thu Apr 13, 2017 12:02 pm

TinpotInvestor wrote:Looks like the Board will have a public meeting held at the Empire State Plaza on April 25. This could be very convenient for those that work at the Plaza to attend.

https://www.nysdcp.com/iApp/tcm/nysdcp/ ... ce_apr.jsp


I will try to attend this but I may not be able to get out of the office. If I can make it I will post some information after the meeting.

TSWNY
Posts: 106
Joined: Sun Mar 13, 2016 1:05 pm

Re: Changes to NYS Deferred Compensation Plan

Post by TSWNY » Thu Apr 13, 2017 12:14 pm

So as far as I can decipher from the December meeting minutes it appears that they are going pretty much to all CIT's. Although Vanguard Wellington and Primecap will still be offered. I don't like the idea of being in a CIT mainly because it's going to mess up keeping my AA accurate within my Vanguard account. I like that I can add my Vanguard funds from my 457 plan into my Vanguard account and it calculates my AA. Should I just learn to accept it and relax or do I just go with the Wellington fund since that's the AA that I have between my Institutional Index, Small-Cap and Total Bond funds? Leave it to NYS to take something that's simple and works well and then screw it all up.

Countermoon
Posts: 35
Joined: Wed Feb 13, 2013 10:22 pm

Re: Changes to NYS Deferred Compensation Plan

Post by Countermoon » Thu Apr 13, 2017 12:37 pm

TSWNY wrote:So as far as I can decipher from the December meeting minutes it appears that they are going pretty much to all CIT's. Although Vanguard Wellington and Primecap will still be offered. I don't like the idea of being in a CIT mainly because it's going to mess up keeping my AA accurate within my Vanguard account. I like that I can add my Vanguard funds from my 457 plan into my Vanguard account and it calculates my AA. Should I just learn to accept it and relax or do I just go with the Wellington fund since that's the AA that I have between my Institutional Index, Small-Cap and Total Bond funds? Leave it to NYS to take something that's simple and works well and then screw it all up.


I hope the NYSDCP website have daily updates to AA for CITs as it does now for the Vanguard indexes. I realize you can't plug it in to the Vanguard website but wouldn't it still be easy to track in a spreadsheet?

That said, the inability to track the CITs by a ticker symbol annoys me.

SimplicityNow
Posts: 210
Joined: Fri Aug 05, 2016 10:31 am

Re: Changes to NYS Deferred Compensation Plan

Post by SimplicityNow » Thu Apr 13, 2017 2:27 pm

Countermoon wrote:
TinpotInvestor wrote:Looks like the Board will have a public meeting held at the Empire State Plaza on April 25. This could be very convenient for those that work at the Plaza to attend.

https://www.nysdcp.com/iApp/tcm/nysdcp/ ... ce_apr.jsp


I will try to attend this but I may not be able to get out of the office. If I can make it I will post some information after the meeting.



Thanks and if you can let us know what you discover that would be appreciated.

Typical though that they have a "public" meeting and have it at a time when most of the "public" is working.

For something that they "decided" 4 months ago I don't recall receiving any literature about these forthcoming changed.

I'm hoping the little "caution sign" that is lighting up in my brain is just my over cautious and failure to trust nature.

Countermoon
Posts: 35
Joined: Wed Feb 13, 2013 10:22 pm

Re: Changes to NYS Deferred Compensation Plan

Post by Countermoon » Thu Apr 13, 2017 2:45 pm

RSM wrote:
Countermoon wrote:
TinpotInvestor wrote:Looks like the Board will have a public meeting held at the Empire State Plaza on April 25. This could be very convenient for those that work at the Plaza to attend.

https://www.nysdcp.com/iApp/tcm/nysdcp/ ... ce_apr.jsp


I will try to attend this but I may not be able to get out of the office. If I can make it I will post some information after the meeting.



Thanks and if you can let us know what you discover that would be appreciated.

Typical though that they have a "public" meeting and have it at a time when most of the "public" is working.

For something that they "decided" 4 months ago I don't recall receiving any literature about these forthcoming changed.

I'm hoping the little "caution sign" that is lighting up in my brain is just my over cautious and failure to trust nature.


My reaction has been similar. However, the more I read about CITs, the more comfortable I become. It seems that many most major 401(k)/457(b) plans now use CITs.

That said...I want to see a prospectus or similar document for the BlackRock indexes before I'm automatically moved into them. Not too pleased with how NYSDCP has handled this.

GrandMasterBlaster
Posts: 90
Joined: Wed Mar 15, 2017 6:01 pm

Re: Changes to NYS Deferred Compensation Plan

Post by GrandMasterBlaster » Thu Apr 13, 2017 3:03 pm

For what it's worth, the rep I spoke to told me that there would be a period of several weeks where current fund holders would be able to reallocate themselves before automatically being mapped to new funds.

SimplicityNow
Posts: 210
Joined: Fri Aug 05, 2016 10:31 am

Re: Changes to NYS Deferred Compensation Plan

Post by SimplicityNow » Thu Apr 13, 2017 4:02 pm

GrandMasterBlaster wrote:For what it's worth, the rep I spoke to told me that there would be a period of several weeks where current fund holders would be able to reallocate themselves before automatically being mapped to new funds.


Thanks for the info.

bennettg
Posts: 42
Joined: Sat Aug 06, 2016 8:28 am

Re: Changes to NYS Deferred Compensation Plan

Post by bennettg » Fri Apr 14, 2017 7:15 am

Countermoon wrote:
RSM wrote:
Countermoon wrote:
TinpotInvestor wrote:Looks like the Board will have a public meeting held at the Empire State Plaza on April 25. This could be very convenient for those that work at the Plaza to attend.

https://www.nysdcp.com/iApp/tcm/nysdcp/ ... ce_apr.jsp


I will try to attend this but I may not be able to get out of the office. If I can make it I will post some information after the meeting.



Thanks and if you can let us know what you discover that would be appreciated.

Typical though that they have a "public" meeting and have it at a time when most of the "public" is working.

For something that they "decided" 4 months ago I don't recall receiving any literature about these forthcoming changed.

I'm hoping the little "caution sign" that is lighting up in my brain is just my over cautious and failure to trust nature.


My reaction has been similar. However, the more I read about CITs, the more comfortable I become. It seems that many most major 401(k)/457(b) plans now use CITs.

That said...I want to see a prospectus or similar document for the BlackRock indexes before I'm automatically moved into them. Not too pleased with how NYSDCP has handled this.


I too am very displeased and wonder what, if anything, participants can do to change it. The December board meeting minutes says the new investments are on a 8 year contract.

Can you share any references you reviewed that helped comfort you about CITs?

Countermoon
Posts: 35
Joined: Wed Feb 13, 2013 10:22 pm

Re: Changes to NYS Deferred Compensation Plan

Post by Countermoon » Fri Apr 14, 2017 10:14 am

bennettg wrote:
Countermoon wrote:
RSM wrote:
Countermoon wrote:
TinpotInvestor wrote:Looks like the Board will have a public meeting held at the Empire State Plaza on April 25. This could be very convenient for those that work at the Plaza to attend.

https://www.nysdcp.com/iApp/tcm/nysdcp/ ... ce_apr.jsp


I will try to attend this but I may not be able to get out of the office. If I can make it I will post some information after the meeting.



Thanks and if you can let us know what you discover that would be appreciated.

Typical though that they have a "public" meeting and have it at a time when most of the "public" is working.

For something that they "decided" 4 months ago I don't recall receiving any literature about these forthcoming changed.

I'm hoping the little "caution sign" that is lighting up in my brain is just my over cautious and failure to trust nature.


My reaction has been similar. However, the more I read about CITs, the more comfortable I become. It seems that many most major 401(k)/457(b) plans now use CITs.

That said...I want to see a prospectus or similar document for the BlackRock indexes before I'm automatically moved into them. Not too pleased with how NYSDCP has handled this.


I too am very displeased and wonder what, if anything, participants can do to change it. The December board meeting minutes says the new investments are on a 8 year contract.

Can you share any references you reviewed that helped comfort you about CITs?


I found several threads on Bogleheads about CITs. Here are some others:

http://www.investmentnews.com/article/2 ... attractive
https://www.seic.com/IMS/SEI_CIT_US.pdf
http://www.planadviser.com/Collective-I ... ual-Funds/

It seems these are well-established and not any riskier than your typical mutual fund. They are still regulated, just not by the SEC. The trust operators still go out and purchase shares on your behalf like in a run of the mill fund.

Regarding concerns about opacity, I found this blurb in one of the linked articles:

In addition, whereas the early CITs did not offer daily valuation capabilities, modern CITs do, and “they are well supported by the recordkeeping industry these days,” Evens says. As DST notes, in 2000, the National Securities Clearing Corporation added CITs to its mutual fund trading platform, making it possible for the vast majority of CITs to trade and price daily.

secondact
Posts: 13
Joined: Mon Apr 10, 2017 4:14 am

Re: Changes to NYS Deferred Compensation Plan

Post by secondact » Sat Apr 15, 2017 9:07 am

TSWNY wrote:So as far as I can decipher from the December meeting minutes it appears that they are going pretty much to all CIT's. Although Vanguard Wellington and Primecap will still be offered. I don't like the idea of being in a CIT mainly because it's going to mess up keeping my AA accurate within my Vanguard account. I like that I can add my Vanguard funds from my 457 plan into my Vanguard account and it calculates my AA. Should I just learn to accept it and relax or do I just go with the Wellington fund since that's the AA that I have between my Institutional Index, Small-Cap and Total Bond funds? Leave it to NYS to take something that's simple and works well and then screw it all up.


Exactly. It wasn't broken, but by God they'll fix it.

secondact
Posts: 13
Joined: Mon Apr 10, 2017 4:14 am

Re: Changes to NYS Deferred Compensation Plan

Post by secondact » Sat Apr 15, 2017 9:11 am

Countermoon wrote:
bennettg wrote:
Countermoon wrote:
RSM wrote:
Countermoon wrote:
I will try to attend this but I may not be able to get out of the office. If I can make it I will post some information after the meeting.



Thanks and if you can let us know what you discover that would be appreciated.

Typical though that they have a "public" meeting and have it at a time when most of the "public" is working.

For something that they "decided" 4 months ago I don't recall receiving any literature about these forthcoming changed.

I'm hoping the little "caution sign" that is lighting up in my brain is just my over cautious and failure to trust nature.


My reaction has been similar. However, the more I read about CITs, the more comfortable I become. It seems that many most major 401(k)/457(b) plans now use CITs.

That said...I want to see a prospectus or similar document for the BlackRock indexes before I'm automatically moved into them. Not too pleased with how NYSDCP has handled this.


I too am very displeased and wonder what, if anything, participants can do to change it. The December board meeting minutes says the new investments are on a 8 year contract.

Can you share any references you reviewed that helped comfort you about CITs?


I found several threads on Bogleheads about CITs. Here are some others:

http://www.investmentnews.com/article/2 ... attractive
https://www.seic.com/IMS/SEI_CIT_US.pdf
http://www.planadviser.com/Collective-I ... ual-Funds/

It seems these are well-established and not any riskier than your typical mutual fund. They are still regulated, just not by the SEC. The trust operators still go out and purchase shares on your behalf like in a run of the mill fund.

Regarding concerns about opacity, I found this blurb in one of the linked articles:

In addition, whereas the early CITs did not offer daily valuation capabilities, modern CITs do, and “they are well supported by the recordkeeping industry these days,” Evens says. As DST notes, in 2000, the National Securities Clearing Corporation added CITs to its mutual fund trading platform, making it possible for the vast majority of CITs to trade and price daily.


Thank You. This was informative and helpful.

Countermoon
Posts: 35
Joined: Wed Feb 13, 2013 10:22 pm

Re: Changes to NYS Deferred Compensation Plan

Post by Countermoon » Wed Apr 19, 2017 10:33 am

Did anyone else read yesterday's NYSDCP newsletter? They discuss the change in investment options, although not in great detail. Apparently a supplemental newsletter detailing the new funds will be coming out soon.

The changeover is now scheduled for July.

TSWNY
Posts: 106
Joined: Sun Mar 13, 2016 1:05 pm

Re: Changes to NYS Deferred Compensation Plan

Post by TSWNY » Wed Apr 19, 2017 3:36 pm

Countermoon wrote:Did anyone else read yesterday's NYSDCP newsletter? They discuss the change in investment options, although not in great detail. Apparently a supplemental newsletter detailing the new funds will be coming out soon.

The changeover is now scheduled for July.



Yeah, I got that email yesterday. I can't believe this is the first time people (other than those who actually read the minutes) are hearing about it.

secondact
Posts: 13
Joined: Mon Apr 10, 2017 4:14 am

Re: Changes to NYS Deferred Compensation Plan

Post by secondact » Wed Apr 19, 2017 6:12 pm

TSWNY wrote:
Countermoon wrote:Did anyone else read yesterday's NYSDCP newsletter? They discuss the change in investment options, although not in great detail. Apparently a supplemental newsletter detailing the new funds will be coming out soon.

The changeover is now scheduled for July.



Yeah, I got that email yesterday. I can't believe this is the first time people (other than those who actually read the minutes) are hearing about it.


https://www.nysdcp.com/tcm/nysdcp/stati ... 1Q.pdf?r=1
This is now posted on their site.

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