Speaker numbers apply only to this recording.
The Compensation Plan Board of Leesburg, Virginia met on October 23, 2026 to approve previous meeting minutes, receive fiduciary training, review plan performance, and approve several fund changes and a new retirement income option.
Compensation plan board meeting to order. First item is approval of the minutes of the May 19, 2026 to vote compensation plan board meeting. So move. Second, second. All is we'll move to items for discussion. And I think the first item is the fiduciary training. That's correct. I'm really pleased to bring to you Andy Larson. And Mike Sullivan from the retirement learning center. And Andy, we've been working with Andy for about six or seven years. He helps conduct fiduciary training. When it comes to fiduciary topics, Andy has seen it all. So we thought, given that the committee's still relatively new, I mean we've talked about having fiduciary training training. It's a great um it's great to highlight in the minutes that we've heard from an expert on some of the hot issues of what's going on. And with that, Andy, I'll turn it over to you. Well, thank you, Mike. Appreciate the uh chance to chat with you about uh fiduciary issues. And before I begin, just to be real clear, um, please don't don't be shy about asking questions. Um, I I don't have any prepared slides. I'm not gonna read slides uh to the group. Uh I found when I tried that, especially this time of day, I put people to sleep. So I'd rather just just chat with you. And if you all have questions or want to challenge, please uh do so. But again, I think that this is an important topic, and there's a lot of nuance here, and when a speaker is just doing all the speaking, sometimes we miss the nuance. So with that said, I'm gonna start with uh kind of the the cornerstone of our responsibility as a as a plan committee and what those responsibilities are. They were talk about some issues relating, for example, to uh cyber security, some issues relating to uh to data, and then we'll see where the group wants to uh take it from uh from there. Uh you operate under essentially four uh requirements, and these come by different names uh based on the context, but really the first one is what I call the best interest the best interest requirement. Uh you have an obligation to operate this plan in the best interests of the plan participants. That's job one. And I I saw something really poignant uh number of years ago when I first started doing uh this kind of training back in the uh probably early 1990s. I was at uh on site with uh an organization, and in the meeting room they had pictures uh around the room of uh of employees, and I asked for these like employees of the year or whatever. No, they're just sweet, we just switch them out. We put them up because we want the committee to remember that's what we're focused on is the participants, and I thought that was kind of neat. So uh again, the first requirement best interest, operating the plan in the best interests of the participants. Secondly, the expert rule, and this as the name implies your actions will be held to an expert standard. Now the good news is you don't have to be experts as long as you know what you don't know, and you bring in an applicable expert when you're in an area that you're not sure about. Thirdly, there's the plan document rule, which uh which means that you uh will operate the plan in