A different kind of window-shopping: Retirement plans

When shopping for a dress or a new pair of pants, people normally look at several different choices and try on a few to see how they fit, or at least eyeball the tags. It is the same with financial decisions, and Carter County officially began that process Monday morning.

Carter County’s Financial Management Committee spoke with two different investment agencies to discuss different options for county employees’ 457 retirement plans, a continuation of discussions from last month’s meeting.

Among them were John Hancock Investments and the locally-based Edward Jones Investments.

Thomas Davis, representing Edward Jones and presenting a retirement plan with OneAmerica Financial, said the county is experiencing a “simple” problem.

“They are not getting enough of a return on their investments,” Davis said.

Davis said the percentage growth of investments under the county’s current plan is lower than annual inflation, meaning employees are effectively losing money even with the interest they earn.

While the committee agreed something needed to be done to encourage more employees to sign up for these programs, they said they were also concerned about overwhelming employees with too many options.

“If you overwhelm them with too many options, it will force people to opt out entirely,” Carter County Sheriff Dexter Lunceford said.

The committee also discussed talking with Nationwide, the company they currently work with, about the silence regarding this negative return and seeing if they can salvage their current relationship. Deputy Director Michael Kennedy said he did not think to invite them to this month’s meeting, saying his bad experiences with the company in the past and the county’s recent troubles with the retirement plans led him to not include Nationwide in the meeting.

The committee decided to extend the invitation to Nationwide for February’s meeting.

Davis said Carter County has a responsibility to sort out this challenge.

“You are not meeting your fiduciary liability,” Davis said. “I would recommend you find a solution sooner and not later.”

Other items on the meeting’s agenda included cutting the Courthouse and Jail Management Fund #112, a fund consisting of roughly $60,000. Its funds will go wherever the Budget Committee decides it is best needed.

SportsPlus

Community

Senior Center Schedule

Local news

A Night of Music and Hope for Appalachia

Local news

Rocky Mount’s annual harvest festival scheduled today

Local news

‘Menopause the Musical 2’ coming to NPAC for two shows

Local news

Lopez found guilty of raping a child

Local news

Fleenor family promotes Imagination Library in Carter County

Local news

Tennessee State Parks to host meeting at RM Park to discuss site management

Local news

Upcoming Events….

Community

Woman’s Club Annual Christmas Craft Show coming up next weekend

Local news

County elections administrator expects Election Day to set record

Local news

UPDATE: Johnson City woman charged in deaths of her two children

Local news

Ellis receives Certificate of Service from Elizabethton Chief of Police Shaw

Local news

West Side Elementary releases first nine weeks honor roll

Local news

East Side Elementary releases first nine weeks grading period

Local news

Milligan faculty and students present art exhibit ‘ Murmuration’

Church News

How can God protect us from danger?

Local news

Church Briefs

Local news

Carter County voters break record as early voting ends today

Local news

Israel and Georgia representatives give aid to Carter County

Local news

City of Elizabethton outlines steps for homeowners impacted by Hurricane Helene to obtain building permits

Local news

JCPD investigates deaths of two children; suspect identified

Local news

Is removal of a DA a bridge too far?

Local news

Dugger Band will present Higher Than The Flood fundraising concert

Local news

LampLight Theatre presents ‘Yuletide 2024’