Employee Pension Committee Regular Meeting - July 2026

The Employee Pension Committee of Shelbyville held a regular meeting on July 27, 2026, focusing primarily on pension plan administration and investment options. A significant portion of the meeting addressed ongoing issues with the Voya 401(k) plan administration, including vesting inaccuracies and distribution delays. The committee discussed engaging Access Retirement Services as a third-party administrator (TPA) to improve plan management and reduce administrative burdens, with a formal proposal and service agreement presented for review and pending council approval. Additionally, the committee reviewed the defined benefit pension plan's investment performance and voted to reduce the city's quarterly employer contribution to $500,000 due to improved funding status. They also approved adding a new lifetime income protection annuity option to the 401(k) plan portfolio at no extra cost to the city, aimed at providing guaranteed income and death benefits to participants. The committee discussed potential automatic enrollment of new employees at a 5% contribution rate to complement the city's 7% contribution, with further consideration and possible council action anticipated.