Oklahoma City Deferred Compensation Board - 8-19-2026

The Oklahoma City Deferred Compensation Board held a meeting on August 19, 2026, focusing primarily on the quarterly financial and participant engagement reports from Voya, the plan administrator. The board reviewed positive trends in contributions, distributions, and participant engagement across the 457b and 401A plans, noting increased average account balances and deferral rates. A discussion was held regarding the potential addition of an annuity option within the plan, outlining the differences between traditional annuity distribution options and newer in-plan annuities, including oversight and fee considerations. The board also authorized the chair of the Oklahoma City Employee Retirement System to execute an agency agreement with Insurikut for fiduciary liability insurance, with a total annual cost of approximately $336,000, funded by the city. Additionally, a resolution was approved to allow the McGee Creek Authority to participate in the city's money purchase plan and merge its deferred compensation plan into the city's 457 plan. The meeting concluded with acknowledgments of employee education efforts and no further comments.