DE SCR55

Commends the Delaware Deferred Compensation Council for evaluating and analyzing the deferred compensation program that helps educators save for retirement through one of up to 15 available vendors.

Expresses concern that reducing the program from 13 active vendors to a single vendor or limited vendor system (2-3 vendors) will significantly disrupt thousands of current participants and reduce overall participation rates.

Urges the Deferred Compensation Council to conduct significant outreach and consultation with Delaware educators before making dramatic changes to the existing program structure.

Calls on the Council to prioritize maintaining and increasing participation by minimizing disruption to current participant-vendor relationships while preserving meaningful vendor choice in any new program design.

Notes that experiences in other states demonstrate that moving from multi-vendor to single or limited vendor systems dramatically reduces participation rates.