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HomeMy WebLinkAbout2010 Deferred Compensation Committee Minutes OFFICIAL MEETING CITY OF LANSING DEFERRED COMPENSATION COMMITTEE ( corrected) Committee Meeting October 14, 2010 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The official meeting of the City of Lansing Deferred Compensation Committee was called to order at 9 : 13 a.m. Present : Ambrose, Klein, McClean, Rose- 4 . Absent : Kraus, Singleton Others : Karen Williams, Finance; Allen VanGorder, ING; Attorney Don Kulhanek, Law. Ms . Klein presided and moved to items on the agenda that required a vote . It was moved by Mr. Ambrose and Mr. Rose to approve the Official Minutes of the Regular Deferred Compensation Committee Meeting of July 8, 2010 . Adopted by the following vote : 4 -0 . It was moved by Mr. Ambrose and supported by Mr. Rose to excuse members, Ms . Kraus and Ms . Singleton from the Regular Deferred Compensation Committee Meeting. Adopted by the following vote : 4 - 0 . Ms . Klein moved the Investment Policy to pending business . Attorney Don Kulhanek updated the Committee regarding contract employees who return to work for City of Lansing after retirement and their ability to withdraw from the Deferred Compensation Plan. Attorney Kulhanek informed the Committee that the City Council had amended the Deferred Compensation Plan in accordance with updated IRS guidelines . He read from Resolution #2010-301 regarding Separation from Service : The severance of the Participant' s employment with the Employer whereby the Participant thereafter is not providing services to the Employer : provided, however, in the event a Participant terminates employment with the Employer and then resumes employment with the Employer within six (6) months of said termination date, there shall be a rebuttable presumption that the prior termination was not a Separation from Service and Committee Meeting October 14 , 2'O10 8th Floor Conference Room Thursday, 9 : 0:0 a.m. City Hall Lansing, MI 48933 Page 2 therefore, not an event that, in itself allows the Participant to commence (or continue to receive) benefit payments under the Plan. Mr. VanGorder further clarified that a participant can receive a withdrawal upon separation of employment . However, when the participant resumes contract employment within 6 months, the participant cannot make further withdrawals until separation from employment . Attorney Kulhanek reviewed the proposed resolution that allows the Employer to make a contribution to the City of Lansing 457 Deferred Compensation Plan in the amount of $250 on behalf of each of UAW participants who make certain criteria. It was moved by Mr. Ambrose and supported by Mr. Rose to approve the following resolution: RESOLUTION BY THE DEFERRED COMPENSATION COMMITTEE RESOLVED: That for the Plan Year ending December 31,2010,the Employer shall make a contribution to the City of Lansing 457 Deferred Compensation Plan in the amount of$250 on behalf of each Plan participant who satisfies all the following criteria for said Plan Year: a. The Participant is classified as a member of the UAW Local 2256,Lansing City Unit. b. The Participant is an employee of the City of Lansing on or after September 1, 2010. C. The Participant has made Employee elective deferral contributions under the 457 Deferred Compensation Plan of at least$250.00 between January 1,2010 and the final regular pay period ending in calendar 2010. d. The Employer verifies the required contribution has been timely made by the Employee Participant and that the Participant's total annual contribution(including the Employer's match) does not exceed the limitations of IRC Sections 414(v),415, or 457(e). C. The Employer match of$250 will continue on the same terms in each Plan year after 2010 in which the employee group Participant meets the criteria set forth in this resolution as to dates, contributions and notices that are applicable to said Plan year, subject to the benefit remaining payable pursuant to the UAW Local 2256 bargaining unit agreement. Adopted by the following vote : 4 — 0 . Committee Meeting October 14, 2010 8th Floor Conference Room Thursday, 9 : 00 a.m. : City Hall Lansing, MI 48933 Page 3 Karen Williams distributed the 2011 Schedule of Meeting dates for Committee approval : January 13 , April 14, July 14 , October 13 . It was moved by Mr. Ambrose and supported by Mr. Rose to adopt the 2011 Schedule of Meeting Dates for the Deferred Compensation Committee . Adopted by the following vote : 4 - 0 . There were no public comments . There were no hardship requests reported since the last official meeting. Mr. Allen Van Gorder, Jr. provided an Investment overview of the City of Lansing Deferred Compensation ING Plan. Mr. VanGorder discussed the types of meetings and services provided by his office for year, which included helping to process EDROs, meeting with participants for ING and answering questions for T.Rowe price participants . Mr. Van Gorder reviewed the ING participant activity report and discussed the demographics of the plan and the assets . Mr. Van Gorder also reviewed the investment options with ING under the City of Lansing Plan. Mr. Van Gorder discussed the ING Fund Evaluation Scorecard of the investments with the Deferred Compensation Plan and the system using to evaluate funds . It was moved by Mr. Ambrose and supported by Mr. McClean to adjourn the meeting. Adopted by the following vote : 4 - 0 . The meeting adjourned at 10 : 02 a .m. MINUTES OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Regular Meeting October 21, 2004 8`h Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 Present : Cunningham, Kirk, Klein, Kraus, Wright, Rhode, Wiener It was moved by Mr. Wiener and supported by Ms Kraus to accept the minutes for July, 2004 with 2 corrections . Agreed upon unanimously. ING gave their annual report for the City of Lansing Deferred Compensation Plan. ING announced that their Jansen funds are being replaced effective 11/08/04 . The members will be notified in their October statements . SPECIAL MEETING MINUTES OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Regular Meeting June 16, 2005 8tn Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 Present : Kirk, Klein, Kraus, Weiner, Wright (Noe) . Absent : Cunningham, Rhode It was unanimously voted upon to add the 2045 Time Retirement plan to the City of Lansing 457 Deferred Compensation Plan. It will be effective July 1, 2005 . OFFICIAL MEETING MINUTES OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Regular Meeting October 13 , 2005 81' Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 Present : Klein, Kraus, Rhode, Wright (Noe) . Absent : Cunningham, Kirk, Wiener It was moved by Trustee Wright and supported by Trustee Rhode to accept the minutes for the Regular Meeting of October 21 , 2004 , the Regular Meeting of April 14 , 2005 , and the Regular Meeting of June 16 , 2005 . Adopted by the following vote : 4 yeas, 0 nays It was moved by Trustee Rhode and supported Trustee Wright to excuse Trustees Cunningham, Kirk and Wiener. - - Adopted by the following vote : 4 yeas, 0 nays . The Board discussed changing and adding plan providers . Trustee Kraus informed the Board that the employees and providers have approached her adding plan providers . At this time, the Board was not interested in changing or adding plan providers . T Rowe Price has provided the Retirement Office with a toll-free numbers for participants . The Board wished to pursue providing more education for employees and informing employees of the availability of the deferred compensation plans . Trustee Kraus reviewed the sub-committees for the Board. The Education Sub-committee will be responsible for finding ways to promote the deferred compensation. The Administration Sub- committee will be responsible for updating the administrative rules . The Investment Sub-committee are responsible for determining and exploring what investments are available . Trustee Kraus, Klein and Wright volunteered for the Education Sub- committee and Administration Sub-committee . The Education subcommittee will develop ideas to educate employees, such as broadcast surveys . It was moved by Trustee Klein and supported by Trustee Wright to adjourn the meeting at 9 : 22 a.m. OFFICIAL MEETING MINUTES OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Regular Meeting July 13 , 2006 8tn Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The meeting was called to order at 9 : 09 a .m. Present : Ambrose, Klein, Kraus, Singleton, Wright . Others : Karen Williams, Retirement; Alan Van Gorder, ING, Jack Roberts, Law Department . Absent : Wright It was moved by Mr. Ambrose and supported by Mr. Klein to accept the minutes for the Regular Meeting of April 13 , 2006 . Adopted by the following vote : 4 yeas, 0 nays It was moved by Mr. Ambrose and supported Mr. Klein to excuse Mrs . Wright . Adopted by the following vote : 4 yeas, 0 nays . Karen Williams updated the Board on the election for Deferred Compensation Committee . Amy Kraus was re-elected to the committee . Karen Williams updated the Board on the plans for the 2006 Retirement Conference . The Conference was scheduled for September 13 , 2006 at the Radisson Hotel . Mrs . Kraus discussed a Deferred Compensation article that. she ' wrote for the City Light newsletter. Mrs . Kraus asked for . suggestions by email of topics that can be used for the newsletter. The meeting was adjourned at 9 : 31 a .m. OFFICIAL MEETING MINUTES OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Regular Meeting October 13 , 2006 8tn Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The meeting was called to order at 9 : 10 a.m. Present : Kraus, Singleton, Wright . Others : Karen Williams, Retirement; Alan Van Corder, ING, Jack Roberts , Law Department . Absent : Ambrose, Klein The committee did not have a quorum to approve the minutes of the Regular Meeting of July 13 , 2006 . The approval was deferred until the next meeting. The committee did not have a quorum to approve the excusing of committee members . The approval was deferred until the next meeting. Mr. Alan Van Corder provided an overview of the ING Investment Report . He explained the Eligible Domestic Relations Order process that has been implemented in collaboration with Jack Roberts . Mr . Van Corder discussed streamlining the ING administrative process . ING processes all original documents such as Salary Reduction and the Beneficiary Form. Mr. Alan Van Corder has scheduled Educational Meetings with the Fire and Police Department and will be contacting Public Service . Mr . Van Corder distributed the ING Plan Asset document . He reviewed the funds and features available in the ING program. Mr . VanGorder discussed participation rates in the Plan. Mr . Van Corder discussed having education meeting for everybody to increase participation. The active population of the City of Lansing has decreased due to targeted retirement incentives . The Board discussed possibly getting TRowe Price to subsidize Alan Van Gorder as its local representative . This would be an opportunity to capture all of TRowe Price products and Mr. Van Gorder would administer the fund. Karen Williams updated the Board on the election for Deferred Compensation Committee . There will be two elections to fill Robin Wright ' s term and Amy Kraus' elected term. Karen Williams updated the Board on the success of the 2006 Retirement Conference . The Conference was held September 13, 2006 at the Radisson Hotel . The meeting was adjourned at 10 : 34 a .m. OFFICIAL MEETING MINUTES OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Regular Meeting December 14 , 2006 8tn Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The meeting was called to order at 9 : 11 a.m. Present : Kraus, Singleton, K. Klein. - Others : Karen Williams, Retirement; Mr. George Ebner, TRowe Price, ING. Absent : Ambrose, S . Klein The committee did not have a quorum to approve the minutes of the Regular Meetings of July 13 , 2006, and October 12 , .2006 . The approvals were deferred until the next meeting. The committee did not have a quorum to approve the excusing of committee members . The approval was deferred until the next meeting. Mr. George Ebner provided an overview of the TRowe Price Investment Report . TRowe Plan had overall growth, assets were up, but participation was down slightly. Mr. Ebner reviewed the participation level and the difference in philosophy between the City' s two plans . TRowe Price is less hands-on versus INC. Member Kraus inquired to Mr. Ebner regarding management of the daily administration and paperwork for TRowe Price . Mr. Ebner explained to the Committee that many of the administrative duties can be as automated as the City would allow. Member Kraus suggested that Member Singleton and George Ebner discuss the possibilities of streaml.ining the paperwork that the City handles . The Committee requested a review of the TRowe Plan for any offering that is not receiving contributions, so that those funds can be closed down. The Committee also discussed providing information and education to participants . Karen Williams updated the Board on the election for Deferred Compensation Committee . Karen Klein was elected as a committee member with term ending September 30, 2009 . Karen Williams distributed and reviewed the Meeting Dates for 2007 . The meeting was adjourned at 10 : 31 a.m. OFFICIAL MEETING MINUTES OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Regular Meeting February 8 , 2007 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The meeting was called to order at 9 : 10 a .m. Present : Kraus, K. Klein, Singleton. -- Others : Karen Williams, Retirement; Jack Roberts, Law Office, `_ . Brian Mosaalam, Scott Davis, AXA Advisors; Alan VanGorder, ING. Absent : Ambrose, S . Klein - There were no public comments . Chair Kraus asked that the Board review the minutes of the Regular Meetings of July 13 , 2006, October 12 , 2006 and December 14 , 2006 . Ms . Kraus advised the Board that one motion can be used to approve all the minutes together. It was moved by Ms . Singleton and supported by Ms . Klein to approve the minutes of the Regular Meetings of July 13 , 2006, October 12 , 2006 and December 14, 2006 . Adopted by the following vote : unanimously It was moved by Ms . Singleton and supported by Ms . Klein to excuse committee members as listed in the Regular Meeting minutes of July 13 , 2006, October 12 , 2006 and December 14 , 2006 . Adopted by the following vote : unanimously Mr. Scott Davis and Mr. Brian Mosallam provided a presentation of the AXA Advisor Investment services . AKA Advisors would like to be considered as a third provider to the City of Lansing Deferred Compensation plans . Mr. Mosallam stated that the AXA Advisors office in Okemos has a strong presence with local municipalities and school districts . Chairperson Kraus provided an overview of the current Deferred Compensation plans regarding management of the daily administration and paperwork. Mr. Mosallam explained to the Committee that many of the administrative duties can be as automated as the City would allow. Chairperson Kraus explained that the Deferred Compensation Committee is currently in transition and not currently looking to add to the present plan. However, AXA presentation would be taken under advisement . Chairperson Kraus advised the Committee that she talked with Jerry Ambrose regarding the current vacancies . Chairperson Kraus tabled the sub-committee assignments until the Administrative Rules are completed. Chairperson Kraus distributed the proposed administrative rules and ask that the Committee review the draft for the next meeting . It was moved by Ms . Klein and supported by Ms . Singleton to review and update the Administrative Rules for the Deferred Compensation Committee . Adopted by the following vote : unanimously Jack Roberts advised that the Deferred Compensation Document plan should also be reviewed in regards to changes in administrative rules . The meeting was adjourned at 10 :28 a .m. OFFICIAL MEETING MINUTES OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Regular Meeting July 12 , 2007 8tn Floor Conference Room Thursday, 10 : 00 a.m. City Hall Lansing, MI 48933 The meeting was called to order at 10 : 29 a.m. Present : Ambrose, S Klein, Kraus, Singleton. - 4 Others : Karen Williams, Retirement ; Jack Roberts, Law Office;--- Alan VanGorder, ING; Kim Johnson, TRowe Price . Alan VanGorder asked that the Deferred Compensation committee considers a proposal to. provide a non-spousal beneficiary rollover option as a plan amendment in the event of the participant' s death. A letter of intent should be provided to the Deferred Compensation Plan to allow this provision as an enhancement for single inviduals . Ms . Kraus referred the proposal to the administrative subcommittee and legal counsel . It was moved by Mr. Ambrose and supported by Ms . Singleton to approve the minutes of the Regular Deferred Compensation Committee Meeting of April 134, 2007 as submitted. Adopted by the following vote : 4- 0 . It was moved by Mr. Ambrose and supported by Mr. Klein to excuse Board member Karen Klein. Adopted by the following vote : 4-0 . Chair Kraus requested that the Retirement Analyst have the Deferred Compensation Committee Election completed by October 1 , 2007 for the next meeting. Chair Kraus reviewed the election posting and the procedures for the election. The Board discussed suggestions and wording for the posting. Chair Kraus would like a full committee in place to make changes to the administrative rules . Regular Meeting July 12 , 2007 8tn Floor Conference Room Thursday, 10 : 00 a.m. Page 2 Jack Roberts advised that currently the Mayor has the authority to change the rules . Kim Johnson introduced herself as the new relationship manager for TRowe Price . Ms . Johnson presented and reviewed the TRowe Price Annual Report and outlined retirement plan services . Ms . Singleton inquired about investment services that are available to employees . Ms . Johnson described the educational employee meetings that are offered by TRowe Price and personalized statements for employees . The Board discussed possible automatic enrollment of participants . Ms . Johnson reviewed the participation levels for the TRowe Price Deferred Compensation plans . Chairperson Kraus expressed concern regarding TRowe Price taking a more proactive effort to increase and maintain participation with City employees . The meeting was adjourned at 11 :47 a.m. OFFICIAL MEETING MINUTES OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Regular Meeting April 13 , 2007 8th Floor Conference Room Friday, 9 : 00 a.m. City Hall Lansing, MI 48933 The meeting was called to order at 9 : 14 a.m. c -; Present : Ambrose, Kraus, K. Klein, S . Klein, Singleton. - 5 Others : Karen Williams, Retirement ; Jack Roberts, Law Office; _ Alan VanGorder, ING. There were no public comments . It was moved by Ms . K. Klein and supported by Mr. Steve Klein to approve the minutes of the Regular Meeting of February 8 , 2007 . Adopted by the following vote : unanimously Chair Kraus reviewed the Administrative Rules for the Deferred Compensation Committee . Ms . Kraus discussed changing the membership rules to allow for union units to run for election to the Board instead of only union locals . It was moved by Mr. Ambrose and supported by Ms . Singleton to table the administrative rules until the administration subcommittee meets . Adopted by the following vote : 5 - 0 . Ms . K. Klein reported to the Board that she has received inquiries about having another provider added to the selections offered by the City. Ms . Klein suggested surveying employees to determine if there is enough interest to provide a third provider. Chairperson Kraus asked that Ms . Klein be added to the investment subcommittee on an interim basis and that the committee review the additional provider suggestion. Ms . Klein was asked to prepare the survey and the subcommittee would meet and review it . Regular Meeting April 13 , 2007 8th Floor Conference Room Friday, 9 : 00 a.m. Page 2 Mr. Ambrose inquired about the participation levels for the Deferred Compensation plans . Mr. Alan VanGorder reported to the Board that participation is lowest among hourly employees and forestry, parks and public service departments . Mr. VanGorder requested to bring a proposal forward to the Investment subcommittee to address the participation levels . Chairperson Kraus requested that the final sub-committee assignments remain tabled. Ms . Kraus asked that the Board vote upon the election of a vice-chair. Mr. S . Klein nominated K. Klein as vice-chair. It was moved by S . Klein and supported by Ms . Singleton to approve K. Klein as vice chair. Adopted by the following vote : 5-0 Attorney Jack Roberts distributed information and advised the board regarding I .R. S Hardship guidelines regarding withdrawal of 457 funds . Chairperson Kraus requested the information be brought before the entire board so that members have an understanding of hardship rules . Attorney Jack Roberts advised that a hardship formal policy should be in place and that policy should be in writing. Chairperson Kraus discussed the current hardship application process . Mr. Ambrose expressed concern that employees may come to board members for advice . Mr. Ambrose inquired about what types of financial hardships are included in the I .R. S . guidelines . Attorney Jack Roberts reviewed examples such as avoiding bankruptcy or similar financial difficulties may not be used to withdraw monies . Mr. Alan VanGorder added that the 457 plans can not be attached and do not have the same provisions as defined benefit or 401K plans . The meeting was adjourned at 9 : 53 a.m. OFFICIAL MEETING MINUTES OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Regular Meeting October 11, 2007 8tn Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The meeting was called to order at 9 : 21 a .m. Present : Ambrose, Daniels, K Klein, Kraus - 4 - Others : Karen Williams, Retirement; Alan VanGorder, ING. It was moved by Mr. Ambrose and supported by Ms . Klein to approve the minutes of the Official Minutes of the Regular Deferred Compensation Committee Meeting of July 12 , 2007 as submitted. Adopted by the following vote : 4- 0 . It was moved by Mr. Ambrose and supported by Ms . Klein to excuse Board member Steve McClean and Terri Singleton. Adopted by the following vote : 4-0 . Chair Kraus announced to committee meetings that members should review the subcommittees and email the chair with their interests . Chair Kraus explained that the Deferred Compensation Administrative Board suggests amendments to the Administration for the plan. The Administration has the sole authority to make changes to the Plan. Chair Kraus reported to the Board that the Deferred Compensation Plan needed an amendment to comply with the Pension Protection Act . The amendment would allow Non- Spousal beneficiary to rollover inherited 457 Plan to an IRA. The amendment needs to go to the administration so that it can go to City Council . It was moved by Mr. Ambrose and supported by Ms . Klein to request that the Administration amend the Deferred Compensation Plan to allow Non-Spousal beneficiary rollover to individual IRAs . Adopted by the following vote : 4-0 . Regular Meeting October 11, 2007 8tn Floor Conference Room Thursday, 9 : 00 a.m. Page 2 Karen Klein reported to the Board regarding the additional provider and survey discussion. The investment subcommittee met May 22 , 2007 and discussed that the City Administration is the sole authority in deciding to add other providers . The subcommittee met with Alan VanGorder who suggested that the subcommittee consider placing all administration under one provider. Mr. Alan VanGorder explained to the board that he would like to make a proposal to have one provider for the Deferred Administration Plan. TRowe Price choices would be available under the ING umbrella. Ms . Kraus referred the matter back to the investment subcommittee to hear the proposal by Mr. VanGorder. Karen Williams distributed the 2008 calendar for the scheduled meetings . It was moved by Mr. Ambrose and supported by Ms . Klein to approve the 2008 Meeting Schedule . Approved by the following vote : 4-0 . Mr. Alan VanGorder provided an overview of his history with the City of Lansing and a presentation of the ING Annual Report . Mr. VanGorder reviewed the administrative services that he provides for the City of Lansing. Mr. VanGorder described the target date ING plans . Mr. Alan VanGorder discussed the educational options to inform employees that are offered by ING. The meeting was adjourned at 10 : 18 a.m. OFFICIAL MEETING MINUTES OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Regular Meeting January 10, 2008 loth Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The meeting was called to order at 9 : 06 a.m. Present : Ambrose, Daniels (9 : 10) , K Klein, Kraus, McClean -. 5 Absent : Singleton - Others : Karen Williams, Retirement ; Jack Roberts, Law Office; Alan VanGorder, ING. It was moved by Mr. Ambrose and supported by Ms . McClean to approve the minutes of the Official Minutes of the Regular Deferred Compensation Committee Meeting of October 11, 2007 as amended . Adopted by the following vote : 4- 0 . It was moved by Mr. Ambrose and supported by Mr. Klein to excuse Board member Jon Daniels and Terri Singleton. Adopted by the following vote : 4-0 . Attorney Jack Roberts updated the Committee regarding the Non- Spousal Beneficiary IRA option. Mr. Roberts distributed a signed written approval from the Mayor for the Administrative Modification to the City of Lansing 457 Deferred Compensation Plan. Mr. Roberts submitted the official signed modification to Karen Williams, retirement office . Mr. Daniels arrived to the meeting. Attorney Roberts reviewed the process for plan amendments . Mr. Roberts also distributed a suggested resolution for the committee to approve to make modifications to the Deferred Compensation Plan. Mr. VanGorder provided an example to clarify how the option would work for a plan participant . Regular Meeting January 10 , 2008 loth Floor Conference Room Thursday, 9 : 00 a.m. Page 2 It was moved by Mr . Daniels and approved by Ms . Klein to approve the Resolution to make administrative modifications to permit rollovers by Non-spousal beneficiary. Adopted by the following vote : 5 - 0 . Karen Williams reported to the Board that Robert Antekeier of the Employees Retirement System had extended an invitation to the Deferred Compensation Committee to attend the 2008 Retirement and Health Care Seminar Planning meeting. Ms . Kraus requested that Ms . Williams email the next meeting to Deferred Compensation Committee for those members who would like to participate in the planning committee . The committee requested additional time to review Mr. Van Gorder' s proposal to replace TRowe Price . The item was referred to pending. Chair Kraus explained that the Administrative Rules should be updated. Ms . Kraus provided background for the original rules for the Deferred Compensation Administrative Committee Board. Mr. Roberts stated that because there are four members on the administrative rules committee, the scheduled meetings should be posted. Chair Kraus reported to the Board that there will be a new Agenda item regarding hardship for the calendar year 2008 . The Hardship Subcommittee met and reviewed 1 hardship request . The request was denied because it did not meet the criteria as a hardship. The Committee discussed and agreed to change the next meeting to April 16 due to spring break. The meeting was adjourned at 10 : 36 a.m. OFFICIAL MEETING MINUTES OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Regular Meeting April 16, 2008 8th Floor Conference Room Wednesday, 8 : 30 a:m. City Hall Lansing, MI 48933 The meeting was called to order at 8 : 30 a.m. Present : Daniels, K Klein, Kraus, McClean, Singleton (8 : 51) ,- 5fy Absent : Ambrose Others : Karen Williams, Retirement ; Jack Roberts, Law Office; . Allen VanGorder, ING. Ms . Kraus reported that there were no hardships to report since the last meeting. Ms . Kraus requested that the Committee consider for adoption a new hardship form developed by Foster Swift Law firm. Ms . Kraus requested that the Committee review the new form for action at the next meeting. It was moved by Ms . Klein and supported by Ms . McClean to approve the minutes of the Official Minutes of the Regular Deferred Compensation Committee Meeting of January 10, 2008 as amended. Adopted by the following vote : 5- 0 . It was moved by Mr. Daniels and supported by Ms . Klein to excuse Board member Jerry Ambrose . Adopted by the following vote : 5 -0 . Karen Williams provided an overview of the 2008 Retirement and Health Care Conference. Ms . Klein is the designated member to the Planning Committee and is responsible for contacting ING and TRowe Price to coordinate their participation at the Conference . Ms . Klein reported that TRowe Price has been notified. Kim Johnson will provide a contact person to participate in the Conference . Regular Meeting April 16, 2008 8th Floor Conference Room Wednesday, 8 : 30 a.m. Page 2 Ms . Kraus requested that suggestions for Retirement Conference presentation topics should be submitted to Ms . Klein. Ms . Kraus inquired to Attorney Jack Roberts for an update regarding the Non-Spousal Beneficiary IRA option. Mr. Roberts informed the Committee that the administrative process for the option has been completed consistent with IRS guidelines . Attorney Roberts distributed and reviewed the proposed Domestic Relations Order Policy and Model form for the Deferred Compensation Plan. Attorney Roberts and Mr. VanGorder developed a process to that has been used to implement Domestic Relations Orders . The proposed policy would formalize the procedure that has been followed by the Committee . Mr. VanGorder and Attorney Roberts answered general questions regarding Domestic Relations Orders . Mr. Daniels requested that the Investment Committee consider additional options for TRowe Price . Mr. Daniels explained that he would like to see more mutual funds opened to employees. Mr. McClean inquired to Mr. VanGorder regarding individual stock plans . Mr. VanGorder reviewed the differences between mutual funds and individual stock plans . Mr. VanGorder provided historical information that the committee had reviewed individual stock plans in the past . The committee indicated that the individual stock plans may be too risky for the inexperienced investor. Ms . Kraus requested that the Committee review the Administrative Rules and Procedures . Mr. Kraus suggested that members submit comments and suggestions to Attorney Jack Roberts and to the chair. Ms . Kraus requested an Administrative subcommittee meeting in June . The Investment subcommittee requested additional time to review Mr. Van Gorder' s proposal to replace TRowe Price. Ms . Kraus requested information from Ms . Singleton regarding the workload required to administer TRowe Price . The meeting was adjourned at 9 : 44 a.m. COMMITTEE OF THE WHOLE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting July 10, 2008 8th Floor Conference Room Thursday, 8 :30 a.m. City Hall Lansing, MI 48933 The committee of the whole meeting was called to order at -8 :51 a.m. Present : K Klein, Kraus (10 : 30a.m. ) , McClean - 3 Absent : Ambrose, Daniel , Singleton Others : Karen Williams, Retirement; Jack Roberts, Law Office; Kim Johnson, TRowe Price . Ms . Klein asked for corrections to the minutes of the Regular Deferred Compensation Committee of April 16, 2008 . Karen Williams reported that heading should read "the meeting was on the 8th floor and the 10th floor" . Ms . Klein asked that the minutes be placed on the agenda for approval at the next meeting. Ms . Klein reported that there were no hardships to report since the last meeting. Ms . Klein reported to the Committee regarding the 2008 Retirement and Health Care Conference. She reported that the conference needed volunteers and requested that members contact Karen Williams for times . Karen Williams informed the committee that 2-hour time slots were available from 12 p.m to 10 p.m. , September 23 . Ms . Williams will send out a volunteer list with more information. Karen Williams reported to the Committee that Mr. McClean' s partial term expires September 30 , 2008 . Ms . Williams distributed a draft for review of the posting for the election to fill the new term that will expire September 30, 2011 .. Attorney Roberts distributed and reviewed the proposed Domestic Relations Order Policy. Attorney Roberts and Mr. VanGorder developed a process to that has been used to implement Domestic Relations Orders . The proposed policy would formalize the procedure that has been followed by the Committee. Committee Meeting July 10 , 2008 8th Floor Conference Room Thursday, 8 : 30 a.m. City Hall Lansing, MI 48933 Ms . Kim Johnson presented the TRowe Price Annual Report . Ms . Johnson provided an overview of the company and investments . She also reviewed the City of Lansing Plan' s cash flow, asset allocation and contribution allocation. Ms . Johnson informed the committee that TRowe Price offered various educational tools for participants and reviewed the company' s website . She distributed samples and requested information the committee to send out targeted mail . Ms . Johnson also reported that TRowe Price can provide additional material for the City of Lansing Retirement Conference . Ms . Johnson also review City of Lansing Plan' s report card and the plan cost analysis . The meeting was adjourned at 10 : 37 a .m. OFFICIAL MEETING CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting October 9, 2008 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 - The official meeting of the City of Lansing Deferred Compensation committee was called to order at 9 : 05 a.m. Present : Ambrose, K. Klein, Kraus, McClean, Singleton (9 : 14) . 5 '. Absent : Daniels -- Others : Karen Williams, Retirement; Allen VanGorder, ING. It was moved by Ms . Klein and supported by Mr . McClean to approve the Regular Deferred Compensation Committee Meeting of April 16, 2008 with corrections . Adopted by the following vote : 4 -0 . It was moved by Mr. McClean and supported by Ms . Klein to approve the Deferred Compensation Committee of the Whole of July 10, 2008 . Adopted by the following vote : 4 - 0 . Ms . Kraus reported that there was 1 hardship request to report since the last meeting. The hardship request was denied. It was moved by Mr. Ambrose and supported by Ms . McClean to excuse members, Mr. Daniels and Ms . Singleton. Adopted by the following vote : 4 - 0 . Mr. Allen VanGorder presented the 2008 ING Plan Review for the City of Lansing. Mr. VanGorder provided an overview of the current economic system and a plan overview. Ms . Singleton arrived to the meeting. Mr. VanGorder reported on the current level of employee participation and activity. He provided a plan investment review and answered inquiries from members . Committee Meeting October 9 , 2008 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 Page 2 Ms . Kraus requested a report to the Committee regarding the 2008 Retirement and Health Care Conference . Ms . Williams thanked the volunteers who were able to assist during the conference . She reported that the conference was well attended with over 225 participants . The Lifeline Health Screening was a great attraction and brought a lot of the retirees into the conference . Ms . Williams reported that the surveys that were returned indicated the Conference was well-received. Mr. Ambrose requested that the Retirement Office give a report about a complaint from a deferred retiree, who stated that they did not get any information. Ms . Williams reported that she spoke to the retiree and is constructing a database that will have the last known address of deferred retirees for future mailings . Ms . Kraus requested that the Adoption of the Domestic Relations Order Policy be pending until next meeting. Karen Williams reported to the Committee that Mr. McClean' s partial term expired September 30 , 2008 . Ms . Williams reviewed the posting for the election to fill the new term that will expire September 30 , 2011 . Ms . Kraus informed the members that the Board may wish to review its rules of procedure to address the elected membership. Currently, no more than one elected member of the Committee may be a member of the same collective bargaining local . Karen Williams distributed the 2009 Schedule of Meeting Dates for approval . It was moved by Ms . Klein and supported by Ms . Singleton to approve the 2009 Schedule of Meeting Dates . Adopted by the following vote : 5 - 0 . Ms . Terri Singleton provided an overview of concerns that Human Resources are having with the TRowe Price Services . TRowe Price requested that the City of Lansing be used as a pilot program for new services . The committee has discussed changing providers at past meetings . Committee Meeting October 9, 2008 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 Page 3 Ms . Singleton informed the committee of several ongoing administrative issues associated with the TRowe Price Services . TRowe Price has not been timely in updating the participants' individual accounts; in some cases, it has taken 9 - 12 weeks. Ms . Singleton researched the history of how TRowe Price and ING became providers for the City of Lansing. Mr. Allen VanGorder informed the Board that there was a Request for Proposal was distributed for providers . Mr. Ambrose reviewed the options available regarding TRowe Price : the City can terminate TRowe Price, replace TRowe Price, or continue with TRowe Price with changes . Mr. Ambrose inquired if there was a satisfaction survey done for TRowe Price. The committee discussed closing TRowe Price to new contributions . Ms . Singleton discussed TRowe Price problems with Mark Colby, payroll supervisor. The committee discussed others concerns with TRowe .Price regarding domestic relations orders and plan distribution problems . Mr. Ambrose suggested contacting TRowe Price to identify the administrative issues for resolution. The members agreed to contact TRowe Price by letter. The members also agreed to send a general satisfaction survey to active members and retirees to identify additional concerns . The committee agreed that the letter should be sent out by the end of October. Ms . Kraus requested that Karen Klein and Steve McClean draft the letter/survey regarding TRowe Price. The committee will provide a telephone number for employees or retirees to call . The committee members will work on the internal administrative and payroll issues with TRowe Price . The next meeting will be scheduled for November 13 , 2008 to discuss TRowe Price . It was moved by Trustee Ambrose and supported by Trustee Singleton to adjourn the meeting. Adopted by the following vote : 5 -0 . The meeting was adjourned at 11 : 07 a .m. OFFICIAL MEETING CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting November 13 , 2008 8th Floor Conference Room Thursday, 2 : 00 p.m. City Hall Lansing, MI 48933 The official meeting of the City of Lansing Deferred Compensation committee was called to order at 2 : 10 p.m. Present : Ambrose, K. Klein, Kraus, McClean, Singleton (2 : 36) - 5 . Absent : Daniels Others : Karen Williams, Retirement; Jack Roberts, Law Department ; Allen VanGorder, ING. It was moved by Mr. Ambrose and supported by Mr. McClean to approve the Regular Deferred Compensation Committee Meeting of October 9, 2008 with corrections . _. Adopted by the following vote : 4 -0 . Ms . Kraus reported that there was 1 hardship request to report.___ since the last meeting. The hardship request was pending, and would be referred to the Law Department for review. It was moved by Mr. Ambrose and supported by Mr. McClean to excuse members , Mr. Daniels and Ms . Singleton. Adopted by the following vote : 4 - 0 . Karen Williams reported to the Board that the Retirement Office had received TRowe Price satisfaction surveys mailed to retirees . Ms . Williams read some of the responses and explained that some of retirees may have been confused TRowe Price Deferred Compensation and their pension plan. Karen Klein distributed surveys that would be used for the active employees . Ms . Klein suggested that the employees receive their survey via Employee Online program. Ms . Klein suggested email for Lansing Police, Fire Departments and hourly employees . Mr. Roberts also suggested contacting Eric Tumberalla regarding sending the survey out to everyone . Ms . Singleton arrived to the meeting. Committee Meeting November 13 , 2008 8th Floor Conference Room Thursday, 9 : 00 a .m. City Hall Lansing, MI 48933 Page 2 Mr. Ambrose suggested modifications to the survey that discussed and were accepted by the Committee . The Committee discussed administrative problems with providing TRowe Price investments . Ms . Singleton reported to the Board that she and Mark Colby, payroll will draft a letter to TRowe Price regarding the issues of concern with their service. Jack Roberts provided an overview the Domestic Relations Order Policy for the Committee . Attorney Roberts reviewed the current procedure that has been formalized into an official written policy. Attorney Roberts made revisions that the Chair or someone appointed by the Chair could sign the order. It was moved by Mr. Ambrose and supported by Ms. Klein to adopt the Domestic Relations Order Policy. A copy of the official written policy and sample template will be included with the minutes . Adopted by the following vote : 5 - 0 . Karen Williams updated the Committee regarding the election to fill the new term that will expire September 30, 2011 . There were two nominating petitions received by the Retirement Office from Mr. Steven McClean and Mr. Michael Hayes . A primary was not necessary. Ms . Williams announced that the Retirement Office was conducting a general election November 12 and November 13 , 2008 . Attorney Jack Roberts suggested that the Committee to have the Retirement Analyst serve as the Board of Canvassers for the Election. Ms . Williams will report the results of the election to the Chair who will certify the elections . It was moved by Mr. Ambrose and supported by Ms . Klein to appoint the Retirement Analyst as the Board of Canvassers for the Election. The election results will be certified by the Chair of the Deferred Compensation Committee . Any questions regarding the elections or certification will be brought back to the Committee Adopted by the following vote : 5 - 0 . Committee Meeting November 13 , 2008 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 Page 3 The Investment Committee Report will remain on pending until the TRowe Price issue is resolved. Ms . Kraus reviewed the Foster Swift Hardship Form. Attorney Jack Roberts reported to the Board that he received the form from Attorney Sherry Stein. Attorney Roberts read the IRS hardship definition to the Committee . A copy of the hardship definition will be attached to. the form. It was moved by Mr. Ambrose and supported by Mr. McClean to adopt the Foster Swift Hardship Form. Approved by the following vote : 5 - 0 . It was moved by Ms . Ambrose and supported by Ms . Klein to adjourn the meeting. Adopted by the following vote : 5 -0 . The meeting was adjourned at 2 : 56 p.m. OFFICIAL MEETING CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting January 8, 2009 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The official meeting of the City of Lansing Deferred Compensation committee was called to order at 9 : 03 p.m. Present : Ambrose, K. Klein, Kraus, McClean, Singleton (9 : 15) - 5-.- Absent : Daniels Others: Karen Williams, Retirement ; Jack Roberts, Law Department ; Allen VanGorder, ING. It was moved by Mr. Ambrose and supported by Ms . Klein to approve the Regular Deferred Compensation Committee Meeting. of .- _ November 13 , 2008 with corrections . - Adopted by the following vote : 4 -0 . Ms . Kraus reported that the hardship request was referred to the Law Department for review. The Law Department referred the review to Foster Swift Law Office. The request was approved upon recommendation from Attorney Sherry Stein. It was moved by Mr. Ambrose and supported by Ms . Klein to excuse members, Mr. Daniels and Ms . Singleton. Adopted by the following vote : 4 - 0 . Karen Williams updated the Committee regarding the election to fill the new term that will expire September 30 , 2011 . Ms . Williams read the general election posting regarding the certification of the election. Mr. Steven McClean was re- elected to the new term. Karen Williams reported to the Board regarding an electronic mail from Kim Johnson of TRowe Price . TRowe Price requested an update on the committee' s decision regarding enhanced administration support to the City' s Human Resource Department . Ms . Terri Singleton arrived to the meeting. Terri Singleton updated the Board regarding her contact with TRowe Price . TRowe Price would like to give a presentation to the committee regarding services that are available to the City. Committee Meeting January 8 , 2009 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 Page 2 Ms . Kraus inquired if there were any administrative functions offered by TRowe Price that the Human Resources Department has implemented, such as address changes, deduction changes . Terri Singleton suggested that a primary focus should be to have a dedicated contact person. Ms . Kraus indicated that one of the previous concern mentioned was that TRowe Price plan presented an administrative burden to the City. Mr. Ambrose reviewed that concerns had been raised regarding the difference of the administrative support provided by TRowe Price and ING. ING has historically provided much greater administrative support to City for the deferred compensation plans . Mr. Mark Colby reported to the Committee the TRowe Price payroll process . He indicated there has been past posting issues with TRowe Price . Mr. Colby provided a historical overview of his contact with TRowe Price . He had contact George Ebner, previous account manager, regarding enhanced services offered by TRowe Price . Ms . Singleton believed there is a communication disconnect between the TRowe Price service person, Brandon and the account manager, Kim Johnson and the City of Lansing. Ms . Singleton suggested that TRowe Price needs to provide greater service and support . Mr. Van Gorder requested clarification regarding the current administrative functions provided by Human Resources for TRowe Price . Ms . Karen Klein distributed and reviewed the results of the TRowe Price satisfaction survey. Ms . Klein received 22 responses from active employees . Survey responses indicated concern that there was no dedicated contact person in the Lansing area. It was moved by Mr. Ambrose and supported by Ms . Singleton to notify TRowe Price in writing that the City of Lansing is dissatisfied with the current level of service . The letter would grant a 30 day notice to TRowe Price to respond to the letter before action is taken. The letter would be drafted by Ms . Kraus and Ms . Singleton. Committee Meeting January 8, 2009 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 Page 3 The Committee discussed that the letter should indicate that TRowe Price must assign a dedicated senior service representative to the City of Lansing. Ms . Kraus suggested that the Investment subcommittee meet to discuss the next course of action after the 30 day notice . Adopted by the following vote : 5 - 0 . It was moved by Mr. Ambrose and supported by Ms . Singleton that the current officers remain the same with Ms . Antonia Kraus as chair and Ms . Karen Klein as vice chair. Adopted by the following vote : 5 - 0 . Ms . Kraus requested suggestions for subcommittee assignments . The subcommittee will be finalized at the next meeting . Ms . Kraus reviewed the Hardship subcommittee process . Mr. McClean requested to be included on the Investment subcommittee . The Investment subcommittee report on Mr. Van Gorder' s proposal is still pending until action with TRowe Price is finalized. It was moved by Mr. Ambrose and supported by Ms . Singleton to adjourn the meeting. Adopted by the following vote : 5 - 0 . The meeting adjourned at 9 :46 a.m. OFFICIAL MEETING CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting April 9, 2009 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The official meeting of the City of Lansing Deferred Compensation committee was called to order at 9 : 11 a.m. Present : Ambrose, K. Klein, Kraus, McClean- 4 . Absent : Daniels, Singleton Others : Karen Williams , Retirement ; Allen VanGorder, ING. There were no public comments . It was moved by Ms . Klein and supported by Mr. McClean to approve the Regular Deferred Compensation Committee Meeting of January 8 , 2009 . Adopted by the following vote : 4 -0 . It was moved by Mr. Ambrose and supported by Ms . Klein to excuse members, Mr. Daniels and Ms . Singleton. Adopted by the following vote : 4 - 0 . Ms . Kraus reviewed the letter for T Rowe Price and inquired to the committee to determine if there were any updates or changes before the letter is mailed. Ms . Kraus requested to keep the subcommittee assignments on pending until she talked with Mr. Daniels to determine his status . Ms . Kraus reported that one hardship request was denied in the previous month. There was another request before the hardship committee . Ms . Kraus has emailed the requester regarding the expectations of what is considered a hardship . The Investment subcommittee report on Mr. Van Gorder' s proposal is still pending until action with TRowe Price is finalized. The meeting adjourned at 9 : 15 a .m. OFFICIAL MEETING CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting July 9, 2009 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The official meeting of the City of Lansing Deferred Compensation committee was called to order at 9 : 11 a.m. Present : Ambrose, K. Klein, Kraus, Singleton- 4 . Absent : Daniels, McClean Others : Karen Williams, Retirement; Allen VanGorder, ING; Attorney Jack Roberts, Law. There were no public comments . Ms . Singleton reported that there were two hardship requests and both were denied due to insufficient information. There were no pending requests . It was moved by Mr. Ambrose and supported by Ms . Klein to approve the Regular Deferred Compensation Committee Meeting of April 9, 2009 . Adopted by the following vote : 4 -0 . It was moved by Ms . Klein and supported by Ms . Singleton to excuse member, Mr. McClean. Adopted by the following vote : 4 - 0 . Ms . Kraus reported that she received a memo from Mr. Daniels that he wished to resign his position on the committee due to personal concerns . Ms . Kraus reviewed the rules of procedures and requested that Attorney Roberts provide an interpretation of the current rules for a vacant position. Attorney Roberts opined that the Committee would need to have a special election for the vacant position. Ms . Kraus requested that the Retirement Analyst prepare dates for a special election to replace Mr . Daniels . Committee Meeting July 9 , 2009 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 Page 2 Attorney Kraus read Mr. Daniels memo request to resign his position on the committee . It was moved by Mr. Ambrose and supported by Ms . Klein to accept Mr. Daniel resignation. Adopted by the following vote : 4 - 0 . Ms . Kimberly Johnson, Relationship Manager, Ms . Katherine Scheungrab, Client Administration Manager and Ms . Meg Quish, VP/Client Services presented the T Rowe Price Annual Report presentation. Ms . Johnson apologized for the concerns brought to her attention from the Committee in its April 9, 2009 letter to T Rowe Price . Ms . Singleton requested that TRowe Price explain what happened with the situations described in the letter. Ms . Johnson provided members with a list of concerns and possible solutions developed from TRowe Price' s review of the City of Lansing letter. Ms . Johnson reviewed solutions that TRowe Price felt would solve concerns going forward from this point . Ms . Singleton requested times in the future that TRowe Price can make presentations, with employees . Ms . Johnson stated that she would send materials for the City Picnic, August 9, 2009 . Ms . Johnson stated that there was an opportunity to automate the file for employee deposits . Mr. Ambrose requested that Ms . Johnson send the new procedure to payroll . Ms . Johnson informed that Committee that TRowe Price performed an audit for 24 months of contribution processing . Three instances of posting delays were found. All balances have been corrected. Ms . Klein requested notification to all participants whose accounts were corrected. Ms . Johnson stated that a letter will be drafted to notify employees of the audit and that some discrepancies were found and corrected. Ms . Singleton requested that any issues discovered by TRowe Price should be brought to the City of Lansing' s attention. Ms . Singleton will approve the letter from TRowe Price to participants regarding corrected accounts . Ms . Johnson reviewed that TRowe will schedule a meeting with Administration, Terri Singleton, Jim Campbell and Mark Colby to review new procedures and forms . The Subcommittee discussed with TRowe representatives the diminished level of service and responsiveness to the City of Lansing . Ms . Johnson stated that Denise Griffith has been returned as the City of Lansing coordinator. Ms . Kim Johnson presented the annual review of the TRowe Price Retirement Plan Services, as of March 31 , 2009 . Ms . Johnson reviewed the City of Lansing 457 plan, investment mix, and asset allocation of participants . Ms . Johnson provided a TRowe Price/Industry/Service Update, the investment performance report card, and discussed the plan cost analysis . The Committee discussed suggestions to educate and improve city employee participation in the deferred compensation program. Mr. Allen VanGorder explained the City of Lansing historically has requested that the vendors not contact employees directly. Ms . Kim Johnson reviewed the fees for the TRowe Price Plan. TRowe Price will remove the participants, recordkeeping fee as of July 1, 2009 . Ms . Johnson will send a letter confirming the elimination of the $12 . 00 recordkeeping keep. Ms . Kim Johnson will contact Terri Singleton, Human Resources to introduce new forms and streamline procedures to help eliminate concerns brought to the attention of TRowe Price by the committee . The meeting adjourned at 11 : 33 a.m. OFFICIAL MEETING CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting January 14 , 2010 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The official meeting of the City of Lansing Deferred Compensation committee was called to order at 9 : 06 a.m. Present : Klein, Kraus, McClean, Rose, Singleton (9 : 12) - 5 . Absent : Ambrose Others : Karen Williams, Retirement ; Allen VanGorder, ING; Attorney Jack Roberts, Law. There were no public comments . It was moved by Mr. Rose and supported by Ms . Klein to approve the Regular Deferred Compensation Committee Meeting of October 8 , 2009 . Adopted by the following vote : 4 -0 . There were no hardship requests reported since the last official meeting . It was moved by Ms . Klein and supported by Mr. McClean to excuse members , Mr. Ambrose and Ms . Singleton. ; Adopted by the following vote : 4 - 0 . Ms . Kraus distributed an email requesting information about TRowe Price . Ms . Kraus wanted to know if there were still " concerns regarding TRowe Price . The Committee discussed whether the concerns were from participants or from the administration. The Committee agreed to not pursue any further changes with TRowe Price unless concern is expressed from the administration. Ms . Singleton entered the meeting. Ms . Singleton reported that there were no further issues with TRowe Price . The Committee agreed to the following subcommittees : Administrative : Ambrose, McClean, Singleton Investment : Kraus, Ambrose, Klein, McClean Education: Klein, Rose, Singleton Hardship : Singleton, Klein, McClean Committee Meeting January 15, 2010 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 Page 2 Ms . Kraus indicated that the Committee did not have an investment policy. The Investment Policy was referred to the Investment subcommittee . Attorney Roberts clarified that an investment policy can assist the board by limiting fudiciary exposure by stating the Committee' s policy. Mr. Allen VanGorder reported information regarding ING per the Committee' s requested. Mr. VanGorder reported that ING is the 6th largest insurance company, top 3 in pension benefit administration with $591 billion under management . In the United States, ING is the #1 Defined Contribution/457 plan company, #2 in Defined Contribution programs, #3 Total asset under management with $437 billion in assets under management and administration. It was moved by Mr. McClean and supported by Ms . Klein to adjourn the meeting. Adopted by the following vote : 5 - 0 . The meeting adjourned at 9 : 32 a.m. OFFICIAL MEETING CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting April 15, 2010 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The official meeting of the City of Lansing Deferred Compensation committee was called to order at 9 : 05 a .m. Present : Klein, Kraus, McClean, Rose, Singleton (9 : 16) - 6 . Absent : Ambrose Others : Karen Williams, Retirement ; Allen VanGorder, ING, Attorney Jack Roberts, Law. There were no public comments . It was moved by Ms . Klein and supported by Mr. Rose to approve. the Regular Deferred Compensation Committee Meeting of January 14, 2010 . Adopted by the following vote : 4 -0 . There was one hardship requests reported since the last official meeting. The hardship was not approved. It was moved by Mr. McClean and supported by Ms . Klein to excuse members, Mr. Ambrose and Ms . Singleton. Adopted by the following vote : 4 - 0 . Karen E. Williams distributed copies of the draft administrative rules . Ms . Williams also distributed a sample Investment Policy from Kim Johnson of T. Rowe Price . The Administrative Rules subcommittee did not meet . Ms . Kraus inquired to the legal counsel if the administrative rules had to be reviewed by the subcommittee or could the Committee as a whole review the rules . Attorney Roberts advised that the subcommittee could be discharged of the administrative rules . He suggested that committee members review the rules and send any changes to the Retirement Analyst to update . Committee Meeting April 15 , 2010 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 Page 2 Ms . Kraus requested that the Investment Policy discussion be placed on the Pending Business section as an Agenda item for the next meeting . Ms . Kraus requested that Mr. Van Gorder forward a sample investment policy to review, along with the sample from T. Rowe Price . Ms . Singleton arrived to the meeting. Mr. McClean informed Ms . Singleton that the Committee requested that the Administrative subcommittee be discharged of the administrative rules for the committee as a whole to review. It was moved by Mr. Rose and supported by Ms . Klein to adjourn the meeting. Adopted by the following vote : 5 - 0 . The meeting adjourned at 9 : 20 a.m. OFFICIAL MEETING CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting July 8 , 2010 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The official meeting of the City of Lansing Deferred Compensation committee was called to order at 9 : 05 a.m. Present : Ambrose, Klein, Kraus (9 : 11) , McClean, Rose- 5 . Absent : Singleton Others : Karen Williams, Retirement; Allen VanGorder, ING; Kimberly Johnson, TRowe Price; Attorney Don Kulhanek, Law. There were no public comments . It was moved by Ms . Rose and supported by Mr. McClain to approve the Regular Deferred Compensation Committee Meeting of April 15 , 2010 . Adopted by the following vote : 4 -0 . There were three hardship requests reported since the last official meeting. Two hardships were denied; one hardship was pending. The committee discussed the guidelines and criteria for hardship approvals . It was moved by Mr. Ambrose and supported by Mr. Rose to excuse members, Ms . Singleton. Adopted by the following vote : 5 - 0 . Attorney Don Kulhanek review the Deferred Compensation Plan Contribution Amendment drafted by the City Attorney' s Office. The Committee reviewed the proposed Subsection 4 . 029 amendment to the 457 Plan that provides for the Employer contribution and that it is a necessary prerequisite to compliance with the new 457 Plan contribution match in the 2010 UAW contract, and concurs therewith before its presentment by the Mayor to City Council for enactment . Committee Meeting July 8, 2010 8th Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 Page 2 It was moved by Mr. Ambrose and supported by Mr. Rose that the Committee recommends to the Mayor that the Deferred Compensation Plan Contribution Amendment be transmitted to the City Council for approval . Adopted by the following vote : 5 - 0 Ms . Kim Johnson provided an Investment overview of the City of Lansing Deferred Compensation T. Rowe Price Plan. Ms . Johnson reviewed T. Rowe Price Financial Stability, recent legislation and current industry trends . Ms . Johnson also reviewed the City of Lansing Plan cash flow, the diversification and fund usage, employee participation. Ms . Johnson inquired about three plan participants that had monies in closed funds and discussed possibly opportunities to move these accounts to similar funds . Ms . Johnson will provide this recommendation to Ms . Kraus, Ms . Singleton and Ms . Williams . Ms . Johnson discussed the Investment Report Cards, the City of Lansing Plan fund performances and a brief capital markets review. Additional, Ms . Johnson provided a summary of the Plan Cost Analysis. Ms . Karen E. Williams provided an update regarding the draft administrative rules . The Administrative Rules subcommittee was discharged of the administrative rules for the whole committee to review and approve . It was moved by Mr. Ambrose and supported by Ms . Klein to approve the amended administrative rules subject to legal review. Ms . Kraus added a friendly amendment to change the meeting date from the second Thursday per month to the second Thursday per quarter. The amendment was accepted. Adopted by the following vote : 5 -0 . Ms . Karen E . Williams updated the Committee regarding the Investment Policy. Ms . Williams distributed an investment policy from TRowe Price to the investment subcommittee. Mr. Allen VanGorder will provide a sample policy to the subcommittee. Ms . Williams will send out an email of the subcommittee members . Mr. Allen VanGorder requested a legal opinion regarding employees that retire who become employed by the City under contract . Mr. VanGorder explained upon that the deferred plan allows contract employees to contribute into the plan and additionally these employees can not take withdrawals . Mr. VanGorder discussed that this issue is time sensitive in light of the recent retirement incentive. It was moved by Mr. Ambrose and supported by Ms . Klein to adjourn the meeting. Adopted by the following vote : 5 - 0 . The meeting adjourned at 10 : 09 a.m. r 1 �I City Of Lansing Deferred Compensation Committee Organization & Rules of Procedure Purpose: The Deferred Compensation Committee (Committee) operates under authority granted by the Mayor to administer the City's Deferred Compensation Plan in accordance with Section 457 V of the Internal Revenue Code, and in accordance with City Council . Resolution of June 24, 1985 and subsequent amendments. Membership: - - The Committee membership may be altered or terminated at any time by the Mayor, in accordance with City Council Resolution of June 24, 1985, and in the role of the May'or as-- City Employer as opined by the City Attorney. The Committee shall consist of seven members. Four members of the Committee are appointed by the Mayor, and shall unless changed by the Mayor be occupied by the Finance Director, Treasurer, Human Resources Director and Executive Assistant to the Mayor. The Mayor shall designate the chair of the Committee from his appointees. Three members of the Committee shall be elected from those employees of the City who are eligible to participate in the Plan as of the date of the election. Election shall be held not less than 15 nor more than 60 days prior to expiration of terms. Elected members of the Committee shall serve three year terms, beginning October 1st of the year in which they are elected. Elected members of the Committee shall be permitted administrative leave time from their regular duties to attend scheduled meetings of the Committee and any subcommittee of the Committee upon which they serve. If a vacancy occurs among elected members of the Committee and that vacancy shall be more than six months in advance of October 1 of any term, a special election shall be held to fill the unexpired term the vacancy. Should the vacancy occur after October 1 of any year, the Mayor may appoint a new member from eligible participants in the Plan, and not members of the bargaining unit local of any remaining member of the Committee to fill the vacancy until October 1, at which time an election will be held to fill the remaining term of the vacancy in accordance with the regular election procedure. No more than one elected member of the Committee may be a member of the same collective bargaining local, except in the case of a mayoral appointment to fill an Interim vacancy. All employees of the City who are eligible to participate in the plan may vote to select Committee members at each election, without regard to bargaining local affiliation. A representative of the City Attorney's office shall serve in ex-officio capacity as legal advisor to the Committee. The Retirement Analyst, or such other staff as may be determined by the Finance Director, shall serve as Secretary to the Committee in an ex-officio capacity, to maintain minutes and other documents of the Committee. The Personnel and Department Retirement Analyst/Finance Department shall be responsible for day to 2/8/2007 1 day administration of the Plan in accordance with established procedures unless changed or modified by action of the Mayor or the Committee. Members of the Committee will not be paid or otherwise remunerated for their service. Organization: The Mayor's designee shall serve as Chair of the Committee Administrative Board. The Committee shall select by majority vote a Vice-Chair from among the elected members. There shall be three standing subcommittees: Administration, Education, and Investments. Each subcommittee shall consist of three persons, including at least one elected member and one member from the Mayor's appointees. Such subcommittees and their respective chairs shall be appointed by the Chair of the Committee and shall have the following areas of responsibility:_ Administration: The Administration Subcommittee shall consider such matters of administration of the Plan as may be referred to it, including but not limited to: administrative relationships with current vendors, amendments to the Plan, determination of questions of rules and procedures of the Committee, as referred, and internal procedures of the City or plan vendors in administering the Plan. The Administration Subcommittee shall be empowered to review, deliberate, and determine compliance with Section 457(b), requirements for granting of hardship withdrawals from the Plan, and may grant such withdrawals which are determined to be within legal requirements. Approval or rejection of withdrawal requests shall require two concurring votes. Documentation supporting such hardship withdrawals shall be signed by each subcommittee Administrative Board member and retained in a permanent confidential file. A member of the Administration Subcommittee Administrative Board may chose not to participate in a determination of hardship withdrawal. In that event, the Chair of the full Committee Administrative Board, or a member designated by the Chair of the Committee Administrative Board, may participate and vote on such withdrawal determination with the Administration Subcommittee. This may also be permitted if one or more members of the Administration Subcommittee Administrative Board is unavailable to participate in such withdrawal determination. All such deliberations in regard to hardship withdrawals shall be considered confidential. The subcommittee shall report to the full Committee any approved hardship withdrawals, or pending withdrawals, at its next regular meeting. The subcommittee may elect to refer requests for hardship withdrawal to the full Committee. If this occurs, the full Committee may sit in executive session to deliberate and determine said request, if requested to do so by the individual seeking the hardship withdrawal. Education: The Education Subcommittee shall consider such matters as may be referred to it, including, but not limited to: fulfillment of any fiduciary responsibility which may accrue to the City as plan sponsor for education of eligible participants in regard to plan availability, participation, investment education, retirement planning, or related issues. The Subcommittee may work in conjunction with the City's retirement boards, the Personnel Department, Finance Department and Plan vendors to facilitate its educational activities. 2/8/2007 2 Investments: The Investment subcommittee shall consider such matters as may be referred to it, including, but not limited to, selection of appropriate investment vehicles within the plan and continued monitoring and bench marking of investment vehicles in regard to cost, performance and continued appropriateness for inclusion within the Plan. Rules of Procedure: 1) All meetings of the Committee shall be open and an annual schedule of meetings provided to the City Clerk for posting. Should the Committee consider a request for hardship withdrawal, such request may be considered in Executive Session at the request of the participant, with only Committee Administrative Board members and ex- officio staff in attendance. 2) initial and special Meeting dates and times shall be determined by the Chair, on an as needed basis, with at least 24 hours notice to each member. Regular meetings are currently scheduled for the second Thursday of each month at 9:00 a.m., in the Finance Department conference room. Any member who is unable to attend a scheduled meeting should notify the Retirement Analyst who will notify members if it appears a quorum will not be available. 3) A quorum shall consist of 4 members, one of whom must be an elected member. In the absence of the Chair, the Vice-Chair shall serve as Chair. 4) Items for consideration by the Committee may be submitted by any member or by any employee eligible to participate in the Plan. Such items should be submitted at least 1 calendar week the MondaV prior to a scheduled meeting date to be included on the agenda for that meeting. Items which are not received at least one week before 5 1).n1. of the Monday prior to the scheduled meeting may be considered only upon the suspension of this rule. 5) Procedural matters of the Committee may be determined by simple majority of those members in attendance, upon determination that a quorum exists. Non-procedural matters before the Committee Administrative Board shall require at least four concurring votes. 6) Questions of rules or procedures may be referred to the Administration Subcommittee by the Chair, of bV a majority of the Committee on a procedural vote. Such questions will be determined by the Administration Committee prior to the next scheduled meeting, and shall be determined with reference to Mason's Manual of Legislative Procedure. If no referral to the Administration Subcommittee is made, the ruling of the Chair and any action of the Committee shall be deemed to be accordance with the rules of the Committee. 2/8/2007 3