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HomeMy WebLinkAbout2011 Deferred Compensation Committee Minutes OFFICIAL MEETING OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting October 13 , 2011 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, Klein, Rose, Singleton - 4 . Absent : Kraus, McClean Others : Karen Williams, Finance; Allen VanGorder, ING; Attorney Don Kulhanek, Law. There were no public comments . Ms . Singleton reported that there were no hardship requests reported since the last official meeting. Ms . Williams reported that the terms of Mr. McClean and Mr. Rose have expired. No one submitted a completed nominating petition for an election to be held. Ms . Williams reported the information to legal counsel for review of the administrative rules . Ms . Williams requested direction from the Committee;to either have another election or have the current members serve at the pleasure of the committee . Ms . Williams distributed a 2012 schedule of meeting dates : _ --3 7P f January 12 , 2012 ; April 12 , 2012 ; July 12 , 2012 ; October 11, 2012 . 1` Ms . Klein reported that Ms . Kraus asked for assistance to draft the Investment. Policy. Ms . Klein, Ms . Singleton and Mr. Rose volunteered to assist with the draft . It was moved by Mr. Ambrose and Mr. Rose to approve the Official Minutes of the Deferred Compensation Committee Meeting of July 14 , .2011 with corrections . Adopted by the following vote : 4 -0 . It was moved by Mr. Ambrose and supported by Mr. Rose to excuse members, Ms . Kraus and Mr. McClean from the Deferred Compensation Committee Meeting. Adopted by the following vote : 4 - 0 . Mr. Ambrose inquired to legal counsel , Attorney Don Kulhanek, if members can serve on the committee until an election is held. Attorney Kulhanek reviewed the rules and noted that the Mayor can appoint members until the next election. Mr. Ambrose stated that he would take the recommendation to the Mayor to continue the terms of Mr. Victor Rose and Mr. Steven McClean' until the next election. It was moved by Mr. Ambrose and supported by Ms . Singleton to accept the 2012 Schedule of Meetings . Adopted by the following vote : 4 - 0 . Mr. Allen VanGorder provided a Plan Review of the ING Deferred Compensation portfolio. Mr. VanGorder reviewed the local office participant activity levels . Mr VanGorder presented the Investment performance review, ING company update and a legislative and regulatory update . Mr. VanGorder informed the Committee regarding the possibility of including a Roth Component in the 457 Plan. Mr. VanGorder discussed the differences between Roth account and regular tax deferred account . Mr. VanGorder compared the current and previous year contributions, distributions and rollover information. Mr. VanGorder also described education materials that are available for participants . It was moved by Mr. Rose and supported by Ms . Singleton to adjourn the meeting. Adopted by the following vote : 4 - 0 . The meeting adjourned at 10 : 16 a .m. OFFICIAL MEETING OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting July 14 , 2011 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, Klein, Kraus, McClean, Rose (9 : 14) - 5 . Absent : Singleton Others : Karen Williams, Finance; Allen VanGorder, ING; Attorney Don Kulhanek, Law; Mr. Nick Porcaro, TRowe Price . It was moved by Ms . Klein and Mr. McClean to approve the Official Minutes of the Deferred Compensation Committee Meeting of April 14, 2011 . Adopted by the following vote : 5 -0 . Mr. McClean reported that there was 1 hardship request reported since the last official meeting. The request was denied because it did not meet the hardship withdrawal guidelines . It was moved by Mr. Ambrose and supported by Ms . Klein to e`xc b 1111 member, Ms . Singleton from the Deferred Compensation Committ'eei Meeting. c: C) _r P-1 Adopted by the following vote : 5 - 0 . (-n Mr. Nick Porcaro provided a TRowe Price Deferred Compensatidn� Plan and Investment review. Mr. Porcaro presented a TRowe Price company update and a legislative and regulatory update. He reviewed the Plan' s cash flow, diversification, fund usage and participation. Mr. Porcaro gave an overview of the Investment , Performance and the Plan Cost Analysis . Ms . Williams reported that Mr. Victor Rose' s term has expired and Mr. Mclean' s term would expire, September 2012 . Ms . Williams distributed an election posting for both positions . The Committee reviewed and agreed to the posting. Ms . Kraus requested that the investment subcommittee draft a policy for the deferred compensation plan. Mr. Allen VanGorder stated that he could provide investment policy samples for the committee. It was moved by Mr. McClean and supported by Mr. Rose to adjourn the meeting. Adopted by the following vote : 5 - 0 . The meeting adjourned at 10 : 20 a .m. OFFICIAL NEE DEFERR CITY of LING of THE SI Committee D CONIpENSA' NG Ci t Fl OO M n f i ng ION CONNI T TE Y Hall CO erence E Lansing, NII 4g933 Room April Coe Official Thursd Y, .9.. 0p mpensation Commit e of the C1t a•m. Abse present .' Ambrose e was Call d tO or sing' Deferred Don Kare gletOn Klein, Kraus McC der at 9. 11 a • m n Kulhanek, Lawllams, Financ lean Rose Officiwas moved by M e Allen VanGorder 5 al Mi s. Kl ING Attorney Of April 14 n 2p11 of the Defe d Mr. McClea Adopted by the f red Compensation approve the Ms Single following vote. Committee Meeting reportedton repo 5 -0. dente since hrted that guide li bes ause it last Official e was 1 hardy It was not meet the hard ng' The -request request - member �°S ed by Mr A dship wi the q wai was '`_' Meeting SingletorOse an - _YJl n fr d supported Adopted b om the De feped obY Dqs, K1ei n to Ms W1 Y the following vote: o mpensatzp12 Comm, m, exe S i j Ms lllams to 5 e ia reported that - 0 . at the next meet,,l ha ea Mr Victor NIs g election Rose's t eX'm has dOCument� inquired if posting avail ble fexpired. material egardin there Will or review s g d de erm ed the COm p1 oYe s who erred, conpensa t -L r'equen t l Packets. what mate 1a1 that She laid Off.n -Included asked✓ questions ngl Ms Kraus s w�11 be zn l dedg with l gal a eton the �nf°rmati w�1l meet with infor l Counsel to mation n to draft with th Investment Policy. committee to rev, ew It was moved by Mr. McClean and supported by Mr . Rose to adjourn the meeting . Adopted b the following vote : 5 - 0 . The meeting adjourned at 9 :29 a.m. I � OFFICIALMEETING CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting February 16, 2011 8th Floor Conference Room Wednesday, 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 : 12 a.m. Present : Klein, Kraus, McClean, Rose, Singleton - S . Absent : Ambrose Others : Karen Williams, Finance; Allen VanGorder, ING; Attorney Don Kulhanek, Law. It was moved by Mr. Rose and Ms . Klein to approve the Official Minutes of the Deferred Compensation Committee Meeting of. . October 14, 2011 with corrections . Adopted by the following vote : 5 -0 . There were no hardships reported since the last official meeting. It was moved by Ms . Singleton and supported by Mr. McClain to excuse members, Mr. Ambrose from the Deferred Compensation Committee Meeting. Adopted by the following vote : 5 - 0 . Ms . Kraus requested assistance in preparing a draft Investment Policy. Ms Singleton offered to help prepare the draft policy. Mr. Rose inquired the regulations regarding deferred compensation for employees who are laid off . Mr. Allen Van Gorder informed the committee that employees who are laid off are eligible to receive distributions from their deferred compensation accounts . The lay offs are termed as a separation from employment . It was moved by Mr. Rose and supported by Mr. Klein to adjourn the meeting. Adopted by the following vote : 5 - 0 . The meeting adjourned at 9 : 18 a.m. OFFICIAL MEETING CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting February 16, 2011 8th Floor Conference Room Wednesday, 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 : 12 a.m. Present : Klein, Kraus, McClean, Rose, Singleton - S . Absent : Ambrose Others : Karen Williams, Finance; Allen VanGorder, ING; Attorney Don Kulhanek, Law. It was moved by Mr. Rose and Ms . Klein to approve the Official Minutes of the Deferred Compensation Committee Meeting of October 14 , 2011 with corrections . Adopted by the following vote : 5 -0 . There were no hardships reported since the last official meeting . It was moved by Ms . Singleton and supported by Mr. McClain to excuse members, Mr. Ambrose from the Deferred Compensation Committee Meeting. Adopted by the following vote : 5 - 0 . Ms . Kraus requested assistance in preparing a draft Investment Policy. Ms Singleton offered to help prepare the draft policy. J] Mr. Rose inquired the regulations regarding deferred compensation for employees who are laid off . Mr. Allen Va'n- !� Gorder was of the opinion that employees who are laid off carer eligible to receive distributions from their deferred c; GJ �- compensation accounts, but the committee should seek legal:;' . - counsel . The lay offs are termed as a separation from c r! employment . ,.r It was moved by Mr. Rose and supported by Mr. Klein to adjourn the meeting. Adopted by the following vote : 5 - 0 . The meeting adjourned at 9 : 18 a. m.