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HomeMy WebLinkAbout2012 Deferred Compensation Committee Minutes E rl'H E IEI, CiTlY 0.'F DEFERIZED CONVIET-FEE' Committee Meeting October 11, 2012 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 in the Committee of the Whole at 9 : 33 a.m. Present : Bennett (.1.0.: 12) , Cahill, Kraus, McClean - 4 . Ab,,;ent : . lHannan, Heckseli . Tayior'. Others : Karen Williams," ij,'J' -,:en ,,? !n,Gorcler, 1NIG. TI.,.ere were no public c'ommients . The, of the Whole discussed inquiries raised by M C-) Cahill regarding hardships, the educational rfi'emo, and the :mate;;) C c,-).-ltributions poste�d to the TRowe Price accounL- . Ms . Kraus explained the hardship request process, and furLhExr co explained that the description in the minutes of the educatii7�Lalso memo was appropriate. Ms . Kraus added an explanation of the TRowe Posting to the agenda as Item C . Mr. McClean reported that there were 2 hardship -requests reported since the last official meeting. The hardship requests were- denied. M's-_.- kraijs indicated that Mr.- Hecksel contacted her -and stated that -he- could not` attend' the meeting.' ' Karen Williams reviewed the 2013 Deferred Compensation CommJttee Meeting dates : Jar,,uary 10, 2012 ; -.April 11 , 2013 ; July 11 , 2013, October 10 2013 . Ms . K:r.-aus indicated that the Committee will review the dates at the January meeting. Ms . Kraus explained that the TRowe Price Posting for April was made in May. Ms . Kraus stated that the administration would need to address the procedures are in place for staff regarding employee contributions to the deferred compensation plan. Mr. Allen VanGordef provided a background of the City of Lansing Deferred-Compensation Plan. Mr. VanGorder reviewed statistics ' of services performed by his office for the City of Lansing members from the period of September 30, 2011 through October 1, 2012 . Mr. VanGorder provided a Plan Review of the City of Lansing ING 457 Deferred Compensation employee participation and. investment performance for the fiscal year July 1, 2011 through June 30, 2011 . Mr. VanGorder discussed participants utilizing one investment option and also presented a history of the ING fixed account . Mr. VanGorder reviewed the assets allocation under ING Management, explained the Target Date Funds, and discussed the Investment fund score cards . Mr. VanGorder stated that he would send an Investment Policy sample to Ms . Williams for distribution to the Deferred Compensation Committee . Ms . Williams reported to the Deferred Compensation Committee regarding . the election of new members to fill the three committee vacancies . Ms . Williams announced that two members were elected to the Committee : Irene Hill and Robert Hecksel . Ms . Williams requested that Mr. ' Hannan have the Mayor appoint - the third member to the Committee . Mr. Steve McClean agreed to continue to serve as a member until the Mayor fills the vacancy. Ms . Bennett arrived to the meeting. The Committee had a quorum. Ms . Kraus returned to the Reading of the Official minutes of July 12 , 2012 It was moved by Ms . Bennett, and supported by 'Ms . Cahill- to approve the Reading of the Official Deferred Compensation Committee Meeting of July 12 , 2012 with corrections . Adopted by the following vote : 4 - 0 . Ms . Kraus requested approval for 2013 Meeting Schedule . Ms . Kraus indicated that the Committee could review the dates for schedule adjustments at the January meeting. It was moved by Ms . Bennett and supported by Mr. McClean to approve the 201_3 Meeting Schedule . Adopted by the following vote : 4 - 0 . Ms . Kraus stated that Committee assignments will be made at the January meeting. It was moved by Mr. Klein and supported by Ms . Bennett to adjourn the meeting. Adopted by the following vote : 4 - 0 . The meeting adjourned at 10 : 40 a .m. OFFICIAL MEETING OF THE CITY OF LANSI.,.qG DEFERRED COMPENSATION COMMITTEE CC"1%_1,'.'iC'_e'EN Meei-ing -ul y 12 , 2G1.2 Corfere-nce Roomi ThuAr s:',.a 0o a.TYL 2L 48.9-32 o a]. uieetin Of the - Cit-y- ct Lans.:,.n;9 D j:)ef erre:d (-_'ommmill'tee was called to o2:d..-'1-)- a t- -1,1 : 23 a.m.. P.-esent : Klein, Kraus, Mc'C'lean, Tavlor 4 . ALh se i i Bermett, Hannan Othe-_rs : Karen Wil-liama, Fihande; Al-Len V'*'11!":Go'r_ ING; N-',-ck Porcaro, TRowe PrjJ.,,,:.,e. There were no Public ciortiments. .' Ms!.:,",T,'ay1or -reported that there was 1 hardshiF ?_ qu6stS _reported. p` portei sinc6' the last .-officidl* meeting, The hardshi'p--re,kpicst '.wai2:;� denied:'_ amz, r(-:nDozr� ed that 14r. ViLctor Fore` s Do';-z"i'CAon on t e C� r-T ey,.--:v a -,aUed wlth "S ,�: I'E: at I C— Ltee -d out: y Wig i-_ -JtCi . thEi Djej.er__--�d -(:IT' �--d.ucate the emP I oy-e e s recTar6j'.j',,q C�yl 0.1i".J. L e va ic-k arc, '. a�;-c ted the first of 2 Mr. Porcaro provided a legislative and -reglLiaCory 1_,_Pdatc: , Mr. .e0r. 'Fl7rjf all -the cura-.-ent f eEi d_-' E3clos-are -to IC-11-, Deterxed' CompensatLon Committee and a review of Capil.-.al Market-.fz! Mr. P-:)rc iro revaewe:''k zhe T. Rowe Price port-fo!'L^'-. ': ."Ie dJscussed with the Cbmmittee the asset all.c;cation, contribution and statistics regarding investors and plan ac-.-.11-vities . Mr, POrcaro' - teviewed • the performance- of" the. f-unds,'in- the Deferred Co-ftip6nsatiori T. Rowe Pri''ce- plan fc.r. the firbt-quarter of 2012 . It was monied by"Ma.. 'Klein and Mr.'. -MCCI ea?-'l'-to- app riove-.the. OfT:.Jucl' 'al Minutes of the Deferred Comoensation Committee Meeting of Jan aary .12 , 2012 . A do p t,e d e o.'11 mv i n g• votjl 4 .-0 .. It was mover by Mr. Taylor and supported by Ms . Klein to excuse members, Ms . Bennett and Mr. Hannan from. the'"Deferred Compensation Committee Meeting. Adopted by the following vote : 4 - 0 . The Committee agreed to hold all elected posit'ibns with one election. All three elected members' terms expire, September 30, 2012 .- The Committee discussed preparing an educational notice that can be posted City Wide . Ms . Taylor volunteered to draft ari announcement to post City Wide . Ms . Klein reported to the Committee that during April there was only one deposit of employee contributions to TRowe Price . The second April deposit was made in May. Ms . Klein reported that she spoke with Mr. Randy Endsley and he informed- her that the late contributions were due to employee error. It was moved by Ms . Klein and supported by Ms . Taylor to adjourn the- meeting. Adopted by the following vote : 4 - 0 . The meeting adjourned at 10 : 40 a .m. COMMITTEE OF' THE 'WHOLE MEETING OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting April 12 , 201.2 8t.h Floor Conference Room Thursday, 9 : 00 a.m. City Hall Lansing, MI 48933 The Committee of the Whole meeting of the City of Lansing Deferred Compensation Committee was called to order at 9 : 19 a.m. Present : Kraus, Klein, Rose - 3 . PJ--sent : Bennett, Hannan, McClean, Taylor_ Others : lIaren W-ill.i-ams, Finance; Allen Va;-I'Sorder, ING; At:torney Don Kalhanek, Law. The Cr-)mmit gee reviewed the Official. Min-( Les of the ce9u1ar Deferred Compensation Committee Meeting of January 12 , 201- -, Til..re were no public comments . Mo . Kraus reperted that there were 2 hardship requests reported since the last official meeting. One hardship request was denied, the other hardship was withdrawn. t The Election of Officers was moved to pending. Ms. Klein_ reported that the Investment Policy is pending. Mr. Allen VanGorder. informed the Committee that he will forward an revised sample Policy statement to Ms . Klein for review. The meeting adjourned at 9 : 34 a.m. OFFICIAL MEETING OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting January 12 , 2012 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 reques=is reported since the last official meeting. - Ms . Williams reported that the terms of Mr. McClean and M_r. RbseL-' 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 : January 12, 2012 ; April 12, 2012 ; July 12 , 2012 ; October 11, 2012 . 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.