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HomeMy WebLinkAbout2013 Deferred Compensation Committee Minutes SPECIAL MEETING OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting January 10, 2013 8th Floor Conference Room Thursday 11 : 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 : 09 a .m. Present : Bennett, Hecksel , Kraus, McClean (9 : 16a) Taylor r= Absent : Cahill, Hannan ? w Others : Karen Williams, Finance; Don Kulhanek, City Attorne� sr-.l Cry Office; Mark Parker, Employees Retirement System Board roe C�1 � There were no public comments . �r1 C.., co Ms . - Kraus moved .out of order to allow Mr. Mark Parker to sperm w regarding the 2013 Retirement Conference . , Mr.- Mark Parker reported that the Joint Retirement Board have planned a Retirement Conference for Thursday, September 12 , 2013 from 12 : 30 p .m. - 8 : 00 p.m. Mr. Parker explained that the Conference will be similar to the one that was held in 2008 . The City' s health care providers will be invited and there will be break out sessions, and a keynote speaker for dinner. Mr . Parker would also like to include the City' s Deferred Compensation Plans at the Conference and requested a volunteer from the Deferred Compensation Committee to assist with the planning. Mr. Robert Hecksel volunteered for the Retirement Conference Planning Committee . It was moved by Mr. Hecksel and supported by Mr. Taylor to approve the Official Deferred Compensation Committee Meeting of October 11, 2012 . Adopted by the following vote : 4 - 0 I.t• was moved by Mr. Hecksel and supported by Ms . Bennett to approve the Official Deferred Compensation Committee Meeting of December 13 , 2012 . Adopted by the following vote : 4 : - 0 Ms . Taylor reported that there were no hardships . It was moved by Ms . Taylor and supported by Ms . Bennett to excuse Ms . Cahill from the January Deferred Compensation Committee . Adopted by the following vote : 4 - 0 Ms . Kraus informed the members to review the subcommittees and contact Karen Williams with their choices . Ms . Kraus opened the nominations for chair and vice chair for the Deferred Compensation Committee . It was moved by Mr. McClean and supported by Ms . Taylor to nominate and approve Ms . Kraus as chairperson and Mr. Hecksel and vice chairperson for the Deferred Compensation Committee for 2013 . Adopted by the following vote : 5 - 0 . Ms . Kraus distributed the Investment Policy sample provided by Mr. Allen VanGorder. Ms . Kraus requested that members review the Investment Policy and the committee will vote on policy at the next meeting. It was moved by Mr. Hecksel and supported by Ms . McClean to adjourn the meeting. Adopted by the following vote : 5 - 0 . The meeting adjourned at 9 : 28 a.m. OFFICIAL MEETING OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE 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. Cf) C:) Present : Bennett (10 : 12) , Cahill , Kraus, McClean - 4 . Absent : Hannan, Hecksel , Taylor {' Others : Karen Williams, Finance; Allen VanGorder, ING. Ca co l..• There were no public comments . n C.0 ...; _.x The Committee of the Whole discussed inquiries raised by Ms . Cahill regarding hardships, the educational memo, and the late contributions posted to the TRowe Price account . Ms . Kraus explained the hardship request process, and further explained that the description in the minutes of the educational 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. Ms . Kraus indicated that Mr. Hecksel contacted her and stated that he could not attend the meeting. Karen Williams reviewed the 2013 Deferred Compensation Committee Meeting dates : January 10, 2013 ; April 11, 2013 ; July 11 , 2013 , October 10 2013 . Ms . Kraus 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 VanGorder 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 October 1 , 2011 through September 30, 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, 2012 . 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 2013 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 LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting July 11, 2013 8th Floor Conference Room Thursday 9 : 00 a.m. City Hall Lansing, MI 48933 The meeting was called to order at 9 : 11 . f' N �rn ra Present : Cahill , Hecksel , Kraus, McClean, Taylor - 5 . EH Absent : Bennett, Hannan ry.., Others : Karen Williams, Finance; Don Kulhanek, City Attorngy' s C) Office, Nicholas Porcaro, TRowe Price . There were no public comments . CO r •• r! c.a It was moved by Mr. Hecksel and supported by Mr.McClean to approve the Official Minutes of the Deferred Compensation Committee Meeting of April 11, 2013 . Adopted by the following vote : 5 - 0 . Mr. McClean reported that there were no hardship request that had been denied. It was moved by Mr. Hecksel and supported by Mr. Taylor to excuse Ms . Angela Bennett from the July Deferred Compensation Committee meeting. Adopted by the following vote : 5 - 0 Ms . Kraus expressed appreciation Mr. Steve McClean for his service on the Deferred Compensation Committee . Ms . Kraus stated that Mr. McClean was retiring and encouraged members to review the subcommittees and notify the Retirement Office regarding their interest on committee assignments . Ms . Williams reported the 2013 Retirement Conference will be held Thursday, September 12 at the Lansing Center from 12noon to 8 : 30 p.m. The Conference will include health care screening and workshops for retirees and employees . The Conference will serve dinner for retirees and employees . Ms . Kraus encouraged the members to volunteer for the 2013 Retirement Conference . Mr. ` Nick Porcaro notified the Deferred Compensation Committee that he is relinquishing his role as account manager to Jeremy McCurdy, who will now service the City of Lansing. Mr. Porcaro presented the TRowe Price Annual Plan and Investment Review through the first quarter of 2013 . Mr. Porcaro provided an overview of the TRowe Price Organization, the industry and provided a legislative and regulatory update . Mr. Porcaro reviewed the online tools available to participants on the T. Rowe Price website . Mr. Porcaro also discussed educational material available for employees . Mr. Porcaro reviewed the T. Rowe Price plan portfolio. He discussed with the Committee the asset allocation, contribution allocation and statistics regarding investors and plan activities . Mr. Porcaro reviewed the performance of the funds in the Deferred Compensation T. Rowe Price plan for the first quarter of 2012 . Mr. Porcaro also presented the current fee disclosure to the Deferred Compensation Committee and a review of Capital Markets . It was moved by Mr. McClean and supported by Ms . Bennett to adjourn the meeting. Adopted by the following vote : 4 - 0 . The meeting adjourned at 10 : 26 a.m. OFFICIAL MEETING OF THE CITY OF LANSING DEFERRED COMPENSATION COMMITTEE Committee Meeting April 11, 2013 8th Floor Conference Room Thursday 9 : 00 a.m. City Hall Lansing, MI 48933 The City of Lansing Deferred Compensation Committee was called to order in the Committee of the Whole at 9 : 08 a.m. Mr. Robert Hecksel presided. Present : Bennett, Cahill (9 : 15) , Hecksel, McClean, Taylor Absent : Hannan, Kraus C°' i _� Others : Karen Williams, Finance; Don Kulhanek, City Attorney` ?, `-- Office; Alan VanGorder, ING. co There were no public comments . r „ Mr. McClean reported that there was one hardship request that had been denied. Ms . Taylor arrived to the Committee and the official meeting began at 9 : 10 a.m. It was moved by Mr. McClean and supported by Ms . Bennett to approve the Official Deferred Compensation Committee Meeting of January 10 , 2013 . Adopted by the following vote : 4 - 0 Ms . Williams requested if any members were interested in subcommittee to contact the Retirement Office . Ms . Williams reported the 2013 Retirement Conference will be held Thursday, September 12 at the Lansing Center. The tentative schedule is from 12noon to 8 : 30 p .m. The Conference will include health care screening and workshops for retirees and employees . The Conference will serve dinner for retirees and employees . The Conference committee is working to confirm keynote speakers . Ms . Williams distributed the sample Investment Policy provided by Mr. Allen VanGorder. Mr. VanGorder provided an overview of investment policies . Mr. VanGorder suggested leaving the investment policy general . Ms . Cahill arrived to the meeting Ms . Bennett indicated at the last meeting the Committee discussed if the invest policy should have more detailed information. The Committee decided at the last meeting that the policy should be more general in nature . Attorney Don Kulhanek reviewed the Investment Policy and suggested removing the word sample and the disclosure from the Policy, and include an effective date of April 11, 2013 . Ms . Taylor requested information about distributing the Policy. Mr. Allen VanGorder stated that many plans keep the Policy on file and review it annually. It was moved by Ms . Taylor and supported by Mr. McClean to adopt the Investment Policy. Adopted by the following vote : 5 - 0 . It was moved by Mr. McClean and supported by Ms . Bennett to adjourn the meeting. Adopted by the following vote : 5 - 0 . The meeting adjourned at 9 : 26 a.m.