HomeMy WebLinkAbout1998 - Defined Contribution Plan Minutes Defined Contribution Plan
Minutes of July 9, 1998
Meeting called to order about 1:35 p.m.
Present: David Wiener,Brenda Fernholz, Susan Brownlee, Gary Gustafson, Doug Rubley;
Bob Swanson
Absent: Sharon Bommarito, Jack Jordan
Visitors: Denise Schroeder, Lisa Martin
Members: Robin Osterhaven, Carleen Teigler, Leslie Zehnder
Minutes of April 30, .1998, and May 28, 1998, were approved as amended. Copies to be
distributed to all Departments and Divisions for posting. Having not yet established committees,
the floor was turned over to Ms. Schroeder.
Ms. Schroeder distributed the following items:
a. An Investor's "glossary" - common terms used in reviewing investments, and their
definitions.
b. Updated investment return summary as of 5/31/98. Return on all funds shown is net of
fees imposed by fund management firms. (CoMerica administrative fees reflected
separately since June 1997.)
C. June statements will include information on change to telephone access for account
management. Switch to quarterly statements will be made later.
d. Optimum number of selections is a"menu" of seven or eight investment options -
minimizes costs to members, and can cover a full range of investment strategies.
Meeting adjourned at 3:00 pm, with no regular business conducted.
Next meeting: July 23, 1998.
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Defined Contribution Plan
Meeting of July 23, 1998
Meeting called to order about 1:40 p.m. 70 —
Present: David Wiener,Brenda Fernholz, Susan Brownlee, Gary Gustafson, Do4RuQy;
Amy Magistro
Absent: Bob Swanson, Sharon Bommarito, Jack Jordan
Visitors: Denise Schroeder, Lisa Martin, Mike Parker
Members:
Meeting chaired by Mr. Rubley in absence of Mr. Swanson. Minutes of July 9, 1998, not
available. Ms. Magistro confirmed as third elected member of the Board. Meetings for November
and December 1998 scheduled as the third Thursday of those months, rather than the fourth
Thursday, to avoid holiday conflicts. Schedule of meetings for the remainder of calendar 1998 is
as follows:
September 24, 1998 meeting site to be determined
October 29, 1998 8th floor conference room, City Hall
November 19, 1998 8th floor conference room, City Hall
December 17, 1998 8th floor conference room, City Hall
No committee reports available, having not yet established committees. It was agreed that the
Education Committee of the Deferred Compensation Plan, having substantially the same concerns
as the education and information needs of members of the Defined Contribution Plan, would meet
concurrently with our committee. The following committee assignments were made, according to
member choice:
Education Committee Sharon Bommarito, David Wiener, Brenda Fernholz,
Administration Committee Amy Magistro, Doug Rubley, Susan Brownlee
Investments Committee Bob Swanson, Susan Brownlee, Amy Magistro
The floor was turned over to Ms. Schroeder for a continuation of the prior meetings informative
session.
Ms. Schroeder distributed the following items:
a. Updated investment return summary as of 6/30/98. Phone access information went out
with June 30 mailing.
b. More detailed analyses and background on optional additions to plan selections.
Recommendations:
Balanced Fund Spectrum Moderate Fund
Large Cap Value Putnam Equity Income Fund
Small Cap Growth Franklin Small Cap Growth Fund
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Continued discussion of investment possibilities and fund options, including above
recommendations. Further detail on various international funds requested.
Referred to Administration Subcommittee: Amendment of plan rules to allow use of forfeited
funds (contributions made for employees remaining less than three years with the City of Lansing)
in whole or in part, to defray administrative costs and fees for fund management. Mr. Jordan to
review legal changes needed, for above and due to changes since plan inception.
Meeting adjourned at 3:00 pm.
Next meeting: August 27, 1998.