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HomeMy WebLinkAbout2000 - Defined Contribution Plan Minutes MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN-MINUTES, Of MEETING OF MAY 25, 2000 JUIN 2 2 KI 1; 43 CL.ERr' The Board met in regular sessions and was called to order at 9:18, Present: Amy Magistro, Faith Rach, Doug Rubley, Bob Swanson, Dave Wiener, Gary Gustafson, Jack Jordan Absent: Sharon Bommarito, Brenda Fernholz It was moved by Mr. Wiener and supported by Ms. Rach to approve the minutes of April 27, 2000. Adopted unanimously. Mr. Wiener(Education Committee) briefed the board about the upcoming Retirement Seminar on September 12, 2000. Ms Magistro (Investment Committee)had nothing to report as she is waiting for a meeting with Mike Pavlick from Comerica. The Administration Committee did not meet. Jack Jordan presented an opinion about changing the By Laws. It was moved by Doug Rubley and seconded by Dave Wiener to adopt the By Law Changes as amended. Adopted unanimously. It was moved by Doug Rubley and seconded by Dave Wiener to appointed Amy Magistro as chair person and Bob Swanson as vice chair for one year. It was approved unanimously. Committee assignments were also established. MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN MINUTES MEETING OF APRIL 27, 2000 C.a V CID The Board met in regular sessions and was called to order. Present: Amy Magistro, Faith Rach, Doug Rubley, Bob Swanson Absent: Sharon Bommarito, Brenda Fernholz, Dave Wiener C' j r: " fJ It was moved by Mr. Rubley and supported by Ms. Magistro to approve the minutes of November 18, 1999 and March 23, 2000. Adopted unanimously. There was no investment report given Mike Pavlick from Comerica was not present to give the Financial Report. It was moved by Doug Rubley and seconded by Amy Magistro to table the By Law Changes vote until May. Agreed Unanimously Money Purchase Plan/Defined Contribution Plan Minutes from March 23, 2000 1. The board met in regular session and was called to order at 10;40.a..m.,;:, Present: Brenda Fernholz, Gary Gustafson, Amy Magistro, Mike Pavlick,,Doug:Rubley, Bob Swanson and Dave Wiener Absent: Sharon Bommarito, Sue Brownlee and Jack Jordan Visitors: Faith Rach 2. Approval of minutes for meeting held February 24, 2000: Mr. Wiener had a question about the statement in the second paragraph which says "the possibility of varying the times brown bag presentations are made but were informed that this was not possible." Ms. Fernholz explained that in a discussion with Ms. Bommarito, it was indicated that there would be a problem if the board tried changing the brown bag presentation time because this may set a precedent that city time could be used for any kind of meeting. Ms. Magistro added that in the discussion, it was noted that employees could use lunch, after work or Personal Leave. Wiener moved, Fernholz seconded, to approve the minutes for the meeting held February 24, 2000. Motion carried unanimously. 3. Public Comments: None. 4. Committee Reports: A. Education - Mr. Wiener suggested providing the brown bag presentations at times other than noon in order to improve attendance. Mr. Swanson suggested that this issue could be presented at an ERIC meeting. Mr. Wiener indicated this item will be placed on the next ERIC meeting agenda. Ms. Fernholz explained that there were only five people in attendance at the last brown bag presentation. The next presentation is scheduled for March 29, 2000. The presentations are being taped and are available with handouts for people to borrow. Ms. Fernholz distributed a copy of a sample survey. The board made some additional suggestions for the survey. If the revised survey is completed in time, it will be mailed with the next statement. B. Administration - Ms. Magistro submitted a draft of proposed changes to the By-Laws. Ms. Magistro presented the proposed changes and board members discussed these changes. Revisions will be made to the document which will be resubmitted at the next full committee meeting. 5. Comerica Services: Mr. Pavlick distributed copies of the Employees Money Purchase Pension Plan Performance and discussed the information contained therein. The board discussed the possibility of offering more funds. Mr. Pavlick referred to a copy of the December 1999 fee invoice included in the packet. Defined Governing Board Page- 2 - Minutes from March 23, 2000 6. Other Business: A. Fee Discussion - Ms. Magistro noted that the board has not yet taken any official action on Mr. Rubley's proposal that the City pay for fees that are presently being charged directly to individual accounts. Ms. Magistro indicated that this action was discussed at a prior meeting explaining that the earlier discussion of paying plan fees was not within the context of using forfeitures for this purpose but that the City would simply be billed directly for the fees. Mr. Pavlick noted that his understanding of what Mr. Jordan presented at the last meeting is that the plan would need to be amended before forfeitures could be used for plan expenses. Ms. Rach asked what the forfeiture balance is currently. Mr. Wiener suggested approximately $34,000 and Mr. Pavlick noted that was not an unreasonable number. Mr. Rubley moved, Magistro seconded, to change the plan to utilize forfeiture funds to cover the expenses of the plan and administrative fees. Motion carried unanimously. Mr. Wiener asked if all forfeiture funds have accumulated over the years. Ms. Magistro noted that whatever has been accumulated has been used to offset the city's contribution. So we go back to zero at the end of the fiscal year. Ms. Magistro asked if the board should direct Mr. Burnham not to use any of those residual funds to reduce the city's contributions. Ms. Magistro also asked if the board should put something in writing directing Mr. Jordan to make the plan change. Mr. Swanson indicated a memo should be written but also, it may be a good idea to meet with Mr. Jordan in person to stress the timeliness and importance of this issue to the board. B. Ms. Magistro introduced Faith Rach, a new elected member to the board. Ms. Rach is replacing Ms. Brownlee. 7. Pending Items: A. Legal Services Request - Ms. Magistro indicated that the board is still waiting for Mr. Jordan's legal opinion. B. Approval of Minutes for November - Ms. Magistro stated she would speak with Ms. Brownlee regarding the status of the November minutes. The meeting adjourned at 11:30 a.m. Respectfully submitted, -J0,�4 q,-d,) Faith Rach U.�DC Doard/3-23-OOMinutes MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN MINUTESRF 7 L_D MEETING OF FEBRUARY 24, 2000 f' '� 23 F l f: 35 i 1 CLERK The Board met in regular sessions and was called to order at 9:25 a.m. Present: Susan Brownlee, Brenda Fernholz, Amy Magistro, Dave Wiener, Gary Gustafson, Jack Jordan, Mike Pavlick. Absent: Sharon Bommarito, Doug Rubley, Bob Swanson It was moved by Ms. Fernholz and supported by Ms. Brownlee to approve the minutes of January 27, 2000. Adopted unanimously. Ms. Fernholz gave the education committee report on the Brown Bag meeting of 2-23-00 stating that only five people came to the meeting. The education committee checked into the possibility of varying the times brown bag presentations are made but were informed that this was not possible. Other suggestions were to put inserts into paychecks or make a blanket voice mail mentioning the Brown Bag presentations. It was also suggested that a survey be made asking the employees what topics they would like discussed in these meetings. There was no investment report as the committee did not meet. Ms. Magistro gave the administrative committee report indicating the need to change some of the By-Laws and to take action on them next month. Mike Pavlick from Comerica presented the Financial Report. It was moved by Ms. Fernholz and seconded by Ms. Brownlee to move the March meeting to 10:30 a.m. to avoid a conflict with The Employees Retirement System which meets at 8:30 a.m. Adopted unanimously Jack Jordan stated that forfeited funds could be used for plan expenses. The administrative committee needs to change the plan document to incorporate these changes. The meeting adjourned at 10:50 a.m. MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN MINUTES MEETING OF JANUARY 27, 2000 The Board met in regular session and was called to order at 1:05 p.m. Present: Susan Brownlee, Brenda Fernholz, Amy Magistro, Doug Rubley, Gary d�stafson, Jack Jordan, Mike Pavlick Absent: Sharon Bommarito, Dave Wiener, Bob Swanson It was moved by Mr. Rubley and supported by Ms. Fernholz to approve the minutes of December 16, 1999. Adopted unanimously. Ms. Fernholz gave the education committee report on the Brown Bag meeting of 1-26-00 stating that only 5 people came to meeting. It was moved by Ms. Magistro and supported by Ms. Brownlee to have the Education Committee check into the possibility of having the Brown Bag Presentations at other times other than the lunch hour. Adopted unanimously. Ms. Magistro gave the administrative committee report indicating the need to educate our employees about the different types of investments. This is especially necessary for new hires. Mike Pavlick from Comerica presented the Financial Report. It was moved by Mr. Rubley and seconded by Ms. Brownlee to move the meeting time to 9:00 a.m. from 1:00 p.m. for all future meetings. Adopted unanimously. The meeting adjourned at 1:40 p.m.