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HomeMy WebLinkAbout2007 - Defined Contribution Plan Minutes MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN MINUTES MEETING OF JANUARY 4, 2007 The Board met in regular session and was called to order at 9:17 a.m. Present: Trustees: Bill Barkyoumb, Faith Rach, Steve Schuster, Terri Singleton - 4 Absent: Jerry Ambrose Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department. It was moved by Ms. Rach and supported by Mr. Baryoumb to approve the minutes as received. Motion Adopted: 3 yeas, 1 abstained The Defined Contribution Money Purchase Pension Plan Committee received a report of the Actuarial Report of the VEBA Pre-funding of Health Care Status, as of December 31, 2006 prepared by Gabriel, Roeder, Smith and Company. Mr. Schuster requested that Board members have the opportunity of to review the report to discuss at a future meeting. Cam Honer from Comerica was not present. The Committee requested information from Comerica regarding the exact number of people, totals by type of investments, and forfeiture funds. Jack Roberts advised that if a participant's balance fell below $5,000, then the participant's account would be closed. Jack Roberts reviewed the process that determines the Elected Officials salaries and retirement issues through the Elected Officers Compensation Committee. Ms. Singleton inquired if a group could transfer from the Defined Benefit Plan to the Defined Contribution Plan. Jack Roberts advised that a group could not go in to Defined Contribution Plan "as is" because the Plan is closed. It was moved by Mr. Barkyoumb and supported by Ms. Singleton to excuse Mr. Ambrose from the meeting. Motion Adopted: Unanimously Jack Roberts advised that Administrative Board regarding the Committee vacancies and membership. Mr. Roberts reviewed the history of the Defined Contribution Plan Committee. Mayor McKane established the committee in 1990. The Board was re-established by Mayor Hollister. The Mayor needs to re-establish the Board again with the positions from the administration that should be included on the Board. The Mayor is the administrator of the Defined Contribution Plan and delegated the daily administration to the Board. Jack Roberts inquired to the Board regarding if there were separate rules of procedure for the VEBA Board and how the Board was created. It was determined that there are no separate rules of procedure and the VEBA Board creation was established by the Ordinance. Jack Roberts will review and confine this information. MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN MEETING OF MARCH 1, 2007 The Board met in regular session and was called to order at 9:14 a.m. Present: Trustees: Jerry Ainbrose, Bill Barkyoumb, Steve Schuster, Terri Singleton- 4. Absent: Faith Rach Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department; Cam Hom_ er, Comerica It was moved by Terri Singleton and supported by Bill Barkyoumb to approve the minutes as written for January 4, 2007. Motion Adopted: 4-0 The Administrative Board discussed the VEBA Actuary Report. Jerry Ambrose gave an overview of the Report regarding pre-funding for retiree health care obligations. There is a $5 million gap per annum to fully fund future health care costs. The Board discussed the background of the VEBA. The City has the ability to pay for the health care of retirees who were hired after 1990, other than UAW, Police or Fire members. Cain Honer advised that the VEBA has approximately five million dollars. Jack Roberts advised the Board that the 4% of salary concept was intended for employees that worked for 25 years. These monies would fund the retiree's health care. Jack Roberts explained the Gabriel, Roeder and Smith Actuary Report for pre-funding of health care covers all employees except Police and Fire. There are separate sections for VEBA, prior to 1990 and UAW. It was moved by Terri Singleton and supported by Jerry Arnbrose to have Gabriel, Roeder and Smith to review the Prefunding of Health Care Report after the next valuation is completed through December 31, 2006. Adopted the following vote: 4-0 The Board discussed the timeline and process having Gabriel, Roeder and Smith to prepare the next valuation as of December 31, 2006, Jerry Ambrose advised the Board that the Administration believes that there should be a separate trust set up for the retiree health care obligation. Cam Honer of Comerica updated the Board regarding the Money Purchase Plan and the Forfeiture Account. There are currently 159 participants. Ms. Honer explained how the Forfeiture Account funds are established. Cam Honer discussed the Channel Report that details the mode of how participants access their accounts. Ms. Honer reviewed the LifeStyle and Asset Allocation funds. MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN REPORT OF THE COMMITTEE OF THE WHOLE MEETING OF MAY 3, 2007 The Board met in regular session and was called to order at 9:19 a.m. Present: Trustees: Bill Barkyoumb, Faith Rach, Terri Singleton, Steve Schuster (9:29)- 4. Absent: Jerry Ambrose Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department; Cam-Homer, Comerica; Robert J. Kay, World Asset Management The approval of the Defined Contribution Money Purchase Plan Administrative, Board Committee Meeting Minutes for March 1, 2007 was tabled until next meeting. It was moved by Faith Rach and supported by Bill Barkyoumb to convene a Committee of the Whole meeting to receive inforination from World Asset Management. Mr. Robert Kay-, World Asset Management presented the performance review for the VEBA account managed by World Asset Management. The VEBA has approximately six million dollars. Mr. Kay provided an overview of the types.of investments in the VEBA 584 Collective Trust fund. Mr. Kay reviewed the Administrative Board investment objective and fee structure. The fund is established to track such investment benchmarks of Standard and Poors, Lehman Aggregate. Cam Honer of Comerica updated the Board and reviewed the quarterly Money Purchase Plan and the Forfeiture Account. There are currently 143 participants and decreases of assets are attributable to distributions to participants. Cam Honer reviewed the Channel Report that details the anode of how participants access their accounts. Jack Roberts advised the Board that the Elected Officers Compensation Committee had met, but did not snake ariy changes that would affect the membership in the Money Purchase Plan for elected officials. Ten people that include the elected officials, city clerk and the mayor are active participants in the plan. Jack Roberts inquired about the small balances in the Money Purchase Plan, to determine if these amounts were residuals and how many of these accounts are under $1,000. There were approximately 25 people. Due to the IRS rules for involuntary termination, the Administrative Board will determine if these low balance residual funds need to be distributed to a rollover account. The meeting adjourned at 10:36 a.m. MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN VEBA PLAN MEETING OF JULY 5, 2007 The Board met in regular session and was called to order at 9:11 a.m. Present: Members: Jerry Ambrose, Bill Barkyoumb, Faith Rach, Temi Singleton- 4. Absent: Others: Karen E. Williams, Finance Department; Jack Roberts, Law Department; Cam Honer, Comerica. The Board discussed the departure of Mr. Steve Schuster from the City of Lansing. Jack Roberts will research if city employment is a condition of Mr. Schuster's membership on- the Administrative Board. It was moved by Mr. Ambrose and supported by Ms. Rach to have the Vice Chair assume the responsibilities of the Chair of the Board and authorize the Vice Chair to be the signatore on.the behalf of the Board. Adopted by the following vote: 4-0 The Board deferred the election of the new chairperson until Jack Roberts researches Mr. Schuster's membership status on the Administrative Board. It was moved by Mr. Ambrose and supported by Ms. Rach to approve the Defined Contribution Money Purchase Plan Administrative Board Committee Meeting Minutes for March 1, 2007 Adopted by the following vote: 4-0 It was moved by Mr. Ambrose and supported by Ms. Rach to approve the Committee of the Whole meeting minutes of May 3, 2007 as amended. Adopted by the following vote: 4-0 Jack Roberts reported to the Administrative Board that he received from Comerica on behalf of the Board a list of people in the Money Purchase plan with small balances. The list was distributed to the membership. Jack Roberts advised that he will review the IRS rules regarding people with less than $1,000 and involuntary termination. People with balances between $1,000 and $5,000 must be given the opportunity to rollover these funds to an IRA. It was moved by Mr. Ambrose and supported by Ms. Rach to authorize distributions for participants who are less than $1,000 excluding active participants. Participants will be provided appropriate notice and given 30 days for a response. Adopted by the following vote: 4-0 MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN VEBA PLAN MEETING OF JULY 5, 2007 (PAGE 3) The board discussed if the VEBA Plan had a separate governing board. Jack Roberts advised that he believed that the VEBA Plan has its own governing board and it is the same membership as the Defined Contribution Money Purchase Pension plan. The Board discussed whether there are two separate plans with one governing board or two separate plans with its own governing boards. Faith Rach expressed concern and provided the history of the VEBA plan. Ms. Rach stated that there are two separate plans administered one governing board. The meeting was reconvened at 10:26 a.m. It was moved by Mr. Ambrose and supported by Ms. Rach to rescind the motion to adjourn the meeting. Adopted by the following vote: 4 - 0 Jack Roberts provided a history of the post-retirement health care and reviewed the Voluntary Employees Beneficiary Association (VEBA) plan amendments. The Board discussed the premium share plan for employees hired after July 1, 2007. The Board discussed whether receiving an accumulated contribution refund would disqualify a defined contribution vested member from receiving health care. Ms. Rach expressed concern regarding 2.02 E and how it would affect vested defined contributions members who received their accumulated contributions. It was moved by Mr. Ambrose and supported by Ms. Singleton to approve the post-retirement health care plan and trust agreement plan with the exception of Section 2.02E until further research and advice of law. Adopted by the following vote: 4-0. It was moved by Mr. Ambrose and supported by Ms. Rach to adjourn the meeting. Adopted by the following vote: 4-0. The meeting adjourned at 11:47 a.m. MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN VEBA PLAN MEETING OF OCTOBER 4, 2007 (REVISED) The Board met in regular session and was called to order at 9:20 a.m. Present: Members: Jerry Ambrose, Bill Barkyoumb, Faith Rach, Terri Singleton- 4. Absent: Others: Karen E. Williams, Finance Department; Cam Honer, Comerica; Mike Parker. It was moved by Ms. Rach and supported by Mr. Ambrose to approve the Defined Contribution Money Purchase Plan Administrative Board Committee Meeting Minutes for July 5, 2007. . Adopted by the following vote: 4-0 It was moved by Mr. Ambrose and supported by Ms. Rach to approve the Committee of the. Whole meeting minutes of May 3, 2007 as amended. Adopted by the following vote: 4-0 The Committee inquired about the section left intentionally blank in the Voluntary Employees Beneficiary Association (VEBA) Amendment. Jack Roberts will report on the section regarding members who have taken their accumulated contributions. The Board discussed whether receiving an accumulated contribution refund would disqualify a defined contribution vested member from receiving health care. Mike Parker, Teamster 580 representative expressed concern to the Board that the VEBA document reflect the Collective Bargaining Agreement and the Ordinance that outlines who is covered. Mr. Parker inquired about survivor health benefits. The question was discussed if a retiree chooses a single life ammuity, will health care continue for the spouse. Mike Parker stated that he had discussed with Attorney Jack Roberts the collective bargaining agreement in relation to the survivor health benefits. Attorney Roberts will need to research this topic and provide further information to the committee. The Committee reviewed Attorney Jack Roberts legal opinion regarding Mr. Steve Schuster's membership on the governing board. Mr. Schuster is no longer an employee of the City of Lansing and therefore detennined to not be eligible for the board. Attorney Roberts opinion will be attached to the official minutes. Mr. Roberts continues his research on membership of the governing board: MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN VEBA PLAN MEETING OF DECEMBER 6, 2007 The Board met in regular session and was called to order at 9:05 a.m. Present: Members: Bill Barkyoumb, Angela Bennett, Antonia Kraus, Faith Rach, Terri Singleton (9:18a.m.)- 5. Absent: Jerry Ambrose, Tom Korkoske Others: Karen E. Williams, Finance Department; Cam Honer, Comerica; Jack Roberts, Law Department. It was moved by Ms. Rach and supported by Mr. Barkyoumb to approve the Defined Contribution Money Purchase Plan Administrative Board Committee Meeting Minutes for October 4, 2007 as revised. Adopted by the following vote: 4-0 Cam Honer distributed reports and gave an update of Comerica Services. Ms. Honer stated that every several weeks, employer contributions are made into the Money Purchase Plan. The employer contribution from the City is done sporadically and there are no specific guidelines for when the contributions must be made. Ms. Honer explained the different regulations regarding employer vs. employee contributions. Cain Honer reviewed and explained the Forfeiture Account. The Account is comprised of city fluids contribution to the Money Purchase Plan for members who did not vest. Fees for the administration of the plan have been paid through the account. Ms. Honer updated the Board regarding plan participants with balances below $1,000. Cain Honer reported to the Board the updated balance for the Voluntary Employees Beneficiary Association (VEBA). The VEBA account is comprised of 584 series of funds. The fund receives 4% of payroll for VEBA participants who have a 1.6% Factor. The contribution is a contractual obligation. It was moved by Ms. Kraus and supported by Ms. Bennett to excuse Board members Ambrose and Korkoske. Approved by the following vote: 5 —0. MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN VEBA PLAN -MEETING OF DECEMBER 6, 2007 Page 3 Attorney Roberts reported that he worked with Attorney Sherry Stein to update the VEBA plan. Mr. Roberts informed that Board that he would need outside assistance to complete the amendments to the VEBA. Attorney Roberts requested approval for the outstanding legal services invoice of$2,523.34. It was moved by Ms. Rach and supported by Ms. Kraus to approve payment to Attorney Sherry Stein for her legal services for the VEBA Plan. Adopted by the following vote: 5- 0. Foster, Swift Law Offices is also reviewing whether receiving an accumulated contribution refund would disqualify a defined contribution vested member from receiving health care. Attorney Roberts reviewed the Board discussion regarding involuntary terminations members from the Plan who had balances between $1,000 and $5,000. Attorney Roberts inquired if the Administrative Board had adopted the Safe Harbor IRA Agreement with Comerica. The Board had not entered into the agreement. Attorney Roberts suggested that the Board consider a motion to request and recommend that the City of Lansing adopt the Safe Harbor IRA Agreement. It was moved by Ms. Kraus and Ms. Singleton to request and recommend that the City of Lansing adopt the Safe Harbor IRA Agreement. Ms. Rach offered a friendly amendment that the agreement approval will be subject to the City Attorney's review. Adopted by the following vote: 5-0. It was moved by Ms. Kraus and supported by Ms. Rach to adjourn the meeting. Adopted by the following vote: 5 - 0 The meeting adjourned at 10:36 a.m. (2/25/2008) Nancy Squier- December07 Minutes.doc Page 1 i MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN VEBA PLAN MEETING OF DECEMBER 6,2007 The Board met in regular session and was called to order at 9:05 a.m. Present: Members: Bill Barkyoumb, Angela Bennett, Antonia Kraus, Faith Rach,Tern Singleton (9:18a.m.)-5. Absent: Jerry Ambrose, Tom Korkoske i Others: Karen E. Williams, Finance Department; Cam Honer, Comerica; Jack Roberts, Law Department. It was moved by Ms. Rach and supported by Mr. Barkyoumb to approve the Defined Contribution Money Purchase Plan Administrative Board Committee Meeting Minutes for October 4, 2007 as revised. Adopted by the following vote: 4-0 Cam Honer distributed reports and gave an update of Comerica Services. Ms. Honer stated that every several weeks, employer contributions are made into the Money Purchase Plan. The employer contribution from the City is done sporadically and there are no specific guidelines for when the contributions must be made. Ms. Honer explained the different regulations regarding employer vs. employer contributions. Cam Honer reviewed and explained the Forfeiture Account. The Account is comprised of city funds contribution to the Money Purchase Plan for members who did not vest. Fees for the administration of the plan have been paid through the account. Ms. Honer updated the Board regarding plan participants with balances below$1,000. Cam Honer reported to the Board the updated balance for the Voluntary Employees Beneficiary Association (VEBA). The VEBA account is comprised of 584 series of funds. The fund receives 4% of payroll for VEBA participants who have a 1.6% Factor. The contribution is a contractual obligation. It was moved by Ms. Kraus and supported by Ms. Bennett to excuse Board members Ambrose and Korkoske. Approved by the following vote: 5—0. (2/25/2008) Nancy Squier- December07 Minutes.doc _ Page 2 MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN VEBA PLAN-MEETING OF DECEMBER 6, 2007 Page 2 Attorney Jack Roberts reviewed the Mayor's Memo to re-establish the Board. Mr. Roberts reviewed the current rules in place for the Defined Contribution Administrative Board. Mr. Roberts advised the Board regarding observations from his review. 1. The Defined Contribution Administrative Board is also the VEBA Board as defined in the Ordinance. The Board's elected members are not active members of the Money Purchase Plan. However,the elected members are active in the VEBA plan. 2. At least two of the members are to be from Teamsters 580 CTP, and Teamster 580 Supervisory. Attorney Roberts believed that the membership for the Defined Contribution Administrative Board is defined the collective bargaining agreement. Attorney Roberts suggested changing the composition of the Administrative Board for the elected members. Attorney Roberts reported to the Board that the only two contracts that reference the Defined Contribution Administrative Board elected membership are Teamster 580 CTP and Teamster 580 Supervisory. Ms. Kraus provided a history and the overview of the Defined Contribution Administrative Board and its rules. Ms. Kraus created the original Board rules. Ms. Kraus clarified that the Administrative subcommittee is responsible for drafting rules changes to bring before the Board. Ms. Kraus suggested that an Administrative subcommittee be established and that procedural changes should be referred to that subcommittee. Mr. Bill Barkyoumb appointed the following members to the Administrative Subcommittee: Ms. Rach, Ms. Kraus and Mr. Korkoske. The subcommittee was charged to review the rules of procedure and organization of the Administrative Board. Attorney Roberts requested that he added to the Administrative Subcommittee and an ex-offrcio member. Mr. Roberts also suggested that Ms. Singleton be invited to the meeting as a consultant. Attorney Roberts also suggested that the subcommittee meeting be posted even if Ms. Singleton is only serving as an advisor to the Administrative Subcommittee. Mr. Bill Barkyoumb requested that Retirement Analyst contact Mr. Korkoske and inquire if he is able to serve on the Administrative subcommittee. Karen Williams distributed the 2008 Meeting Schedule for Board approval. It was moved by Ms. Rach and supported by Ms. Bennett to approval the 2008 Meeting Public Notice Schedule as corrected. Adopted by the following vote: 5-0. (2/25/2008) Nancy Squier- December07 Minutes.doc Page 3 MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN VEBA PLAN-MEETING OF DECEMBER 6,2007 Page 3 Attorney Roberts reported that he worked with Attorney Sherry Stein to update the VEBA plan. Mr. Roberts informed that Board that he would need outside assistance to complete the amendments to the VEBA. Attomey Roberts requested approval for the outstanding legal services invoice of$2,523.34. It was moved by Ms. Rach and supported by Ms. Kraus to approve payment to Attorney Sherry Stein for her legal services for the VEBA Plan. Adopted by the following vote: 5-0. Foster, Swift Law Offices is also reviewing whether receiving an accumulated contribution refund would disqualify a defined contribution vested member from receiving health care. Attorney Roberts reviewed the Board discussion regarding involuntary terminations members from the Plan who had balances between $1,000 and $5,000. Attorney Roberts inquired if the Administrative Board had adopted the Safe Harbor IRA Agreement with Comerica. The Board had not entered into the agreement. Attorney Roberts suggested that the Board consider a motion to request and recommend that the City of Lansing adopt the Safe Harbor IRA Agreement. It was moved by Ms. Kraus and Ms. Singleton to request and recommend that the City of Lansing adopt the Safe Harbor IRA Agreement. Ms. Rach offered a friendly amendment that the agreement approval will be subject to the City Attomey's review. Adopted by the following vote: 5-0. It was moved by Ms.Kraus and supported by Ms. Rach to adjourn the meeting. Adopted by the following vote: 5 -0 The meeting adjourned at 10:36 a.m. MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN - VEBA PLAN MEETING OF OCTOBER 4, 2007 (REVISED) The Board met in regular session and was called to order at 9:20 a.m. Present: Members: Jerry Ambrose, Bill Barkyoumb, Faith Rach, Teri Singleton- 4. Absent: Others: Karen E. Williams, Finance Department; Cam Honer, Comerica; Mike Parker. It was moved by Ms. Rach and supported by Mr. Ambrose to approve the Defined Contribution Money Purchase Plan Administrative Board Committee Meeting Minutes for July 5, 2007. Adopted by the following vote: 4-0 It was moved by Mr. Ambrose and supported by Ms. Rach to approve the Committee of the Whole meeting minutes of May 3, 2007 as amended. Adopted by the following vote: 4-0 The Committee inquired about the section left intentionally blank in the Voluntary Employees Beneficiary Association (VEBA) Amendment. Jack Roberts will report on the section regarding members who have taken their accumulated contributions. The Board discussed whether receiving an accumulated contribution refund would disqualify a defined contribution vested member from receiving health care. Mike Parker, Teamster 580 representative expressed concern to the Board that the VEBA document reflect the Collective Bargaining Agreement and the Ordinance that outlines who is covered. Mr. Parker inquired about survivor health benefits. The question was discussed if a retiree chooses a single life annuity, will health care continue for the spouse. Mike Parker stated that he had discussed with Attorney Jack Roberts the collective bargaining agreement in relation to the survivor health benefits. Attorney Roberts will need to research this topic and provide further infonnation to the committee. The Committee reviewed Attorney Jack Roberts legal opinion regarding Mr. Steve Schuster's membership on the governing board. Mr. Schuster is no longer an employee of the City of Lansing and therefore determined to not be eligible for the board. Attorney Roberts opinion will be attached to the official minutes. Mr. Roberts continues his research on membership of the governing board. MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN VEBA PLAN MEETING OF OCTOBER 4, 2007 (PAGE 2) The Coininittee discussed the list of people provided by Comerica that still have a small balance in the Money Purchase plan. The retirement analyst provided a sample letter for members to review. The Committee discussed the process to authorize distributions for participants who are less than $1,000 excluding active participants. Participants will be provided appropriate notice and given 30 days for a response. Mr. Ambrose inquired about the length of time between deductions from an employee's check until the money is forwarded to the Money Purchase Plan for active participants. Ms. Cam Honer will research the time frame when Comerica receives the deduction. It was moved by Mr. Ambrose and supported by Ms. Rach to adjourn the meeting. Adopted by the following vote: 4 - 0 The meeting adjourned at 9:49 a.m. (2/25/2008) Nancy Squier-october07 Minutes.doc — Page 1 MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN VEBA PLAN MEETING OF OCTOBER 4,2007 (REVISED) The Board met in regular session and was called to order at 9:20 a.m. Present: Members: Jerry Ambrose,Bill Barkyoumb,Faith Rach, Terri Singleton-4. Absent: Others: Karen E. Williams,Finance Department; Cam Honer, Comerica;Mike Parker. It was moved by Ms. Rach and supported by Mr. Ambrose to approve the Defined Contribution Money Purchase Plan Administrative Board Committee Meeting Minutes for July 5, 2007. Adopted by the following vote: 4-0 It was moved by Mr. Ambrose and supported by Ms. Rach to approve the Committee of the Whole meeting minutes of May 3,2007 as amended. i Adopted by the following vote: 4-0 The Committee inquired about the section left intentionally blank in the Voluntary Employees Beneficiary Association (VEBA)Amendment. Jack Roberts will report on the section regarding members who have taken their accumulated contributions. The Board discussed whether receiving an accumulated contribution refund would disqualify a defined contribution vested member from receiving health care. Mike Parker, Teamster 580 representative expressed concern to the Board that the VEBA document reflect the Collective Bargaining Agreement and the Ordinance that outlines who is covered. Mr. Parker inquired about survivor health benefits. The question was discussed if a retiree chooses a single life annuity, will health care continue for the spouse. Mike Parker stated that he had discussed with Attorney Jack Roberts the collective bargaining agreement in relation to the survivor health benefits. Attorney Roberts will need to research this topic and provide further information to the committee. The Committee reviewed Attorney Jack Roberts legal opinion regarding Mr. Steve Schuster's membership on the governing board. Mr. Schuster is no longer an employee of the City of Lansing and therefore determined to not be eligible for the board. Attorney Roberts opinion will be attached to the official minutes. Mr. Roberts continues his research on membership of the governing board. Nancy Squier-october07 Minutes.doc MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN VEBA PLAN MEETING OF OCTOBER 4, 2007 (PAGE 2) The Committee discussed the list of people provided by Comerica that still have a small balance in the Money Purchase plan. The retirement analyst provided a sample letter for members to review. The Committee discussed the process to authorize distributions for participants who are less than $1,000 excluding active participants. Participants will be provided appropriate notice and given 30 days for a response. Mr. Ambrose inquired about the length of time between deductions from an employee's check until the money is forwarded to the Money Purchase Plan for active participants. Ms. Cam Honer will research the time frame when Comerica receives the deduction. It was moved by Mr. Ambrose and supported by Ms. Rach to adjourn the meeting. Adopted by the following vote: 4-0 The meeting adjourned at 9:49 a.m. 3 i i E