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HomeMy WebLinkAbout2006 - Defined Contribution Plan Minutes MONEY PURCHASE PLAN/DEFINED CONTRIBUTION PLAN MINUTES MEETING OF NOVEMBER 2, 2006 The Board met in regular session and was called to order at 9:16 a.m. Present: Trustees: Bill Barkyoumb, Faith Rach, Steve Schuster, Teri Singleton - 4 Absent: Jerry Ambrose Others: Mr. Mike Parker, T580, Cam Homer, Bruce Lammers, Comerica No Committee Reports were given Cam Honer from Comerica presented the Money Purchase Plan and the VEBA financial report as of September 30, 2006. Ms. Honer discussed how the funds are rebalanced. She stated that there are approximately 200 people still with the Money Purchase Plan. Ms. Honer will have the exact number for the next meeting and the amount of money in each fund. Participants are utilizing the Comerica website and toll-free number. Comerica continues to mail quarterly statements to participants. Ms. Honer discussed the VEBA contribution and assets. Ms. Honer suggested International Fund exposure for Asset Allocation. The asset manager is for World Asset Management is Gary Bender. Mr. Schuster added Ms. Singleton to the Investment Subcommittee. Members include: Mr. Schuster, Ms. Rach and Ms. Singleton. It was moved by Mr. Barkyoumb seconded by Ms. Singleton to excuse Mr. Ambrose. Adopted Unanimously The Committee discussed meetings for 2007. Ms. Rach suggested having bi-monthly meetings to get back on track. The meetings will be the first Thursday of each month. It was moved by Ms. Rach and seconded by Ms. Singleton to have bi-monthly meetings, the first Thursday in the month. The Committee discussed the membership vacancies. According to the current rules, the Mayor would have to appoint members to the committee. Mr. Ambrose holds two positions as chief of staff, finance director. There is no appointee for the deputy director of finance The minutes prepared by Ms. Rach was approved as written. Karen Williams will check with Doug Rubley regarding the summary plan descriptions. The Law Department will be contacted regarding the Rules of Procedure for the Committee and Revising the VEBA plan/Board.