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HomeMy WebLinkAbout2011 - Defined Contribution Plan Minutes CITY OF LANSING DEFINED CONTRIBUTION PENSION PLAN/ VEBA PLAN MEETING OF APRIL 7,2011 The Administrative Board was called to order at 9:06 a.m. Present: Members: Jerry Ambrose, Bill Barkyoumb, Antonia Kraus, Terri Singleton (9:22) -4. Absent: Others: Karen E. Williams, Finance Department; Don Kulhanek, Law Department; Anne Omiljan, Wells Fargo; Faith Rach, Public Service Department. Ms. Williams distributed copies of the most recent VEBA statement to members for their review. Ms. Anne Omiljan provided an overview of the Defined Contribution plan assets. Ms. Omiljan reviewed the assets of the plan, explained the fee structure and performance of the funds. Ms. Omiljan reported that distributions were made for terminated participants for those who wished to withdraw their monies. Ms. Omiljan reviewed members that could be forfeited into the Forfeiture account. Attorney Kulhanek informed the Board that Attorney Jack Roberts is reviewing the Wells Fargo IRA rollover agreement. Ms. Omiljan reviewed the Wells Fargo that need to be executed by the Governing Committee that included IRA Rollover Agreement, Shareholder's Participation Agreement, Authorized Signers, Fee Agreement and Service Agreement. Ms. Williams distributed election results for Mr. Bill Barkyoumb. Attorney Kulhanek reviewed the election rules adopted by the Governing Committee for terms ending 2012, 2013, and 2014. Attorney Kulhanek explained Mr. Barkyoumb's position term ended in 2010 and was up for election last year. Attorney Kulhanek further explained there are no provisions for late elections. Ms. Rach's position term ended April 1, 2011 and her position was due for election. Mr. Barkyoumb ran for the posted position and has been elected for Ms Rach's position. The Governing Committee will request that the Mayor appoint Ms. Rach tqw =`7 continue to serve on the Board. i_> `'' s n It was moved by Ms. Singleton and supported by Ms. Kraus to approve the Administrative Board Committee Meeting Minutes for February 3, 2011. , •, Adopted by the following vote: 4—0. .i It was moved by Ms. Kraus and supported by Ms. Singleton to excuse Ms. Bennett from the Defined Contribution Pension Plan/VEBA Plan April meeting. Adopted by the following vote: 4—0 DEFINED CONTRIBUTION PLAN VEBA PLAN—MEETING OF APRIL 7, 2011 Page 2 It was moved by Trustee Kraus and supported by Trustee Ambrose to accept and record the election results of March 2011 electing Bill Barkyoumb for the term ending April 2014. Adopted by the following vote: 4—0 It was moved by Ms. Kraus and supported by Ms. Kraus to recommend to the Mayor to appoint Ms. Faith Rach to the vacant elected position for the term ending April 2013. Adopted by the following vote: 4—0. Attorney Don Kulhanek updated the Governing Committee regarding the pending items. Attorney Jack Roberts are working on the pending items for future meetings. The Governing Committee agreed to keep the Accounting Manager vacancy on the board on pending until the administration replaced the position or reorganized. Ms. Faith Rach inquired if there will be a Retirement Conference held this year. Ms. Kraus informed the Governing Committee that the Retirement Boards are not holding a conference this year. It was moved by Ms. Kraus and supported by Ms. Singleton to adjourn the meeting. Adopted by following vote: 4—0. The meeting adjourned at 9:33 a.m.