Last Modified on 11/20/2009 08:42:55NOTICE OF RESULTS
CITY OF PHOENIX
EMPLOYEES’ DEFERRED COMPENSATION BOARDPursuant to A.R.S. Section 38-431.02, notice is hereby given to the members of the EMPLOYEES’ DEFERRED COMPENSATION bOARD and to the general public, that the EMPLOYEES’ DEFERRED COMPENSATION bOARD held a meeting open to the public on November 19, 2009 at 8:30 a.m. located in Room 100, 1st Floor, Personnel Department Building, 135 North 2nd Avenue, Phoenix, Arizona.
One or more members of the Employees’ Deferred Compensation Board may participate via teleconference call.
The results of the meeting were as follows:
RESULTS
1.
Rick Naimark
2.
Introduction of new Board Chair, Rick Naimark.
This item is for information only.
Rick Naimark
Approved
3.
Board Consideration of the Minutes from the October 15, 2009 Meeting.
This item is for discussion and action.
Rick Naimark
4.
The Board may vote to hold an executive session pursuant to A.R.S. § 38-431.03(A)(3) for the purpose of obtaining legal advice from the Board's attorney regarding Items 5, 6, and 7 on the agenda. If authorized by a majority of the members present, the executive session will be held immediately after the vote and will not be open to the public. In open session, the Board will vote on the action to take in each of those matters.
Rick Naimark
Information reviewed
5.
Legal Advice, Discussion, Consultation and Update regarding IRS Issues related to the City's 401(a) Plan.
Terry Mumford of Ice Miller, LLP will be participating via teleconference.
This item is for discussion and possible action.
Mary Kyle
Mary Chang
Heidi Gilbert
Terry Mumford
Approved
6.
Board Consideration of Second Amendment to the City’s Restated and Amended 401(a) Defined Contribution Plan, which addresses the following:
● required amendment to comply with the final regulations under Section 415 of the Internal Revenue Code
● required amendment to provide for non-spouse direct rollovers as required under the Worker, Retiree and Employer Recovery Act (WRERA) of 2008
● required amendments to comply with the Pension Protection Act (PPA) of 2006
● suspension of Required Minimum Distributions for 2009 authorized pursuant to the Worker, Retiree and Employer Recovery Act (WRERA) of 2008
● clarification of items related to plan operations with respect to the Special Pay and Supplemental Components
Terry Mumford of Ice Miller, LLP will be participating via teleconference.
This item is for discussion and action.
Mary Kyle
Mary Chang
Heidi Gilbert
Terry Mumford
Approved
7.
Board Consideration of Fourth Amendment to the City’s 457 Deferred Compensation Plan, which addresses the following:
● required amendments to comply with the Pension Protection Act (PPA) of 2006
● required amendment to provide for non-spouse direct rollovers as required under the Worker, Retiree and Employer Recovery Act (WRERA) of 2008
● suspension of Required Minimum Distributions for 2009 authorized pursuant to the Worker, Retiree and Employer Recovery Act (WRERA) of 2008
● amendment to reflect changes to the 401(a) Plan
Terry Mumford of Ice Miller, LLP will be participating via teleconference.
This item is for discussion and action.
Mary Kyle
Mary Chang
Heidi Gilbert
Terry Mumford
Approved
8.
Board Investment Selection Subcommittee’s Recommendation of Fund to Replace the Turner Mid Cap Growth Fund investment option in the City’s 457 and 401(a) Plans’ portfolio with the TimesSquare Mid Cap Growth Fund if the new fund can be added to Nationwide’s platform.
This item is for discussion and action.
Joe Clure
Peter Madsen
Information reviewed
9.
Review by R.V. Kuhns & Associates of Quarterly Performance Report for investment options in the City’s 457 and 401(a) Plans including:
● Executive Summary of the Plans’ contributions and distributions
● Fund Manager Updates including purchase by Invesco of Morgan Stanley asset management business, which includes Morgan Stanley Small Cap Growth Fund, an investment option in the 457 and 401(a) Plans’ portfolio
● Breakdown of performance of funds in the Plans
This item is for information and possible action.
Peter Madsen
Information reviewed
10.
Plan Administrator’s Quarterly Report on Nationwide Retirement Solutions’ Services including status updates on:
● Annual Business and Education Plan Goals
● Contractual Performance Standards
● Schwab Self-Directed Brokerage Account Quarterly Report
● Statistics Regarding Participants
● Contributions and Distributions
● Quarterly Revenue Reconciliation
● Summary of 457 and 401(a) Plan Assets
This item is for information and possible action.
Kathleen Donovan
Information reviewed
11.
Staff’s Report on General Plan Administration Issues including:
● Nationwide’s establishment of Sub Accounts for the Retained Revenue assets in the City’s 457 and 401(a) Plans and investment of those assets in the Vanguard Prime Money Market Fund, as previously approved by the Board.
● Updated Board Member List for Board Members’ Manuals
This item is for information only.
Kathy Schelbrock
12.
Future Agenda Items.
13.
Call to the Public.
14.
Adjournment.
For further information, please call Kathy Schelbrock, Personnel Analyst II, Personnel Department , Benefits Office at 602-256-3282.
For reasonable accommodations, call Jenelle Hancock at Voice/602-534-3910 or TTY/602-261-8687 as early as possible to coordinate needed arrangements.
November 17, 2009 OML