Deferred Compensation Commission public meetings in 2020
14 substantive meetings from 2020, with official agendas or minutes and plain-English summaries.
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission-Nominating Committee will meet via video conference to nominate at least one participant for a new term. This meeting follows notice that Mrs. Virginia Burton’s term is scheduled to expire on June 30, 2021.
- Nomination of a participant for the term commencing July 1, 2021
Deferred Compensation Commission
The Commission will meet via video conference to review administrator reports and securities sold in October 2020. The agenda includes a discussion on employer participation regarding the Tarcza Opinion Letter.
- Approval of November 17, 2020, meeting minutes
- Review of October 2020 securities sold
- Discussion of Tarcza Opinion Letter regarding employer participation
- Nominating Committee update
- Establishment of the 2021 Commission meeting schedule
The Commission unanimously approved the meeting minutes from November 17, 2020. Members received reports on investment performance and the potential for private equity in defined contribution plans, though no immediate action was taken on the latter.
- Approved November 17, 2020 meeting minutes (unanimous)
- Approved four UEW requests for November 2020
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet to review third-quarter economic and investment performance, consider adding Neuberger Berman as a new investment manager for defined contribution and private equity offerings, and discuss updates related to the CARES Act and the SECURE Act. The agenda also includes approval of prior minutes, an administrator's report, and a nominating committee update.
- Economic Review & Outlook 3Q20
- Neuberger Berman Introduction/DC & PE Offer
- CARES Act Distribution Report
- Secure Act: Qualified Birth and Adoption Distribution
- Tarcza Opinion Letter - Employer Participation
The Commission approved a transition to automated insurance premium payments and established pro-rata distribution guidelines for Secure Act birth and adoption requests. The board also released Iberville Parish Council from the Plan and approved the October 20, 2020 meeting minutes.
- Approved October 20, 2020 meeting minutes (Unanimous)
- Approved pro-rata distributions for Secure Act Qualified Birth and Adoption requests, excluding insurance and self-directed balances (Unanimous)
- Approved transition from manual to automated insurance premium payouts (Unanimous)
- Released Iberville Parish Council from the Plan
- Acknowledged RMD set-up addendum for Required Minimum Distribution Full Service
Deferred Compensation Commission
The Commission is meeting via video conference to review third-quarter 2020 plan performance and the Wilshire acquisition. Members will discuss contract extensions for Empower Retirement and the plan auditor, as well as the extension of emergency rules related to the CARES Act and Secure Act.
- Wilshire Acquisition
- Plan Performance – 3Q2020
- Contract Extension – Empower Retirement
- Plan Auditor contract and GASB 97
- CARES Act and Secure Act emergency rule extensions
The Commission approved a three-year contract extension and consented to the acquisition of Wilshire Associates. Members also extended emergency rules for the CARES and Secure Acts through 2020 and transitioned RMD processing to Empower Retirement's home office.
- Approved 'Consent to Assignment' for Wilshire Associates acquisition
- Approved August 18, 2020 meeting minutes as amended
- Approved extension of CARES Act and Secure Act emergency rules through December 31, 2020
- Approved moving RMD processing from local office to Empower Retirement home office
- Approved three-year contract extension with participant fees reduced to $33
- Voted to seek legal counsel and a formal resolution regarding Iberville Parish Council's request to leave the Plan
Deferred Compensation Commission
The Commission will review various financial reports and plan updates for July and the second quarter of 2020. The agenda includes discussions regarding contract extensions and renewals.
- Empower Retirement Contract Extension
- Audit 3-year Contract Renewal
- Plan Update, UPA, UEW Report, and Fee Reconciliation for July 2020
- Securities Sold in June 2020
- Economic Review & Outlook for 2Q20
The Commission unanimously approved the July 21, 2020 meeting minutes. Members agreed to move forward with a three-year contract extension for Empower Retirement that includes a participant fee reduction and a basis point increase starting January 1, 2022. The Commission also expressed no objection to renewing the audit contract for Aaron Cooper, CPA.
- Approved July 21, 2020 meeting minutes (unanimous)
- Agreed to pursue three-year Empower Retirement contract extension with fee changes effective 1/1/2022
- Agreed to renew audit contract for Aaron Cooper, CPA for three years, pending reasonable quote
Deferred Compensation Commission
The Commission will meet via video conference to conduct routine business. The agenda includes the election of officers, approval of previous minutes, and review of plan performance and administrator reports.
- Election of Commission Officers
- Approval of June 16, 2020, meeting minutes
- Review of May 2020 securities sold
- Plan Performance report for 2Q2020
- Discussion on CARES Act IRS guidance regarding 457 plans
The Commission unanimously approved the December 31, 2019 financial statements and the associated audit report. Members also voted to maintain the current officer positions without change. The meeting included reports on second-quarter plan performance and CARES Act distributions.
- Approved June 16, 2020 meeting minutes (unanimous)
- Approved December 31, 2019 financial statements and audit report (unanimous)
- Re-elected current officers: Whit Kling (Chairman), Virginia Burton (Vice-Chairman), and Laney Sanders (Secretary) (unanimous)
Deferred Compensation Commission
The Commission will meet via video conference to review administrator reports and plan updates. The agenda includes discussions regarding the Secure Act, CARES Act distributions, and securities sold in April 2020.
- Approval of May 19, 2020, meeting minutes
- Review of May 2020 Plan Update and UPA
- Discussion of CARES Act coronavirus-related distributions and loans
- Review of April 2020 securities sold
- Strategic Partnership Plan – 2020 review
The Commission unanimously approved the adoption of an Emergency Rule to allow for the publication of system provisions required by the CARES Act and Secure Act. The Commission also approved the May 19, 2020, meeting minutes with a minor correction. Other discussions focused on plan updates, marketing reports, and administrative procedures.
- Approved amended May 19, 2020, meeting minutes (unanimous)
- Adopted Emergency Rule to implement CARES Act and Secure Act provisions (unanimous)
Deferred Compensation Commission
The Commission will review administrator reports, economic outlooks, and plan updates. The agenda includes discussions regarding the Secure Act, CARES Act, and contract modifications for Empower Retirement.
- Review of April 2020 Plan Update and UPA
- Quarterly Fee Reconciliation for 1Q20
- Discussion/Action on Secure Act and CARES Act
- Contract modification and extension proposals for Empower Retirement
- Update on Robert Tarcza contract
The Commission unanimously approved adopting optional provisions from the Secure Act and CARES Act via an Emergency Rule Notification. The Commission also approved a new three-year contract for Robert Tarcza and accepted a proposal to extend the Empower Retirement contract for maximum fee reductions.
- Approved April 21, 2020 meeting minutes (unanimous)
- Approved new three-year Robert Tarcza contract (unanimous)
- Adopted optional provisions of Secure Act and CARES Act via Emergency Rule Notification (unanimous)
- Accepted Empower Retirement proposal for maximum fee reduction with a cancellation option (unanimous)
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet via video conference to discuss market conditions and plan updates. The body will consider approvals for a Black Rock LifePath Fund fee agreement and contract modifications with Empower Retirement.
- Approval of Black Rock LifePath Fund Fee Agreement
- Contract Modification Amendment No. 4 for Empower Retirement Education Services
- Contract Modification/Extension Proposals for Empower Retirement
- Review of Robert Tarcza Contract Update
- Discussion of the SECURE Act and CARES Act regarding 457 plans
The Commission approved a new fee arrangement for the Black Rock Life Path Fund to reduce fees from 15 to 8 basis points. Members also ratified an amendment for Empower Retirement education services and approved February 2020 meeting minutes.
- Approved Black Rock Life Path Fund fee reduction from 15 to 8 basis points (unanimous)
- Ratified Amendment No. 4 for Empower Retirement Education Services (unanimous)
- Approved February 11, 2020 meeting minutes (unanimous)
- Deferred decision on Empower Retirement contract extension proposal to May meeting
- Deferred discussion of SECURE Act and CARES Act provisions to a future meeting
- Deferred discussion of Audit Topics to a later meeting
Deferred Compensation Commission
The scheduled meeting of the Louisiana Deferred Compensation Commission for March 17, 2020, was cancelled. The notice cites health concerns related to the coronavirus outbreak.
Deferred Compensation Commission
The Commission will review quarterly investment performance and economic outlooks from Retirement Solutions Group, Custom Stable Value, and Wilshire Associates. The agenda also includes an administrator's report on plan updates and case reconciliations.
- Review of 4Q19 economic review and portfolio performance
- Quarterly investment performance review for 4Q19
- Approval of January 14, 2020, meeting minutes
- Administrator's report on plan updates and case reconciliation
- Update on Target Date Fund 2065
The Commission approved a change in custodian services and initiated a new retirement solutions group for the Plan. Additionally, the body approved a participant's appeal for an unforeseeable emergency withdrawal.
- Approved change from Wells Fargo Custodian (Principal) to Great West Trust Company (unanimous)
- Decided to initiate Retirement Solutions Group (RSG) for the Plan
- Approved participant appeal for unforeseeable emergency withdrawal (unanimous)
- Approved January 14, 2020 meeting minutes (unanimous)
Deferred Compensation Commission
This is a meeting of the Nominating Committee of the Louisiana Deferred Compensation Commission. The agenda contains only procedural boilerplate with no specific items for decision or discussion.
Deferred Compensation Commission
The Commission unanimously approved the minutes from the December 17, 2019 meeting. Members discussed plan assets, potential new services to retain funds, and upcoming election procedures. No other substantive votes were recorded.
- Approved December 17, 2019 meeting minutes (unanimous)
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet to discuss routine administrative matters, including approval of minutes, review of reports, and election procedures. Notable items include a proposed custodian change, contract renewal, and a target date fund communication.
- Custodian change from Wells Fargo to Great-West Trust Company
- Contract renewal for Bob Tarcza
- Target Date Fund 2065 communication to participants
- Election procedures for Duplantier, Hrapmann, Hogan & Maher LLP
- Review of UEW Reports for December 2019