Deferred Compensation Commission public meetings in 2021
12 substantive meetings from 2021, with official agendas or minutes and plain-English summaries.
Deferred Compensation Commission
The Nominating Committee will meet to nominate at least one participant for a term beginning July 1, 2022. This follows notice that Mr. Whit Kling's term is scheduled to expire on June 30, 2022.
- Nomination of at least one participant for the term commencing July 1, 2022
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet to approve minutes, review economic and capital market conditions, and discuss the Louisiana CSVF and credit letter. The agenda includes a plan update, investment reports, and a response to a November memo. The meeting is largely procedural with no major decisions or public hearings listed.
- Approval of minutes from November 16, 2021 meeting
- Economic review and capital markets discussion
- Louisiana CSVF 3Q21 report
- E-Delivery Notification regarding DOL changes
- Commission Nominating Committee meeting scheduled for December 16, 2021
The Commission approved a change to electronic delivery procedures to align with certain Department of Labor best practices. Members also reauthorized the Nominating Committee and approved the November 2021 meeting minutes.
- Approved November 16, 2021 meeting minutes (Unanimous)
- Reauthorized Nominating Committee to replace Emery Bares with Kent LaPlace (Passed)
- Approved following limited DOL ruling for distribution of Plan disclosure documents (Passed)
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will discuss a legal opinion on transfer letters, review the Wilshire third-quarter 2021 performance summary, and consider changes to the management structure of the Baton Rouge office. The agenda also includes updates on plan administration, fee reconciliation, and a loan default update.
- Tarcza Opinion – Transfer Letters
- Wilshire 3Q21 Performance Summary
- Management Structure of Baton Rouge Office
- DOL Changes to e-Delivery
- Quarterly Fee Reconciliation
The Commission approved an updated document retention schedule and voted to remove a loan default from a participant's record. Members discussed the notarization requirements for fund transfers and deferred a decision on the Baton Rouge office management structure.
- Approved amended October 19, 2021 meeting minutes (Unanimous)
- Approved removal of a participant's loan default based on repayment (Unanimous)
- Approved members for the Nominating Committee (No objection)
- Adopted new Commission Document Retention schedule (No objection)
- Tabled decision on Baton Rouge office management structure
- Deferred 2022 Employer Engagement item to December meeting
Deferred Compensation Commission
The Commission will review administrator reports regarding plan updates and various financial reports from August and September 2021. The agenda includes discussions on securities sold, emergency rule renewals, and a document retention policy.
- Approval of August 17, 2021, meeting minutes
- Review of Securities Sold for June, July, and August 2021
- Commission Emergency Rules Renewal
- Webster Parish Sheriff/City of DeRidder item
- Empower Retirement Red Cross Donation regarding Hurricane Ida
The Commission unanimously approved the renewal of emergency rules regarding loan extensions and birth and adoption provisions. Members also reviewed plan assets and discussed the departure of two agencies from the plan.
- Approved meeting minutes from August 17, 2021 (Unanimous)
- Readopted emergency rules for Secure Act and CARES Act (Unanimous)
- Tabled decision on loan default request pending further participant contact
- Tabled decision on Baton Rouge office management structure pending more information
Deferred Compensation Commission
The Commission will review various plan updates, including the Administrator’s Report and quarterly fee reconciliation. The agenda includes reviews of securities sold in June 2021 and the final audit report for December 31, 2020.
- Approval of July 20, 2021, meeting minutes
- Review of Quarterly Fee Reconciliation for 2Q21
- Review of Securities Sold in June 2021
- Review of Final Audit Report for December 31, 2020
- Discussion of LADCP Commission’s Document Management Policy
The Commission approved the July 20, 2021 meeting minutes and an $18,000 auditing fee for Mr. Cooper. Members also voted to cover $200 attendance fees for the NAGDCA Annual 2021 Conference. The body discussed loan defaults, LSU participation, and the process for agencies wishing to leave the Plan.
- Approved July 20, 2021 meeting minutes (Unanimous)
- Approved $18,000 auditing fee for Mr. Cooper
- Approved payment of $200 NAGDCA Annual Conference attendance fees for members (Unanimous)
Deferred Compensation Commission
The Commission will hold a meeting to elect officers and swear in Virginia Burton. The agenda includes reviewing an audit report, administrator reports, and banking charges for 2020-2021.
- Swearing in of Virginia Burton
- Election of Commission Officers
- Review of Audit Report
- Review of Banking Charges-2020-2021
- RSG Services Review
The Commission elected its officers for the 2021-2022 term and unanimously approved the June 15, 2021 meeting minutes. Members discussed a draft audit report for 2020 and reviewed participant distribution restrictions and marketing reports. No formal action was taken on the RSG Services review or the document retention policy.
- Elected Whit Kling as Chairman, Virginia Burton as Vice Chairman, and Laney Sanders as Secretary
- Approved June 15, 2021 meeting minutes (unanimous)
- Swore in Virginia Burton as Participant Member for a term ending June 2024
- Denied request from Inspire NOLA Charter Schools to complete a Fiduciary Liability Insurance form
Deferred Compensation Commission
The Commission will meet via video conference to review election results and approve minutes from the May 18, 2021, meeting. The agenda includes an administrator's report on plan updates and various reports for May 2021.
- Commission Election Results
- Approval of May 18, 2021, meeting minutes
- Administrator’s Report including Plan Update, UPA, and UEW reports
- Review of a participant complaint from the Office of Administration
- Audit Update
The Commission certified the re-election of Virginia Burton as a Participant Member. The board also approved the meeting minutes from May 18, 2021, and reviewed plan assets totaling $2,195.91 billion as of May 31, 2021.
- Certified Virginia Burton as the winner of the Participant Member election (1,345 votes to 557)
- Approved May 18, 2021 meeting minutes (unanimous)
Deferred Compensation Commission
The Commission will review quarterly investment performance and administrator reports. The agenda includes updates on the Secure Act and the Louisiana District Attorneys Association.
- Wilshire Quarterly Investment Performance Summary
- CSVF Review for 1Q21
- Administrator’s Report including April 2021 Plan Update and Quarterly Fee Reconciliation
- Review of securities sold in March and April 2021
- Blackrock pricing correction update
The Commission unanimously approved emergency rule changes to allow participants to continue making contributions after taking an in-service distribution at age 59 ½. It also approved an emergency rule to align the Plan's death Required Minimum Distribution (RMD) rules with federal Secure Act requirements.
- Approved April 20, 2021 meeting minutes (unanimous)
- Approved emergency rule allowing contributions to continue after a 59 ½ in-service distribution (unanimous)
- Approved emergency rule to follow federal law for Secure Act death RMD rules (unanimous)
- Confirmed return to in-person meetings starting July 20, 2021
Deferred Compensation Commission
The commission will consider approval of March 2021 minutes, receive administrator's report on plan updates and performance, discuss securities sold in February, marketing report for Q1, commission election ballots mailed, and updates on the Secure Act regarding in-service distributions and the Louisiana District Attorneys Association.
- Approval of minutes from March 16, 2021 meeting
- Administrator's report: plan update, UPA, UEW for March 2021
- Securities sold report for February 2021
- Marketing report for first quarter 2021
- Secure Act – 59 ½ in-service distribution update
The Commission unanimously approved the March 16, 2021 minutes and agreed to resume in-person meetings on July 20, 2021. Members voted to have legal counsel review a proposal to remove a restriction that requires participants to stop deferrals when taking an in-service distribution.
- Approved March 16, 2021 meeting minutes (Unanimous)
- Approved motion to have Mr. Tarcza review and word a provision to allow continued plan contributions during in-service distributions (Unanimous)
- Agreed to resume in-person meetings starting July 20, 2021
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet via video conference to discuss and potentially approve a participant asset transfer form, review a Tarcza opinion letter on employer participation, and receive the administrator's report on plan updates and securities sold. The meeting includes public comments and approval of previous minutes.
- Tarcza Opinion Letter – Employer Participation
- Participant Asset Transfer Form – Discussion/Approval
- Securities Sold, January 2021
- Loan Default – Participant Request
- Louisiana District Attorneys Association (LDAA) discussion
The Commission approved a new 'Election to Transfer Assets' form for plan sponsors leaving the plan. It also voted to remove a specific participant's loan from default status due to an administrative error. The board reviewed plan assets totaling $2.10 billion as of February 28, 2021.
- Approved February 9, 2021 meeting minutes (unanimous)
- Approved proposed 'Election to Transfer Assets' form (unanimous)
- Approved removal of a LASERS employee loan from default status (unanimous)
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet via video conference to discuss routine administrative items including approval of minutes, a legal opinion on employer participation, quarterly investment performance reports, and a participant loan default request.
- Tarcza Opinion Letter – Employer Participation
- Wilshire-Quarterly Investment Performance-4Q20
- LA CSVF 4Q20
- Quarterly Fee Reconciliation-4Q20
- Loan Default – Participant Request
The Commission decided to require positive affirmation from participants before moving funds when a plan sponsor leaves the Plan. It also voted to reinstitute an emergency rule regarding CARES and Secure Act provisions.
- Approved January 12, 2021 meeting minutes (unanimous)
- Decided to require participant affirmation for fund transfers following tax counsel guidance
- Approved loan default exception for one participant
- Approved reinstituting the expired emergency rule for CARES and Secure Act provisions (unanimous)
Deferred Compensation Commission
The Commission will meet via video conference to review administrator reports and plan updates from December 2020. The agenda includes discussions on securities sold in November 2020 and an opinion letter regarding employer participation.
- Approval of December 15, 2020, meeting minutes
- Review of November 2020 securities sold
- Discussion of Tarcza Opinion Letter regarding employer participation
- Update on Nominating Committee results
- Review of election procedures involving Dulantier, Hrapmann, Hogan & Maher LLP
The Commission approved the minutes from its December 15, 2020 meeting. Members reviewed plan updates, marketing reports, and 2021 election procedures for an upcoming commission seat. The body also discussed a proposal to move from quarterly to annual newsletters.
- Approved December 15, 2020 meeting minutes (Unanimous)