Deferred Compensation Commission public meetings in 2022
11 substantive meetings from 2022, with official agendas or minutes and plain-English summaries.
Deferred Compensation Commission
The Commission will meet to review investment consultant recommendations and a report from the Evaluation Committee. The agenda also includes a follow-up regarding an Attorney General letter on ESG and various plan service provider reports.
- Follow up on Attorney General Letter regarding ESG
- Review of Investment Consultant Recommendations
- Evaluation Committee Report
- Plan Service Provider Report including Plan Review, UPA, and Hardship/UEW reports
- Approval of November 15, 2022, meeting minutes
The Commission unanimously accepted the Evaluation Committee's report regarding service providers Wilshire and Empower. Members also approved the 2023 meeting schedule and the minutes from November 15, 2022. No formal action was taken regarding Attorney General and State Treasurer letters concerning ESG investment factors.
- Approved November 15, 2022 meeting minutes (Unanimous)
- Approved Evaluation Committee Report (Unanimous)
- Approved 2023 Commission Meeting schedule (Unanimous)
- Approved 13 UEW requests for November 2022
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet to receive updates on capital markets, the state's CSVF 3Q22 performance, and a letter from the Attorney General regarding ESG guidance. The agenda also includes reports from service providers, an evaluation committee update, and consideration of loan default reversals.
- Capital Markets Overview
- Louisiana CSVF 3Q22 performance review
- ESG Guidance – Attorney General Letter
- Service provider reports (Plan Update, UPA, UEW Report)
- Loan Default Reversals and Tax Counsel’s Legal Opinion
The Commission approved the 2023 Nominating Committee and the meeting minutes from October 18, 2022. Members discussed legal guidance from the Attorney General regarding ESG factors in investments and reviewed quarterly capital market performance.
- Approved October 18, 2022 meeting minutes (unanimous)
- Approved 2023 Nominating Committee consisting of Ben Huxen, Kent LaPlace, and Afranie Adomako
Deferred Compensation Commission
The Commission will review service provider reports and updates for August and September 2022. The agenda includes discussions on rule promulgation regarding the SECURE and CARES Acts and renewals for tax counsel and the Attorney General’s Office.
- Approval of August 16, 2022 meeting minutes
- Review of securities sold in July and August 2022
- Renewal of CEA with Attorney General’s Office
- Renewal of Tax Counsel
- Rule promulgation for SECURE and CARES Act
The Commission approved the renewal of contracts for the Attorney General's Office and tax counsel. It also deemed one participant credit worthy for a second loan following an administrative error. The body reviewed plan assets, which decreased 17% year-over-year as of September 30, 2022.
- Approved August 16, 2022 meeting minutes (unanimous)
- Deemed participant #2 credit worthy for a second loan provided the defaulted loan is paid in full
- Approved renewal of CEA with Attorney General’s Office at $15,000 per year for 2022-2025
- Approved entering discussions to renew tax counsel Mr. Tarcza's contract for three years
- Approved 19 UEW requests for August 2022
- Approved 16 UEW requests for September 2022
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet to consider an audit report, quarterly investment performance, and updates on the SECURE and CARES Act emergency rules. The agenda also includes reports from the service provider, evaluation committee, and participant engagement activities. This is a routine meeting focused on oversight of the state's deferred compensation plan.
- Audit Report Presentation
- Wilshire Quarterly Investment Performance
- Capital Markets Overview and CSVF Reporting as of June 30, 2022
- SECURE and CARES Act Emergency Rule update
- Quarterly Fee Reconciliation for Q2 2022
The Commission voted to replace the PGIM Total Return Bond Fund mutual fund with a separate account version to lower fees. Members also approved updating emergency rules regarding the CARES and Secure Acts. The Commission reviewed a 2021 audit that identified no material weaknesses.
- Approved replacing PGIM Total Return Bond Fund mutual fund with PGIM Core Plus Bond Fund separate account (unanimous)
- Approved updating emergency rules related to CARES and Secure Acts (unanimous)
- Approved July 19, 2022 meeting minutes (unanimous)
Deferred Compensation Commission
The Commission will conduct routine business including the election of officers and the swearing in of a new participant member. The agenda includes reviews of June 2022 plan updates, administrator reports, and discussions regarding loan defaults and plan documents.
- Swearing in of Beverly Hodges, Participant Member
- Election of Commission Officers
- Review of April loan default
- Plan document review
- Approval of June 21, 2022 meeting minutes
The Commission elected its leadership for the upcoming term and established an Evaluation Committee to review the recordkeeper. The board also voted to seek tax counsel regarding loan default procedures and tabled a previous decision to remove a loan default from a participant's account.
- Elected Virginia Burton (Chairman), Andrea Hubbard (Vice Chairman), and Laney Sanders (Secretary)
- Approved June 21, 2022 meeting minutes (unanimous)
- Formed Evaluation Committee consisting of Laney Sanders (Chair), Andrea Hubbard, and Beverly Hodges
- Approved motion to seek guidance from tax counsel Bob Tarcza on loan defaults and Plan Administrator roles
- Tabled previously approved loan default removal action pending tax counsel opinion
Deferred Compensation Commission
The Commission will meet to review May 2022 plan updates and election results. The agenda includes reviewing quarterly fee reconciliations, securities sold, and agency deconversions.
- Approval of May 17, 2022, meeting minutes
- Review of Commission Election Results
- Discussion of Agency Deconversions
- Quarterly Fee Reconciliation for 1Q22
- Quarterly Plan Review for 1Q22
The Commission approved the May 17, 2022, meeting minutes and the draft audit report, which found no material weaknesses. The body also accepted the June 2022 election results, declaring Beverly Hodges the winner. Members discussed the need for new signature authorization forms and role clarity between the Commission and the record keeper regarding loan defaults.
- Approved meeting minutes of May 17, 2022 (Unanimous)
- Accepted June 2022 election results declaring Beverly Hodges the winner (Unanimous)
- Approved draft audit report (No objection)
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will hold a regular meeting to review the Wilshire Quarterly Investment Performance, Capital Markets Overview, and CSVF Reporting as of March 31, 2022. The agenda also includes approval of prior minutes, an Administrator's Report with plan and participant updates, and a Commission Election Update. No votes on new policies or expenditures are listed.
- Wilshire Quarterly Investment Performance report
- Capital Markets Overview and CSVF Reporting as of March 31, 2022
- Administrator's Report: Plan Update, UPA, and UEW Report for April 2022
- Participant Engagement Activity Report for April 2022
- Commission Election Update
The Commission unanimously approved the amended minutes from the April 19, 2022 meeting. Members reviewed quarterly investment performance and plan updates, though no changes to the investment lineup were deemed necessary.
- Approved April 19, 2022 meeting minutes as amended (Unanimous)
- Approved 14 UEW requests for April 2022
Deferred Compensation Commission
The meeting agenda contains procedural items and reports regarding the State of Louisiana Deferred Compensation Plan. The Commission will review administrator reports, securities sold, and participant engagement activity.
- Approval of March 15, 2022, meeting minutes
- Review of Administrator's Report including Plan Update, UPA, and UEW for March 2022
- Report on securities sold during February and March 2022
- Review of a participant request to remove a loan default
- Commission Election Update
The Commission approved the removal of a loan default from a participant's record after Grambling State University acknowledged an administrative error. Members also reviewed plan assets and discussed the potential for future auto-enrollment.
- Approved March 15, 2022 meeting minutes as amended (unanimous)
- Approved removal of loan default for participant due to employer administrative error (unanimous)
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission meets to review a cybersecurity incident involving Wilshire, receive economic and portfolio updates, and discuss the management structure of the Baton Rouge office. The meeting also includes approval of previous minutes, an audit update, and a strategic planning presentation on communications.
- Cybersecurity Incident – Wilshire
- Economic Review, Capital Markets 4Q21
- LA CSVF 4Q21
- Management Structure of the Baton Rouge office
- Strategic Planning Presentation (SPP) - Communications
The Commission authorized Empower to restart automated participant communications and approved a proposal for the Baton Rouge office manager to work from Florida. The board also approved the February 15, 2022, meeting minutes and received a report on a cybersecurity incident at Wilshire.
- Approved February 15, 2022, meeting minutes (Unanimous)
- Authorized Empower to turn automated communications back on (Approved)
- Approved proposal for Mr. Massingill to work from Florida, to be reviewed in six months (Unanimous)
Deferred Compensation Commission
The Commission will meet to review performance reports from Wilshire and the Plan Administrator for late 2021 and early 2022. The body will also discuss the renewal of Commission emergency rules and receive a strategic planning presentation.
- Renewal of Commission Emergency Rules
- Wilshire 4Q21 Performance Report
- Plan Review for January 1-December 31, 2021
- Empower Personalized Experience Demo
- Election Update regarding petition received from Beverly Hodges
The Commission approved the January 11, 2022 meeting minutes and voted to re-adopt emergency rules regarding the Secure and Cares Act. Members also reviewed a 4Q21 performance report and a demonstration of Empower's new personalized participant experience.
- Approved January 11, 2022 meeting minutes (Unanimous)
- Approved motion to re-adopt and re-post Emergency Rules of the Secure and Cares Acts
Deferred Compensation Commission
The Commission will review several December 2021 reports regarding the Plan Administrator, UPA, and UEW. The agenda also includes updates on Black Rock Life Cycle Funds and the results of the Commission Nominating Committee.
- Black Rock Life Cycle Funds Update
- Review of Securities Sold in November 2021
- Commission Nominating Committee Results
- Request for CPA Firm Services
- New Empower Web Experience
The Commission approved a proposal for election ballot services from Duplantier, Hrapmann, Hogan & Maher, LLP. Members also approved the minutes from the December 14, 2021 meeting. The session included updates on Black Rock Life Cycle Funds and a preview of a new Empower web experience.
- Approved Duplantier, Hrapmann, Hogan & Maher, LLP proposal for election ballot services at $95 per hour (Unanimous)
- Approved December 14, 2021 meeting minutes as amended (Unanimous)