Deferred Compensation Commission public meetings in 2023

Deferred Compensation Commission

The Louisiana Deferred Compensation Commission will hold a routine meeting to approve minutes, review annual policies, and receive reports from the plan service provider and investment consultant. The agenda also includes a board portal approval and setting the 2024 meeting schedule.

• Annual review of deferred compensation policies
• Board portal software approval
• Plan service provider’s report (November 2023 updates)
• 2024 commission meeting schedule adoption
• Wilshire investment presentation and Tarcza update

The Commission approved a contract with OnBoard for a board portal and renewed the contract for Tarcza and Associates through June 30, 2024. The body also approved the 2024 meeting schedule and the November 14, 2023, meeting minutes.

• Approved November 14, 2023 meeting minutes as amended (unanimous)
• Approved contract with OnBoard for board portal and data transfer (unanimous)
• Approved 2024 Commission Meeting Schedule (unanimous)
• Approved resolution to hire Tarcza and Associates from January 1 to June 30, 2024 (unanimous)

Deferred Compensation Commission

The Commission will review the September/October 2023 Service Provider reports and Wilshire LA performance. The agenda also includes a quarterly fee reconciliation and updates on various plan items.

• Approval of September 19, 2023, meeting minutes
• Review of 3Q2023 Wilshire LA Performance
• Quarterly Fee Reconciliation for 3Q2023
• Service Provider's Report including Plan Update, UPA, and UEW Report
• Discussion regarding loan payments for terminated participants

The Commission approved the formation of a Nominating Committee to endorse a candidate for the 2024 election. Members also reviewed investment performance and plan assets, which totaled $2,022.71 million as of October 31, 2023.

• Approved amended minutes from September 19, 2023 meeting (unanimous)
• Approved Commission Nominating Committee (unanimous)

Deferred Compensation Commission

The Commission will meet to receive investment reports and a presentation on the PGIM-Core Fixed Income Fund. The body will also discuss Secure 2.0 and provide updates on Tarcza and participant hardship requests.

• PGIM-Core Fixed Income Fund Presentation
• Wilshire 2Q23 Investment Performance Report
• Secure 2.0 discussion
• Tarcza Update
• Review of participant hardship request receipts

The Commission unanimously approved amended minutes from August 15, 2023, and accepted revised wording for the 2022 Legislative Audit Report. Members also approved a request to accept aged receipts for hardship approvals pending legal advice. The Commission will not meet in October due to the NAGDCA Conference.

• Approved August 15, 2023 meeting minutes as amended (Unanimous)
• Approved request to accept receipts over one year old for hardship approval pending Empower Legal Team advice (Unanimous)
• Approved revised wording of the 2022 Legislative Audit Report custodial credit risk section (Unanimous)

Deferred Compensation Commission

The Commission will meet to review plan updates, economic reports, and case reconciliations for the second quarter of 2023. The body will also swear in a new participant member and discuss Secure 2.0.

• Swearing in of Laney Sanders, Participant Member
• CSV Economic Review and Credit Letter
• Case Reconciliation for 2Q2023
• Engagement Activity Report for 2Q2023
• Review of participant requests for hardship

Deferred Compensation Commission

The Louisiana Deferred Compensation Commission will meet to review the Plan Audit Report, swear in a new member, elect officers, and discuss a fund change to Capital Group EuroPacific Growth SA Fund. The commission will also follow up on the Investment Policy Statement and other topics.

• Plan Audit Report
• Swearing in of Laney Sanders, Participant Member
• Election of Commission Officers
• Fund Change Capital Group EuroPacific Growth SA Fund
• Follow-up on Investment Policy Statement

The Commission renewed the audit contract for Michael DeFalco for two years and approved an updated Investment Policy Statement. Officers were elected, and the June 13, 2023, meeting minutes were approved. The Commission also reviewed a plan audit report showing a drop in assets due to market volatility.

• Renewed Michael DeFalco's audit contract for two years
• Approved updated Investment Policy Statement (unanimous)
• Approved June 13, 2023, meeting minutes (unanimous)
• Elected Virginia Burton as Chairperson
• Elected Andrea Hubbard as Vice Chairperson
• Elected Laney Sanders as Secretary
• Postponed swearing in of Laney Sanders until August 15th

Deferred Compensation Commission

The Louisiana Deferred Compensation Commission will review first-quarter 2023 investment and capital markets reports, a credit letter, and securities sold. They will also discuss the plan audit update, Secure 2.0, and follow up on the Investment Policy Statement from May 2023.

• Commission Election Results – 2023
• Louisiana CSVF Review – 1Q2023
• Louisiana Capital Markets Review – 1Q2023
• Plan Audit Update
• Secure 2.0 discussion

The Commission approved the May 16, 2023 meeting minutes and authorized the audit committee to approve the legislative audit report on its behalf. Members reviewed first-quarter 2023 capital markets and fund performance and received updates on Secure 2.0 implementation.

• Approved May 16, 2023 meeting minutes (unanimous)
• Authorized audit committee to approve the audit report on behalf of the Commission

Deferred Compensation Commission

The Louisiana Deferred Compensation Commission will meet to review first-quarter 2023 investment performance, hear a presentation on the American Funds EuroPacific Growth Fund, and consider a recommendation for a separate account fund. The commission will also approve prior meeting minutes, receive a service provider update, and discuss plan document revisions and a distribution report.

• American Funds EuroPacific Growth Fund presentation
• 1Q 2023 performance review by Wilshire
• Wilshire recommendation on a separate account fund
• Approval of minutes from April 18, 2023 meeting
• 1Q2023 quarterly fee reconciliation

The Commission approved a transition to a separate account vehicle for the American Funds EuroPacific Growth fund to reduce participant fees. The board also approved payments for 2022 and 2023 election costs and authorized attendance at the NAGDCA 2023 Annual Conference.

• Approved replacing American Funds EuroPacific Growth mutual fund with Separate Account Vehicle (unanimous)
• Approved May 16, 2023 meeting minutes with correction to include Chair Burton on Audit Committee (unanimous)
• Approved payment of 2023 election costs based on projected figures
• Approved payment of 2022 election costs totaling $22,147.78
• Approved Commission members to attend NAGDCA 2023 Annual Conference

Deferred Compensation Commission

The Commission will review the Service Provider's March 2023 reports and discuss plan document updates from Tarcza & Associates. The agenda also includes a discussion regarding the 2022 audit by Broussard and Company, CPA.

• Approval of March 21, 2023, meeting minutes
• Review of Service Provider's March 2023 Plan Update, UPA, and UEW reports
• Plan Document Updates from Tarcza & Associates
• Discussion of 2022 Audit by Broussard and Company, CPA
• Review of Q1-2023 Participant Engagement Report

The Commission approved the minutes from the March 21, 2023 meeting and established an Audit Committee to oversee the 2022 audit. Members also decided that the Retention Policy will be reviewed on an annual basis. The Commission discussed ongoing updates to the Plan Document and Investment Policy Statement.

• Approved March 21, 2023 meeting minutes (Unanimous)
• Approved creation of Audit Committee consisting of Mr. Buras, Mr. Guerin, and Ms. Burton
• Approved annual review of the Retention Policy
• Approved 16 UEW requests for March 2023

Deferred Compensation Commission

The Commission is meeting to review investment policies and service provider reports. The body will discuss updates regarding the Secure Act 2.0 and participant administrative fees.

• Change in PGIM Total Return Bond R6
• Change of Self-Directed Brokerage Provider
• Secure Act 2.0 Update
• Participant Administrative Fees Analysis
• Investment Policy Statement review

The Commission unanimously approved a revised Investment Policy Statement to update plan lineups and procedural changes. The body also approved a request for a participant to take a second loan following a previous default. No changes were made to administrative fees at this time.

• Approved revised Investment Policy Statement (unanimous)
• Approved February 14, 2023 meeting minutes (unanimous)
• Approved request for participant to take second loan after previous default (unanimous)
• Maintained monthly meeting start time at 10:00 a.m.

Deferred Compensation Commission

The Commission will meet to review investment performance, including a presentation by BlackRock and Q4 Wilshire LA performance. The agenda includes discussions on the Investment Policy Statement, service provider reports, and the 2023 LADCP Commission election.

• BlackRock presentation
• Review of Investment Policy Statement
• Q4 Wilshire LA Performance report
• LADCP Commission 2023 Election
• Approval of January 10, 2023 meeting minutes

The Commission approved the minutes from the January 10, 2023 meeting. Members received presentations on BlackRock investment funds and Q4 2022 performance, but no immediate decisions were made regarding new fund options or policy revisions.

• Approved January 10, 2023 meeting minutes (Unanimous)
• Approved 14 UEW requests for January 2023

Deferred Compensation Commission

The Commission will meet to approve minutes from the December 13, 2022, meeting and review plan document updates. The agenda includes presentations on strategic planning, communications survey results, and service provider reports.

• Approval of December 13, 2022, meeting minutes
• Plan Document Updates
• Strategic Planning Presentation (SPP)
• Communications Presentation – Survey Results
• LADCP Commission 2023 Election

The Commission approved a proposal for 2023 election verification services and nominated Laney Sanders for re-election as a Participant Member. Members also discussed a six-month process to amend the Plan Document and reviewed 2022 plan assets and participation data.

• Approved minutes of the December 13, 2022 meeting (Unanimous)
• Approved proposal from Duplantier Hrapmann Hogan & Maher, LLP for 2023 election verification services at $105 per hour
• Approved nomination of Laney Sanders for Participant Member seat starting July 1, 2023

Deferred Compensation Commission

The Nominating Committee of the Louisiana Deferred Compensation Commission will meet to nominate at least one participant for a term beginning July 1, 2023, replacing Ms. Laney Sanders whose term expires June 30, 2023.

• Nomination of at least one participant for the Deferred Compensation Commission
• Term begins July 1, 2023, replacing Ms. Laney Sanders