Deferred Compensation Commission public meetings in 2024
13 substantive meetings from 2024, with official agendas or minutes and plain-English summaries.
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet to approve minutes, hear a service provider report on plan updates, and discuss optional provisions under Secure 2.0. The agenda also includes items on a commission travel and expense card and a plan administrator contract, followed by a retreat covering fiduciary training and plan fee review.
- Service Provider's Report including Plan Update, UPA, and UEW Report for November 2024
- Discussion of Secure 2.0 Optional Provisions
- Commission Travel & Expense Card
- Plan Administrator Contract
The Commission approved four optional Secure 2.0 provisions regarding emergency, hardship, domestic abuse, and federal disaster distributions. It also approved a plan document revision to allow loan repayments via ACH after employment severance. Two other Secure 2.0 provisions were not approved.
- Approved Section 115: $1,000 emergency withdrawals
- Approved Section 312: Self-certification of hardship withdrawals
- Approved Section 314: Domestic abuse distributions up to $10,000 or 50% of balance
- Approved Section 331: Qualified federal disaster distributions up to $22,000
- Denied Section 120: Auto-Portability of small balances
- Denied Section 304: Mandatory force-outs increase from $5K to $7K
- Approved plan document revision to allow loan repayment via ACH after severance
- Denied proposed change of meeting day to the third Wednesday of each month
Deferred Compensation Commission
The Commission will review the Wilshire 3Q2024 report and updates from the Service Provider. The body will also discuss Secure 2.0 optional provisions and the 2025 meeting schedule.
- Wilshire 3Q2024 Report
- Service Provider’s Report including Plan Update, UPA, UEW, and Charles Schwab Fund Family reports
- 3Q2024 Case Reconciliation
- Secure 2.0-Optional Provisions
- Nominating Committee-Election
The Commission approved the membership of the 2025 Nominating Committee and authorized travel for members to attend the Wilshire Client Conference. The board also reviewed quarterly investment reports and discussed upcoming Secure 2.0 optional provisions for a December retreat.
- Approved October 15, 2024 meeting minutes (unanimous)
- Approved Kent LaPlace, Ben Huxen, and Afranie Adomako to the 2025 Commission Nominating Committee (unanimous)
- Approved travel to the Wilshire Conference for any Commission member who wishes to attend
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet to approve minutes, review the 2023 financial audit, and receive reports on plan performance and participant engagement for the third quarter of 2024. The agenda also includes updates from the Attorney General’s Office and discussion of optional provisions under the SECURE 2.0 Act.
- Final audit of financial statements for year ended December 31, 2023
- Wilshire 3Q2024 investment report
- Service provider report including plan updates for August and September 2024
- Loan default review
- Discussion of SECURE 2.0 optional provisions
The Commission approved the restated financial statement for the year ended 2023 and authorized a two-year renewal of the OnBoard contract. Members also approved a loan request for a participant with a prior default. The body discussed participant engagement strategies and upcoming Secure 2.0 provisions.
- Approved August 20, 2024 meeting minutes (unanimous)
- Accepted restated 2023 final audit financial statement (unanimous)
- Approved two-year renewal of OnBoard contract for $6,480 (unanimous)
- Approved loan request for participant with a 2020 defaulted loan (unanimous)
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet to discuss the plan audit report, second-quarter 2024 market overview, and service provider updates. The agenda includes approval of July 2024 minutes, participant engagement, loan defaults, and optional Secure 2.0 provisions. No public votes on specific dollar amounts or contracts are listed.
- Plan Audit Report
- 2Q2024 LA Market Overview including CSVF, Credit Letter, and Securities Sold
- 2Q2024 Case Reconciliation
- Loan Default Review
- Secure 2.0 – Optional Provisions
The Commission approved amended financial statements after an audit found loan balances were overstated by approximately $3 million. Members also approved two requests for participants to take new loans following administrative errors on previous defaults.
- Approved restated 2022 and 2023 financial statements and audits (Unanimous)
- Approved amended July 16, 2024 meeting minutes (Unanimous)
- Approved loan request for participant whose previous default was an administrative error (Unanimous)
- Approved loan request for participant once final payment on a defaulted loan is made (Unanimous)
- Approved adding 'roll call' to the written agenda (Unanimous)
Deferred Compensation Commission
The Commission will meet to review plan audit reports and service provider updates. The agenda includes the swearing in of a participant member and the election of a Commission officer.
- Swearing in of Cindy Rougeou, Participant Member
- Election of Commission Officer
- Review of Plan Audit Report
- Service Provider's June 2024 updates
- Discussion of Secure 2.0 optional provisions
The Commission elected Beverly Hodges as Chairperson, Andrea Hubbard as Vice Chairperson, and Laney Sanders as Secretary. The body approved the June 18, 2024, meeting minutes and swore in Cindy Rougeou as a Participant Member. Plan assets were reported at $2,303.17 million as of June 30, 2024.
- Elected Beverly Hodges as Chairperson
- Elected Andrea Hubbard as Vice Chairperson
- Elected Laney Sanders as Secretary
- Approved June 18, 2024, meeting minutes (unanimous)
- Approved motion to enter executive session (unanimous)
- Swore in Cindy Rougeou as Participant Member
- Established Expense Card Committee consisting of Mr. Buras, Ms. Rougeou, and Ms. Hodges
Deferred Compensation Commission
The Commission will meet to review plan updates and service provider reports from May 2024. The agenda includes discussions on legislative updates, financial audit updates, and the purchase of additional OnBoard licenses.
- Approval of May 21, 2024 meeting minutes
- Service Provider's Plan Update for May 2024
- Secure 2.0 optional provisions discussion
- OnBoard additional license purchase
- Protective Life Insurance Procedures-Corporate Resolution
The Commission approved the purchase of two additional OnBoard user subscriptions and voted to move future meeting start times to 9:00 a.m. Members also reviewed plan assets totaling $2,284.58 million as of May 31, 2024.
- Approved May 21, 2024 meeting minutes as amended (Unanimous)
- Approved $800 annual purchase for two additional OnBoard user subscriptions
- Approved changing future meeting start time to 9:00 a.m. (Unanimous)
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will hold a regular meeting to discuss first-quarter 2024 market overview, plan performance, legislative updates, and service provider reports. No votes on new policies or expenditures are scheduled; the agenda is largely informational and procedural.
- Approval of minutes from April 16, 2024 meeting
- 1Q2024 LA Market Overview including CSVF, Credit Letter, and Securities Sold
- Wilshire 1Q2024 Plan Performance review
- Plan Document Rules and Legislative Updates
- Service Provider’s Report covering Plan Update, UPA, and UEW Report for April 2024
The Commission approved allowing any member who wishes to attend the NAGDCA 2024 Conference in Phoenix to do so. The board also approved the meeting minutes from April 16, 2024. No votes were taken on optional Secure 2.0 distribution provisions.
- Approved April 16, 2024 meeting minutes (unanimous)
- Approved attendance for any Commission member wishing to attend the NAGDCA 2024 Conference
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet to discuss plan rules and legislative updates, records retention, and a service provider report covering March 2024. The agenda also includes updates on the Board Portal and Secure 2.0. No votes or decisions are specified.
- Approval of minutes from March 19, 2024 meeting
- Service Provider’s Report: Plan Update, UPA, and UEW Report for March 2024
- Board Portal Update – OnBoard
- Secure 2.0 discussion
The Commission unanimously approved a final Records Retention Schedule and designated the position of Commission secretary to serve as the Records Officer. The board also approved the minutes from the March 19, 2024, meeting with one amendment.
- Approved March 19, 2024, meeting minutes as amended (Unanimous)
- Approved Records Retention Policy as presented (Unanimous)
- Designated Commission secretary as the Records Officer (Unanimous)
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will meet to discuss the 4Q2023 market overview and legislative updates. The body will review reports from the service provider and discuss Secure 2.0 and delegation of authority.
- 4Q2023 LA Market Overview including LA CSVF, LA Credit Letter, and Securities Sold
- Plan Doc Rules and Legislative Updates
- Service Provider’s reports for February 2024
- Secure 2.0 discussion
- Delegation of Authority regarding LA State Senate, Dept of Insurance, and Office of Financial Institutions
Deferred Compensation Commission
The Commission approved a loan request for a participant whose previous loan defaulted due to an agency administrative error. Members also reviewed the 4Q2023 market overview and discussed the implementation of Secure 2.0 provisions.
- Approved February 27, 2024 meeting minutes (unanimous)
- Approved loan request for participant with previous administrative default (unanimous)
- Determined Secure 2.0 provision changes will be submitted at least twice annually
Deferred Compensation Commission
The Commission will discuss 4Q2023 plan performance and 2024 strategic partnership planning. The meeting includes a commission election and updates on legislative rules and records retention.
- Wilshire 4Q2023 Plan Performance
- Commission Election
- Board Portal Update regarding OnBoard and purchase of tablets
- Secure 2.0 updates
- Delegation of Authority between DOA and State Treasurer
The Commission approved the purchase of ten Lenovo tablets to implement the OnBoard Portal for meetings starting in April. Members also authorized the signing of rule change documents and approved the January meeting minutes.
- Approved purchase of 10 Lenovo Tab P12 tablets and accessories for $3,789.80 (Unanimous)
- Approved January 23, 2024 meeting minutes (Unanimous)
- Authorized Chair Virginia Burton to sign Fiscal Economic Impact and Notice of Intent for proposed rule changes (Unanimous)
- Agreed to delay use of OnBoard Portal until April to allow for training and device procurement
Deferred Compensation Commission
The Louisiana Deferred Compensation Commission will hold a regular meeting to approve minutes, receive updates on plan rules and the service provider, discuss records retention and the board portal, review plan statistics, consider Secure 2.0 provisions, and elect a new commission member.
- Approval of minutes from December 12, 2023
- Service Provider's Report (Nov/Dec 2023) including plan update, UPA, and UEW report
- Discussion of Secure 2.0 federal retirement provisions
- Commission election
- Review of revised meeting schedule and December retreat
The Commission approved the inclusion of Secure 2.0 Qualified Birth and Adoption distribution provisions in the Plan rule changes. Members also appointed a records retention officer and established a subcommittee for the OnBoard portal implementation.
- Approved December 12, 2023 meeting minutes (unanimous)
- Approved inclusion of Secure 2.0 Qualified Birth and Adoption distribution provisions in Plan rule changes
- Appointed Mr. Dyse as records retention officer (unanimous)
- Established OnBoard implementation subcommittee consisting of Ms. Hubbard, Ms. Sanders, and Ms. Burton (unanimous)
- Approved proposal from Duplantier, Hrapmann, Hogan and Maher, LLP for ballot counting costs (unanimous)
- Approved revised calendar of Commission meetings (unanimous)
- Deferred updates to Document Management Policy pending review of LASERS' policy
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, 2024, following the expiration of Ms. Virginia Burton's term on June 30, 2024.
- Nomination of at least one participant for the Deferred Compensation Commission term starting July 1, 2024