Deferred Compensation Commission public meetings in 2025

Deferred Compensation Commission

The Louisiana Deferred Compensation Commission will meet to finalize a service provider contract, review quarterly plan updates, and discuss investment policies. The agenda also includes a retreat with fiduciary training and an AI presentation.

• Finalization of Service Provider Contract
• 3Q2025 Case Reconciliation
• 3Q2025 Participant Engagement Activity
• 3Q2025 LADCP Plan Review Highlights
• Fiduciary Training and AI Presentation during retreat

The Commission approved a new administrative fee structure for participants based on account balances and authorized public notice for Empower contract amendments. It also decided to assess full quarterly administrative fees during full fund distributions and approved the 2026 meeting schedule.

• Approved reduction of recordkeeping fee to $7 annually for balances ≤$5k and 14 basis points for balances $5k-$50k (unanimous)
• Approved zero fees on balances above $50k (unanimous)
• Authorized publication of statutory public notice for Empower contract amendments (unanimous)
• Approved assessing full quarterly participant administrative fee at time of full distribution (unanimous)
• Approved November 18, 2025 meeting minutes (unanimous)
• Approved 2026 Commission meeting schedule (unanimous)

Deferred Compensation Commission

The Commission will meet to review the Wilshire 3Q2025 Performance Report and discuss LADCP contract amendments. The body will also receive updates from the Attorney General and review participant engagement activities.

• LADCP Contract Amendments
• Wilshire 3Q2025 Performance Report
• Attorney General Updates
• 3Q2025 Participant Engagement Activity
• OnBoard Annual Renewal

The Commission approved the renewal of the OnBoard portal contract and the October 21, 2025, meeting minutes. It directed Empower to structure the upcoming recordkeeping contract as a 5+5 year term and established fee increases for loans and QDROs effective January 1, 2026.

• Approved October 21, 2025, meeting minutes (unanimous)
• Approved OnBoard portal contract renewal (unanimous)
• Directed Empower to structure recordkeeping contract as five-year initial term with five-year renewal option
• Increased loan origination fee from $50 to $75 (effective 1/1/2026)
• Increased loan annual maintenance fee from $25 to $50 (effective 1/1/2026)
• Increased QDRO processing fee from $250 to $400 (effective 1/1/2026)
• Moved 3Q2025 Participant Engagement and Plan Review reports to January 2026 agenda

Deferred Compensation Commission

The Commission will meet to discuss LADCP contract amendments and receive reports from the service provider. The body will also address employer notifications regarding the Secure 2.0 Roth Catch Up Rule.

• LADCP Contract Amendments
• Secure 2.0 Roth Catch Up Rule employer notification
• Service Provider’s Report including Plan Update, UPA, and UEW reports for September 2025
• Attorney General Updates

The Commission unanimously approved amendments to the LADCP contracts, including the establishment of a second Unallocated Plan Account and updated terminology for the Empower Trust Company. The board also approved the meeting minutes from October 21, 2025, with one amendment.

• Approved LADCP contract amendments (unanimous)
• Approved October 21, 2025, meeting minutes as amended (unanimous)

Deferred Compensation Commission

The Commission will meet on September 16, 2025, to consider the independent auditor’s final report, discuss the 2025 legislative auditor assignment, and review the recordkeeper RFP contract. Other agenda items include a second-quarter case reconciliation, a recent SEC ruling and lawsuit, and a report on float interest earned.

• Independent Auditor’s Final Report
• Recordkeeper RFP Contract Review
• SEC Ruling and Recent Lawsuit
• 2Q2025 Case Reconciliation
• Float: Interest Earned/Money-In-Motion

The Commission authorized the execution of the Empower recordkeeper contract and adopted a float interest program using the First American U.S. Treasury Fund sweep. The board also approved the appointment of a new auditor for the 2025 Plan audit.

• Approved Empower contract at $28 per participant (unanimous)
• Approved adoption of float interest program using First American U.S. Treasury Fund (FOYXX) sweep (unanimous)
• Authorized signing of 2025 audit engagement letter with Daigrepont & Brian, APAC (unanimous)
• Approved August 19, 2025, meeting minutes as amended (unanimous)

Deferred Compensation Commission

The Commission will meet to discuss the Recordkeeper RFP and the Independent Auditor’s Final Report. The body will also review performance reports for the second quarter of 2025 and a fraud follow-up.

• Independent Auditor’s Final Report
• Recordkeeper RFP
• Fraud Follow Up
• 2Q2025 LA Market Overview-Summary
• 2Q2025 Wilshire Performance Review

The Commission unanimously voted to retain Empower as the plan's service provider. A subcommittee was formed to review final contract details. The Commission also approved the minutes from the July 15, 2025, meeting.

• Retained Empower as service provider (unanimous)
• Formed RFP subcommittee consisting of Andrea Hubbard and Laney Sanders
• Approved July 15, 2025, meeting minutes (unanimous)
• Approved adding adjournment time to the July 15 minutes (unanimous)
• Scheduled September meeting for September 16, 2025

Deferred Compensation Commission

The Louisiana Deferred Compensation Commission will meet to approve minutes, swear in a new member, elect officers, and receive reports from the independent auditor, service provider, and attorney general. The main business is hearing finalist presentations for a request for proposals (RFP).

• Swearing in of Beverly Hodges and election of officers
• Independent Auditor's Final Report
• Service Provider's Report including Plan Update, UPA, and UEW Report for June 2025
• Attorney General Updates including Executive Order JML 25-038
• RFP Finalist Presentations

The Commission elected its Chairperson, Vice Chairperson, and Secretary. Members approved the May 20, 2025, meeting minutes and heard presentations from three finalist vendors for the recordkeeper RFP. The Commission also received updates on plan assets and rule promulgation.

• Approved May 20, 2025, meeting minutes (unanimous)
• Elected Beverly Hodges as Chairperson (unanimous)
• Elected Andrea Hubbard as Vice Chairperson (unanimous)
• Elected Laney Sanders as Secretary (unanimous)
• Deferred independent auditor item to August 19, 2025
• Deferred Participant Engagement Insights to a future meeting
• Deferred Plan Performance Insight to a future meeting

Deferred Compensation Commission

The Louisiana Deferred Compensation Commission will meet to approve minutes, review a draft independent auditor's report, receive updates on the recordkeeper RFP and Attorney General directives, and discuss Secure 2.0 Roth requirements, state webinars, and a commission travel card.

• Approval of minutes from May 20, 2025 meeting
• Review of draft Independent Auditor's Report
• Update on Recordkeeper RFP
• Discussion of Secure 2.0 Roth requirement
• Update on Attorney General Executive Order JML 25-038 and rule promulgation

The Commission reviewed three proposals for recordkeeping services from Empower, Nationwide, and Voya. Members decided to hold virtual interviews with each company at the July 15, 2025, meeting. The Commission also approved attendance at the 2025 NAGDCA Conference.

• Approved meeting minutes from May 20, 2025 (unanimous)
• Approved Commission member attendance at the 2025 NAGDCA Conference (unanimous)
• Decided to hold virtual interviews with Empower, Nationwide, and Voya on July 15, 2025
• Approved Ms. Hodges to sign the audit Management Representation letter (unanimous)

Deferred Compensation Commission

The Commission will review the Wilshire performance and the Louisiana market overview for the first quarter of 2025. The agenda includes an update on the Recordkeeper RFP and reports from the Service Provider.

• Wilshire Performance Review (1Q2025)
• Recordkeeper RFP Update
• LA Market Overview including securities sold Dec 2024-March 2025
• Service Provider’s Report for April 2025
• Approval of April 15, 2025 meeting minutes

The Commission unanimously approved revised wording for the loan default policy to align it with the Plan Document. Members also reviewed first-quarter 2025 investment performance and received updates on a recordkeeper RFP process.

• Approved April 15, 2025, meeting minutes (unanimous)
• Approved revised wording of the loan default policy (unanimous)

Deferred Compensation Commission

The Louisiana Deferred Compensation Commission will meet to receive updates on a recordkeeper RFP and 1Q2025 plan performance. The body will also discuss Attorney General updates regarding Executive Order JML 25-038.

• Update on Recordkeeper RFP
• 1Q2025 Plan Performance Insights
• Executive Order JML 25-038 Administrative Rules and Regulations
• 1Q2025 PPT Engagement Activity
• Loan Default Review

The Commission approved a request for a participant to take a new loan despite a 2008 default that was paid in full in 2018. The Commission also directed a review of the Loan Administration Policy to align it with the Plan Document. Other business included updates on a recordkeeper RFP and a review of Governor Landry's Executive Order JML 25-038.

• Approved March 18, 2025 meeting minutes (unanimous)
• Approved loan request for participant with 2008 default (unanimous)
• Directed Mr. Lester to provide suggested language changes to the Loan Administration Policy

Deferred Compensation Commission

The Louisiana Deferred Compensation Commission will meet to discuss routine administrative items including approval of prior minutes, a communications update, fraud and cyber security reviews, and a draft recordkeeper RFP with fee quote. No petitions were received for the 2025 election. The meeting also includes reports from the Attorney General and service provider.

• Recordkeeper RFP draft and fee quote review
• Fraud protection and cyber security reviews
• Service provider plan update for February 2025
• Commission travel and expense card discussion

The Commission authorized final edits to the Recordkeeper RFP and decided to include the request in the Pension and Investments publication. It was also determined that no 2025 participant elections are necessary as no petitions were received.

• Approved February 25, 2025 meeting minutes (unanimous)
• Confirmed no 2025 participant election needed due to lack of petitions
• Approved Beverly Hodges for a second term as participant (July 2025-June 2028)
• Authorized Recordkeeper RFP Evaluation Team to finalize RFP edits for April 1 distribution (unanimous)
• Approved including Recordkeeper RFP in the Pension and Investments publication (unanimous)

Deferred Compensation Commission

The Louisiana Deferred Compensation Commission will review the 4Q2024 investment performance report, participant administrative fees, and a draft recordkeeper RFP. It will also consider a Tarcza contract update, a CPA engagement letter, and a Roth transfer election form.

• Wilshire 4Q2024 Performance Review
• Participant Administrative Fees Analysis
• Recordkeeper RFP Draft and Fee Quote Draft
• Broussard and Co. CPA Engagement Letter
• Roth Incoming Transfer Election Form

The Commission voted to lower participant administrative fees effective May 1, 2025, and authorized the establishment of a US Bank ghost credit card. Members also approved a one-year contract for Mr. Tarcza and updated Roth transfer election forms.

• Reduced participant fee from 20 bps to 18 bps, effective May 1, 2025 (Unanimous)
• Approved US Bank ghost credit card account with $50,000 limit and $5,000 transaction limit (Unanimous)
• Approved one-year contract for Mr. Tarcza from Feb 1, 2025, to Jan 31, 2026, not to exceed $50,000 (Unanimous)
• Approved Roth In-Plan Rollover and transfer election forms effective March 15, 2025 (Unanimous)
• Approved January 28, 2025, meeting minutes as amended (Unanimous)
• Formed Recordkeeper RFP Evaluation Team consisting of Ms. Hubbard, Ms. Rougeou, and Ms. Sanders

Deferred Compensation Commission

The Louisiana Deferred Compensation Commission will meet to approve minutes, review the 4Q2024 market overview and crediting rate, discuss a Wilshire RFP, consider Secure 2.0 provisions and Roth rollovers, review the Tarcza contract, hear a service provider update, and review a strategic partnership plan including loan procedures.

• Approval of minutes from December 17, 2024 meeting
• Louisiana 4Q2024 CSVF and crediting rate calculation review
• Wilshire RFP preliminary review
• Plan document review including Secure 2.0 provisions and Roth rollovers/in-plan Roth conversion
• Strategic Partnership Plan presentation with loan procedure review

Deferred Compensation Commission

The Nominating Committee will meet to nominate at least one participant for a term beginning July 1, 2025. This follows notice that Ms. Beverly Hodges’ term is scheduled to expire on June 30, 2025.

• Nomination of participants for the term commencing July 1, 2025
• Notice of expiring term for Ms. Beverly Hodges on June 30, 2025

Deferred Compensation Commission

The Commission approved a new industry-standard credited rate calculation formula and several Secure 2.0 Act provisions, including catch-up limits for participants aged 60-63. Members also authorized the use of virtual meetings and approved a three-year contract with Tarcza and Associates. Additionally, the Commission voted to allow Roth Rollovers and In-Plan Roth conversions.

• Approved change to industry (new) credited rate calculation formula (Unanimous)
• Approved Secure Act 2.0 Section 109 catch-up for participants aged 60-63 (Unanimous)
• Approved the opportunity to hold virtual Commission meetings (Unanimous)
• Approved Secure 2.0 Section 604 regarding Roth basis matching funds (Unanimous)
• Approved allowing Roth Rollovers and In-Plan Roth conversions (Unanimous)
• Approved three-year contract with Tarcza and Associates not to exceed $50,000 (Unanimous)
• Accepted Nominating Committee's endorsement of Ms. Hodges for Participant Member term (Unanimous)
• Approved Duplantier Hrapmann Hogan and Maher's proposal for ballot counting if needed (Unanimous)