| Advisory Committee Meeting Minutes 2004 |
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Oregon Savings Growth Plan
Advisory Committee Meeting Minutes
August 11, 2004
PERS Salem Center
Salem, Oregon
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COMMITTEE MEMBERS PRESENT
Roman Martushev, Chair
Frank Goulard, Committee Member
Kathleen Beaufait, Committee Member
William Robertson, Committee Member
Julie Kammer, Committee Member
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STATEFF MEMBERS PRESENT
Gay Lynn Bath, Manager
Marsha Bacon, CSD Admin.
Denise Helms, Asst. to Manager
Kathy Peterson, OSGP Program Coord.
Jack Schafroth, Local Gov´t. Rep
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Call to Order by Chair Martushev at 9:30 a.m. Chair Martushev asked for roll to be called.
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- APPROVAL OF MINUTES Chair Martushev asked for any changes to the minutes from the May 12, 2004, meeting as presented.Kammer moved to approve the minutes; Goulard seconded the motion; Chair Martushev moved to adopt the minutes as presented.
- OLD BUSINESS:
- Service Contract Renewal:Marsha Bacon gave an update on the contract status. We are in the process of finalizing the contract with Citistreet and the Department of Justice.The process was delayed due to the number of contracts DOJ has on the table with PERS.We have a meeting with DOJ tomorrow to finalize what the statement of work and the contract will include.It will then go to Citistreet for their review.Bacon states we have extended the contract until the end of August.There have already been several extensions.Beaufait asked if there was a limit on the number of renewals.Bacon explained the contract is for a three-year period with a two-year renewal.
- Status of Policy Changes:Gay Lynn Bath gave an update on OSGP’s policy changes. Bath explained the Max-Plus provision, noting there were already ten new people taking advantage of the new policy.The 50-Plus and new distribution option, which required revisions to administrative rules before implementation, are going to the Board for approval at the September meeting.They should be ready to go in November.
- ADMINISTRATIVE REPORT:
- Performance Results:Kevin Nordhill shared the most recent results.
- Asset Report:Bath shared the most recent results, highlighting in the increases from last year.The total plan dollars have increased by 102 million since 2003.
- Service Review:Bob Donohue from Citistreet provided statistics from the second quarter.Assets of the plan were at $690 million on June 30, 2004.Donohue compared our plan to other like plans across the nation explaining that our rate of participation was about 30 percent.This number is good; the over-all voluntary contributions continue to be higher than other programs such as Texas, Michigan and Washington State.Chair Martushev asked for a yearly progression of the average and comparison for tracking previous years.Donohue addressed call center performance.Kathleen Beaufait asked for some age-based statistics, Donohue said he would gather that information and present at the next meeting. Donohue noted OSGP was staying on top of the market timing issues; stating that the plan has less than ten people who have been flagged as excessive traders, out of the participating 19,000.Donohue said education is a key issue.
- Local Government Report:Jack Schafroth, the new local government representative, gave a brief background on himself.Schafroth noted that OSGP recently adopted Marion County and the Community Services Consortium.Schafroth shared that his main focus will be to meet with each one of the current 119 local governments to introduce himself and determine their current needs.Schafroth, along with PERS and OSGP, recently held a focus group meeting for 10 employers from both state and local government to get feedback on the organization. Goulard suggested we contact Julie Tripp from the Oregonian to see about getting an article in the paper on a Sunday.Bacon said we could look into that.
- Plan Update:Bath went over the policy changes. Bath handed out the excessive trading policy.Bath shared that in the past three months there has been no one exceeding their trading amounts.She will continue to watch closely.Robertson asked for clarification of excessive traders, he would like to see an example in the next plan update.Bath asked for any other suggestions for the Plan Update, please be sure to e-mail her.Kammer asked if we could put the calculator/worksheet that Jack uses in his workshops.In addition Donohue suggested we put in article titled “Know the Facts of Rollovers”.
- Review of 2004 Goals:Bath gave in update on the 2004 goals.Bath noted we would have a new state educational representative in place by September 1.Chair Martushev asked if we could put our website address in a better location on the PERS website.Bath asked the committee for recommendations for OSGP goals for the fall meeting.
- NEW BUSINESS:
- Discussion Of Smart Plan:Bath explained the Save More Tomorrow program (SMarT).One of its features is to automatically rebalance participants’ portfolios as they move forward toward retirement.Bath explained the SMarT program is set up as a way to get participants to increase their deferrals automatically. Donohue explained that it was similar to the way the rate escalator with CitiStreet works.
- Election Of Chair And Vice Chair:Chair Martushev asked for nominations for Chair and Vice Chair.Beaufait made a motion to re-elect Chair Roman Martushev for another term.Goulard moved to close the nomination, Kammer seconded.Chair Martushev asked for a vote for Chair Martushev, and it carried unanimously.Chair Martushev will serve as Chair for the next year.Chair Martushev asked for nominations or volunteers for Vice Chair.Chair Martushev nominated Julie Kammer for Vice Chair.Goulard seconded the nomination; Beaufait moved the nomination be closed; Goulard seconded, it carried by unanimous vote.Julie Kammer will be the new Vice Chair for the next year.
- Advisory Committee Membership Renewal: Bath addressed term limits for Chair Martushev and Vice Chair Kast.Their three-year terms are up as of June.They both indicated they are interested in continuing for another term.Bacon stated the Board must approve the Committee term.Because they both agreed to continue, Bacon will send a memo, and it will go on as an agenda item for the June board meeting.
- FUTURE AGENDA ITEMS:
- Next meeting:Wednesday November 10, 2004 in Tigard
- ADJOURNMENT: There being no further business Chair Martushev adjourned the meeting.
Respectfully submitted,
Denise A Helms
Assistant to the Deferred Compensation Manager
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