REPORT TO DEFERRED COMPENSATION COMMITTEE
SUBJECT
Title
Action to Establish Deferred Compensation Committee Meeting Dates for 2021
Report
BACKGROUND
No City Charter or City Code provision specifies the frequency of the Deferred Compensation Committee meetings. Historically, City practice has been that the Committee meets on a quarterly basis.
DISCUSSION
In the past, the Deferred Compensation Plan Committee (Committee) has scheduled its' meeting on a quarter-by-quarter basis, with staff surveying the five Committee members, Plan recordkeeper (Nationwide) and Plan consultant (Hyas) for their availability before scheduling each meeting. This is time intensive and does not provide regularity for Committee members or for Nationwide, Hyas and staff to prepare Committee meeting materials. Additionally, since this is a Brown Act meeting, it requires additional coordination to publish and post Committee agendas and materials in addition to distributing to the Committee in advance of the meetings.
Recognizing these complexities, staff is proposing a regular Committee meeting schedule for Calendar Year 2021 so that the Committee members, Nationwide, Hyas and staff can rely upon firm deliverable and meeting dates. Establishing the annual Committee meeting schedule in advance of the upcoming year is consistent with other Committees and Commissions.
Quarterly financial and plan demographic data is available at the end of the month following the end of each quarter, making the second month following quarter- end, May, August, November and February, ideal for the Committee meetings. After consulting with Nationwide and Hyas on their mutual availability, staff is proposing the Committee meet either on the second Wednesday of the month at 2:00 PM or the third Thursday of the month at 10:00 AM.
Option 1 (Second Wednesday of the Month at 2:00 PM)
February 10, 2021
May 12, 2021
August 11, 2021
November 10, 2021
Option 2 (Third Thursday of the Month at 10:00 AM)
February 18, 2...
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