Deferred Compensation Board

MINUTES UNIFIED GOVERNMENT OF ATHENS-CLARKE COUNTY DEFERRED COMPENSATION BOARD REGULAR MEETING Wednesday, May 20, 2020, 3:30 PM The Athens-Clarke County Deferred Compensation Board held its regular meeting on Wednesday, May 20, 2020 by WebEx and Live Stream on YouTube in accordance with the Open Meetings Act and in response to the COVID-19 Situation. The following were in attendance by WebEx: ACCGov Pension Board Ordinance - Section 1-14-15 Members: 1. Tim Denson, Commissioner and Deferred Compensation Board Chair 2. Blaine Williams, Manager 3. David Boyd, Finance Director 4. Jeff Hale, Human Resources Director 5. John Spagna, Employee Representative 6. Richard Steed, Employee Representative 7. Community Representative, not yet appointed Ex Officio members: John Hawkins, Chief Assistant Attorney Laura Welch, Assistant Human Resources Director Traci Mason, Benefits & Wellness Administrator Other Attendees: Josh Edwards, Assistant Manager Deborah Lonon, Assistant Manager Todd Dickey, Public Information Office The meeting was called to order at 3:35 p.m. 1. Approval of February 19, 2020 Meeting Minutes and April 27, 2020 Special Called Meeting Minutes. Jeff Hale moved to approve the minutes of the February 19, 2020 meeting and the April 27, 2020 meeting with removal of the following from the April 27, 2020 minutes: Option #2: Increase/add ability to take out loans of 100% of vested amount of employee contributions a. Repayment schedule of 5-10 years b. ACH from bank account c. Not taxable if repaid. Taxable if loan defaults d. If separate from service, continue to make payments Richard Steed seconded the motion. The motion was passed unanimously. 2. Discussion of Implementation of Coronavirus Aid, Relief, and Economic Security Act (CARES) Plan Changes ACCGov DEFERRED COMPENSATION BOARD Minutes – Regular Meeting, May 20, 2020 Page 1 of 2  Laura Welch briefed the board on implementation of the CARES Act modifications to the Deferred Compensation Plans allowing employees affected by COVID to take distributions. 3. Discussion of Nationwide Request for Contract Change The meeting adjourned at 11:00 a.m. Jeff Hale presented the board with the Nationwide contract modifications, which attenuates the ability of employees to choose fixed income from 3% to 1%. He reported that there are 19 employees currently enrolled in the plan. Jeff Hale moved to adopt the amendment to the contract , seconded by David Boyd. The motion was passed unanimously. 4. Discussion of Investment Policy Statement Development. The board discussed the need for an Investment Policy Statement to outline user options for investment, fiduciary responsibilities, risk tolerance, and investment approach. The board reached consensus that it will engage Aon to review the current investment strategy and offer suggestions for the Investment Policy Statement. Blaine Williams moved to adjourn the meeting, seconded by John Spagna. The meeting was adjourned at 3:58 p.m. Respectfully submitted, Laura Welch, Assistant Human Resources Director Secretary to the Deferred Compensation Board ACCGov DEFERRED COMPENSATION BOARD Minutes – Regular Meeting, May 20, 2020 Page 2 of 2