TRANSMITTAL LETTER FOR BOARD MEETING OF FEBRUARY 21, 2013
COMMITTEE ON PENSION, HUMAN RESOURCES AND CIVIL SERVICE
Mr. David St. Pierre, Executive Director
Title
Annual Report for the Deferred Compensation Plan and Trust for 2011 and 2012
Body
Dear Sir:
The District has sponsored a voluntary deferred compensation plan for employees since 1977. The Board of Commissioners adopted the Deferred Compensation Plan and Trust (Plan) effective September 1, 1998. The Plan document has been revised and restated several times since 1998. The Plan document provides that the Deferred Compensation Committee shall submit an annual report to the Board of Commissioners. The Deferred Compensation Committee consists of Commissioner Mariyana Spyropoulos, Chairman of the Committee on Finance; Mary Ann Boyle, Treasurer; and Denice E. Korcal, Director of Human Resources.
The District currently utilizes ICMA Retirement Corporation to administer the deferred compensation plan. It also contracts with a consultant, currently Segal Advisors, Inc., to provide deferred compensation investment consulting services as required by the Investment Policy.
The Plan balance as of December 31, 2012 was $175,804,464.58. This represents a net increase of $16,475,492.49 from December 31, 2011. The table below shows a comparison of total assets over the prior three-year period:
December 31, 2010 December 31, 2011 December 31, 2012
Mutual Funds $89,933,480.02 $89,641,352.72 $105,197,638.54
Stable Value Funds $64,247,269.40 $69,079,079.23 $69,824,188.65
Self-directed Accts $791,338.81 $608,540.14 $782,637.39
Total Assets $154,972,088.23 $159,328,972.09 $175,804,464.58
There were 1,859 participants, including active employees and retirees, enrolled in the Plan as of December 31, 2012 compared to 1,867 at the close of 2011. As of December 31, 2012, individual account balances were as follows: 190 individual accounts with balances in excess of $250,000; 87 with balances between $200,000 and $250,000; 141 with balances between $150,000 and $200,000; 192 with balances between $100,000 and $150,000; 363 with balances between $50,000 and $100,000; and 886 with balances under $50,000.
As provided in the Trust document, the annual report includes, as Exhibit 1:
1. A balance sheet of the Plan at year-end 2011 and 2012;
2. A statement showing changes in assets available for distribution in 2011 and 2012; and
3. A statement of investments as of year-end 2011 and 2012.
The Deferred Compensation Committee is pleased to submit this report to the Board of Commissioners.
Respectfully Submitted, Mariyana Spyropoulos, Chairman Deferred Compensation Committee; Mary Ann Boyle, Treasurer; Denice E. Korcal, Director of Human Resources
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