04-10-85 Personnel & Finance - Laserfiche WebLink

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atuntudttn Squirt Ohl the ennui= council of ttp etty of Ifoutl Stott PERSONNEL AND FINANCE COMITTEE The April 10, 1935 meeting of the Personnel and Finance Committee was called to order by its Chairman Councilman Ann Puzzello at 4: 00 p.m. in the Council informal meeting room. Persons in attendance included: Councilmen Beck, Puzzello, Voorde,and Zakrzewskii Irene Gammon, Michael Vance, Tim Meinkin, Kathleen Cekanski- Farrand, and the individuals listed below. Councilman Puzzello noted that the purpose of the meeting was to hear presentation from various companies on deferred compensation. She then passed out two. (2). handouts (attached) . AETNA The first presentation was from Aetna with Ralph Muszynski, Scott Wilson, and Scott Gibson giving the presentation. A handout was given to each of tke Councilmen present. It was noted that Aetna has been in existence since 1853, and has deferred compensation plans no, 457 in effect in 12 states and 800 political sub-divisions, as well as for the American Hospital Association, the LAICU, the Police Chiefs Association, and the Country Club Managers Association. They dressed that they provide quality services and ongoing administrative support. They have an entirely separate unit which deals with deferred compensation and everything from data processing to money management to their legal department is done in-house. They would provide legal and technical assistance at no charge; have group meetings for enrollment and counselling purposes ; and would provide immediate confirmation and reconciliation services. There would be monthly billings and in turn they would provide confirmation of dates when money was received, dates when money was applied, total amounts of funds received to date, total values of accounts , as well as individual breakdowns. They would also have a watts line into Hartford, Ct. available. There would be five different investment options , namely: 1. Common Stock Fund 2. Bond Fund 3. Money Market Fund 4. Guaranteed Accumulation Account 5 . Fixed Accounts Aetna presently has control over $l billion dollars in assets. The following fees would be in effect: $15 .00 per account as a maintenance fee payable on the anniversary date and investment advice at 1.257 on the variables. Individuals could move money around up to 4 times each year at no charge and after that a $25 .00 fee would be assessed. Minimum contributions would be $50.00 per month. Individuals who leave City employment can have their accounts rolled over into other deferred compensation programs . They also would provide free annuity conversion at the time of retirement. They predicted a participation rate of 60-70%. They provide •R[[ PRESS 0E90 PUBLISHING CO.