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04-10-85 Personnel & Finance
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04-10-85 Personnel & Finance
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City Council - City Clerk
City Council - Document Type
Committee Mtg Minutes
City Counci - Date
4/10/1985
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atuntudttn Squirt <br /> Ohl the ennui= council of ttp etty of Ifoutl Stott PERSONNEL AND FINANCE COMITTEE <br /> The April 10, 1935 meeting of the Personnel and Finance Committee <br /> was called to order by its Chairman Councilman Ann Puzzello at 4: 00 p.m. <br /> in the Council informal meeting room. <br /> Persons in attendance included: Councilmen Beck, Puzzello, Voorde,and <br /> Zakrzewskii Irene Gammon, Michael Vance, Tim Meinkin, Kathleen Cekanski- <br /> Farrand, and the individuals listed below. <br /> Councilman Puzzello noted that the purpose of the meeting was to <br /> hear presentation from various companies on deferred compensation. She then <br /> passed out two. (2). handouts (attached) . <br /> AETNA <br /> The first presentation was from Aetna with Ralph Muszynski, Scott <br /> Wilson, and Scott Gibson giving the presentation. A handout was given to <br /> each of tke Councilmen present. It was noted that Aetna has been in <br /> existence since 1853, and has deferred compensation plans no, 457 in effect <br /> in 12 states and 800 political sub-divisions, as well as for the American <br /> Hospital Association, the LAICU, the Police Chiefs Association, and the <br /> Country Club Managers Association. <br /> They dressed that they provide quality services and ongoing <br /> administrative support. They have an entirely separate unit which deals with <br /> deferred compensation and everything from data processing to money management <br /> to their legal department is done in-house. They would provide legal and <br /> technical assistance at no charge; have group meetings for enrollment and <br /> counselling purposes ; and would provide immediate confirmation and <br /> reconciliation services. There would be monthly billings and in turn they <br /> would provide confirmation of dates when money was received, dates when money <br /> was applied, total amounts of funds received to date, total values of accounts , <br /> as well as individual breakdowns. They would also have a watts line into <br /> Hartford, Ct. available. <br /> There would be five different investment options , namely: <br /> 1. Common Stock Fund <br /> 2. Bond Fund <br /> 3. Money Market Fund <br /> 4. Guaranteed Accumulation Account <br /> 5 . Fixed Accounts <br /> Aetna presently has control over $l billion dollars in assets. <br /> The following fees would be in effect: $15 .00 per account as a <br /> maintenance fee payable on the anniversary date and investment advice at <br /> 1.257 on the variables. Individuals could move money around up to 4 times <br /> each year at no charge and after that a $25 .00 fee would be assessed. <br /> Minimum contributions would be $50.00 per month. Individuals who leave City <br /> employment can have their accounts rolled over into other deferred compensation <br /> programs . They also would provide free annuity conversion at the time of <br /> retirement. They predicted a participation rate of 60-70%. They provide <br /> •R[[ PRESS 0E90 PUBLISHING CO. <br />
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