6.1.b. ERMUSR 02-09-2016 Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO: FROM:
Elk River Municipal Utilities Commission Theresa Slominski—Finance and Office Manager
John Dietz—Chair
Al Nadeau—Vice Chair
Daryl Thompson—Trustee
MEETING DATE: AGENDA ITEM NUMBER:
February 9, 2016 6.1b
SUBJECT:
Staff Update
DISCUSSION:
To follow up on Security Inventory from last month,there were some discrepancies that had to
be corrected internally. There was inaccurate invoice posting that resulted in items being
expensed instead of recorded to inventory. Internal processes were reviewed and the staff
trained on the deficiencies so that it can easily be handled correctly in the future. In the end, all
inventory was accounted for and accurate.
We have had the Minnesota Deferred Compensation Plan(the State) and the Wenzel &
Associates Plan(W&A)that are offering the 457b investments, also offer to have a Roth 457b
investment included. Staff has been receptive to this and so we would like to expand the offering
to include a Roth investment option. There is no need for a policy change or any action on your
part,just a notice to both the State and W&A that we would like to add a Roth to our portfolio of
investments in the 457b plan(s). There is minimal additional administration by including this
offering. Also to note, the Roth 457b plan would not be eligible for the 3%match available to
the regular 457b plans, given that it is after tax dollars invested and an employer match would
not be after tax. Should the Commission have any objection to this offering,please let me know,
otherwise I would like to move forward with having the Roth option included.
With the software server move from a hosted server at the NISC location that we access over the
internet, to a local server here,we were provided a new service agreement. Peter Beck and
Campbell Knutson have reviewed the agreement and recommended some changes that in the
process of revision with NISC legal counsel now. Once the new agreement is acceptable and
signed we can establish a conversion date. We are hoping for early March.
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