HomeMy WebLinkAbout04.c. 2009 Annual Report of the Deferred Compensation Plan Advisory CommitteeCentral Contra Costa Sanitary District
' BOARD OF DIRECTORS
`~ - POSITION PAPER
Board Meeting Date: March.18, 2010 No.: 4.c. Consent Calendar
Type of Action: RECEIVE ANNUAL REPORT
subject: RECEIVE THE 2009 ANNUAL REPORT OF THE DEFERRED
COMPENSATION PLAN ADVISORY COMMITTEE
Submitted By: Initiating Dept/Div.:
Debbie Ratcliff, Controller Administrative/Finance & Accounting
REVIEWED AND RECOMMENDED FOR BOARD ACTION:
.~
D. Ratcli us ves
;'~
mes M. Ily,
eneral pager
ISSUE: The Deferred Compensation Plan Advisory Committee (Committee)
respectfully submits its 2009 Annual Report.
RECOMMENDATION: Receive the Annual Report of the Deferred Compensation Plan
Advisory Committee for 2009 and provide any comments to staff.
FINANCIAL IMPACTS: None
ALTERNATIVES/CONSIDERATIONS: None
BACKGROUND: The Board of Directors approved the establishment of the Committee
in January 1982. The scope of activities of the Committee includes:
• Establishing internal administrative procedures
Educating participants regarding the Plan
Reviewing emergency withdrawal requests
Reviewing investment performance of the Plan
Submission of an annual report to the Board of Directors and Plan
participants
The Committee is made up of the following Departmental representatives:
Debbie Ratcliff, Controller -Chairperson
David Rolley, Accounting Technician III -Administrative
Michael Penny, Associate Engineer -Engineering
Roseanna Barrett, Administrative Srvs Supv. -Collection System Operations
Matthew Mahoney, Maintenance Planner -Plant Operations
CHANGE IN FORMAT
A change in the presentation of the performance results was made this year in order to
allow for long term tracking of results of up to 10 years and/or since inception.
N:W000UNTING\GMTEMPI\DEFERRED COMP\2005~Annual.Report.2005.Def.Comp.doc
POSITION PAPER
Board Meeting Date: MBrCh 1 H, 2010
Subject. RECEIVE THE 2009 ANNUAL REPORT OF THE DEFERRED
COMPENSATION PLAN ADVISORY COMMITTEE
The Deferred Compensation Annual Report was reviewed by the Budget and Finance
Committee on March 15, 2010.
RECOMMENDED BOARD ACTION: Receive the Annual Report of the Deferred
Compensation Plan Advisory Committee for 2009 and provide any comments to staff.
N:W000UNTING\GMTEMPI\DEFERRED COMP\2005~Annual.Report.2005.Def.Comp.doc
Central Contra Costa Sanitary District
DEFERRED COMPENSATION PLAN ADVISORY COMMITTEE ANNUAL REPORT
JANUARY 2009 -DECEMBER 2009
The Deferred Compensation Plan Advisory Committee (the Committee) was
established by the Board of Directors to facilitate the internal administration of the
District's Deferred Compensation Plan. The scope of the Committee's activities
encompasses the following:
• Establish internal District administrative procedures within the provisions of the
Deferred Compensation Plan document.
• Educate participants regarding the plan provisions by issuing a handbook which
summarizes the Deferred Compensation Plan and responding to questions from
participants.
• Review accountability by the Program Administrators, Hartford Life Insurance
Company (Hartford), Nationwide Retirement Solutions, and ICMA Retirement
Corporation (ICMA) and respond to participants' queries regarding accuracy or
propriety of account balances.
• Review participants' requests for emergency withdrawal of funds and make
recommendations for acceptance or denial to the Board of Directors.
• Review investment performance of the Deferred Compensation Plan on an
annual basis.
During the period of January 2009 through December 2009, the Committee addressed
all of the activities included in its scope of responsibilities through the conscientious
efforts of all of the Committee members.
The performance of Hartford, Nationwide Retirement Solutions, and ICMA in
administering the Deferred Compensation Plan during the 2009 report is considered to
be satisfactory. The performance results of the Hartford, Nationwide Retirement
Solutions, and IMCA stock and bond investments for the calendar year 2009 follow.
N:\A000UNTING\GMTEMPI\DEFERRED COMP\2005\Annual.Report.2005.Def.Comp.doc
Please note the following when reviewing Plan results:
^ Market index benchmarks have been provided for comparative purposes only.
These indexes reflect broad based changes in the market conditions based on
average performance. Indices are unmanaged and reflect no fees or expenses
and are not available for direct investment.
^ Rate of returns quoted by providers and fund managers include reinvestment of
capital appreciation (depreciation), plus realized gain (losses), dividends and
interest income.
• All rate-of-return performance results are net of anriual asset-based fees, which
include fund managers fees and expenses, marketing fees and plan
administrative fees, except for Nationwide, which is not reduced by the .29
percent plan administrative fee.
^ In general, plan administrative fees are charged by the carriers and differ
between the carriers. The basic plan administrative fees are as follows:
Nationwide Retirement Solutions An annual plan administrative fee of .29
percent is deducted from the participants
account and is based on the participant's
account balance.
ICMA There is no plan administrative fee.
Hartford The plan administrative fee is .25
percent for all funds with the exception
of the General Account.
For additional information on fee charges, consult with your plan provider. The
above information is general information. Additional fees may be incurred for
other items such as transfers and withdrawals. See Attachment 1 to this report.
^ Results shown represent past performance and are not a guarantee of future
performance. Ask your Plan Representative for a current prospectus for each
fund in which you are interested. The current prospectus presents more
complete information about the fund including fund charges and expenses.
Read it carefully before investing in that option under the Plan.
N:W000UNTING\GMTEMPI\DEFERRED COMP\2005\Annual.Report.2005.Def.Comp.doc
Helpful Definitions
^ Balanced Fund is a mutual fund that invests in a combination of common stock,
preferred stock, bonds and short term bonds, to provide both income and capital
appreciation, while managing volatility and avoiding excessive risk.
^ Blue Chip Company is used in the context of general stock market investments.
Large and creditworthy company. Company renowed for the quality and wide
acceptance of its products or services, and for its ability to make money and pay
dividends.
^ Dollar Cost Averaging or Constant Dollar Plan is a method of purchasing
securities by investing a fixed amount of money at set intervals. The investor buys
more shares when the price is low and fewer shares when the price is high, thus
reducing the average cost.
^ Dow Jones Industrial Average or DJIA is the best known U.S. index of stocks. It
is comprised of 30 actively traded blue-chip stocks, primarily industrials, including
stocks that trade on the New York Stock Exchange. The Dow, as it is called, is an
indicator of how the largest U.S. companies are performing. Measuring the Dow
Jones Industrial Average is used to gauge the direction of the stock market.
^ Indexing is a passive instrument strategy consisting of the construction of a
portfolio of stocks designed to track the total return performance of an index of
stocks.
^ Lehman Brothers Bond Index is an unmanaged list of U.S. Treasury/Agency and
investment grade corporate debt securities. It is used as a general measure of
performance of fixed income securities.
^ MSCI Europe, Australia/Asia, and far East or EAFE index is the European,
Australian, and Far East stock index, computed by Morgan Stanley Capital
International. This index is used to measure the general performance of the
international market.
^ Model Portfolio fund is a fund that consists of a combination of stocks, bonds and
cash equivalents in a preset or predetermined ratio based on market risk tolerance.
Model Portfolios are rebalanced, typically every quarter, to maintain adherence to
the preset ratio.
^ Mutual Funds are pools of money that are managed by an investment company
and regulated by the Investment Company Act of 1940. The investment company
purchases securities which become jointly owned by its shareholders. The fund's
portfolio is managed by a professional money manager. They offer investors a
variety of goals depending on the fund and can invest in equity, debt, cash, real
estate, options and futures.
NASDAQ (once an acronym for National Association of Securities Dealers
Automated Quotation System) is a computerized system that provides price
quotations to market participants about the more actively traded common stock
issues in the over the counter market. This market is comprised of securities not
listed on a stock or bond exchange. Large technology stocks have a major effect
on this index value. The NASDAQ stock market is comprised of two separate
markets, namely the NASDAQ National Market, which trades large, active securities
and the NASDAQ Smallcap Market that trades emerging growth companies. The
NASDAQ market includes approximately 5,000 common stocks in the system.
^ Standard & Poor's 500 or S&P 500 is an index of blue chip stocks, which
measures changes in stock market conditions based on the average performance of
500 widely held common stocks. The S&P 500 is one of the most widely used
benchmarks of U.S. equity performance. This index tracks industrial, transportation,
financial and utility stocks with heavy emphasis on industrial companies.
^ Treasury Bill or T Bill is a discounted government security that matures in one
year or less. It is a negotiable debt obligation issued by the U.S. government.
CCCSD Deferred Comp Distribution
BY ADMINISTRATOR AND INVESTMENT TYPE
CALENDAR YEAR ENDED DECEMBER 31, 2009
NATIONWIDE
INVESTMENT TYPE % RETIREMENT ICMA 457 ICMA 401(a) HARTFORD TOTAL
STOCK 41.4% $3,784,607 $13.745,203 $7,833,775 $2,479,025 527,842,610
BONDS 3.8% 698.285 1,014,429 569,553 284,290 2,566,557
BALANCED FUNDS 14.7% 723,717 4.934,535 4,115,476 99,634 9,873,362
SAVINGS 40.1% 2,567,884 14,641,319 6,749,838 3.047,120 27,006,161
TOTAL INVESTMENTS 100.0% $7,774,444 $34,335,486 $19,268,641 55,910,068 $67,288,689
CCCSD Deferred Comp Distribution
BY ADMINISTRATOR
December 31, 2009
HARTFORD
$5,910,068 NATIONWIDE
08.78% $7,774,494
11.55%
ICMA 401(a)
$19,268,641
28.64%
ICMA 457
$34,335,486
51.03%
^ NATIONWIDE ^ICMA 457 ^ICMA 401(a) ^ HARTFORD
CCCSD Deferred Comp Distribution
BY INVESTMENT TYPE
December 31, 2009
SAVINGS STOCK
$27,006,161 $27,842,610
40.14% 41.38%
BALANCED
FUNDS BONDS
$9,873,362 $2,566,557
14.67% 3.81
^ STOCK ^ BONDS ^ BALANCED FUNDS ^ SAVINGS
CCCSD Deferred Comp Saving Performance
Calendar Year Ended
December 31, 2009
Rate of Return (%)
Market Index Benchmark
90 Day T-Bill ~ 0.21%
NatiOrlWlde -Average annual yield rate.
Stable Value Fund 2.81%
5 YR CDs 2.47%
3 YR CDs 2.00%
1 YR CDs 0.84%
Liquid Savings 0.83%
ICMA -'Source: ICMA Retirement Corporation Fund Performance Report as of 12/3112009.
Vantagepoint Funds
VP Money Market 0.16%
Plus Funds
-Plus Fund (401 a) 3.63%
Plus Fund (457) 3.63%
Vantagepoint Funds (VP) are certain funds available through ICMA. These funds are sponsored by the ICMA
Retirement Corporation and registered with the U.S. Securities and Exchange Commission.
I-IartfOrd -Source: Investment Choices Performance Plan Summary Statement as of 1213112009.
Money Market 0.18%
General Account 4.00%
CENTRAL CONTRA COSTA
SANITARY DISTRICT DCP
PLAN SUN!(WARY STATEMENT
PERFIJRIVIANCE
THI:
MARTF1.1Kll
GkCUP NUMBER: 0107605
INVESTMENT CHOICES FOR PERIOD ENDING DECEMBER 31, 2009
Average
Tota l Itetum Annual Totai Return* Since inception
~Ilonth 3 Mo. YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Incept. Date
ASSET ALLOCATION/BALANC:ED
016 Cal Social Balanced 1.25% 3.£2% 24.98% 24-98% -4.26% 0.07% D.13% !~?rA 09J02;1t186
088 DfeyfuSLTG&I 1.66°k 4.U5°io 19.71°h 19.71% -0.77°,6 2.59% 213% NJA 03f31ji995
025 FA Balanced 1.84% 3 X035 26.62% 26.62% -2 ~t8';6 1.5236 1.00% N/A 01 fO6J i 987
19 H1fdAdvisersHLS LUO% 4.58°h 29.96% 29.9£3'0 -1.959'0 2.179'0 0.98% NJA U3fi1J!983
079 Janus Balanced3 1.78% 3.66% 23.97% 23.97% 4.83°k 6.43°,6 3.77% NJA 09f01 J1992
BOND
686 DR INTTRM I -0.28% 2.06% 16.85% 16.95% 4.55% 3.98% 5.55% NfA 02J02J1996
18 Htfd TotRet Bond HLS -0.79%0 1.10% 14.72% 14.72°ro 3.34% 3.35% 5.82% NJA 08(31 J1977
902 Htfd US Gov Sec HLS -1 J8°~ 0.36% 3.12% 3.12% 2.OP% 2.26% 4.3630 NJA 03j24/1987
114 MFS Hiyh Income' 2.86% 5.54% 46.52°/.0 46.52_°6 1.)G% 356°io 4.12% NJA 02J17J1978
59 Putnam HY Advantage' 2.7?% 5.55WO 47.95% 47.95% 4.89% 5.85% 5.65% N/A U3J25f i
STABLE VALUE/MONEY MARKET
22 HtldMoneyMktHLS" -O.U2% -0.06°/.0 -0.189'0 -0.18% 2.11% 267% 2.51% NfA 06f30J1980
General !Declared Rate) Account I:rformatiorl:
1 st O 2010: 4.0096
The Declared Rate set forth above is credited through t he close of the calendar year on co ntributions received during th e
designated calendar quarter. For contribu tions received prior to J anuary 1, 2010, t he Decla red Bales 4.00%. Rates qu oted
are effective annual yields.
BENCHMARK INDICES FOR PER!tDD Eti'DING DECEMBER 31, 2009
Tota! Return Average,Anrual lbtal Return
Month _ 3 Mo. _ Y'D 1 Yr._ ___ 3 Yr. 5 Yr. 10'fr.
S8P 500 Index' ? J3% 6.04% 26.46`,0 26:16% 5.£3'6 0.42% -0.95 0
BarCap GovJCorp lndx` -i.77% -0.21 °h 4.52°k 4.5'2`/0 5.? I°ro 4.'11°~ 5.34%
NASDAQ' 5.81 % 6.91 % 43.8930 43.3990 -2D6% 0.85% 5.£7?/0
Market indices have been provided for comparison purposes only The indices represented are not illustrative of the
performance of any investment o ption offered tYu'ougYr The Hartford's retirernenr programs. These indices are unmanaged and
are not available for direct investment.
1 S&P is an index which measures broad-based changes in stock market conditions based on the average performance of 500
widely held common stocks.
2 The Barclays Capital Government/Corporate Bond Index, an unmanaged list of U.S. Treasury/Agency and investment grade
corporate debt securities, is used as a general measure of performa; ice of fixed income securities.
3 NASDAQ is a computerized system that providas brokers and dealers with price quotations for securities traded over the
counter as well as for many NYSE listed securities.
Nationwide'
Retirement Solutions
Average Annuat Percentage Return
1 Yr. 3 Yr. 5 Yr. 10 Yr.
1101/09- 1/01/07- 1101/05- 1/01/00- Since Inception Expense
Investment Option 12!31/09 12/31/09 12/31/09 12/31/09 Inception Date Ratio
Asset Allocation Funds
NATIONWIDE INVDES AGGR 27.27 -5.19 1.43 N/A 54 03/15/00 N/A
NW INVDES MOD AGGR FD 24.27 -3.22 2.11 N/A 1.44 03/15/00 N/A
NATIONWIDE INVDES MOD FD 19,08 -1.16 2.54 N/A 2.27 03/15/00 N/A
NW INVDES MOD CONS FD 1a.32 .93 3.09 WA 3.03 03/15/00 N/A
NATIONWIDE INVDES CONS 8.81 2.45 3.32 N/A 3.46 03/15/00 N/A
NW Dest 2015 Inst Svc 18.91 N!A N/A N!A -3.43 08/29/07 .82
NW Dest 2020 Inst Svc 21.62 N/A N/A WA -3.95 08/29/07 .82
NW Dest 2025 Inst Svc 24.17 N/A N!A N/A -4.59 08/29/07 .82
NW Dest 2030 Inst Svc 26.46 N/A N/A N/A -5.70 08/29/07 .83
NW Dest 2035 Ins/ Svc 27.35 N/A N/A N/A -6.76 06/29/07 .84
NW Desl 2D40 Insi Svc 28.79 N/A N/A N/A -7.80 08/29/07 .82
NW Dest 2045 Inst Svc 28.98 N/A NIA N/A -6.03 08/29/07 .80
NW Dest 2050 Inst Svc 30.20 N/A NIA NIA -7.69 08/29!07 .82
NW Retire Inc Inst Svc 12.67 N/A N/A N/A 1.37 08/29/07 .84
International Stocks
AmFds EuroPacfc Gr A 39.10 -.53 7.75 3.72 12.28 04/16/84 .83
NW Inter Val Inst Svc 31.70 N/A N/A N/A -18.87 12!21/07 1.30
Oppenheimer Global Fd A 39.20 -4.54 3.05 3.46 11.67 12/22/69 1.27
Small Cap Stocks
Brwn Cap Sm Co Inst 45.57 7.21 8.36 5.16 10.75 12/31192 1.24
DFA US Micro Cap 28.06 -8.42 -1.17 6.30 11.34 12/23/81 .53
NW US SmCap Val Inst Svc 28.22 N/A N/A N/A -7.08 12/21/07 1.55
Mid Cap Stocks
AIM MdCap Cor Eq A 30.16 1.24 4.37 6.64 11.15 06!09/87 1.31
Fed Kaufman K 29.68 -3.11 2.93 6.05 12.12 02/21/86 2.50
JPM MdCap Val A 26.05 4.85 1.83 10.05 11.46 04/30/01 1.43
Large Cap Stocks
AmFds Gr Fd Am A 34.48 -3.13 2.87 2.34 13.76 12/01/73 .76
AmFds Invmt Co Am A 27.18 4.19 1.73 2.50 12.15 01!01/34 .59
AmFds Wshngtn Mut Inv A 18.98 -6.11 .23 2.81 11.74 07131!52 .67
DWS VS SVat Val A 23.44 -12.71 -3.40 3.87 10.19 03/18/88 1.16
Fid Contra 29.23 -.92 4.75 3.17 12.22 05/17/67 .95
Fid Eq Inc 29.54 -8.48 -.59 1.83 11.53 05/16!66 .71
Fid Gr Inc 23.05 -15.25 -7.09 4.09 9.10 12/30/85 .78
Fid Magellan 41.13 -5.33 -.64 -2.27 16.72 05!02/63 .71
Jns Fd T 37.30 -1.63 1.82 -3.68 12.49 02!05/70 .88
Jns Frty S 43.53 2.89 6.58 .57 10.36 05/15/97 1.17
NW FUND A 25.55 -7.63 -.64 -.59 9.37 05/15/98 N/A
NW LgCap Gr 30.18 N/A N/A N!A -5.72 04/27/07 N/A
NeuBer Soc Resp Inv 30.61 4.92 1.14 2.98 7.78 03/16/94 .93
Vang Windsor II Fund 27.05 -6.32 .79 4.16 10.48 06/24/85 .39
Vanguard Primecap Fund 34.42 .43 4.30 3.23 13.42 11/01/84 .49
Vanguard US Growth Fund 34.95 -2.59 .90 -6.81 9.91 01/06/59 .49
Vngrd Instit'I Indx Port 26.63 -5.57 .45 -.91 8.34 07/31/90 .05
Balanced
AmFds Inc Fd Am A 24.51 -2.77 2.72 6.01 11.39 01!04/71 64
Fid Puritan 26.69 -1.60 2.74 4.15 11.06 04!16/47 .67
Vanguard Wellington Fund 22.20 .96 4.79 6.15 8.16 07/01!29 .35
Bonds
AmFds Bd Fd Am A 14.91 1.39 2.38 4.90 8.46 05/26/74 .65
DWS Hi IncA 41.61 2.98 4.61 5.03 9.12 01/26/76 .96
Vngrd Ttf Bd Indx Signal 6.04 6.07 N!A N/A 6.13 09/01/06 14
Short-Term Investments
NW Bank Liquid Savings NIA N/A N!A N/A N/A N/A N/A
EHedive Yi eld
Stable Value Fund B 2.82
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FUND CHANGES DURING 2009/2010
Hartford
During 2009 the Putnam International Opportunities was renamed to Putnam
International Growth Fund. Effective March 1, 2010, the Hartford Global Equity HLS
Fund was renamed to Hartford Global Research HLS Fund. These are name changes
only and not a situation where one fund is being replaced by another.
Effective July 2, 2009, the Janus Advisor International Growth Fund was merged with
the Janus Overseas Fund.
ICMA
Effective July 17, 2009, VT American Century Value Fund was replaced by VT Allianz NFJ
Dividend Value Fund. VT Hotchkis & Wilely Large Cap Value Fund was replaced by VT
Allianz NFJ Dividend Value Fund. VT Lord Abbett Large Co. Value Fund was replaced by
Eaton Vance Large-Cap Value Fund. VT T. Rowe Price Small Cap Stock Fund was
replaced by VT. Rowe Price Small Cap Value Fund, and VT American Century Real Estate
Fund was replaced by First American Real Estate Securities Fund.
Nationwide
During 2009 the DWS High Return Equity A Fund was renamed to DWS VS Strategic
Value A Fund. This is a name change only.
CENTRAL CONTRA COSTA SANITARY DISTRICT
SUMMARY OF FEES _ ATTACHMENT 1
AS OF MARCH 2010
FEES CHARGED BY PROVIDERS
(Based on account balance)
Plan Fees
Annual Plan Administrative Fee
Fund Expenses
Stable Value Fund (Total Fee Charged)
1, 3 & 5 YR CD's, and Liquid Savings
Plus Fund Management
General Account (Savings)*
Model Portfolio Fund Fee
FEES CHARGED BY THE FUND MANAGERS
Fund Fee
PROVIDERS
NATIONWIDE ICMA HARTFORD
0.29% NONE 0.25%"
0.49% N/A N/A
0.00% N/A N/A
N/A 0.56% N/A
N/A N/A 0.00%
.80 - .84% .91-1.04% N/A
0.14 - 2.50% 0.21 - 1.48% 0.25 - 1.88%
These expenses are charged by the fund managers, which include Advisory Fees, 12b-1 Fees,
Operating Expenses and Other Fees charged by the individual funds. These fees and expenses
differ for each fund invested. As a general rule, the higher the potential reward, the higher the risk,
the higher the fee. The reverse is also generally true, the lower the potential reward, the lower the
risk, the lower the fee.
* Hartford's General Account (Savings) is not subject to plan fees.
N:WDMIN\FINANCE\Deferred Comp 2006 Summary.doc