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Elk River <br /> Municipal Utilities UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> Elk River Municipal Utilities Commission Theresa Slominski—Finance and Office Manager <br /> John Dietz—Chair <br /> Al Nadeau—Vice Chair <br /> Daryl Thompson—Trustee <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> February 9, 2016 6.1b <br /> SUBJECT: <br /> Staff Update <br /> DISCUSSION: <br /> To follow up on Security Inventory from last month,there were some discrepancies that had to <br /> be corrected internally. There was inaccurate invoice posting that resulted in items being <br /> expensed instead of recorded to inventory. Internal processes were reviewed and the staff <br /> trained on the deficiencies so that it can easily be handled correctly in the future. In the end, all <br /> inventory was accounted for and accurate. <br /> We have had the Minnesota Deferred Compensation Plan(the State) and the Wenzel & <br /> Associates Plan(W&A)that are offering the 457b investments, also offer to have a Roth 457b <br /> investment included. Staff has been receptive to this and so we would like to expand the offering <br /> to include a Roth investment option. There is no need for a policy change or any action on your <br /> part,just a notice to both the State and W&A that we would like to add a Roth to our portfolio of <br /> investments in the 457b plan(s). There is minimal additional administration by including this <br /> offering. Also to note, the Roth 457b plan would not be eligible for the 3%match available to <br /> the regular 457b plans, given that it is after tax dollars invested and an employer match would <br /> not be after tax. Should the Commission have any objection to this offering,please let me know, <br /> otherwise I would like to move forward with having the Roth option included. <br /> With the software server move from a hosted server at the NISC location that we access over the <br /> internet, to a local server here,we were provided a new service agreement. Peter Beck and <br /> Campbell Knutson have reviewed the agreement and recommended some changes that in the <br /> process of revision with NISC legal counsel now. Once the new agreement is acceptable and <br /> signed we can establish a conversion date. We are hoping for early March. <br /> EN <br /> PONERE0 11 <br /> Page 1 of 1 NATURE <br /> Reliable Public6 <br /> Power Provider P O W E R E D T O S ERV E <br /> 126 <br />