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Colleen C. Davis
State Treasurer


Plans Management Board Audit and Governance Committee Meeting Materials



2024

AGENDA

I. Introductions

II. Approval of the Minutes – August 6, 2024

III. Presentations

A. Fidelity Cyber Update

B. 2023 403(b) Plan Audit

IV. Action Items

A. Discussion and Vote on Recommendation Regarding Approval of the Plan Audits

B. 2025 Meeting Calendar

V. Updates

A. SECURE Act 2.0

B. Legislation

VI. Executive Session

A. None anticipated.

VII. Public Comment

VIII. Next Committee Meeting

A. February 4, 2025

B. Next Board Meeting-March 4, 2025

IX. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes – May 7, 2024

III. Audit Presentations – 2023

A. Deferred Compensation Plans

1. 457(b) and 401(a) Plans

2. 529 Education Savings Plan

3. Delaware Qualified Tuition Savings Plan Trust

IV. Action Items

A. Discussion and Vote on Recommendation Regarding Approval of the Plan Audits

B. Discussion and Vote on Recommendation Regarding the Vendor Management Policy Draft with Appendix A Vendor Management Table v1

V. Updates

A. SECURE Act 2.0

B. Legislation

VI. Executive Session

A. None anticipated.

AGENDA

I. Introductions

II. Approval of the Minutes – February 6, 2024

III. Discussion and Action Items

A. Discussion and Vote on Recommendation Regarding Vendor Management Policy

B. Discussion and Vote on Recommendation Memorandum of Understanding with Office of the Auditor of Accounts

C. Update and Discussion Regarding Legislation Concerning Auditor Selection

D. Update Regarding SECURE Act 2.0 Provision – Increased Limits for Ages 60-63

IV. Executive Session

A. None anticipated.

V. Public Comment

VI. Next Meeting- August 6, 2024

VII. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes – November 7, 2023

III. Discussion and Action Items

A. Discussion and Vote on Recommendation Regarding 2024 Committee Goals

B. Discussion and Vote on Recommendation Regarding 2024 Education Schedule

C. Update and Discussion Regarding Auditor Selection RFP

D. Update and Discussion Regarding Legislation Concerning Auditor Selection

E. Update and Vote on Recommendation Regarding Removing Contribution Suspension for 457 Participant with Unforeseeable Emergency

F. Update and Vote on Recommendation Regarding SECURE Act 2.0 Provisions

IV. Executive Session – None anticipated

V. Public Comment

VI. Next Meeting- May 7, 2024

VII. Adjournment

2023

AGENDA

I. Introductions

II. Approval of the Minutes – August 8, 2023

III. Audit Presentations

A. 2022 Deferred Compensation Plan Audit 403(b)

IV. Discussion and Action Items

A. Discussion and Vote on Recommendation Regarding 2022 Plan Audits

B. Discussion and Vote on Recommendation Regarding Cybersecurity Policy

C. 2024 Meeting Calendar

V. Updates

A. SECURE Act 2.0

B. Legislation

VI. Executive Session

A. None anticipated

VII. Public Comment

VIII. Next Meeting- February 6, 2024

IX. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes – May 9, 2023

III. Audit Presentations – 2022

A. Deferred Compensation Plans

1. 457(b) and 401(a) Plans

B. 529 Education Savings Plan

1. Delaware Qualified Tuition Savings Plan Trust

IV. Action Items

A. Discussion and Potential Vote on Plan Audits

B. Discussion and vote on Cybersecurity Policy

V. Updates

A. SECURE Act 2.0

B. Legislation

VI. Executive Session

A. None anticipated

VII. Public Comment

VIII. Next Meeting-November 7, 2023

IX. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes – February 7, 2023

III. Action Items

A. Introduction and Transition Update by Auditor of Accounts Lydia York

B. Discussion and Potential Vote Regarding External Audit Firm Agreement

C. Discussion Regarding Cyber Security Policy

D. Update on SECURE Act 2.0

E. Legislative Updates

IV. Executive Sessions-None Anticipated

V. Public Comment

VI. Next Meeting-August 8, 2023

VII. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes – November 1, 2022

III. Discussion and Action Items

A. Discussion on Cyber Security by Fidelity

B. Update and Discussion on SECURE Act 2.0

C. Discussion and Vote on Recommendation Regarding 2023 Committee Goals

D. Discussion and Vote on Recommendation Regarding 2023 MOU with the Office of the Auditor of Accounts

E. Update Regarding November Discussion on Operational Matters

IV. Executive Session-None Anticipated

V. Public Comment

VI. Next Meeting – May 9, 2023

VII. Adjournment

2022

AGENDA

I. Introductions

II. Approval of the Minutes – August 9, 2022

III. Presentations

A. Cyber Security – Voya

B. 2021 Deferred Compensation Plan Audit 403(b)

IV. Action Items

A. Discussion and Vote on Recommendation Regarding 2021 Plan Audits

B. Discussion and Vote on Recommendation Regarding MOU with the Auditor’s Office

C. 2023 Meeting Calendar

V. Public Comment

VI. Next Meeting – February 7, 2023

VII. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes – May 10, 2022

III. Presentations

A. Deferred Compensation Plan Audits

1. 2021 457(b) and 401(a) Plans

a. State of Delaware Match Plan Draft 2021 Audited Financial Statements

b. State of Delaware Match Plan Draft 2021 Communication to Those Charged with Governance

c. State of Delaware Deferred Compensation Plan Draft 2021 Audited Financial Statements

d. State of Delaware Deferred Compensation Plan Draft 2021 Communication to Those Charged with Governance

2. 2021 Delaware Qualified Tuition Savings Plan Trust (529 Plan) Audit

a. Delaware Qualified Tuition Savings Plan Trust Final Draft 2021 Audited Financial Statements

b. Delaware Qualified Tuition Savings Plan Trust Final Draft 2021 Communication to Those Charged with Governance

c. DE529 Annual Report – 12-31-2021

IV. Action Items

A. Discussion and Vote on Recommendation Regarding Plan Audits

B. Discussion and Vote on Recommendation Regarding 457(b) and 403 (b) Plan Amendments Relating to the SECURE Act Optional Provision Permitting Withdrawals for Birth or Adoptions

1. 403(b) Plan Amendment No. 6 – DRAFT 7-11-22

2. 457(b) Plan Amendment No .6 – DRAFT 7-11-22

C. Discussion and Vote on Recommendation Regarding 457(b), 403(b) and 401(a) Plan Amendments Relating to the Involuntary Distribution for Terminated Participants with balances between $1,000-$5,000

1. Match Plan Amendment No. 3 – DRAFT 7-5-22

2. 403(b) Plan Amendment No. 5 – DRAFT 7-5-22

3. 457(b) Plan Amendment No .5 – DRAFT 7-5-22

D. Discussion and Vote on Recommendation Regarding Updates to the Policy Governing the Use of Administrative Fees

1. Plan Expense Policy – September 2018

E. Discussion on September Board Meeting Training and November Committee Meeting Presentations

V. Executive Session- None Anticipated

VI. Public Comment

VII. Next Meeting- November 1, 2022

VIII. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes – February 8, 2022

III. Action Items

A. Discussion and Vote on Recommendation Regarding Plan Amendments

1. CARES Act Related:

a. 457(b) and 403(b) Plan Amendments Regarding 2020 Coronavirus-Related Distributions and Waiver of Required Minimum DistributionsSupporting Docs/Links attached to this item

b. 401(a) Plan Amendment Regarding 2020 Waiver of Required Minimum Distributions

2. SECURE Act Related Optional Provisions:

a. 457(b), 403(b) and 401(a) Plan Withdrawals for Birth or Adoptions

b. 457(b), 403(b) and 401(a) Distribution Relief for Victims of Natural Disasters

B. Update Regarding MOU with the Office of Auditor of Accounts

C. Discussion and Vote on Recommendation Regarding Retention of Outside Firm to Complete Plan Financial Statements

D. Discussion and Vote on Recommendation Regarding Legislation Concerning Auditor Selection

IV. Executive Sessions-None Anticipated

V. Public Comment

VI. Next Meeting – August 9, 2022

VII. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes – November 2, 2021

III. Action Items

A. Discussion and Vote on Recommendation Regarding 2022 Committee Goals

B. Discussion and Vote on Recommendation Regarding 2022 Education Schedule

C. Update and Discussion Regarding 2020 Plan Year Audit Findings

1. ABLE Consortium Trust 2020 Financial Statements – Final

2. ABLE Consortium Trust 2020 AUC – Final

D. Update Regarding MOUs with the Office of the Auditor of Accounts

IV. Discussion and Vote on Recommendation Regarding Legislation Concerning Auditor Selection

V. Executive Sessions-None Anticipated

VI. Public Comment

VII. Next Meeting – May 10, 2022

VIII. Adjournment

2021

AGENDA

I. Introductions

II. Approval of the Minutes – August 10, 2021

III. Action Items

A. Discussion and Potential Recommendation Regarding Plan Audits

1. State of Delaware Match Plan 2020

2. State of Delaware Match Plan Communication Letter

3. State of Delaware Deferred Compensation Plan 2020

4. State of Delaware 457(b) Plan Communications in Planning Letter for December 31, 2020 – Employee Benefits Audit

5. State of Delaware 403(b) Signed Management Representation Letter for December 31, 2020 – Employee Benefits Audit

6. State of Delaware 403(b) Financial Statements for December 31, 2020 – Employee Benefits Audit

7. Delaware Qualified Tuition Savings Plan Trust Communication Letter 2020

8. Delaware Qualified Tuition Savings Plan Trust 2020

9. Delaware College Investment Plan Annual Report 2020

10. Delaware College Investment Plan – Communications in Planning Letter

B. Discussion and Potential Recommendation Regarding Audit Findings

1. Audit Findings List 2021

C. Update Regarding MOU’s with the Office of the Auditor of Accounts

D. Discussion and Potential Recommendation Regarding Legislation Concerning Auditor Selection

E. Update Regarding 529 Program Manager Agreements

F. 2022 Meeting Calendar

IV. Public Comment

V. Executive Session- None Scheduled

VI. Next Meeting – February 8, 2022

VII. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes – May 11, 2021

III. Discussion and Action Items

A. Audit Presentations

1. Deferred Compensation Plan Audits

a. 2020 457 (b) and 401(a) Plans

1) State of Delaware Deferred Compensation Plan

2) State of Delaware Match Plan

3) State of Delaware Match Plan Communication Letter

b. 2020 403(b) Plan

2. 2020 College Investment Plan Audit

a. Delaware College Investment Plan Annual Report

b. Delaware Qualified Tuition Savings Plan Trust

c. Delaware Qualified Tuition Savings Plan Trust Communication Letter 2020

IV. Discussion and Action Items

A. Recommendation Regarding Plan Audits

B. Recommendation Regarding the Memorandum of Understanding with the Office of the Auditor of Accounts

V. Public Comment

VI. Executive Session-None Anticipated

VII. Next Meeting- November 9, 2021

VIII. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes- February 9, 2021

III. Action Items

A. Update on Involuntary Force Outs

B. Update on Audit Report Item-Uncashed Check Process

C. Discussion and Vote on Governance Manual and Resolution 2021-01

1. PMB Resolution No. 2021-1 Adopting a Governance Manual

2. PMB Governance Manual Draft

IV. Public Comment

V. Executive Session- None Scheduled

VI. Next Meeting – August 10, 2021

VII. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes – November 10, 2020

III. Discussions and Action Items

A. 2021 Committee Goals

B. 2021 Education Schedule

C. Update on Audit Report Item-Uncashed Check Process

D. Review of Resolution 2018-01

E. Resignation Policy

IV. Public Comment

V. Executive Session- None Scheduled

VI. Next Meeting – May 11, 2021

VII. Adjournment

2020

AGENDA

I. Introductions

II. Approval of the Minutes – August 11, 2020

III. Discussions and Action Items

A. Morningstar 529 Rating Update

B. Update on Audit Report Item- Uncashed Check Process

C. Vendor Management Status Update

D. Recordkeeper RFPs and Contract Extensions

IV. Public Comment

V. Executive Session- None Scheduled

VI. Next Meeting – February 9, 2021

VII. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes

A. Minutes from February 11, 2020

B. Minutes from April 17, 2020 Special Meeting

III. Discussions and Action Items

A. Recommendation on Training Policy

B. Recommendation on SECURE Act Amendments

C. Recommendation Regarding 457 (b) State Administrative Fee

D. Recommendation on Training Dates

E. Update and Recommendations on CARES Act (Loan Repayment Suspension)

IV. Public Comment

V. Executive Session

A. None Scheduled

VI. Next Meeting

A. August 11, 2020

VII. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes from November 12, 2019

III. Presentations

A. Review of 2019 Committee Accomplishments and 2020 Goals

B. Update on Audit Findings

C. Annual Review of Staff Expenses

D. SECURE Act Update

IV. Discussions and Action Items

A. 2020 Goals

B. 403(b)Plan Amendment (Loans)

C. 457 Plan Amendment (SECURE Act)

D. Voya Contract Extension

V. Public Comment

VI. Executive Session

A. None Scheduled

VII. Next Meeting

A. Plans Management Board Meeting on March 3, 2020

B. Committee Meeting on May 12, 2020 at Buena Vista

VIII. Adjournment

2019

AGENDA

I. Introductions

II. Approval of the Minutes

A. Minutes from August 13, 2019

III. Presentations

A. Audit Presentations

1. 2016, 2017, and 2018 403(b) Plan Audit Reports

IV. Discussions and Action Items

A. Recommendation Regarding 403(b) Plan Audit Reports

1. Governance Manual Policy Development Update

a. Recommendation Regarding Audit Policy

b. Recommendation Regarding Budget Policy

B. Recommendation on Plan Amendment

1. Automatic Cash Out for Terminated Accounts Below $1,000

V. Public Comment

VI. Executive Sessions – None Scheduled

VII. Next Meeting – February 11, 2020

VIII. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes from May 14, 2019

III. Presentations

A. Audit Presentations

1. Committee Recommendations on Audit Report

a. Deferred Compensation Plan Audits

1). 2018 457(b) and 401(a) Plans (final)

a) State of Delaware 401(a) Match Plan

b) State of Delaware Deferred Compensation Plan

2). 2016, 2017 403(b) Plan (draft)

b. 2018 College Investment Plan Audit

IV. Discussion and Action Items

A. Recommendation Regarding Plan Audit Reports

B. Governance Manual Policy Development Update

1. Recommendation Regarding Reimbursement Policy

2. Recommendation Regarding Indemnification Policy

C. 403(b) Plan Amendment-Remove Six-month Suspension Contribution Provision

D. Automatic Cash Out for Terminated Accounts Below $1,000

1. Automatic Cash Out for Terminated Accounts Below $1,000 Amendment One

2. Automatic Cash Out for Terminated Accounts Below $1,000 Amendment Two

V. Public Comment

VI. Next Meeting – November 12, 2019

VII. Adjournment

AGENDA

I. Introductions

II. Approval of the Minutes from November 13, 2018

III. Presentations

A. 2018 Accomplishments and 2019 Committee Objectives

IV. Discussions and Action Items

V. Public Comment

VI. Executive Session

VII. Next Meeting – May 14, 2019

VIII. Adjournment

2018

AGENDA

I. Introductions

II. Approval of the Minutes

A. Minutes for August 14, 2018

III. Public Comment

IV. Executive Sessions

A. None scheduled

V. Next Meeting – February 12, 2019

VI. Adjournment

AGENDA

I. Introductions

II. Approval of Minutes

A. May 15, 2018 Audit & Governance Committee Meeting

III. Presentations

A. Audit Presentations – 2015 403(b), 2016, 2017 457(b) and 401(a) Plans

1. State of Delaware 403(b) Plan Audit Summary

2. State of Delaware 403(b) Plan Summary of Findings and Recommendations

3. State of Delaware 457(b) Plan Audit Summary

4. State of Delaware 403(b) Plan Draft Financial Statements for Dec. 31, 2015 and 2014

5. State of Delaware 403(b) Plan Draft Communication for Those Charged with Governance for Dec. 31, 2015 and 2014 Audit

6. State of Delaware Match Plan Draft Financial Statements for Dec. 31, 2017 and 2016

7. State of Delaware Deferred Compensation Plan Draft Financial Statements for Dec. 31, 2016 and 2015

8. State of Delaware Match Plan Draft Communications Letter Dec. 31, 2017

9. State of Delaware Match Plan Draft Communications Letter Dec. 31, 2016

10. State of Delaware Deferred Compensation Plan Draft Financial Statements for Dec. 31, 2016 and 2015

11. State of Delaware Deferred Compensation Plan Draft Communications Letter Dec. 31, 2016

12. State of Delaware Deferred Compensation Plan Draft Communications Letter Dec. 31, 2017

13. State of Delaware Deferred Compensation Plan Draft Financial Statements for Dec. 31, 2017 and 2016

B. Governance Manual

IV. Discussions and Action Items

A. Budget Related Items

1. PMB Calendar Year 2018 Budget

2. AGC Committee Memo Follow Up Items

B. Allocation and Payment of Plan Expenses Policy

C. 529 Administrative Fee Balances (See Follow Up Memo)

D. 457 Administrative Fee Carve Out (See Follow Up Memo)

E. Auditor’s Office Fee

1. AOA Contract Cost Allocation Proposal

2. OST-AOA MOU Final 3-28-18

F. Fiduciary Training Slides

V. Public Comments

VI. Adjournment

AGENDA

I. Introductions

II. Approval of Minutes

A. February 28, 2018 Audit & Governance Committee Meeting

III. Presentations

A. Governance Review

IV. Discussions and Action Items

A. Budget Related Items

1. Administrative Fee Balances

2. Voya Performance Guarantee

3. Audit Related Items

a. AOA Contract Cost Allocation Proposal

b. BLS Memo to PMB 4-24-18

c. OST-AOA MOU Final 3-28-18

4. Ice Miller Contract and Training Proposal

a. NAPPA 2018 Presentation

b. Ice Miller Letter – Deferred Compensation Fiduciary Duties and Best Practices 4-23-18

c. Ice Miller Memo – Contract Extension

V. Public Comments

VI. Adjournment

AGENDA

I. Introductions and Approval of Designees and Vice Chair

II. Presentations

A. Introduction to the Committee and Plans

1. Audit Committee Presentation

2. Audit Committee Introductory Memo

III. Discussion and Possible Action Items

A. Cammack Recommendation on Plan Expense Reimbursement Account (PERA)

B. Declaration of Delaware Qualified Savings Plan Trust

1. Delaware Treasurer Qualified Tuition Savings Plan (529)

2. Declaration of Delaware Qualified Savings Plan Trust Memo

C. ABLE Administration Fee Recommendation-compressed

D. Budget Proposal to the Plans Management Board

IV. Public Comments

V. Adjournment

 





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