Notice on Watch List effective March 26, 2013:
1. Mutual Shares Fund
2. American Funds Growth Fund of America
3. Heartland Value Fund
4. Janus Forty
At its March 26, 2013 meeting, the Deferred Compensation Board removed Templeton World Fund from the Watch List because the Fund has shown improvement over all time periods, specifically over the 3 and 5 year periods. Mutual Shares Fund, American Funds Growth Fund of America, Heartland Value Fund and Janus Forty are to remain on the Watch List. In accordance with the Investment Policy, these funds have been placed on a watch for further review; if the status of these funds changes, further action may be taken by the Board.
As a result of a class act settlement between the SEC & certain mutual fund companies, you may have been eligible for a settlement amount added to your City of Virginia Beach 457 Deferred Compensation Plan and/or your VB Sheriff’s Supplemental Retirement Plan. This amount (if applicable) will be shown as a “Fund Credit” in the Transaction History portion of your quarterly statement as well as on your online account access.
Please note that if you received an amount listed as “Fund Credit” posted to your account, this amount was NOT an additional amount deducted from your paycheck, and will NOT change the amount currently being deducted, or how your contributions are currently allocated.
Former Account Holders
The City Council has created a Deferred Compensation Board that administers the Deferred Compensation Plan. "The purpose of the plan shall be to provide for the deferral of compensation to the participants. The plan shall exist in addition to all other retirement, pension or other benefit systems available to the participants, and shall not supersede, make inoperative or reduce any benefits provided by any other retirement, pension or benefit program established by law." (City Code § 2.121)
"The deferred compensation board shall administer the investment policy in accordance with the terms of the investment policy and prudent fiduciary standards. The deferred compensation board shall have the authority to add and delete funds from the investment policy in accordance with the investment policy adopted by city council." (City Code § 2.123)
The next Deferred Compensation Board meeting is scheduled for Thursday, June 13th from 1:00 - 2:30pm in the City Hall Building, Room 234.
The current members are:
John D. Moss, City Council Representative
William J. Brunke, IV, School Board Representative
Kenneth Stolle, Sheriff/High Constable
Patricia Phillips, Director of Finance
Farrell Hanzaker, Chief Financial Officer/Schools
Regina Hilliard, Director of Human Resources
Linda Matkins, Director of Benefits
Terry Jenkins, City of Virginia Beach Retiree
David Hartzog, Payroll Administrator
If you would like more information about the City’s Deferred Compensation Plan and the investments that are available to employees you may go directly to the Great West Web-site using the links provided under Related Links. If you do not have a User Name and PIN, you may enter Great-West’s guest site by entering the City’s group number provided in the link to find information on the funds offered and their historical returns; a fund overview which also describes the risk level of each fund; and a prospectus for each fund. Additional information can be found on the Consolidated Benefits Web site under the link Savings Plans.
If you have questions or concerns about retirement and would like to talk to a recent retiree about his experiences, Great-West provides access to a retiree advocate who can provide a “reality check” on retirement living and how it differs from what he expected. You may contact Ron Nichols at:firstname.lastname@example.org. 1-800-878-6723.