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02 February 8, 2006 Executive75679 RIVERSIDE COUNTY TRANSPORTATION COMMISSION EXECUTIVE COMMITTEE (COMMISSIONERS MARION ASHLEY, BOB BUSTER, CHRIS BUYDOS, TERRY HENDERSON, ROBIN LOWE, JEFF MILLER, JEFF STONE, JOHN TAVAGLIONE, MICHAEL WILSON, ROY WILSON) 8:00 A.M. Wednesday, February 8, 2006 County of Riverside Administrative Center Conference Room A 4080 Lemon Street, 3rd Floor, Riverside In compliance with the Americans with Disabilities Act and Government Code Section 54954.2, if you need special assistance to participate in an Executive Committee meeting, please contact the Clerk of the Board at (951) 787-7141. Notification of at least 48 hours prior to meeting will assist staff in assuring that reasonable arrangements can be made to provide accessibility at the meeting. 1. CALL TO ORDER 2. PUBLIC COMMENTS 3. APPROVAL OF MINUTES - DECEMBER 14, 2005 4. APPROVAL OF REVISED 401(A) DEFINED CONTRIBUTION QUALIFIED PLAN LOAN GUIDELINES AND 457 DEFERRED COMPENSATION PLAN LOAN PROGRAM AND GUIDELINES Overview This item is for the Committee to: 1) Approve the revised 401(a) Defined Contribution Qualified Plan Loan Guidelines; and 2) Approve the 457 Deferred Compensation Plan Loan Program and Guidelines. 11.36.21 RCTC Executive Committee Agenda Wednesday, February 8, 2006 5. PROPOSED 2006 COMMITTEES MEETING SCHEDULE AND TRANSIT POLICY COMMITTEE MEMBERSHIP Overview This item is for the Committee to approve the proposed 2006 Committees meeting schedule and to review and discuss the Transit Policy Committee membership. 6. ADJOURNMENT The next Executive Committee meeting is scheduled to be held at 8:00 a.m., Wednesday, March 8, 2006, Conference Room A, County of Riverside Administrative Center, 4080 Lemon Street, Third Floor, Riverside. • AGENDA ITEM 3 • MINUTES • RIVERS/DE COUNTY TRANSPORTATION COMMISSION EXECUTIVE COMMITTEE December 14, 2005 Minutes 1. CALL TO ORDER Chair Robin Lowe called the meeting to order at 8:34 a.m., on Wednesday, December 14, 2005 at the Riverside County Transportation Commission's Conference Room A, 4080 Lemon Street, Third Floor, Riverside, California 92501. Members Present: Marion Ashley Bob Buster Chris Buydos Terry Henderson Robin Lowe 2. PUBLIC COMMENTS There were no public comments. 3. APPROVAL OF MINUTES Jeff Miller Jeff Stone John Tavaglione Mike Wilson Roy Wilson M/S/C (Buydos/Ashley) to approve the minutes of September 14, 2005 as submitted. Abstain: M. Wilson 4. NEW YORK RATING AGENCY TRIP Eric Haley, Executive Director, reported on the meetings held with the bond rating agencies and the remarkable comments received regarding Riverside County Transportation Commission's financial prospects. During those meetings, use of private/public financing for future projects and importance of an investment portfolio were discussed. Chair Lowe and Vice Chair Marion Ashley commented on the value of the annual meetings with the bond rating agencies and the overall success of the trip. They also commended Theresia Trevino, Chief Financial Officer, for her organizational efforts that contributed to the success of the trip. 4. MANAGEMENT STAFF RETREAT Eric Haley stated that a retreat was held with the management staff on Friday, December 2nd. The retreat was timely, proved to be very beneficial, and focused on staffing needs to sufficiently support a number of upcoming programs and projects of the Commission. He presented the interim organization chart and provided an overview of the proposed organizational changes. Commissioner Jeff Miller expressed his support for Stephanie Wiggins' promotion and recognized her realm of possibilities. M/S/C (Henderson/Miller) to approve the interim organization chart and the organizational changes as proposed by the Executive Director. 6. CLOSED SESSION At this time, the Executive Director declared that there was not a need for a closed session. 7. ADJOURNMENT There being no other items to be considered, the Executive Committee meeting adjourned at 8:54 a.m. The next meeting is scheduled to be held at 8:00 a.m., Wednesday, January 12, 2006. Respectfully submitted, Jennifer Harmon Acting Clerk of the Board AGENDA ITEM 4 • REVISION TO AGENDA ITEM 4 Additions are noted by Bold Italics, Deletions are noted by Strikethrough RIVERS/DE COUNTY TRANSPORTATION COMMISSION DATE: February 8, 2006 TO: Executive Committee FROM: Anne Mayer, Programming and Administration Director THROUGH: Eric Haley, Executive Director SUBJECT: Approval of Revised 401(a) Defined Contribution Qualified Plan Loan Guidelines and 457 Deferred Compensation Plan Loan Program and Guidelines and Adoption of Resolutions 06-001 and 06-002 'STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve the revised 401(a) Defined Contribution Qualified Plan Loan Guidelines; 2) Adopt Resolution 06-001, "Resolution of the Riverside County Transportation Commission Adopting a Loan Policy for Its Governmental Money Purchase Plan"; 3) Approve the 457 Deferred Compensation Plan Loan Program and Guidelines; and, 4) Adopt Resolution 06-002, "Resolution of the Riverside County Transportation Commission Adopting a Loan Policy for Its Deferred Compensation Plan': BACKGROUND INFORMATION: Commission employee benefits include employer paid contributions to a 401(a) Defined Contribution Qualified Plan as well as optional employee paid contributions to a 457 Deferred Compensation Plan. Both plans are administered by ICMA Retirement Corporation. ICMA, in accordance with Internal Revenue Code (IRC) Section 72(p), allows participants to borrow portions of their vested account balances subject to specific criteria. One of the requirements is that the employer must establish a loan program. In July 1993, the Commission approved an amendment to the 401(a) plan to allow loans and adopted loan guidelines. Loans to employees from 457 plans were not included in that program. There are no additional administrative costs associated with the loan program. Staff recommends approval of revised 401(a) loan guidelines and the establishment of a 457 Loan Program. Copies of the guidelines will be available for review and discussion at the Committee Meeting. Financial Information In Fiscal Year Budget: N/A Year: N/A Amount: N/A Source of Funds: N/A Budget Ad ustment: N/A GLA No.: N/A Fiscal Procedures Approved: 99 �,.�'-euv'� Date: 01 /31 /2006 Agenda Item 4 • RIVERS/DE COUNTY TRANSPORTATION COMMISSION DATE: February 8, 2006 TO: Executive Committee FROM: Anne Mayer, Programming and Administration Director THROUGH: Eric Haley, Executive Director SUBJECT: Approval of Revised 401(a) Defined Contribution Qualified Plan Loan Guidelines and 457 Deferred Compensation Plan Loan Program and Guidelines STAFF RECOMMENDATION: This item is for the Committee to: 1) Approve the revised 401(a) Defined Contribution Qualified Plan Loan Guidelines; and 2) Approve the 457 Deferred Compensation Plan Loan Program and Guidelines. BACKGROUND INFORMATION: Commission employee benefits include employer paid contributions to a 401(a) Defined Contribution Qualified Plan as well as optional employee paid contributions to a 457 Deferred Compensation Plan. Both plans are administered by ICMA Retirement Corporation. ICMA, in accordance with Internal Revenue Code (IRC) Section 72(p), allows participants to borrow portions of their vested account balances subject to specific criteria. One of the requirements is that the employer must establish a loan program. In July 1993, the Commission approved an amendment to the 401(a) plan to allow loans and adopted loan guidelines. Loans to employees from 457 plans were not included in that program. There are no additional administrative costs associated with the loan program. Staff recommends approval of revised 401(a) loan guidelines and the establishment of a 457 Loan Program. Copies of the guidelines will be available for review and discussion at the Committee Meeting. Agenda Item 4 Financial Information In Fiscal Year Budget: N/A Year: N/A Amount: N/A Source of Funds: N/A Budget Ad ustment: N/A GLA No.: N/A Fiscal Procedures Approved: LAbl,�{+as4,, Date: 01 /31 /2006 Agenda Item 4 • AGENDA ITEM 5 • • RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: February 8, 2006 TO: Executive Committee FROM: Jennifer Harmon, Acting Clerk of the Board THROUGH: Eric Haley, Executive Director SUBJECT: Proposed 2006 Committees Meeting Schedule and Transit Policy Committee Membership STAFF RECOMMENDATION: This item is for the Committee to approve the proposed 2006 Committees meeting schedule and to review and discuss the Transit Policy Committee membership. BACKGROUND: With regards to the meeting schedule of the Commission's Committees (Budget & Implementation, Plans & Programs, Transit Policy), with numerous meetings that Commissioners attend for their respective agency and for the Commission, including additional Ad Hoc Committee commitments, staff has attempted to locate a date and time that fits in with Commissioners' schedules. At its December 14th meeting, the Commission approved that the three statutory Committees be scheduled on the same date — 4`h Monday of each month. It is important to note that the Transit Policy Committee only meets on a quarterly basis, in January, April, July and October. Since the Commissioners have that the 4t Monday already marked to attend either Plans & Programs or Budget & Implementation Committee meetings in Riverside, scheduling the Transit Policy Committee meeting on the same day provides convenience for the Commissioners. After the Committee meetings held on January 23'd, Budget and Implementation Committee Commissioners expressed conflicts with the 8:30 a.m. meeting time (previously 10:00 a.m.).. In response to Commissioners' concerns, staff polled the respective Commissioners to seek feedback on a newly proposed meeting time of 9:30 a.m. The majority of Commissioners responded positively to the new time. As for the Transit Policy Committee, the current meeting time is 10:30 a.m. Due to the proposed shift of the Budget and Implementation Committee meeting time, staff polled the respective Commissioners to seek feedback on a newly proposed meeting time of 11:00 a.m. and requested additional days and times the Commissioners would be available if the proposed time for quarterly meetings Agenda Item 5 causes a schedule conflict. Only one of the responding Commissioners expressed a conflict with the proposed time. Therefore, staff recommends changing the Committee meeting times as proposed. 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