Item 4. Introduction of New Employees Ms. Eldridge introduced new employee Julio Monroy, Maintenance Technician to the Board.
The Board approved the minutes of the Regular Meeting & Public Hearing of September 28, 2020 and Minutes of Special Meeting of October 19, 2020 as presented.
MOTION: Commissioner Spencer moved approval of the minutes of the Regular Meeting & Public Hearing of September 28, 2020 and Minutes of Special Meeting of October 19, 2020 as presented. Commissioner Stafford seconded. MOTION PASSED UNANIMOUSLY (6-0)
Mr. Martin Sobel updated the Board on the progress of the Young Eagles Flying Club and Team Build, a program for high school students, and the Experimental Aircraft Association (EAA) and invited the Board to come out on Saturdays and watch the students build the new aircraft. Chairman Holder thanked him for the offer.
Ms. Eldridge discussed approval of changes to The Principal U.S. Property Separate Account Investment Option to remain invested in the plan for the Defined Benefit, Defined Contribution and Deferred Compensation retirement plans subject to changes effective January 4, 2021. Following questions, Ms. Eldridge and Mr. Piccolo reviewed the three plans offered to eligible employees noting that the Defined benefit plan applies to employees hired before October 1, 2007, the Defined Contribution (DC) Retirement Plan applies to employees hired on or after October 1, 2007, and the voluntary Deferred Compensation (457) Plan for any eligible employees. Changes to the Principal "Separate Account" require the Authority to either approve to remain invested subject to the changes or disapprove prior to December 15, 2020. The changes were noted, and Staff recommended approval to remain invested in the Principal U.S. Property Separate Account for the Authority's retirement plans.
MOTION: Commissioner Spencer moved approval of changes to The Principal U.S. Property Separate Account Investment Option to continue to invest and offer the Separate Account in the Authority's three retirement plans as discussed. Commissioner Stafford seconded. MOTION PASSED UNANIMOUSLY (6-0)