Page 20 - Dec 2021 Report

December Report
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Compensation Committee meeting minutes (draft)
December 4, 2021 at 2:41 p.m.
Members Present: I. King Jordan, Chair; Bea Awoniyi; and Mike Miller. Sherry Salway Black was excused.
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Approval of Minutes
The minutes of the September 12, 2021 meeting were approved as circulated.
Salary Increases for Staff and Consultants in 2020
The Committee reviewed the background information provided by the Chief Financial Officer and the memo sent to the committee by the Chief Executive Officer and approved a 5% cost of living increase for staff, consultants and outside consultants to take effect January 1, 2022. The committee discussed the fact that 5% is a very generous increase but felt that it was justified by the good market returns and the outstanding performance of the staff. It was understood that this will not be a given every year.
Medical Benefits for Staff in 2020
The premiums numbers are not yet final because neither Dick nor Sharon has heard from the federal government regarding Social Security medical deductions, nor do they have final numbers for their outside insurance premiums. The Committee approved the medical benefits and health costs as outlined in Sharon Wood’s spreadsheet with the proviso that the final expected monthly costs will be provided to the Committee as soon as they are available and that those will not reflect any dramatic increases.
Foundation 401K Plan
The Committee approved the recommendations of the 401K Investment Committee as follows:
1. Add a second Trustee to the plan. Going forward the Trustees will be Richard Krause and Stanford Howard
2. Change the plan to state that we were making a “safe harbor” match of 100% up to 4% of salaries 3. Use the Victoria Lackey forfeited funds ($13,098.25) to offset future Employer contributions.
Other Business
There was no other business to discuss. The meeting was adjourned at 3:29 p.m.
The next scheduled meeting is Monday, March 21, 2022 in Toronto, Ontario, Canada. Respectfully submitted December 4, 2021.
Bea Awoniyi I. King Jordan Pro-tem Recording Secretary Chair