HomeMy WebLinkAbout20243419.tiffMinutes
May 8, 2024
Weld County 401(k) Savings and 457
Deferred Compensation Plan
Investment Committee Meeting
Meeting Attendees
Weld County
Cheryl Pattelli
Ryan Rose (absent)
Brigitte Grimm (absent)
Jill Scott
Allison Palmer
Alera Group
Brad Shaps (absent)
Bob Janson
Rebecca Noordhoek
Prior Meeting Minutes
The Committee will vote to approve the previous meeting minutes next quarter.
Investment Review
Bob reviewed a Monit Report that was prepared by Alera for the quarter ending 3/31/24. As of
3/31/24 the 401(k) Plan and 457 Plan had assets of $19,085,053 and $10,796,442, respectively.
There are four funds on the Watch List.
Bob reviewed, the criteria used to monitor the Plan's investments. Cheryl noted that they are
comfortable with the current criteria. He also reviewed the Investment Performance section of
the Monitor Report.
The Principal Small Cap SP fund is on the watch list for three quarters due to performance
factors. It has failed the 1 -year return, 3 -year return and 5 -year return criteria for three
quarters. After discussion, the Committee agreed to replace the Principal Small Cap SP fund
with the DFA US Small Cap fund.
The Neuberger Berman Large Cap Value fund is on the watch list for two quarters due to
performance factors. It has failed the 1 -year return criterion for five quarters while also failing
the 3 -year return, 5 -year return and Sharpe Ratio criteria for two quarters. After discussion, the
Committee agreed to replace the Neuberger Berman Large Cap Value fund with the Putnam
Large Cap Value fund.
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The Prin Z -Principal U.S. Property fund is on the watch list for two quarters due to performance
factors. It has failed the 1 -year return criterion for four quarters, the 5 -year return criterion for
two quarters and the Sharpe Ratio criterion for one quarter. Bob noted that unlike REITs, this
fund invests directly into properties such as office buildings and warehouses. Alera is not
recommending any changes at this time.
Bob briefly reviewed the remaining funds in the report.
Bob reviewed a target date fund analysis that was prepared by Alera, comparing the American
Funds Target Date Retirement, Fidelity Freedom Index, Principal LifeTime, and T. Rowe Price
Retirement fund suites. Items reviewed included:
• Equity glide path comparison
• 3 -year risk/return comparison
• 5 -year risk/return comparison
Employee Education
Rebecca reviewed the education discussion that was had earlier in the year. She will send an
education calendar to Allison, Jill, and Cheryl.
Other Discussion Items
The Committee would like to conduct a recordkeeping RFP for due diligence purposes. Cheryl
noted that they are currently in the process of implementing a new payroll system and would
like to revisit this topic next quarter.
Dan noted that he would like information on the investment models and allocations used in the
Target My Retirement program at Principal. He would also like to know the current utilization
rate.
Dan also requested that Alera email the Principal contact for plan documents and an
introduction.
Next Meeting
The next meeting is scheduled for August l' at 3pm CST.
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