HomeMy WebLinkAbout20243417.tiffMinutes
February 1, 2024
Weld County 401(k) Savings and 457
Deferred Compensation Plan
Investment Committee Meeting
Meeting Attendees
Weld County
Cheryl Pattelli
Ryan Rose
Brigitte Grimm
Staci Detteri-Frey
Jill Scott
Alera Group
Brad Shaps
Bob Janson
Rebecca Noordhoek
Principal
Andrew Albers (absent)
Prior Meeting Minutes
Jill made a motion to approve the minutes from the previous meeting; Staci seconded the
motion. The Committee unanimously approved the minutes from the previous meeting.
Investment Review
Bob reviewed a Monit Report that was prepared by Alera for the quarter ending 12/31/23. As
of 12/31/23 the 401(k) Plan and 457 Plan had assets of $17,682,824 and $10,059,010,
respectively. There are three funds on the Watch List.
Bob gave a market update and briefly reviewed the Investment Performance section of the
Monitor Report. He also reviewed the criteria used to monitor the investments.
The Neuberger Berman Large Cap Value fund is on the watch list for one quarter due to
performance factors. It has failed the 1 -year return criterion for four quarters while also failing
the 3 -year return, 5 -year return and Sharpe Ratio criteria for one quarter. Alera is not
recommending any changes at this time, however Bob noted that if this fund is still failing next
quarter Alera can bring alternatives.
The Principal Small Cap SP fund is on the watch list for two quarters due to performance
factors. It has failed the 1 -year return, 3 -year return, 5 -year return and Sharpe ratio criteria for
two quarters. Bob noted that if this fund is still failing next quarter, Alera can bring alternatives.
The Prin Z -Principal U.S. Property fund is on the watch list for one quarter due to performance
factors. It has failed the 1 -year return criterion for three quarters while also failing the 3 -year
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return and 5 -year return criteria for one quarter. Alera is not recommending any changes at this
time.
Bob briefly reviewed the performance of the remaining funds in the menu, including the
current target date fund suite.
Service Plan Review
Brad reviewed a 2024 service plan that was prepared by Alera. The Committee would like to
add the following to their goals for the year:
• Increased participation
• Recordkeeping search around August or September 2024
• Hire a new attorney — the first thing they would like to do is a review of the plan
document
Fiduciary Education
Alera will schedule a 30 -minute call in the next month to conduct fiduciary training.
Employee Education
Cheryl noted that pay will be going from once a month to semi-monthly beginning in June. Brad
noted that the financial wellness series webinar on 2/15 will cover budgeting, but if needed
Alera can do an additional presentation on budgeting. Cheryl will let Alera know if this is
needed. Cheryl would like Alera to put together some tips to incorporate into a presentation
they are creating in the next two weeks. She would also like to get a flyer from Principal on
budgeting and Milestones.
Brad noted that Target My Retirement is an optional service at Principal. There was discussion
las quarter regarding this topic. The committee agreed they would like to add this service. Alera
will work with Principal to initiate the process.
Next Meeting
The next meeting is scheduled for May 8th at 3pm MT.
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