HomeMy WebLinkAbout20243421.tiffMinutes
August 1, 2024
Weld County 401(k) Savings and 457
Deferred Compensation Plan
Investment Committee Meeting
Meeting Attendees
Weld County
Cheryl Pattelli
Chris D'Ovidio
Brigitte Grimm
Jill Scott
Allison Palmer
Alera Group Principal
Brad Shaps Andrew Albers
Bob Janson
Rebecca Noordhoek
Prior Meeting Minutes
Jill made a motion to approve the first quarter meeting minutes and Brigitte
seconded the motion. The Committee unanimously approved the minutes.
Cheryl made a motion to approve the second quarter minutes and Brigitte seconded
the motion. The Committee unanimously approved the minutes from the previous
meeting.
Investment Review
Bob reviewed a Monitor Report prepared by Alera for the quarter ending 6/30/24. As
of 6/30/24 the 401(k) Plan and 457 Plan had assets of $19,656,990 and $11,048,092,
respectively. There are two funds on the Watch List.
Bob reviewed the investment performance section of the report. He also reviewed
the criteria used to monitor the investments.
The Dodge & Cox International Stock fund is on the watch list for two quarters due to
performance factors. The fund has failed the 1 -year return criterion for six quarters,
the 3 -year return criterion for two quarters, the 5 -year return criterion for three
quarters and the Sharpe Ratio criterion for one quarter. Alera is not recommending
any changes at this time.
The Prin Z -Principal U.S. Property fund is on the watch list for three quarters due to
performance factors. It has failed the 1 -year return criterion for five quarters, the 5 -
year return criterion for three quarters and the Sharpe Ratio criterion for two quarters.
Bob noted that unlike REITs, this fund invests directly into properties such as office
buildings and warehouses. Because of this, Bob noted that there could be issues with
liquidity if in the future the Committee wanted to eliminate this fund. Alera is not
recommending any changes at this time, however if the fund is still failing next
quarter, there can be discussion around potential alternatives.
Bob briefly reviewed the remaining funds in the report.
Principal Plan Review
Andrew reviewed a plan report; items reviewed included:
40(k):
• 27.2% participation rate
• 4.2% average deferral rate
• 2 participants enrolled in Target My Retirement Program
457:
• 15.7% participation rate
• 4.2% average deferral rate
• 1 participant enrolled in Target My Retirement Program
The Committee requested flyers on two -factor authentication and beneficiary
designation be sent. Cheryl noted that she would like to get a flyer on education on
choosing to participate in the 401(k) versus the 457 plan.
Plan Design Discussion
Cheryl noted that they would like to consider allowing loans but would like to discuss
at a future date.
Brad noted the following SECURE 2.0 Act penalty free withdrawals:
• Domestic abuse victim withdrawal
• Birth or adoption withdrawal
• Emergency expense withdrawal up to $1,000
Andrew noted the ability to have self -certified hardship withdrawals. The Committee
would not like to adopt this at this time.
Cheryl would like to discuss loans and the SECURE 2.0 Act optional provisions
separately. Rebecca will send dates to Cheryl and invite Drew as well.
Employee Education
Brad reviewed what Alera is doing from an education standpoint. Other than the plan
comparison flyer, nothing more is needed at this time.
Next Meeting
The next meeting scheduled for 11/07 at 3pm MT.
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