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Home My WebLink About20251195.tiffMinutes February 6, 2025 Weld County 401(k) Savings and 457 Deferred Compensation Plan Investment Committee Meeting Meeting Attendees Weld County Cheryl Pattelli Rusty Williams Brigitte Grimm (absent) Jill Scott Allison Palmer Alera Group Brad Shaps Bob Janson Rebecca Szewczyk Approval of Meeting Minutes Jill made a motion to approve the previous quarter's meeting minutes and Allison seconded the motion. The Committee approved the minutes from the previous meeting. There was one abstention as Rusty was not present at the previous meeting. Investment Review Alera Investment Advisors prepared a Monitor Report for the quarter ending 12/31/24. As of 12/31/24 the 401(k) Plan and 457 Plan had assets of $19,096,416 and $11,858,692, respectively. There are two funds on the Watch List. Bob reviewed the Holdings Summary and Investment performance sections of the report. He also reviewed the criteria used to monitor the investments. He also reviewed, in detail, the criteria that have been set to monitor the Plans' investments. The 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 seven quarters, the 5 - year return criterion for two quarters and the Sharpe Ratio criterion for four quarters. Bob noted that this fund performed well last quarter compared to its peers and has greatly improved on the 3 -year return. Because of these reasons, the Committee will hold off for one more quarter; if this fund is not improving by next quarter, Alera will bring recommended alternatives. COWINtvn;Co-V:on5 a5/©7/25 2025-1195 The Principal MidCap Growth 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 3 - year return criterion for two quarters, the 5 -year return criterion for three quarters and the Sharpe Ratio criterion for two quarters. Bob noted that given the track record of this manager and its historical performance, Alera is not recommending any changes as this time. Bob reviewed the remaining funds in the report. Plan Design Discussion Allison raised a question about the SECURE 2.0 Act's long-term part-time employee eligibility provision. Brad noted that this only applies if the plan currently excluded part-time employees. Brad will confirm if the plan includes or excludes the. If they are excluded, Weld County would need to track their hours for eligibility purposes. Allison also asked if the emergency savings withdrawal option is available or required. Brad confirmed that this is an optional provision. The Committee will notify Alera if they decide that they would like to offer this in the future. Service Plan Review Rebecca reviewed a 2025 service plan that was prepared by Alera. Cheryl noted that they may want to do a recordkeeper search in the near future for due diligence purposes. Brad noted that if they do not have the capacity to do a full recordkeeper search at this time, Alera could assist with a pricing exercise, which could determine if a recordkeeper search should be done in 2026. Employee Education Rebecca highlighted what Alera is doing from an education standpoint including monthly FinWell webinars, quarterly communications, and a 401(k) -landing page. Rebecca also noted that there was a Financial Wellness webinar today, which was recorded. There will also be an estate planning webinar taking place in mid -June. Other than these items, there is no need for additional education at this time. Fiduciary Education Rebecca will send out dates for a separate meeting for fiduciary education. Next Meeting The next meeting is scheduled for May 1. at 2pm MT. Hello