HomeMy WebLinkAbout20233818.tiff Meeting Minutes
Weld County 401k Savings Plan and 457 Deferred
Compensation Plan Fiduciary Committee
May 3,2023
Meeting Attendees
Weld County Alera Group Principal
Cheryl Pattelli Brad Shaps Melanie Francis
Ryan Rose(absent) Masoud Shirazi(absent) Drew Albers
Renee Fielder Michael Shirazi(absent)
Staci Detteri-Frey Bob Janson
Jill Scott Rebecca Noordhoek
Bridgette G
Prior Meeting Minutes
Cheryl made a motion to approve the minutes.Renee seconded the motion.The Committee
unanimously approved the minutes from the previous meeting.
Investment Review
Bob reviewed a Monitor Report that was prepared by Alera for the quarter ending 3/31/22.As
of 3/31/22 the 401(k)Plan and 457 Plan had assets of$14,901,846 and$8,503,701,
respectively.There are two funds on the Watch List.
Bob reviewed and explained the Holdings Summary and Investment Performance sections of
the Monitor Report. He also reviewed the criteria used to monitor the Plan's investments.
Brad asked the Committee if they are still comfortable with the current criteria,The Committee
agreed that they are.
The American Funds 2060 Target Date Retirement fund is on the watch list for one quarter due
to performance factors.It has failed the 1-year return criterion for ten quarters while also
failing the 3-year return and Sharpe Ratio criteria for one quarter.Bob noted that this fund is a
part of the American Funds target date suite.Because of this,if a change is made it would have
to be to the entire suite.Alera is not recommending any changes at this time.The Committee
agreed with this recommendation.
The Z-Principal SAM Balanced Inst fund is on the watch list for six quarters due to performance
factors.It has failed the 1-year return criterion for five quarters,the 3-year return criterion for
six quarters and the 5-year return criterion for twelve quarters.Brad pointed out that while the
fund is failing the criteria,the difference in the actual return compared to the benchmark and
median is less than.5%.Alera is not recommending any changes,and the Committee agreed
that no changes are needed at this time.
Bob briefly reviewed the remainder of the funds.
Target Date Fund Suitability Review
Bob reviewed a Target Date Analysis that was prepared by Alera.The report compared the
American Funds Target Date Retirement,Fidelity Freedom Index,Principal LifeTime,and T.
Rowe Price Retirement fund suites.The information reviewed included:
• Equity glide path comparison
• Asset class summary
• 5-year risk/return comparison
The Committee agreed that there are no changes needed at this time.
Service Plan Review-Goal Setting
Brad asked the Committee if they had any goals for the Plan this year.Cheryl would like to
ensure education continues.Brad noted that there will be discussion around a comparison
between the 457 and 401(k)and education scheduled for the August timeframe.Cheryl noted
that they may want to consider adding a Roth option to the 457 if possible.
Employee Education
As discussed above,there will be education around the benefits of participating in the 401(k)
and/or 457 plans later this year.Staci noted that she does not want to include additional
education in new hire orientation as it could be overwhelming.
Next Meeting
Rebecca and Cheryl will coordinate to schedule the next meeting.
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