HomeMy WebLinkAbout20233816.tiff Meeting Minutes
Weld County 401k Savings Plan and 457 Deferred
Compensation Plan Fiduciary Committee
January 31,2023
Meeting Attendees
Weld County Alera Group Principal
Cheryl Pattelli Brad Shaps Melanie Francis
Ryan Rose(absent) Masoud Shirazi(absent)
Renee Fielder Michael Shirazi
Staci Datteri-Frey Bob Janson
Karla Ford(absent) Rebecca Noordhoek
Jill Scott
Prior Meeting Minutes
Staci made a motion to approve the minutes.Jill 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 quarter ending 12/31/22.As of
12/31/22 the 401(k)Plan and 457 Plan had assets of$14,158,458 and$8,252,852,respectively.
There are three funds on the Watch List.Bob reviewed the Holdings Summary and Investment
Performance sections of the monitor report.He also reviewed,in detail,the criteria that has
been set to monitor the Plan's investments.
The Principal SAM Balanced fund is on the watch list for four quarters due to performance
factors.It has failed the 1-year criterion for four quarters,the 3-year criterion for twelve
quarters,the 5-year criterion for twelve quarters and the Sharpe Ratio Criterion for five
quarters.
The Principal SAM Conservative Balance fund is on the watch list for three quarters due to
performance factors.It has failed the 1-year return criterion for three quarters,the 3-year
criterion for three quarters and the 5-year criterion for four quarters.
The Principal SAM Conservative Growth fund is on the watch list for two quarter due to
performance factors.It has failed the 1-year return criterion for three quarters,the 3-year
aaS-3811.0
criterion for three quarters,the 5-year criterion for two quarters and the Sharpe Ratio criterion
for two quarters.
Bob noted that these funds are part of a suite,and that the entire suite would need to be
replaced.Alera is not recommending any changes,and the Committee agreed that no changes
are needed at this time.
Bob reviewed the Style Box section of the monitor report,noting that many Plans include an
international growth,an international value fund and additional specialty funds as an option.
Alera presented potential additions in these categories.
After a discussion,Jill made a motion to approve the addition of the Dodge&Cox International
stock fund as an international value alternative.Staci seconded the motion,and the Committee
unanimously approved the addition of the Dodge&Cox International stock fund.Renee made a
motion to approve the addition of the MFS International Growth fund as an international
growth alternative.Staci seconded the motion,and the Committee unanimously approved the
addition of the MFS International Growth fund.Staci made a motion to approve the addition of
the PIMCO CommoditiesPLUS Strategy fund.Jill seconded the motion,and the Committee
unanimously approved the addition of the PIMCO CommoditiesPLUS Strategy fund.
Legislative Update
Brad gave a high-level review of a Secure Act 2.0 summary that was prepared by Alera,noting
there is nothing the Committee needs to act on immediately,and that Alera will provide
updates as additional information becomes available.
The Committee would like to schedule a separate meeting with Ed and Principal in the next one
to two quarters to confirm which provisions will apply and need to be included in a plan
amendment.
Principal Review
Melanie provided a quick Principal update including an update to the mobile App.
Employee Education
Alera will send dates to Melanie and Cheryl to schedule a call to discuss what Principal is doing
and how Alera can supplement.
Next Meeting
Rebecca and Cheryl will coordinate to schedule the next meeting.
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