HomeMy WebLinkAbout20223629.tiffWELD COUNTY 401K SAVINGS PLAN AND 457 DEFERRED
COMPENSATION PLAN FIDUCIARY COMMITTEE
May 9, 2022
MEMBERS PRESENT:
Cheryl Pattelli, Chief Financial Office
John Lefebvre, County Treasurer
Michelle Raimer, Interim Director of HR
Staci Datteri-Frey, HR Benefits Manager
OTHERS PRESENT:
Karla Ford, BOCC Office Manager
Brad Shaps, Alera Group
Rebecca Noordhoek, Alera Group
Bob Janson, Alera Group
Brian Curran, Principal Financial
ABSENT:
Ryan Rose, Director of Administration
Masoud Shirazi, Shirazi and Associates
Michael Shirazi, Shirazi and Associates
CALL TO ORDER:
This meeting was held and recorded by Microsoft Teams. Mr. Shaps, Alera Group, called the
meeting to order at 2:30 p.m.
Alera previously emailed the Weld County 401k Monitor Report 22-03 (Attachment A), Weld
County 457 Monitor Report 22-03 (Attachment B), Weld County Monitor Report 22-03— Potential
Changes (Attachment C), Weld County Monitor Report 22-03 and the Target Date Fund
Analysis Report (Attachment D).
APPROVAL OF MINUTES:
Ms. Raimer made a motion to approve the April 4, 2022 minutes. The motion was seconded by
Mr. Lefebvre and passed unanimously.
APPROVAL OF INVESTMENT POLICY STATEMENT: Ms. Pattelli suggested the plan modify
the target date funds included in the menu adding so that the suite is in five-year increments.
The committee unanimously agreed with the suggestion.
The committee briefly discussed priorities and initially will focus on establishing the performance
benchmark and a review of the target date funds.
Later in the year the committee will take a deeper dive into the strategy for rest of fund menu.
The Alera team reviewed the criteria in the Investment Policy Statement. After a brief discussion
the committee agreed to utilize the following performance criteria:
1 -year return rank top 50%
3 -year return rank to 40%
5 -year return rank top 25%
2022-3629
The committee requested that the monitoring report add a criteria that a fund must have at least
$100 million in assets.
INVESTMENT REVIEW:
Alera prepared a Monitoring Report for quarter ending 3/31/22. The Plan had assets of
$9,290,557 as of 3/31/22. There are 10 funds on the watch list. Mr. Parson reviewed the Monitor
Report and explained the various sections within it. He briefly reviewed the funds on the watch
list. There was a discussion around how the plan currently is utilizing only Principal Funds. Alera
will ask Principal if the plan fees would change should they choose to replace any with funds
that are managed outside of Principal.
Mr. Shaps stated that both investment fund data and fees are built into the Monitor Report. He
also noted that Principal has up-to-date information for each fund on their website. Disclosure
sheets will show the fees and will be updated on monthly basis.
SELF -DIRECTED BROKERAGE DISCUSSION:
The committee and Alera discussed the option of adding a self -directed brokerage window into
the Plan. All committee members voted against adding this option to the Plan.
Mr Shaps stated that expense information is available on the Principal Website.
CHARTER REVIEW:
This was not discussed at this meeting
EMPLOYEE EDUCATION DISCUSSION:
This was not discussed at this meeting
NEXT MEETING DATE:
The next meeting date is May 13, 2022 at 11:00 a.m.
ADJOURN:
The meeting ended at 3:53 p.m.
The above and foregoing minutes were presented for a;•roval on the 11th day of July,
2022.
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