HomeMy WebLinkAbout20223632.tiffMinutes
Weld County 401k Savings Plan and 457 Deferred
Compensation Plan Fiduciary Committee
July 11th, 2022
Meeting Attendees
Weld County
Cheryl Pattelli
Ryan Rose
Michelle Raimer
Staci Detteri-Frey
John Lefebvre
Karla Ford
Jill Scott
Alera Group
Brad Shaps
Masoud Shirazi
Michael Shirazi
Rebecca Noordhoek
Principal
Brian Curran
Prior Meeting Minutes
Staci made a motion to approve the minutes. John seconded the motion. The Committee
unanimously approved the three previous meeting minutes.
Fiduciary Training
Brad presented a fiduciary training presentation for the Committee that was prepared by Alera.
The main topics included:
Plan Sponsor responsibilities
Understanding who a fiduciary is and what the role entails
Different types of fiduciaries
ERISA fiduciary bond and E&O insurance coverage
Steps to managing a fiduciary's responsibilities and risk
Committee structure and meeting processes
Investment monitoring and oversight process & the purpose of the IPS
Investment fund menu and design selection
2022-3632
• Monitoring fees for reasonableness
Brad explained ERISA and who it governs, noting that government entities are generally
exempt. He explained, however, that many of the rules still apply and from a fiduciary
standpoint following ERISA principals is what should guide the Committee's decisions on how
they choose to operate the plan. Brad then went through some of the responsibilities of the
Committee according to the law that governs state plans- The Uniform Management of Public
Employee Retirement System Act (Model Act).
Update on Investment Changes
Brad explained that one of the replacement funds the Committee agreed upon in the prior
meeting, the Principal Income Guaranteed Option, is not available on the Principal platform. He
asked if the Committee if instead they would accept using the Principal Stable Value fund.
Cheryl inquired as to what percent of plan assets are currently in the Money Market account;
Brian confirmed it makes up about 1% of the 401(k) plan assets and $350,000 of the 457 plan
assets. Brad explained that the limited options are due to the current contract and platform,
and that in the future they could look at changing to an open architecture platform which
would provide more flexibility. The Committee unanimously agreed that this replacement is
acceptable. Brian will submit the fund change request.
Cheryl asked about investment education for the Committee; Brad stated that this topic can be
added to the next meeting agenda.
Review Charter
Brad reviewed the committee charter and explained the purpose of the Committee.
Next Meeting
The next meeting will be scheduled for early September. Alera will send dates to Cheryl.
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