Retirement Services Division March 21, 2018 Meeting Minutes of the State Employees Retirement Commission Investment Subcommittee

INVESTMENT SUBCOMMITTEE MEETING MINUTES

Date: 03/21/2018	Time: 10:00 a.m.


X Regularly Scheduled	__ Special


Attendees:	Was a quorum present? Y

Retirement Commission	Other Attendees
Charlie Casella	Frank Picarelli, SegalMarco
Laila Mandour	Joe Fein, Prudential
Michael Carey	Jada Swinski, Prudential
Sandra Brown-Brewton	Robert Luciani, Prudential
Michael Bailey	Mary Harlos, Prudential
Peter Adomeit	Bruce Barth, Robinson & Cole

Absent Commission Members
Salvatore Luciano

Comptroller?s Office
Thomas Woodruff, Director, HPBSD .
John Herrington, Director, RSD
Colin Newman, Asst. Director Retirement Div.
Amy Cason, Associate ARBO, HPBSD

Matters Discussed:

The Investment Fund line-up for Tier IV Defined Contribution Plan
The Default investment option for the Tier IV Defined Contribution Plan
Re-opening of the Voya General Account for the ARP SAG Award and ARP Hybrid transfers
Investment Review - Frank Picarelli provided a review of the prior quarter?s investment performance with a summary of economic indicators by asset class. He also provided a review of the two funds currently placed on a watch list.
GoalMaker Performance - Jada Swinski provided a review of the participant activity within the GoalMaker investment option. Joe Fein provided a review of the GoalMaker performance.
Plan Statistics - Frank Picarelli provided a review of plan activity in each of the three defined contribution plans. Jada Swinski provided a review of each of the three defined contribution plan activity by participants.

Materials Reviewed:

Analysis of Investment Performance, 457, 403(b) and 401(a) Plans by Segal Marco Advisors
State of Connecticut Plan Review by Prudential
4th Quarter 2017 GoalMaker Performance by Prudential

Decisions voted upon:

Charles Casella moved, seconded by Mike Carey as recommendation to the Retirement Commission to adopt the Investment Fund line-up for Tier IV Defined Contribution Plan to mirror the current investment fund line-up in the ARP, 403(b) and 457 Plans. Matter was called for a vote. The committee voted unanimously in favor to approve the motion.
Charles Casella moved, seconded by Mike Carey as recommendation to the Retirement Commission to adopt the Default investment option for the Tier IV Defined Contribution Plan to mirror the current default investment option, GoalMaker Moderate Portfolio, in the ARP, 403(b) and 457 Plans. Matter was called for a vote. The committee voted unanimously in favor to approve the motion.
Mike Carey moved, seconded by Sandra Brown-Brewton as recommendation to the Retirement Commission to adopt re-opening the Voya General Account (aka ARP Transition Fund) for the ARP SAG Award and ARP Hybrid transfers within the ARP, 457 and 403(b) Plans. When participants make election to transfer the funds the estimated amount of monies will be invested in the Voya General Account (aka ARP Transition Fund) for the purpose of preservation of principal. The Division is instructed to keep the commission informed regarding communications with the participants to ensure that participants are fully informed. Matter was called for a vote. The committee voted unanimously in favor to approve the motion.