INVESTMENT SUBCOMMITTEE MEETING MINUTES
(Corrected)
| Date: 05/24/2018 | Time: 2:00 p.m. |
|---|---|
| X Regularly Scheduled | __ Special |
| Attendees: | Was a quorum present? Y |
| Retirement Commission | Other Attendees |
| Charlie Casella | Frank Picarelli, SegalMarco |
| Michael Bailey | Vanessa Vargas, SegalMarco |
| Michael Carey | Joel Fein, Prudential |
| Sandra Browne-Brewton | Jada Swinski, Prudential |
| Mike McCann, Prudential | |
| Absent Commission Members | |
| Salvatore Luciano | |
| Laila Mandour | |
| Comptroller's Office | |
| Thomas Woodruff, Director, HPBSD . | |
| Margaret Haering (Asst. Director, HPBSD | |
| John Herrington, Director, RSD | |
| Amy Cason, Associate ARBO, HPBSD |
Matters Discussed: Investment performance review by our consultant. Three funds are on the Watch List: Wells Fargo Large Cap Growth, VIP ContraFund and VIP Fidelity Mid-Cap Portfolio. Consideration of a small cap value fund was deferred to the next meeting.
Prudential reviewed demographics for all three plans. Withdrawal activity was higher than usual in all plans, primarily due to a large number of retirements. Rollovers out of the plans were reviewed for each plan.
The committee reviewed the GoalMaker participation and the quarterly performance statistics; the committee considered replacing one of the Large Growth funds, Fidelity� VIP Contrafund� Portfolio, in the GoalMaker portfolios due to its poor performance. After reviewing possible candidates with our consultant, the committee selected the TIAA-CREF Large Cap Growth Index to be used in its stead in GoalMaker. Amy Cason reported on Stable Value activity; it does not appear that the SAG Award implementation has resulted in any significant activity in the Stable Value Fund.
Materials Reviewed:
SegalMarco, Analysis of Investment Performance, 1st Qtr. 2018
Prudential Combined Plans Summary, 1st Qtr. 2018
Stable Value Cash Flow review
Decisions voted upon: Upon motion and second, the committee
unanimously voted to remove the Fidelity� VIP Contrafund� Portfolio from the GoalMaker portfolios and to use
the TIAA-CREF Large Cap Growth Index instead. The timing of the fund
replacement will coincide with the next quarterly rebalancing of the GoalMaker
portfolios.
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