2015-11-12MINUTES
POLICE RETIREMENT COMMITTEE
November 12, 2015
A meeting of the Blair Police Retirement committee was held on November 12, 2015 at
12:00 p.m. in the Blair Council Chamber. The meeting was called to order by City
Administrator Storm.
Those present were Chief Joe Lager, Lieutenant Aaron Barrow, Tom Sick, City
Administrator Storm, Assistant City Administrator Green and Civil Service Secretary
Wheeler, Rick Dhabalt and Greg Cismoski from DC Retirement Strategies and James
Baker from Principal. Absent: Council member Ben Hansen and Lee Roy Swanson.
Motion by Sick, second by Lager to approve the minutes of the October 27, 2014
meeting as presented. All members present voted Aye. Motion carried.
Rick Dhabalt and Gregory Cismoski from DC Retirement Strategies and James Baker,
Principal Financial Group were present to discuss the activity in the funds currently
managed by Principal for the Police Pension group. James Baker reviewed the plan
design and current provisions of the plan. Baker also reviewed the investments and
process for Principal and Wilshire. All funds are at a favorable or neutral standing at
this time except the Equity Income Fund, Large Cap Growth II and Mid -Cap Growth III,
which are considered less favorable. He then discussed the characteristics of and
differences between the Target Date Funds and RetireView. The Principal Lifetime
Strategic Income Fund is neutral. Fees have not changed, therefore Principal has not
updated the fee summary since September, 2014. It was noted the new Police deferral
amount and match were implemented in October, 2015 from 6.5% to 7% as required by
State Statute.
Motion by Lager, second by Storm to let the Principal Financial Group due diligence
process run its course and not make any changes regarding these funds at this time
due to improved short-term performance of these funds. All members present voted
Aye. Motion carried.
The Committee requested employee education in January or February of 2016 and DC
Retirement will work with Joe to get something set up. In regards to a police officer who
is deemed disabled, the officer continues to self -direct the funds. However, the city will
have the authority to make distributions to offset the disability payments the city will be
required to pay. The city is currently working through the process on legally how to
handle this situation. More information will be presented to the Committee at a later
date on this particular situation.
Motion by Sick, second by Lager to adjourn the meeting at 1:30 p.m. All members
present voting Aye. Motion carried.