2014-10-27MINUTES
POLICE RETIREMENT COMMITTEE
October 27, 2014
A meeting of the Blair Police Retirement committee was held on October 27, 2014 at
11:30 a.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, Lee Roy
Swanson, 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 Keith
Christiansen
Motion by Sick, second by Swanson to approve the minutes of the July 10, 2012,
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. Discussion was held regarding demographics,
plan balances, portfolio reviews, plan fee summary, and quarterly reports for due
diligence. It was noted that BPI currently handles plan administration and provide a
good service with no issues. Total cost of all plans is under 1.00%, which compared to
the national average (from the 401(k) Averages Book), this is a very competitive. The
average account balances are increasing, which is good for plan costs. Police
employees are mainly do -it -myself investors with over 76% holding 5 or more
investments which is a good asset allocation. Discussion was held regarding possible
addition of Roth provision for the 457 plan, difference between sub -advised and mutual
fund networks as well as RetireView vs. Target Date Funds (LifeTime), PIMCO and
whether or not to keep the fund and Principal's due diligence results which include three
funds on probation and one is on the watch list. There were no changes at this time
regarding any of these issues. It was noted that beginning October 1, 2013, and
continuing through September 30, 2015, the Required Participant Contribution will be
6.5%. Beginning October 1, 2015, the Required Participant Contribution will be 7%.
DC Retirement Strategies offered to enroll all new employees which is currently handled
by Brenda. Possible topics for future education meetings were discussed to include Bo -
it -myself vs. LifeTime vs RetireView, awareness of mobile app, account balance and
ROR testing and rebalancing concepts. DC will work with Aaron and Joe to coordinate
Group Employee education at the police station. In lieu of a signed Service agenda, DC
Retirement Strategies will reach out to the city every fall to coordinate an annual review
sometime in October.
Motion by Sick, second by Swanson to adjourn the meeting at 1:20 p.m. All
members present voting Aye. Motion carried.