2014-10-17MINUTES
CIVILIAN RETIREMENT COMMITTEE
October 27, 2014
A meeting of the Civilian Retirement committee was held on October 27, 2014 at 1:30
p.m. in the Blair Council Chamber. The meeting was called to order by City
Administrator Storm.
Those present were Robert Frahm, Deanna Jensen, Terry Vandry, Gayle Roberts, City
Administrator Storm, Assistant City Administrator Green and Brenda Wheeler. Rick
Dhabalt and Greg Cismoski from DC Retirement Strategies and James Baker from
Principal Absent: Pat Long.
Motion by Roberts, second by Frahm 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 were present to
discuss the activity in the funds currently managed by Principal for the Civilian Pension
plans. The plan design and current provisions of the plan were reviewed. Plan
demographics were also reviewed including asset concentrations and internet access.
Discussion was held regarding adding a Roth feature to the 457 plan and current
investment spread which is mostly single holder investors in the LifeTime Funds.
Otherwise 65% of plan participants have 5 or more funds, which is a good asset
allocation. A large concentration of participants are in small and mid -cap funds. James
Baker, Principal, explained the difference between sub -advised vs. mutual fund
networks and LifeTime Target Date vs. RetireView. Three participants in the Civilian
Plan use RetireView. He also reviewed Principal's due diligence results indicating three
funds are on probation and one is on the watch list. PIMCO was discussed as to
whether or not to keep the fund. No changes were made to any funds. The deferred
compensation plan demographics were also reviewed during this meeting.
Plan costs were reviewed and all plan were under 1.00% at .93%. This rate is very
competitive when compared to the national averages.
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 Frahm, second by Roberts to adjourn the meeting at 2:45 p.m. All members
present voting Aye. Motion carried.