2015-11-12MINUTES
CIVILIAN RETIREMENT COMMITTEE
November 12, 2015
A meeting of the Civilian Retirement committee was held on November 12, 2015 at 1:45
p.m. in the Blair Council Chamber. The meeting was called to order by City Administrator
Storm.
Those present were Robert Frahm, Terry Vandry, Pat Long, 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: Gayle Roberts
and Deanna Jensen.
Motion by Frahm, second by Long 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 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.
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.
The same information was discussed regarding the 457 plan. Discussion was held
regarding adding a Roth feature to the 457 plan.
Motion by Long, second by Vandry 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.
Motion by Frahm, second by Long to accept the rollover funds from Eric Stier into the 457
Plan. All members present voted Aye. Motion carried.
The Committee requested employee education meetings in January or February of 2016
and DC Retirement will work with Brenda to get something set up. The Committee also
confirmed they want to continue to receive paper statements for the plans. Those
individuals that do not want a paper statement can opt out via the Principal website.
Motion by Green, second by Long to adjourn the meeting at 2:38 p.m. All members
present voting Aye. Motion carried.