2007-6-14MINUTES
POLICE RETIREMENT COMMITTEE
June 14, 2007
A meeting of the Blair Police Retirement committee was held on June 14, 2007 at
noon at the City Office. The meeting was called to order by City Administrator Storm.
Those present were Chief Joe Lager, Lee Roy Swanson, John Shotwell, City
Administrator Storm, Assistant City Administrator Green and Civil Service Secretary
Wheeler. Absent: Tom Sick.
Motion by Swanson, second by Shotwell to approve the minutes of the February
23, 2005 meeting as presented. All members present voted Aye. Motion carried.
Rick Dhabalt and Gregory Cismoski, Account Representative with Principal
Financial Group were present to discuss the activity in the funds currently managed by
Principal for the Police Pension group. Mr. Dhabalt reviewed the demographics of the
plan participants by age, salary and participations; the average account balance per
participant; the average annual elective deferral contributions per participant and
internet and voice response usage along with the top transactions conducted online by
plan participants. Dhabalt stated his role in helping the Committee to be fiduciary
responsible is to review how the investments are allocated in the plan to assure
appropriate diversification is available to the plan participants. He reviewed investment
option balances along with participant investments by age and salary. He also
presented an overview of the Pension Protection Act of 2006 and stated they would
continue to provide assistance and guidance throughout 2007 and beyond regarding the
affects of this pension act. Discussion was held regarding current issues of the market
and its affects on the funds along with an outline of the different investment options the
City of Blair is currently offering through Principal to their participants. He stressed that
Principal does quantitative monitoring that involves reviewing performance relative to
benchmarks, peers and style consistency. He then reviewed a comprehensive
scorebook evaluation of the investment results showing performance history for the
funds offered in the police pension plan. He also noted that Principal does
comprehensive reporting to keep you as the plan sponsor as well as the plan participant
informed of any significant changes through the Principal Due Diligence Quarterly
Review, Investment Bulletins, articles online and in the client news magazine. Lastly
he reviewed the services offered by Principal to make sure that the City of Blair is
receiving the service they want from Principal.
City Administrator Storm thanked Mr. Dhabalt and Mr. Cismoski for their
presentation. Discussion was held regarding the possibility of allowing them to meet
with employees individually on a volunteer basis if they were interested in discussing
their financial portfolios with Principal Representatives.
Motion by Shotwell, second by Swanson to adjourn the meeting at 1:15 p.m. All
members present voting Aye. Motion carried.