2010-12-8f . MINUTES
POLICE RETIREMENT COMMITTEE
December 8, 2010
A meeting of the Blair Police Retirement committee was held on December 8,
2010 at noon in the Blair Council Chamber. The meeting was called to order by City
Administrator Storm. Members Absent: Lee Roy Swanson.
Those present were Chief Joe Lager, Tom Sick, Keith Christiansen, City
Administrator Storm, Assistant City Administrator Green and Civil Service Secretary
Wheeler. Absent: None.
Motion by Lager, second by Sick to approve the minutes of the March 3, 2009
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. 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. Mr. Baker reviewed and discussed the plan demographics and trends for
the plan. Mr. Dhabalt and Mr. Cismoski reviewed and discussed participant education
which included a web demo and overview of a new web based service called
RetireView offered by Principal to all participants. Plan fees and expenses were
discussed including a total cost summary for each plan. It was discussed to move the
457 plan to a PCRP contract similar to what the other plans are using to allow great
investment flexibility and allow RetireView to be added to the 457 Plan for participants.
Cismoski and Dhabalt stressed that Principal does quantitative monitoring that involves
reviewing performance relative to benchmarks, peers and style consistency on all
investment options. He also noted Principal does comprehensive reporting to keep 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. However it is important for the Committee to review and
discuss the steps Principal is taking to protect the employee's investments. The
Committee spent a great deal of time reviewing all investments and their performances.
Representatives offered a list of additional investment options for the Committee to
consider.
Motion by Lager, second by Sick to add Edge Equity Income Separate Account
to the Police Pension lineup and it to RetireView and move the 457 Plan to the PCRP
contract similar to what the other plans are using to give greater investment flexibility for
the employees and allow RetireView to be added to the 457 Plan. All members present
voted Aye. Motion carried.
Motion by Sick, second by Lager to adjourn the meeting at 1:15 p.m. All
members present voting Aye. Motion carried.