Deferred Compensation Management Council Meeting

June 15, 2023

The meeting will be held at 3:00 p.m. in Room 301 of the Hall of Records, 2281 Tulare Street, Fresno, CA 93721

Click here at 3:00 p.m. on Thursday, June 15, 2023 to listen to the meeting live.

 

• Amended Meeting Agenda - June 15, 2023

• Item 1 - Call to Order.

• Item 1.5 - Pursuant to Section 5.5 of the Deferred Compensation Management Council Bylaws, elect a Chair Pro Tempore to preside over the June 15, 2023 meeting.

• Item 2 - Public Comment.

• Item 3 - Approve the June 15, 2023 Amended Agenda.

• Item 4 - Approve the Action Summary Minutes from the March 16, 2023 meeting.

• Item 5 - Receive and File the 2022-23 Fiscal Year Third Quarter Budget Report for the 457(b) Deferred Compensation Plan and 401(a) Defined Contribution Plan, prepared by County staff.

• Item 6 - Approve Actions related to the Fiscal Year 2023-24 Budget of the 457(b) Deferred Compensation Plan and the 401(a) Defined Contribution Plan.

  • a. Approve the FY 2023-24 administrative fee of 0.18%, which is comprised of 0.10% for record-keeping fees, pursuant to Agreement No. 20-033, and 0.08% for discretionary administrative expenses.

  • b. Approve the FY 2023-24 budget, either as submitted or with amendments.

  • c. Select up to two (2) members of the Deferred Compensation Management Council to join County staff (three (3) total attendees) in attending the 2023 National Association of Governmental Defined Contribution Administrators conference in Seattle, WA, October 8-11.

• Item 7 - Receive and File the Deferred Compensation Plan Participation Report, prepared by County staff.

• Item 8 - Receive a Verbal Report from Nationwide Retirement Solutions regarding Save Today! 2023.

• Item 9 - Receive and File the 457(b) Deferred Compensation Plan and 401(a) Defined Contribution Plan Review as of March 31, 2023 prepared by Nationwide Retirement Solutions.

• Item 10 - Receive and File a report from Northwest Capital Management regarding Self-Directed Brokerage Accounts as an investment option within a defined contribution plan.

• Item 11 - Receive a Verbal Report from County staff regarding the status of adding T. Rowe Price Target-date Funds as an Investment Alternative.

• Item 12 - Receive and File Reports and Approve Actions related to the 457(b) Deferred Compensation Plan and 401(a) Defined Contribution Plan Investments.

  • a. Receive and File the 457(b) Deferred Compensation Plan and 401(a) Defined Contribution Plan Investment Reviews as of March 31, 2023, Large Cap Growth Manager Search Report and Small Cap Growth Manager Search Report, prepared by Northwest Capital Management.

  • b. Approve adding American Century Small Cap Growth (ANODX) as an Investment Alternative.

  • c. Approve adding JP Morgan Large Cap Growth R6 (JLGMX) as an Investment Alternative.

  • d. Approve removing Alger Small Cap Focus Y (AOFYX) as an Investment Alternative and map all assets from Alger Small Cap Focus Y (AOFYX) to American Century Small Cap Growth (ANODX).

  • e. Approve removing Alger Spectra Y (ASPYX) as an Investment Alternative and map all assets from Alger Spectra Y (ASPYX) to JP Morgan Large Cap Growth R6 (JLGMX).

  • f. Approve keeping Invesco Developing Markets R6 (ODVIX) on the watch list.

  • g. Approve removing Fidelity Advisor Real Estate Income I (FRIRX) from the watch list.