Full Text
Page 1 MONEY PURCHASE PENSION PLAN FOR PEACE OFFICERS BOARD MEETING Minutes June 19, 2012 Meeting Summary The Board met to 1) review/approve the minutes from the last meeting; 2) review/discuss New Business; 3) review/discuss Old Business; and 4) discuss any Other Business. Roll Call Present: Present were Employee Board Members Justin Petersen and Bryan Lingo, and Director of Finance Pat Soderberg and Director of Human Resources Suzanne Smith. Absent: Employee Board Member Micheal Deedon. Others in attendance: Adam Varga and Darrell Quam from Wells Fargo. Amy Benallo, Annette Rauschenberger and Vickie Mauri from Human Resources. Minutes/New Business Items The meeting was called to order at 1:00 pm. Disposition of Minutes – The minutes of the May 17, 2012 meeting were approved with no corrections. There were no new business items. Old Business/Other Business Pension Plan Alternatives Update: Mr. Deedon was not in attendance but Mr. Petersen noted that he had contacted PERA and PERA is not open to police plans. The board will keep this item on the agenda under Old Business. Review/Discussion of Additional Funds: Mr. Varga presented information on PIMCO High Yield Bond Fund (2012 06 19 Fund Search Analysis It has some exposure to the international bond market. PIMCO has had four managers on the fund over the last five years. The returns for PIMCO have fluctuated and the JP Morgan fund has better results. Mr. Lingo made a motion to defer adding a high yield bond fund at this time until education was presented to the members. The motion was seconded by Ms. Smith and unanimously approved. Mr. Varga offered the option of adding the International Index fund and mapping American Funds Europacific to the index fund. Mr. Lingo made a motion to table this option and review American Funds Europacific at the next meeting. The motion was seconded by Ms. Smith and unanimously approved. Fees and Revenue Sharing: Mr. Quam will present this information at the next meeting. Diversification Report: If time permits, Mr. Quam will present this information at the next meeting. ---PAGE BREAK--- Page 2 Review/Discuss 1st Q Results including funds on the Watch List: This item was completed at the last board meeting. Adjournment The meeting was adjourned at 2:30 p.m. Approval Minutes Prepared by Suzanne Smith Approved by Chair