2020-08-20 2nd Quarter Pension Committee Meetin,g Minutes
August 20, 2020 _
2"a Quarter Review � � � ��
Attendees: Arosha Jayawickrema, Kevin Delaney, Gail Erickson; union representatives: Billy DeBlasio
(Blue Collar), Tom Farr (Dispatchers), Sheel Patel (White Collar), and Tyler Polk, FIA, Laura Hancock,
ICMA
Absent: Matt Odishoo (Mid-Managers), Kate Wall (Top Manager's), Patty Murphy (Nursing) and Ryan
Gould(Police), Jeff Cugno (BOE), Denise Parsons
L Kevin Delaney called the meeting to order at 9:08am.
II. Kevin Delaney moved to approve the minLrtes from the May 14, 2020 meeting. Gail
Erickson seconded the motion and the motion was approved unanimously.
III. Tyler reviewed the FIA recommendation to remove Eagle Small Cap Growth fimd and
replace it v�ith the Clear Bridge Small Cap Growth fund. The recommendation is based on
performance for the Eagle Small Cap fund and consistent strong performance of the Clear
Bridge Small Cap fund.
Billy DeBlasio moved to replace the Eagle Small Cap fund with the Clear Bridge Small
Cap fund. Gail Erickson seconded the motion and the motion passed unanimously. Tyler
w-ill work with ICMA on the migration of funds and communication to participants.
IV. Tyler Polk reviewed the CARES Act. He reviewed t�vo major options the Act provided
employees —take up to $100,000 out of an account ���ithout penalties (taxes are still owed)
and loan limits were increased. Kevin D�laney confirmed that the Town elected not to
offer either option— consistent �ti�ith most of the public sector.
V. Tyler revie��-ed a couple of Dept. of Labor proposals that miQht affect the retirement
industry. First, potential new rules for socially responsible funds. Second, rules for those
who provide advice or guidance to participants. Ty 1er pointed out that FIA does not
pro��ide guidance, so there should not be an issue if the proposal mo��es forw�ard.
VL Ty-1er Polk reviewe�d the Target Date Funds. They continue to have strong participation.
The results of the fund are favorable — average risk and above average returns ��ith the
Vanguard Funds.
Tyler pointed out that after a touah Ql, Q2 rebounded and that has continued into Q3. As
of mid-August, many of the major indexes had reco��ered all or most of their calendar 2020
losses and some had turned positive.
All funds but one are classified as maintain (except for Eagle Small Cap that terminated).
MFS Value remains on the watch list. Invesco was removed from the watch list as the new
management team has performed well and no major management losses were experienced.
VII. The next meeting will be October 29, 2020 at 10:00am in the "Doc" McIntosh conference
room or as a virtual meeting if in-person is not permitted. That meeting will cover
"Participant Focus".
VIIL Arosha Jayawickrema made a motion to adjourn the meeting. Gail Erickson seconded,
and the motion passed unanimously. The meeting adjourned at 9:48am.
Submitted by Kevin Delaney