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nearly 40 years. The month of May also represented a
significant up turn and overall the market returned more
than half of what was lost in the first quarter.
In general, the County’s funds performed very well with
bonds returning approximately 3%. American Funds
International underperformed significantly. Oil traded at
significant lows and, for a period, were in negative
territory because of the COVID 19 pandemic although
they have tripled the return since that negative low.
The Committee voted unanimously to accept the
MassMutual quarterly investment report.
5. Presentation of Quarterly Plan Review Bob began with the Executive Summary of the Plan.
There was a $60 million dollar decline in total assets.
Loans remained largely flat. Cashflow is strong. A total of
$10 million was contributed to the plan in the first quarter
which represented a 10% increase from the first quarter
of 2019. Total participation in SAGIC increased from a
total of 28% to 32%. Total participation in TDFs is
approximately 22%.
Bob also reviewed the 401(a) which did not change from
the 457(b) plan characteristics significantly. A total of
70% of participants are in the TDF and 19% are in
SAGIC. There was no significant change is asset
allocation.
Patrick discussed providing education in both group and
individual “meetings” remotely. Two webinars were held
in May on the 20 and 21 respectively. Patrick
th
st
anticipates that there may be some return to normal by
the end of June.
6. NAGDCA Attendances NAGDCA has not yet announced what it intends to do
for its fall conference. It may cancel the conference, hold
it virtually or maintain its current intention to hold the
conference face-to-face. Paul encouraged the County to
register attendees for both the NAGDCA conference and
the hotel in Seattle. Both the conference and hotel have
a short amount of time in advance of the conference to
terminate if travel restrictions or stay at home
