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have not. Paul Okada shared a draft Conflict of Interest
Code for the Committee which included the adoption
process. The Code describes the Disclosure Categories
which the Committee is subject to. Paul indicated that his
initial discussions with Jay suggested that MassMutual
was not subject to the Code because they simply carry
out the actions determined by the Committee. The Code,
as drafted, would include Regular Members and
Alternate Members of the Committee, Legal Counsel and
Consultants. Paul Hackleman indicated that NFP acted
as a 3-21 Consultant which meant that they made
recommendations but not decisions. Separate federal
requirements specify how Financial Advisors must act
and NFP has already considered itself a co-fiduciary with
the Committee although it is not operating as a 3-38
consultant who would take actions independent of the
Committee. Mike recalled that the Committee had
discussed this issue when SST was the consultant and
determined that it did not need to file a Form 700.
Ultimately, the Human Resources Director will determine
what action should be taken regarding whether NFP
does / does not need to file a Form 700. The Committee
agreed that Lisa, Paul, Bill and Paul Okada should
schedule a conference call next week to provide more
detail on NFP’s role. If, ultimately, the County believes
NFP should file a form 700, NFP legal personnel will
need to be involved. Paul indicated that no other NFP
client required NFP to file a Form 700. A conference call
will be scheduled, a decision of the Consultant’s status
will be determined and the Code of Conflict of Interest
will be taken to the Board of Supervisors. Subsequent to
their action, any covered group will need to File a Form
700.
3. Quarterly Investment Review – Item # 4 This item was also taken out of order. Jeff Blanchard
provided MassMutual’s Quarterly Investment Review.
Jeff contrasted the 4 quarter of 2019 with the last week
th
+ in terms of general performance. While the last week +
has seen enormous declines because of the Coronavirus
pandemic the 4 quarter performance was very robust.
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All major equity indexes were substantially higher in both
the quarter and the year and, very uncommonly, both