Page 6 - MayDefComp
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equities and fixed income rose substantially during both
periods. Global markets were also higher.
Unemployment remained low. In the quarter, Small Cap
Growth out-performed other categories but YTD Large
Cap Growth outperformed. Jeff reviewed the sector
categories where Healthcare outperformed other
sectors; only Real Estate was negative. In terms of the
County’s specific Funds, the portfolio performed very
well although there was a cautionary tale regarding
American Funds Growth Fund of America largely
because its very size presents challenges. The
Committee accepted the report.
4. Annual Plan Review Bob reviewed the Executive Summary of the plan and
indicated that the assets rose from $443 to $528 million
over the period from December 31, 2018 to December
31, 2019 which represented a very strong 10% increase.
Overall participation increased from 7,875 to 8,643 with
768 net gain in new participants partly because of the
County’s automatic enrollment and partly because of
MassMutual’s campaign initiatives. Average overall
participation is at a very strong 88%. Loans increased by
5%.
Rollovers still represents a high figure. Paul asked if
MassMutual could provide information on whether the
County’s efforts to have participants leave some assets
within their accounts in case they choose to transfer
assets back into the plan. Bob indicated he would look
into providing that information at the May meeting. Bob
also compared County information against NAGDCA
average plan benchmarks and the County was
consistently higher.
Patrick summarized the number of group and individual
meetings he had which represented an overall high
number compared to prior periods.
The Committee accepted the report from MassMutual.
5. Plan Document Review Attestation Paul referenced the document in the Committee’s packet
which reflected MassMutual’s attestation of plan
document compliance, acknowledging that the SECURE
Act will require an amendment at a later date.
6. NAGDCA Conference Attendees Paul asked Committee members who would attend the
2020 NAGDCA Conference which is in Seattle from
