Page 5 - NovDefComp
P. 5
monetary policy of the Federal Reserve. July and August
have continued to represent significant market
improvements. The housing and auto industries are
experiencing significant rebounds and overall household
debt is down.
Throughout this period, growth stocks have outpaced
value and consumer discretionary and technology
sectors have dominated overall returns. The largest
growth companies have helped pull the entire market up
during this recovery.
In general, the County’s funds performed very well with
TDFs doing especially well.
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.
Plan assets were up 12% and loan balances were down
4%. Overall, the County’s loan balances are at
approximately 6% which is much lower than the industry
average of 9%-11%.
There was a $56M growth in investments and the
average participant balance is approximately $59,000.
The total number of participants is largely flat, with 89%
total participation among employees (down slightly from
91%). SAGIC returns are just below 3% which is
extremely competitive in the stable value and retail
market.
CARES Act loans totaled about $220,000 from 5
individuals and 64 individuals accounted for
approximately $1.9M in withdrawals. In the SAGIC
Account of the 401(a) total participation was 15%. In the
457(b) plan Roth contributions represent 17% of plan
assets up significantly since Roth options were
introduced.
A total of 72% of current payroll contributions are going
into the TDF series.
