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Record of Proceedings

Sacramento City Defined Contribution Plans Committee Quarterly Meeting

Defined Contribution Plans Committee — Wednesday, September 25, 2024
BodySacramento, California
SessionDefined Contribution Plans Committee
DateWednesday, September 25, 2024
StatusFILED
Video Record
0:00 / 1:57:42

Transcript — Verbatim
0:00

Music

0:15

Chair, staff is ready when you are.

0:17

Good morning.

0:27

Welcome to the 25th of September, 2024, Defined Contributions Plan Committee meeting.

0:35

The meeting is now called to order.

0:37

Will the clerk please call the roll and establish a quorum?

0:42

Members please unmute.

0:44

Member Koval?

0:45

Member Harland?

0:47

Member Hezler?

0:49

Member King?

0:50

Member Levison?

0:52

Member Tonson?

0:54

Chair Hoekstra?

0:56

And alternate member Dator?

1:00

It's not here.

1:02

Alternate member Contreras?

1:06

It's not here.

1:08

Alternate member Contreras?

1:10

It's not here.

1:12

Alternate member Kirtlin?

1:14

Not here.

1:16

Alternate member Knox?

1:18

It's not here.

1:21

Alternate member Tran?

1:23

It's not here.

1:25

Alternate members Zalaski is also absent today.

1:29

Thank you.

1:30

We have quorum.

1:31

Thank you.

1:33

I would like to remind the members of the public and chambers that if you would like to speak on

1:37

agenda item, please turn to speaker slip when the item begins.

1:42

You will have two minutes to speak once you are called in.

1:46

After the first speaker, we will no longer accept speaker slips.

1:50

We will now proceed to with today's agenda.

1:54

Please rise for the opening acknowledgement in honor of Sacramento's Indigenous

1:59

people and tribal lands.

2:06

To the original people of this land, the Nissan, Nissan, that's the top one.

2:13

Nissan on people, the Southern Maidu Valley and Plains, Miwak, Pat Wynne, Wintun,

2:20

and the people of the Wilt and Rancheria, Sacramento's only federally recognized tribe.

2:27

Maybe we acknowledge and honor the native people who came before us and still walk beside

2:32

these ancestral lands by choosing to gather together today in the active practice of

2:38

acknowledgement and appreciation for Sacramento's Indigenous people,

2:42

history, contribution and lives.

2:44

Thank you.

2:46

Please stand.

2:47

We will now do the Pledge of Allegiance.

2:50

I pledge allegiance to the flag of the United States of America and to the Republic for

2:55

which it stands, one nation under God, indivisible and liberty and justice at all.

3:02

Okay.

3:09

Today we are going to do things a little out of order.

3:13

We are actually going to skip the consent calendar for now and go straight to item number

3:19

four on the agenda and that is fiduciary training.

3:25

We have a gentleman or woman online.

3:31

Thank you.

3:34

I don't know who it is.

3:37

The same is Craig Favar and he is an attorney in which Blackwell, he has a big background in

3:45

the federal law and provides advice to government entity two because the

3:52

RISA applies to private side pension and defined contribution plans.

3:58

Anyway, that is that worked with push blackwell before it is a national firm.

Discussion Breakdown — Share of Meeting
Economic Development████████████████████20%
Personnel Matters███████████████15%
Workforce Development███████████████15%
Indigenous Acknowledgment██████████10%
Budget Equity Analysis██████████10%
Racial Equity██████████10%
Cannabis Regulation██████████10%
Miscellaneous██████████10%
Summary of Proceedings

Quarterly Defined Contribution Plans Committee Meeting

Overview

The Sacramento City Defined Contribution Plans Committee convened on September 25, 2024, to review investment performance, discuss fiduciary responsibilities, and address plan management strategies.

Opening and Introductions

  • Meeting called to order by Chair Brad Hoekstra
  • Seven committee members present
  • Land acknowledgement and Pledge of Allegiance performed

Fiduciary Training

  • Attorney Craig Kovar provided comprehensive fiduciary training
  • Key topics included:
    • Duty of loyalty and care
    • Fiduciary responsibilities
    • Best practices for plan management

Investment Performance Review

  • Hyas Group presented quarterly investment performance report
  • Key findings:
    • Plan assets approaching $800 million
    • 70.1% employee participation rate
    • Negotiated $3.07 million in fee reductions since 2020

Investment Lineup Recommendations

  • Placed Vanguard US Growth fund on watch status
  • Placed American Century Mid Cap Value fund on watch status
  • Noted underperformance concerns with specific funds

Key Outcomes

  • Maintained low-cost investment options
  • Discussed potential NAGDA award application
  • Considered future educational presentations

Future Considerations

  • Exploring potential money market fund addition
  • Discussing 50-year deferred compensation plan anniversary
  • Potential dedicated laptop for committee chair

Meeting Transcript

Music Chair, staff is ready when you are. Good morning. Welcome to the 25th of September, 2024, Defined Contributions Plan Committee meeting. The meeting is now called to order. Will the clerk please call the roll and establish a quorum? Members please unmute. Member Koval? Member Harland? Member Hezler? Member King? Member Levison? Member Tonson? Chair Hoekstra? And alternate member Dator? It's not here. Alternate member Contreras? It's not here. Alternate member Contreras? It's not here. Alternate member Kirtlin? Not here. Alternate member Knox? It's not here. Alternate member Tran? It's not here. Alternate members Zalaski is also absent today. Thank you. We have quorum. Thank you. I would like to remind the members of the public and chambers that if you would like to speak on agenda item, please turn to speaker slip when the item begins. You will have two minutes to speak once you are called in. After the first speaker, we will no longer accept speaker slips. We will now proceed to with today's agenda. Please rise for the opening acknowledgement in honor of Sacramento's Indigenous people and tribal lands. To the original people of this land, the Nissan, Nissan, that's the top one. Nissan on people, the Southern Maidu Valley and Plains, Miwak, Pat Wynne, Wintun, and the people of the Wilt and Rancheria, Sacramento's only federally recognized tribe. Maybe we acknowledge and honor the native people who came before us and still walk beside these ancestral lands by choosing to gather together today in the active practice of acknowledgement and appreciation for Sacramento's Indigenous people, history, contribution and lives. Thank you. Please stand. We will now do the Pledge of Allegiance. I pledge allegiance to the flag of the United States of America and to the Republic for which it stands, one nation under God, indivisible and liberty and justice at all. Okay.

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