MINUTES OF THE March 27, 2014 403(b) RETIREMENT SECURITY PLAN INVESTMENT REVIEW COMMITTEE SCOTTSDALE HEALTHCARE CALL TO ORDER The meeting was called to order by Carol Henderson in the Leadership Development Institute Room (8125 N. Hayden Rd.) at 9:30 a.m. PRESENT Karen Bianco, Belle Butler, Thomas Davis, Lisa Dickerson, Maureen Doran, Debra Ewing, Steve Frederick, Darrell Hargis, Steven Hartland, Carol Henderson, Ellen Koukoudeas, Kathleen Martinez, Esther Rojas, Micki Rock, Tom Strache GUESTS Frank Picarelli; Segal Advisors Vickie McLain; SHC Human Resources Jess Kravitz; Securus Financial Group; Amy McCarthy; Prudential Financial; Julie Garrett; JCL Benefits ABSENT Brian Steines, Eric Summers, INTRODUCTION Carol Henderson called the meeting to order. All those in attendance introduced themselves. Carol asked for approval of the December 6, 2013 minutes. A motion to approve the minutes and a second were made. The motion was approved unanimously. INVESTMENT PERFORMANCE Frank Picarelli presented a brief analysis of the 403(b) funds for the fourth quarter 2013. Please refer to the analysis report for an in-depth report of fund performance. Frank reviewed the Watch List: Davis New York Venture – 4Q 2010 – Based on performance and 3 & 5 year numbers, a decision was made to add and keep the Davis New York Venture fund on the watch list. Janus Forty – 2Q 2012 – Based on performance and 3-5 year numbers, a decision was made to keep the Janus Forty Fund on the watch list. This fund is only in the 457 plan. Perkins Mid Cap Value S – 1Q 2013 – Based on performance in all time periods, a decision was made to keep Perkins Mid Cap Value to the watch list. Royce Pennsylvania Mutual Svc – 1Q 2013 – Based on performance and 3 & 5 year numbers, a decision was made to keep the fun on the watch list. Legg Mason Batterymarch – 4Q 2010 – Based on performance, a decision was made to take the fund off at the 9/30/2011 review. Now based on 3-year and 5-year performance, the decision is made to keep the Legg Mason Batterymarch Fund on the watch list. 403(b) Retirement Security Plan Investment Review Committee March 27, 2014 Page 2 JennDry Jenn Nat Resour A – 2Q 2012 – Based on performance in the 3 & 5 year timeframes, a decision was made to keep the fund to the watch list. Cohen Steers Realty – 4Q 2011 – Based on performance vs. the peer group, a decision was made to add the Cohen Steers Realty fund on the watch list. There was a manager change in the 2Q 2013. Please see the Mutual Fund Alert for additional information. The following funds were added to Watch List o PIMCO Total Return Admin – Manager Change o Allianz NFJ Small Cap Value – Under performance in the 3and 5-year timeframes. Discussions: Committee member asked if Tab 3 could be put in alpha order. Could “watch list items be carried over throughout in red”? Carol would like Segal to discuss at the next meeting “How does our plan stack up just looking at pure expense ratio in comparison to other plans of similar size? Are we managing our overall expenses appropriately to expense ratio spending? GENERAL DISCUSSION Amy McCarthy presented the SHC Executive Summary. Please refer to the analysis report for an in-depth report of statistics. Dashboard is a new section looking back 3 years. New section breaking out by generations. SHC had the highest numbers enrolled through “Quick Join Stats”. Majority of JCL EE’s are enrolling in Goal Maker Carol noted that JCL 401k will be terminating and will go to our 403b plan, effective 4/27/14. Jess communicated that 96-97 meetings are scheduled between the DV, NM, Corporate and Physician practice sites to meet with the JCL EE’s about the 403b plan. JCL EE’s have to take an active approach to enroll into the 403b plan. Jess has hired a new person to be at one of the JCL campus. Review and Vote on new member applications: Carol mentioned that we need to have 8 new committee members from JCL for June’s meeting. The following committee members are no longer on the committee: o D. Ewing, S. Hartland, C. Najarro, B. Steines, T. Strache, E. Summers New members were voted in: o Jane Langley, Hugo Plascencia, Shannon Alexander, Sarah Mastores and Keith Marquis Review of Investment Policy: Change name to SLHN 403b Retirement Security Plan Remove Segal Advisors, Inc name and Frank’s name Add more language to page 4 for credit ratings Take out socially responsive equity 403(b) Retirement Security Plan Investment Review Committee March 27, 2014 Page 3 Add self directed brokerage service Add language when fund goes on watch list Take exhibits out Committee Members should pay attention to pages as it is their responsibilities: Page 14, 15, 16, 17 really critical page, Send questions on changes/questions to Micki Review the new policy at the next meeting If there is time at the next meeting could Jess talk about IRA ADJOURNMENT Carol Henderson adjourned meeting at 11:30 a.m. NEXT MEETING June 26, 2014 Respectfully submitted, __________________________ Carol Henderson Vice President, Human Resources
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