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Transcript
UNIVERSITY of OKLAHOMA Retirement Plans Management Committee NEL Seminar Room April 11, 2014 RETIREMENT PLANS MANAGEMENT COMMITTEE SPECIAL MEETING Present: Committee Members: Chair Chris Kuwitzky, Boris Apanasov, Terry Crain, Michael Ferguson, Glen Pinkston, Tom Volturo, Jon Forman, Terry Henson and Les Hoven Others: Ben Taylor and Gordie Weightman Callan, Dudley Hyde McAffee, Angela Hawpe, Stacey Powell and Breion Rollins – OUHR Staff These minutes attempt to convey the significant issues discussed in the meeting. Chair Kuwitzky opened the April 11, 2014 Retirement Plans Management Special Committee Meeting at 9:00AM. Candidate Presentations JP Morgan: 8:00 – 9:00 AM Daniel Oldroyd, CFA, CAIA, Managing Director Heidi Walsh, Executive Director Michael Steingo, Vice President Capital Group: 9:15 – 10:15 AM Jim Lovelace, CFA, Portfolio Manager and Principal Investment Officer, American Funds Target Date Retirement Series Rich Lang, Target Date Investment Specialist Tom Rose, CFA, Consultant Relationship Manager Jeff Cook, Client Relationship Manager The Vanguard Group: 10:30 – 11:30 AM Tom Atchison, Sales Executive Brian Scott, CFA, Senior Investment Analyst, Investment Strategy Group Kristin Greim, Education Consultant Committee Discussion All concluded that the presentations consisted of two active management companies and one passive management company. First discussion point by Weigthman and Kuwitzky would be to determine which two of the active companies could move on. Taylor noted JP Morgan has a 15bps revenue share and committee had expressed interest in the past on moving away from that type of structure. On measuring performance and basis points fee, JP Morgan was eliminated for consideration. Two remaining candidates were Capital and Vanguard. Discussion on how both had positive performance compared to Fidelity. Both had stable long term management teams Weightman noted that Capital managed risk in an appealing strategy of changing the composition of the equity allocation to become more conservative over time. Committee noted that Capital had the lowest actual fees of the three Candidates. Call to Vote Chair Kuwitzky called to vote on the Capital Group/American Funds replacing the current target date product. Motion by Crain, Seconded by Forman and approved by unanimous vote. Wrap/Up Adjournment Adjourn 1:25