Download UNIVERSITY of OKLAHOMA Retirement Plans Management

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