Greg Norby

The Board discussed and adopted a resolution commending the City of Concord General Manager. The meeting included the confirmation of ordinance summaries and the authorization of a supply agreement with Constellation Energy Corporation. A construction contract was awarded to K.J. Woods Construction, Inc. for Lafayette sewer renovations. Additionally, the Board authorized an agreement for federal legislative advocacy, received updates on pending legislative matters including SB 501, SB 936, and AB 762, and addressed the CSDA election for representatives.

This strategic plan outlines the direction for Central Contra Costa Sanitary District for fiscal years 2026-2028. It is committed to protecting public health and the environment while operating in a fiscally responsible and customer-focused manner. The plan focuses on key priorities including enhancing customer satisfaction and stakeholder engagement, ensuring environmental stewardship and sustainability, fostering workforce diversity and development, maintaining strong governance and fiscal responsibility, upholding safety and security, improving infrastructure reliability, and promoting innovation and agility. The overarching goals involve developing a skilled workforce, replacing aging infrastructure, meeting regulatory requirements, and providing exceptional service.

The meeting involved administrative reviews, including prior meeting notes and service plans. Key discussions focused on investment due diligence, where an economic and market commentary for Q2 2025 was provided, and the investment scoring methodology was reviewed. The committee reviewed plan asset balances as of June 30, 2025, totaling $88,847,489.23 across various asset allocations. Fourteen funds were deemed acceptable based on quantitative and qualitative analysis, while two funds, MissionSquare Retirement IncomeAdvantage Fund R5 and Small Cap Growth Fund II Class I1, were placed on the watchlist, and the committee unanimously accepted these recommendations. In fiduciary governance, Module 6 regarding ERISA 404(c) Compliance was reviewed. A legislative update covered the DOL's rescission of prior cryptocurrency guidance, reiterating the universal fiduciary standard. Updates were also provided on the WellCents report engagement, MissionSquare's "5 for Life" income product, and minor amendments to Board Policy 047 concerning NFP's fiduciary role. A plan participant expressed concerns regarding a distribution request and service level from MissionSquare.

The meeting included administrative reviews and provided an Investment Analysis Summary for Q3 2025. Wealthspire Retirement Advisory presented an economic and market commentary, reviewed the investment scoring methodology, and analyzed plan asset balances as of September 30, 2025, totaling $93,567,101.21. The investment scorecard review resulted in 14 funds being rated as acceptable and 2 funds being placed on the watchlist. Fiduciary education topics covered understanding the Investment Policy Statement (IPS) and Target Date Fund (TDF) education. MissionSquare provided a quarterly review noting expectations for a new income product and a zero-cost S&P 500 Index fund. The 2026 budget was approved. Future discussion items include a report from MissionSquare on the use of Artificial Intelligence (AI) in recordkeeping and a revisit of the TDF Fit Analysis.

The committee reviewed the economic and market commentary for Q4 2024, including a summary of plan asset balances as of December 31, 2024, totaling $83,864,597.20 across various asset classes. A review of the investment scorecard methodology and individual fund performance resulted in fifteen funds being deemed acceptable and one fund placed on a watchlist. Key actions included reviewing the annual DCAC Report for 2024, outlining the 2025 education campaign, updating the committee on SECURE 2.0 implementation progress, noting the distribution of approximately $31K in excess admin fees back to participant accounts, and unanimously approving the extension of the WellCents contract for an additional year. Future education topics for the committee were also discussed.