Kim Stahl

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.

The meeting commenced with administrative reviews, including noting the approval of the February 5, 2025, committee meeting minutes. Key discussion points centered on investment due diligence, where an economic and market commentary for Q1 2025 was provided, and the investment scoring methodology for monitoring and maintaining the fund menu was reviewed. Plan asset balances as of March 31, 2025, totaling $82,052,898.79, were presented across various asset allocations. The investment scorecard review identified 14 acceptable funds and placed two funds on the watchlist: MissionSquare Retirement IncomeAdvantage Fund R5 and Small Cap Growth II I1 (AB Small Cap Growth), which the committee unanimously accepted. In fiduciary governance, an update on the legal and regulatory landscape for Q1 2025 was given, including a litigation update regarding the use of plan forfeitures, which resulted in the court granting the Employer's motion to dismiss. Fiduciary education covered Self-Directed Brokerage Accounts (SDBAs). The Plan Recordkeeper Quarterly Review noted compliance shortcomings regarding call center wait times and decision maker training scheduling, resulting in two financial penalties. Further discussion addressed the risks associated with SDBAs and a recommendation to increase awareness about the special catch-up provision in the 457 plan.