9/24/26 457(b) Governance Committee

The St. Mary's County 457(b) Governance Committee met on September 24, 2026, to review and discuss the second quarter 2026 performance report of the county's 457(b) retirement plan. The meeting included a detailed presentation by representatives from Voya and Marquette Associates covering plan asset growth, participant engagement, investment performance, and market conditions. Key procurement-related discussions focused on the evaluation of active investment managers, with two managers currently on the watch list due to underperformance. The committee considered options for replacing underperforming managers or reallocating participant assets to index funds, noting that most participants already favor index options in the mid and small cap spaces. A motion was passed to add the Wasatch manager to the watch list due to continued underperformance. The committee approved the second quarter performance report and the plan summary, and accepted an invoice of $4,500 from Marquette Associates for investment consulting services. The meeting concluded with the approval of the 2027 meeting schedule.