1. APPROVAL OF MINUTES OF MEETING HELD APRIL 9, 2002. (Att. #1)
2. DC IMPLEMENTATION STATUS REPORT #17. (Att. #2)
3. PEORP BUNDLED PROVIDER STATUS REPORT - Information only.
Status report to brief the Trustees on progress of the bundled provider contracts relating to certain PEORP investment funds, specifically:
a. Stable Value Funds (4), as originally proposed had limitations on employees' ability to transfer their invested balances to other funds, limitations on the ability of the FSBA to terminate the product for underperformance and other problematic features (Back up to follow).
b. ING Aetna Small Company Fund was removed from the list of authorized PEORP products due to the departure of its investment management team. Four alternative mutual fund products were proposed by ING Aetna, and FSBA consultants are currently reviewing two candidates that passed initial size and performance screens.
c. Fidelity Intermediate Duration Bond Pool has governing documents that would allow them to require 15 days prior notice for withdrawals and would further allow them to make retroactive amendments to the governing documents without giving the FSBA the opportunity to withdraw from the product. Staff is seeking waivers from Fidelity to exempt the PEORP from these terms.
4. APPROVAL OF RECOMMENDATION OF COUNSEL IN RE ALLIANCE CAPITAL MANAGEMENT (Backup to follow).
5. EXECUTIVE DIRECTOR SUCCESSION.