north orange county community college district …aug 31, 2015 · north orange county community...

NORTH ORANGE COUNTY COMMUNITY COLLEGE DISTRICT

The Board retains the right to change the order in which agenda items are discussed. Subject to review by the Board, the agenda is to be approved as presented. Items may be deleted or added for discussion only according to G.C. Section 54954.2.

RETIREMENT BOARD MEETING August 31, 2015

2:30 PM Anaheim Campus, Room 100B

1830 West Romneya Dr. Anaheim, CA. 92801

AGENDA 1) Call to Order

2) Roll Call

3) Public Comments Information

4) Approval of July 27, 2015, Minutes (Pages 1-2) Action

5) Administration Action

A) Major Vendor Selection Criteria (Page 3)

B) Major Vendor Benefits & Features Comparison (Pages 4-7)

C) Actual Portfolio Vendor “Net Annual” Cost Shown in Dollars:

i) $10-$40 Million 40% Equities/60% Fixed (Page 8) ii) $50-$60 Million 40% Equities/60% Fixed (Page 9) iii) $10-$40 Million 50% Equities/50% Fixed (0) iv) $50-$60 Million 50% Equities/50% Fixed (Page 11) v) $10-$40 Million 60% Equities/40% Fixed (Page 12) vi) $50-$60 Million 60% Equities/40% Fixed (Page 13) vii) $10-$40 Million 75% Equities/25% Fixed (Page 14) viii) $50-$60 Million 75% Equities/25% Fixed (Page 15)

6) Information Reports

A) Retirement Board Member Comments Information

B) Consultant Comments Information

7) Future Meeting(s) Action

8) Adjournment ______________________________________________________________________________ Americans with Disabilities Act: It is the intention of The North Orange County Community College District (NOCCCD) to comply with the Americans with Disabilities (ADA) in all respects. If, as an attendee or a participant at this meeting you will need special assistance, the NOCCCD will attempt to accommodate you in every reasonable manner. Please contact Brian Fahnestock, Vice Chancellor, 714-808-4746, at least 48 hours prior to the meeting to inform us of your particular needs so that appropriate accommodations may be made.

Retirement Board Meeting July 27, 2015 Page 1

NORTH ORANGE COUNTY COMMUNITY COLLEGE DISTRICT Retirement Board

July 27, 2015

UNAPPROVED MINUTES MEMBERS PRESENT: Bea Bates, Joe Boyle, Carol Brown, Jennifer Combs, Tina Johannsen, Brian Fahnestock, Irma Ramos, and Jacqueline Rodarte

MEMBERS ABSENT: Jim Phillips

DISTRICT STAFF: Rodrigo Garcia, Sandra Palmer

VISITORS: Chuck Thompson (RPM Consultant Group) Consultant Chuck Thompson called the meeting to order at 9:04 a.m. and led a round of introductions.

ELECTION OF OFFICERS A. Chair: It was moved by Carol Brown and seconded by Joe Boyle to elect Brian

Fahnestock as Chair. Motion was carried with Members Bates, Boyle, Brown, Combs, Johannsen, Ramos and Rodarte voting yes.

B. Vice Chair: It was moved by Brian Fahnestock and seconded by Carol Brown to elect Joe Boyle as Vice Chair; the motion was carried with Members Bates, Brown, Combs, Johannsen, Fahnestock, Ramos and Rodarte voting yes.

PUBLIC COMMENTS: None

ADMINISTRATION A. Mr. Thompson welcomed all members.

B. Mr. Thompson reviewed the duties and responsibilities of the Board stating that the Board cannot change retiree benefits. The Board will initially meet quarterly and then perhaps semi-annually thereafter. He also stated that the 700 Form will need to be completed for all Board members.

C. Mr. Thompson provided an overview and updates of the Other Post-Employment Benefits (OPEB) Governmental Accounting Standards Board (GASB) 43 & 45 and GASB 74 & 75 guidelines including monitoring agencies, compliance guidelines and codes.

D. Mr. Thompson reviewed the handout displaying a sample compliance plan benefits and feature comparisons and provided an introduction to fiduciary liability including conflict of interest, exposure mitigation, etc.

E. Mr. Thompson provided a brief status of the RFP by identifying the five RFP candidates.

Retirement Board Meeting July 27, 2015 Page 2

INFORMATION REPORTS A. Board Member Comments: Chair Fahnestock noted the tasks for future Board Agendas:

(1) United Faculty may appoint new members; (2) Review Errors & Omissions; (3) Determine whether Board Members need to complete Form 700; (4) RFP review; (5) create Bylaws after RFP review.

B. Consultant Comments: Mr. Thompson provided a few more handouts for review (e.g. fee structures).

FUTURE MEETINGS: The suggested dates of August 12 & 26 were not confirmed as it was shared that United Faculty may appoint a new member in mid-August; new meeting dates will be determined.

ADJOURNMENT: The meeting was adjourned at 11:00 a.m.

North Orange County Community College District

Page 3

OPEB GASB 43 & 45 Compliance “Process”

Request for Proposals (RFP) Areas of Comparison

Major Vendor Selection Criteria

1. Compliance with RFP Requirements & Underwriting

2. Methods & Approaches to Accomplish the Scope of Work

3. Knowledge & Experience of Community Colleges

4. Inclusive OPEB GASB Including “Substantive Plan” Development Support

5. Vendor Staff Members Provided for On Sight Meeting, Other Support and Reports

6. Website Access

7. Employer Trust Structure Flexibility

8. Investment Policy Statement Flexibility

9. Number of Community College/School District Clients Making Investments

10. Total Assets Under Management

11. Total Add On Fees

12. Actual Rate of Return Results

13. Overall Plan Cost Competitiveness

14. Discretionary Trust and Investment Management

15. Revenue Sharing and Other Commissions Status

16. Status of Proprietary Funds Used In Platform

17. Trust, Investment Management & Administration Firms Ownership Relationship

18. Assistance With Establishing Investment Risk Tolerance & Exposure

19. Employer Direct Choice of Investment Platform

20. Fiduciary Liability & Conflict of Interest Mitigation

North Orange County Community College DistrictMajor Vendors Benefits and Features Comparison

Plan Name CERBT RHBP-JPA Futuris PlanGASB 45

Solutions

OPEB GASB 45

Plan

Plan Sponsor CalPERS CCLC

Keenan

Financial

Services

PARS/CSBA PAFA

Plan Feature Response Response Response Response Response

Trust Company

Trust Structure

IRC 115 Trust Yes Yes Yes Yes Yes

Irrevocable Yes Yes Yes Yes Yes

S-Employer No No Yes No Yes

Multi -Employer Yes No No Yes No

JPA Structure No Yes No No No

Trust Formation

Discretionary No No Yes Yes Yes

Directed Yes Yes No No Yes/No

(RIA) Registered

Investment Advisor

RIA Structure

Institutional Shares Yes Yes Yes Yes Yes

Investment Policy Statement

Provided

Yes

MET

Yes

JPA

Yes

Individual

Yes

MET

Yes Individual/

Additional Cost

District Formal Investment

Porfolio Risk Tollerance

Exposure Process

No No Yes No No

Custom Investment Platform

AvailableNo Yes Yes Yes Only Option

Plan Investment Risk

Tolerance Allocation

Equity%/Fixed%

Three (3) Options

Three (3) Have

$ Invested

Eight (8) Options

Two (2) Have

$ Invested

Eight (8) Options

Eight (8) Have

$ Invested

Four (4) Options

Two (2) Have

$ Invested

One (1) Options

One (1) Has $

Invested

Page 4



Solutions

OPEB GASB 45

Plan


Keenan

Financial

Services

CSBA/PARS PAFA


RIA Formation

Discretionary No No Yes Yes Yes

Directed Yes Yes No Yes/Optional No

Trust and RIA Conflict of

Interest and Fiduciary

Liability Areas of Review

Conflict of Interest

Areas of Review

Separate Trust Company and

Investment Manager

Relationship

No Yes Yes No Yes

Proprietary Funds Utilized in

Investment PlatformYes No No No/Yes No

Revenue Sharing,

12 (b) 1 Fees Investment

Expenses Received

No No No No/Yes No

Page 5



Solutions

OPEB GASB 45

Plan


Keenan

Financial

Services

CSBA/PARS PAFA


Fiduciary Liability

Areas of Review

Prudent Person Investment

Mitigation Fiduciary StructureYes Yes Yes Yes Yes

Fiduciary Mitigation Structure in

Addition to the Prudent Person

Possible Conflict of

Interest with

Proprietary Funds

Yes. Revenue

Sharing and

Proprietary Funds

Not Allowed by

Contract

Yes. Revenue

Sharing and

Proprietary Funds

Not Allowed by

Contract

Possible Conflict of

Interest with

Proprietary Funds

Yes. Revenue

Sharing and

Proprietary Funds

Not Allowed by

Contract

Public Entity OPEB GASB

Experience Sponsor and

Partners

Yes Yes Yes Yes Yes/Limited

Administrator/Sponsor

Comprehensive Compliance

& Substantive Plan Support

Maintainence Assistance No No Yes No/Yes No

Program Document

ProvidedNo No Yes Yes No

Page 6



Solutions

OPEB GASB 45

Plan

Plan Sponsor CalPERS CCLCKeenan

Financial CSBA/PARS PAFA


Administration Support

Brown Act Meeting Installation

Support No No Yes No No

Plan Flexibility Limited/ MET Limited/ JPA Complete Limited/2/3rd VoteLimited/

Investment Options

Website Access for Trust

Information Available to

Employer and Employee

Yes/No Yes/No Yes/Yes Yes/No Yes

Eligible Employee and Retiree

Communication SupportNo No Yes No No

Education Market Penatration

Number of Education Trusts

Created 39 13 51 30 1

Number of Education Trusts

Funded39 13 51 30 1

Number of Community College

Clients9 13 19 3 1

Estimated Education $ Dollars

Under Management Not Disclosed $189 Million $576 Million $105 Million $70 Million

08/27/2015-Errors in information presented not intentional. Please advise of any errors found so they can be corrected. Private and Confidential

Information which is property of RPM Consultant Group (RPM). Permision to duplicate or use for other reasons must be approved by Chuck Thompson

President RPM.

Page 7

$10 Million $20 Million $10 Million $20 Million $10 Million $20 Million $10 Million $20 Million $10 Million $20 Million

$10,000 $20,000 $37,000 $74,000 $39,500 $69,000 $55,000 $90,000 $36,000 $62,000

39%/61% 39%/61% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60%

N/P N/P 5.70% 5.70% 6.00% 6.00% 8.10% 8.10% N/P N/P


0.10% 0.10% $0.37 $0.37 $0.395 $0.345 $0.55 $0.45 0.36% 0.31%

39%/61% 39%/61% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60%

N/P N/P 5.70% 5.70% 6.00% 6.00% 8.10% 8.10% N/P N/P


$30,000 $40,000 $110,000 $148,000 $97,500 $130,000 $120,000 $150,000 $87,000 $108,000

39%/61% 39%/61% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60%

N/P N/P 5.70% 5.70% 6.00% 6.00% 8.10% 8.10% N/P N/P


0.10% 0.10% $0.37 $0.37 $0.325 $0.325 $0.40 $0.375 0.29% 0.27%

39%/61% 39%/61% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60%

N/P N/P 5.70% 5.70% 6.00% 6.00% 8.10% 8.10% N/P N/P

2.13% 2.13% 2.73% 2.73% 2.15% 2.15% N/P N/P 0.85% 0.85%

6.15% 6.15% 5.73% 5.73% 5.46% 5.46% N/P N/P 7.90% 7.90%

6.50% 6.50% 7.85% 7.85% 7.27% 7.27% N/P N/P 13.70% 13.70%

N/P N/P 7.99% 7.99% 7.17% 7.17% N/P N/P 12.49% 12.49%

N/P N/P N/P N/P N/P N/P N/P N/P N/P N/P

PARS PAFA

Actual Portfolio Vendor "Net Annual" Cost Shown in Basis Points (bps) 100 (bps) = 1% 40% Equities/60% Fixed

Based on Assets Under Management Simulated

Actual Portfolio Vendor "Net Annual" Cost Shown in Dollars 40% Equities/60% Fixed


Actual Portfolio Vendor "Net Annual" Cost Shown in Dollars 40% Equities/60% Fixed Based on Assets Under Management Simulated


Target Return %

Category FuturisCCLCCalPERS


Asset Level

Annual Fees

Asset Level

Annual Fees

Equity/Fixed

Equity/Fixed

Asset Level

Annual Fees

Target Return %

Since Inception

Annual Fees

Equity/Fixed

Target Return %

Quarter

1 Year


Net Rates of Return as of 03/31/15 40% Equities/60% Fixed Based on Assets Under Management Simulated

3 Years

5 Years

Equity/Fixed

Target Return %

Asset Level

Page 8


$50,000 $50,000 $185,000 $222,000 $130,000 $195,000 $180,000 $200,000 $131,000 $151,000

39%/61% 39%/61% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60%

N/P N/P 5.70% 5.70% 6.00% 6.00% 8.10% 8.10% N/P N/P


0.10% 0.10% $0.37 $0.37 $0.325 $0.325 $0.36 $0.33 0.26% 0.25%

39%/61% 39%/61% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60% 40%/60%

N/P N/P 5.70% 5.70% 6.00% 6.00% 8.10% 8.10% N/P N/P

2.13% 2.13% 2.73% 2.73% 2.15% 2.15% N/P N/P 0.85% 0.85%

6.15% 6.15% 5.73% 5.73% 5.46% 5.46% N/P N/P 7.90% 7.90%

6.50% 6.50% 7.05% 7.05% 7.27% 7.27% N/P N/P 13.70% 13.70%

N/P N/P 7.97% 7.97% 7.37% 7.37% N/P N/P $12.49 $12.49


Target Return %

5 Years

Asset Level

Annual Fees

Equity/Fixed

Equity/Fixed

Target Return %

Net Rates of Return as of 03/31/15 40% Equities/60% Fixed


Since Inception

Quarter

1 Year


3 Years

FuturisCCLCCalPERSCategory


Asset Level

Annual Fees

PARS




Page 9


N/P N/P $39,000 $78,000 $34,500 $69,000 $45,000 $80,000 $36,000 $62,000

50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50%

N/P N/P 6.30% 6.30% 7.00% 7.00% 8.50% 8.50% N/P N/P


N/P N/P $0.39 $0.39 $0.345 $0.345 $0.45 $0.40 0.36% 0.31%

50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50%

N/P N/P 6.30% 6.30% 7.00% 7.00% 8.50% 8.50% N/P N/P


N/P N/P $117,000 $156,000 $97,500 $130,000 $120,000 $150,000 $87,000 $108,000

50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50%

N/P N/P 6.30% 6.30% 7.00% 7.00% 8.50% 8.50% N/P N/P


N/P N/P $0.39 $0.39 $0.325 $0.325 $0.40 $0.375 0.29% 0.27%

50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50%

N/P N/P 6.30% 6.30% 7.00% 7.00% 8.50% 8.50% N/P N/P

N/P N/P 2.41% 2.41% 2.15% 2.15% N/P N/P 1.14% 1.14%

N/P N/P 5.11% 5.11% 5.46% 5.46% 2.99% 2.99% 9.93% 9.93%

N/P N/P 8.11% 8.11% 7.27% 7.27% 4.21% 4.21% 15.53% 15.53%

N/P N/P 8.11% 8.11% 7.17% 7.17% N/P N/P 13.65% 13.65%


*Not a full 36 Months. Based on 26 Months of Investing.

PARS* PAFA

Actual Portfolio Vendor "Net Annual" Cost Shown in Basis Points (bps) 100 (bps) = 1% 5 0% Equities/50% Fixed Based on Assets Under Management Simulated




Actual Portfolio Vendor "Net Annual" Cost Shown in Basis Points (bps) 100 (bps) = 1% 5 0% Equities/50% Fixed

Target Return %



Asset Level

Annual Fees

Asset Level

Annual Fees

Equity/Fixed

Equity/Fixed

Asset Level

Annual Fees

Target Return %

Since Inception

Annual Fees

Equity/Fixed

Target Return %

Quarter

1 Year



3 Years

5 Years

Equity/Fixed

Target Return %

Asset Level


Page 10


N/P N/P $195,000 $234,000 $162,500 $195,000 $180,000 $200,000 $131,000 $151,000

50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50%

N/P N/P 6.30% 6.30% 7.00% 7.00% 8.50% 8.50% N/P N/P


N/P N/P $0.39 $0.39 $0.325 $0.325 $0.36 $0.33 0.26% 0.25%

50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50% 50%/50%

N/P N/P 6.30% 6.30% 7.00% 7.00% 8.50% 8.50% N/P N/P

N/P N/P 2.80% 2.80% 2.15% 2.15% N/P N/P 1.14% 1.14%

N/P N/P 5.50% 5.50% 5.46% 5.46% 3.03% 3.03% 9.93% 9.93%

N/P N/P 8.50% 8.50% 7.27% 7.27% 4.25% 4.25% 15.53% 15.53%

N/P N/P 8.50% 8.50% 7.17% 7.17% N/P N/P $13.65 $13.65


Target Return %

5 Years

Asset Level

Annual Fees

Equity/Fixed

Equity/Fixed

Target Return %



Since Inception

Quarter

1 Year


3 Years



Asset Level

Annual Fees

*Not a Full 36 Months. Based on 24 Months of Investing.

PARS* PAFA




Page 11


$10,000 $20,000 $40,000 $80,000 $34.500 $69,000 $55,000 $90,000 $36,000 $62,000

60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40%

N/P N/P 6.40% 6.40% 8.00% 8.00% $9.00 $9.00 N/P N/P


$0.10 $0.10 $0.40 $0.40 $0.345 $0.345 $0.55 $0.45 0.36% 0.31%

60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40%

N/P N/P 6.40% 6.40% 8.00% 8.00% $9.00 $9.00 N/P N/P


$30,000 $40,000 $120,000 $160,000 $97,500 $130,000 $120,000 $140,000 $87,000 $108,000

60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40%

N/P N/P 6.40% 6.40% 8.00% 8.00% $9.00 $9.00 N/P N/P


$0.10 $0.10 $0.40 $0.40 $0.325 $0.325 $0.40 $0.35 0.29% 0.27%

60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40%

N/P N/P 6.40% 6.40% 8.00% 8.00% $9.00 $9.00 N/P N/P

2.41% 2.41% N/P N/P 2.37% 2.37% N/P N/P 1.14% 1.14%

5.87% 5.87% N/P N/P 5.74% 5.74% $3.63 $3.63 9.93% 9.93%

7.89% 7.89% N/P N/P 8.28% 8.28% $7.05 $7.05 15.53% 15.53%

N/P N/P N/P N/P 7.71% 7.71% $6.93 $6.93 13.65% 13.65%


PARS PAFA








Target Return %



Asset Level

Annual Fees

Asset Level

Annual Fees

Equity/Fixed

Equity/Fixed

Asset Level

Annual Fees

Target Return %

Since Inception

Annual Fees

Equity/Fixed

Target Return %

Quarter

1 Year



3 Years

5 Years

Equity/Fixed

Target Return %

Asset Level


Page 12


$50,000 $60,000 $200,000 $240,000 $162,500 $195,000 $180,000 $200,000 $131,000 $151,000

60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40%

N/P N/P 6.90% 6.90% 8.00% 8.00% 8.50% 8.50% N/P N/P


0.10% 0.10% $0.40 $0.40 $0.325 $0.325 $0.36 $0.33 0.26% 0.25%

60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40% 60%/40%

N/P N/P 6.90% 6.90% 8.00% 8.00% 8.50% 8.50% N/P N/P

2.41% 2.41% N/P N/P 2.37% 2.37% N/P N/P 1.40% 1.40%

5.87% 5.87% N/P N/P 5.74% 5.74% 3.72% 3.72% 10.51% 10.51%

7.89% 7.89% N/P N/P 8.28% 8.28% 7.14% 7.14% 16.71% 16.71%

N/P N/P N/P N/P 7.71% 7.71% 7.02% 7.02% 14.43% 14.43%


Category


Asset Level

Annual Fees

PARS PAFA





Since Inception

Quarter

1 Year


3 Years

FuturisCCLCCalPERS

Target Return %

5 Years

Asset Level

Annual Fees

Equity/Fixed

Equity/Fixed

Target Return %


Page 13


$10,000 $20,000 $42,000 $84,000 $42,000 $84,000 $55,000 $90,000 $36,000 $62,000

73%/27% 73%/27% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25%

N/P N/P 7.50% 7.50% 7.50% 7.50% 9.40% 9.40% N/P N/P


$0.10 $0.10 $0.42 $0.42 $0.42 $0.42 $0.55 $0.45 0.36% 0.31%

73%/27% 73%/27% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25%

N/P N/P 7.50% 7.50% 7.50% 7.50% 9.40% 9.40% N/P N/P


$30,000 $40,000 $120,000 $160,000 $97,500 $130,000 $120,000 $150,000 $87,000 $108,000

73%/27% 73%/27% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25%

N/P N/P 7.50% 7.50% 9.00% 9.00% 9.40% 9.40% N/P N/P


$0.10 $0.10 $0.40 $0.40 $0.325 $0.325 $0.40 $0.375 0.29% 0.27%

73%/27% 73%/27% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25%

N/P N/P 7.50% 7.50% 9.00% 9.00% 9.40% 9.40% N/P N/P

2.46% 2.46% N/P N/P 2.48% 2.48% N/P N/P 1.69% 1.69%

5.66% 5.66% N/P N/P 5.84% 5.84% $3.74 $3.74 13.04% 13.04%

9.20% 9.20% N/P N/P 9.27% 9.27% $7.82 $7.82 19.24% 19.24%

9.02% 9.02% N/P N/P 8.29% 8.29% $7.50 $7.50 16.06% 16.06%



3 Years

5 Years

Equity/Fixed

Target Return %

Asset Level


Asset Level

Annual Fees

Target Return %

Since Inception

Annual Fees

Equity/Fixed

Target Return %

Quarter

1 Year



Asset Level

Annual Fees

Asset Level

Annual Fees

Equity/Fixed

Equity/Fixed

Target Return %

Category FuturisCCLCCalPERS PARS PAFA

Actual Portfolio Vendor "Net Annual" Cost Shown in Basis Points (bps) 100 (bps) = 1% 75 % Equities/25% Fixed Based on Assets Under Management Simulated




Actual Portfolio Vendor "Net Annual" Cost Shown in Basis Points (bps) 100 (bps) = 1% 75 % Equities/25% Fixed

Page 14


$50,000 $60,000 $200,000 $240,000 $162,500 $195,000 $180,000 $200,000 $131,000 $151,000

73%/27% 73%/27% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25%

N/P N/P 7.50% 7.50% 9.00% 9.00% 9.40% 9.40% N/P N/P


0.10% 0.10% $0.40 $0.40 $0.325 $0.325 $0.36 $0.33 0.26% 0.25%

73%/27% 73%/27% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25% 75%/25%

N/P N/P 7.50% 7.50% 9.00% 9.00% 8.50% 9.40% N/P N/P

2.46% 2.46% N/P N/P 2.48% 2.48% N/P N/P 1.69% 1.69%

5.66% 5.66% N/P N/P 5.84% 5.84% 3.74% 3.74% 13.04% 13.04%

9.20% 9.20% N/P N/P 9.27% 9.27% 7.82% 7.82% 19.24% 19.24%

9.02% 9.02% N/P N/P 8.29% 8.29% 7.50% 7.50% 16.06% 16.06%


Target Return %

5 Years

Asset Level

Annual Fees

Equity/Fixed

Equity/Fixed

Target Return %



Since Inception

Quarter

1 Year


3 Years



Asset Level

Annual Fees

PARS PAFA

Actual Portfolio Vendor "Net Annual" Cost Shown in Basis Points (bps) 100 (bps) = 1% 75 % Equities/25% Fixed



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north orange county community college district …aug 31, 2015 · north orange county community...

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