Wednesday, May 20, 2015



a preliminary version of a piece of writing.


"The purpose of this Investment Policy Statement is to assist the Investment Committee (the “Committee”) in effectively supervising and monitoring the City of Greensboro Deferred Compensation Plan(s) (the “Plan”).

...additional policies and procedures related to proxy voting, brokerage, expenses, and reporting.

...The City Manager’s Office has empowered the Committee and charged them with the fiduciary responsibility for the oversight of the Plan’s investment funds.

...The Plan investment choices should be selected by the Committee with the care, skill and diligence that a prudent person acting in a like capacity would undertake.

...Expenses – Consideration will be given to all levels of expenses associated with the use of the investment options, including the investment managers’ expenses. Competitive management expense ratios are very important and preferred. Expense levels may also be assessed relative to the investment results achieved. Expenses in addition to investment management fees may be charged to Plan participants to offset other costs associated with administration of the Plan, which may cause overall expense ratios to exceed peer group averages. The Committee should be aware of the services associated with these additional expenses and is responsible for monitoring the reasonableness of such costs given the services provided.

...Investment-Related Expenses

Total fund operating expenses should be made known to the Committee and reviewed periodically to ensure that such expenses are competitive and being managed in the best interest of the Plan’s participants and beneficiaries.

Investment Fund Manager Reporting

A quarterly summary of contributions, withdrawals, income and expenses by fund

Quarterly investment returns, net of fees, and the current expense ratio of the fund.

...Investment Policy Changes

Any changes to this Statement of Investment Policy, or exceptions to the guidelines herein, whether recommended by the investment fund managers, other third-party advisors, or initiated by the Committee, should be documented in the Committee’s meeting minutes."