[{"_1":2,"_86":-5,"_87":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6454168,"mediaKeyId","5861945-811a8d29fccf9f1815a54d153f5fb9b5","parentId",5861945,"title","Committee accepts Q2 2025 investment performance report; approves Allspring share‑class swap","audioSeconds",1406,"startMs",958000,"endMs",2364000,"viewUrl","/Search/View?dp=1&key=5861945-811a8d29fccf9f1815a54d153f5fb9b5&start=958&end=2364","thumbnailUrl","https://assets.pipeline.soar.com/5861945-811a8d29fccf9f1815a54d153f5fb9b5/thumbnail_958000.jpg","articleUrl","/articles/6454168/St-Marys-County/Maryland/Committee-accepts-Q2-2025-investment-performance-report-approves-Allspring-shareclass-swap","mediaUrl","https://secure.pipeline.soar.com/6454168-b6ea6bb839cead0d92248f706874ae25/orig.mp4?Expires=1773663208&Signature=j3mae--oMBu~Xjken390qExrVaW~5K101d6dS-duU5gBk9QxFYua9Jo8tyybDpWCLav9-FW5NKiowHws9ipDPMlof5kd8V3vZsDWhdWKr9pReNdp583pV0QM~gLTzv9gbkYZfYglr0Eg81DmqmzjWQ0xQLtfBpHTt0yyKCzbkb7PG1iHW0wyj1KHszCNzSVCfSweydPqsbjn8SAXXQIljC0fSMnx4BYRaPIijYABOKFvkBiOWOBNnC-3yh0K7fsAEix4zNU5V0wy-ELhvzJHiwu4ExLn5Xk3aM07SWjhBIhyLqT8d7RgdM77JTX6l2lyBpuT7~X6uu9i~0BGxj72aA__&Key-Pair-Id=KUT5TJCACFTXG","author","St. Mary's County, MD","date","2025-09-26T07:46:57Z","article","The St. Mary’s County 457(b) governance committee on Sept. 25 accepted Marquette Associates’ second‑quarter 2025 investment performance report and approved a share‑class change that reduces expenses for one plan option.

Patrick Wing of Marquette Associates presented market and manager performance context for Q2 2025 and reviewed plan allocations and active manager results. After the presentation the committee voted to accept the report and approved a recommendation to swap the Allspring Special Mid Cap Value holding from the administrator share class to a lower‑cost institutional share class.

Why it matters: the performance report explains how market returns and manager positioning affected participant investments in the 457(b) plan. The share‑class change reduces the expense ratio for one active option, lowering costs for plan participants without changing the manager or holdings.

Marquette’s presentation summarized Q2 market returns — double‑digit gains in major equity regions and modest returns for investment‑grade bonds — and explained how the quarter’s strong growth‑and‑AI driven returns advantaged certain benchmarks and disadvantaged many active small‑ and mid‑cap value managers that underweight speculative growth names. Marquette noted target‑date funds in the plan performed well across most vintages, with the earlier vintages (2010 and 2015) slightly behind their benchmarks because of a value tilt.

Committee discussion touched on asset allocation, the small percentage of plan assets in active equity managers (about 9 percent), and how relative performance of small and mid‑cap managers could affect watch‑list considerations if underperformance continues. Patrick Wing said most target‑date vintages remain in top performance percentiles over longer time horizons and recommended monitoring certain active managers if the recent pattern persists for another quarter.

The committee voted to accept the Marquette Associates report by voice vote. Dylan Payne, the committee’s employee member, moved to accept the report; a member seconded and the chair recorded the motion as carried.

On a separate motion the committee approved switching the Allspring Special Mid Cap Value holding to an institutional share class with a lower expense ratio (reported as roughly 80 basis points versus the previous ~1.05 percent administrator share class). The committee’s report author and county staff said the swap retains the same fund manager, holdings and strategy and is intended to lower costs for participants; trustees approved the change by voice vote.

The administrator’s report noted one vendor payment of $4,500 to Marquette Associates for investment consulting services covering April 1–June 30, 2025, and listed the governance committee’s next scheduled meeting on Dec. 4, 2025. The committee also approved its 2026 meeting calendar.

All committee motions described above were approved by voice vote during the Sept. 25 meeting.","mediaType","Video","parentTitle","9/25/25 457(b) Governance Committee for St. Mary's County","oneSentenceSummary","Marquette Associates presented the second‑quarter 2025 investment performance report; the committee accepted the report by voice vote, and approved a share‑class change for the Allspring Special Mid Cap Value fund to a lower‑cost institutional share class.","taxTitle","St. Mary's County, Maryland","taxId",51086,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":44,"_47":80,"_49":81,"_51":82,"_53":83,"_55":56,"_57":58,"_59":84,"_61":62,"_63":64,"_65":85,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6454173,"St. Mary’s County committee reviews Jan.–June 2025 457(b) plan; participation and engagement rise",840,118000,"/Search/View?dp=1&key=5861945-811a8d29fccf9f1815a54d153f5fb9b5&start=118&end=958","https://assets.pipeline.soar.com/5861945-811a8d29fccf9f1815a54d153f5fb9b5/thumbnail_118000.jpg","/articles/6454173/St-Marys-County/Maryland/St-Marys-County-committee-reviews-JanJune-2025-457b-plan-participation-and-engagement-rise","https://secure.pipeline.soar.com/6454173-9350634eb8827fc4722a1b5c38db7a64/orig.mp4?Expires=1773663208&Signature=YiHu-9XaygaFd0xtrWGFlCn47eBYLRfQh-7WQvhycfPtHdEKrUuSapUkTw4VB6z88X3yVSNtAH3yCvka9uFUNIZUu0XojLtfTKb4eqf~BF-bpTwRfeeXfBiXpAmXqHSidTWz7pAVjUZ7eTUoiMfOzZGQ5DQvYt4xP39bgtore0PA3baNoIcEOY6r6gfkiHPt9zg7olXii~ogSeMm8NQAs6EKBY~eAEF2Ad1yClMHIOQ61AfIU3eiat7inP-0feuojLRW8UaKcepBeBWDnSfbOARDxEUcUxTwLBiM6rp1uWJgWX~KsoWZS-i1oAqV-qfSjHVY~x6SpHCmeVMFoIBfPw__&Key-Pair-Id=KUT5TJCACFTXG","The St. Mary’s County 457(b) governance committee on Sept. 25 reviewed a Voya report showing the plan’s assets rose to $25.7 million as of June 30, 2025, and accepted the plan summary. The presentation, delivered during new business, summarized contributions, participant counts, small‑balance policy changes and engagement metrics.

Committee members accepted the summary after a short discussion. Tracy McPherson, deputy director of human resources and employee representative, presented the Voya Jan. 1–June 30, 2025 plan summary and walked trustees through participation, contribution and engagement data.

Why it matters: the 457(b) plan is a county employee retirement benefit; changes in contributions, forced‑out thresholds and participant engagement affect retirement readiness and plan administration costs. The committee discussed the effects of the federal SECURE 2.0 legislation on plan operations and the potential impacts of removing small account balances.

McPherson told the committee the plan opened the year with $23.7 million in assets and, after contributions and market appreciation, reached $25.7 million on June 30, representing an increase of about $2 million (roughly 8.6 percent) from the start of the year. Voya recorded roughly $1 million in contributions during the first six months of 2025, about 31 percent more than the same period a year earlier; about 90 percent of contributions were pretax rather than Roth.

McPherson said distributions were down 55 percent year over year and net loan activity was positive, meaning repayments exceeded new loans. Other plan activity (net of fees, dividends and asset transfers) totaled about $52,000 for the six‑month period; McPherson noted a large rollover of about $359,000 in 2024 accounted for much of last year’s difference.

Enrollment and participant counts: the plan added 34 new accounts during the first half of 2025. The presentation reported 438 participants at June 30; that count combines active employees and former employees who retain balances. Of those, 112 were listed as terminated (no longer employed) and the committee discussed how many of those balances are small. McPherson said the plan now forces out accounts below $7,000 under a recent change, a threshold increased by the federal SECURE 2.0 Act from $5,000 to $7,000.

Engagement and outcomes: the committee heard that about 74 percent of participants engaged with the plan via the website, mobile app or call center in the past 12 months, and web registration jumped to 82 percent from 68 percent the prior quarter. McPherson said local outreach by benefits staff, including recent benefits fairs, was driving higher enrollment and web registration. Voya reported an average account balance of about $58,000 and that target‑date funds remain the default and hold the majority of plan assets.

The committee voted to accept the Voya Jan. 1–June 30, 2025 plan summary as presented.","The St. Mary’s County 457(b) governance committee reviewed a Voya report showing the plan’s assets rose to $25.7 million by June 30, 2025; contributions and digital engagement increased and trustees discussed a new forced‑distribution threshold tied to federal SECURE 2.0 legislation.","actionData","errors"]

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Committee accepts Q2 2025 investment performance report; approves Allspring share‑class swap

St. Mary’s County committee reviews Jan.–June 2025 457(b) plan; participation and engagement rise