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Votes at a glance: SOAR board approves short-duration fixed-income purchase and routine reports
Summary
At the March 27 SOAR meeting the board approved a rebalancing to buy the Lord Abbett Short Duration Income Fund using money from the Allspring Government Money Market Fund and cash held outside principal, and approved routine plan-administrator payments; several procedural items were also approved by voice vote.
The St. Mary’s County Sheriff’s Office Retirement Plan (SOAR) board recorded several procedural and investment votes on March 27, 2025. Key outcomes: the board approved a rebalancing that moves cash into a short‑duration fixed‑income fund and approved the plan administrator’s expense payments for the quarter.
Votes at a glance
- Rebalance: Move $250,000 from the Allspring Government Money Market Fund and $150,000 from cash held outside principal into the Lord Abbett Short Duration Income Fund. Motion moved by John Walters (citizen member); seconded by a sheriff’s office representative (name not specified in the transcript). Vote: approved by voice vote ("aye"). Notes: the motion was approved by unanimous voice vote; no roll‑call tally was recorded in the transcript.
- Plan administrator report/payments: The board approved payments from the trust that the plan administrator presented, totaling $32,979.05 (Marquette Associates consulting invoice $31,029.05; Boomersheim Consulting Group actuarial invoice $200; benefit portal/board presentation fees totaling $1,750 and $12.50 listed in the transcript). Motion to approve the plan administrator’s report was moved on the record (mover identified in transcript as Catherine Pratzen, plan administrator) and seconded (name not specified); vote: approved by voice vote ("aye"). Notes: the transcript lists the specific invoices and amounts read into the record by the plan administrator.
- Routine procedural approvals: The board approved the meeting agenda and the February 27 meeting minutes by voice vote early in the session (motions and seconds recorded; votes approved by “aye” voice vote). The board also adjourned by voice vote at the meeting’s close.
Context and next steps: The rebalancing was presented by Workette Associates as a tactical compliance and cash‑management step to keep the plan within its policy maximum for cash while preserving liquidity to meet upcoming private‑market capital calls (about $5.2 million outstanding as discussed in the presentation). Workette and staff will continue to present investment‑strategy options to the board in coming meetings as part of the larger U.S. equity review; that process does not yet include a binding allocation change.
