Estes Park deferred compensation board reviews funds, hears vendor merger plans and approves IPS, calendar and work plan

The Estes Park County Deferred Compensation Board met May 13 and heard a market and plan review from its advisers, approved routine governance items and was briefed on a planned vendor merger that could produce platform or branding changes for participants.

Adviser Jeff Cohen said markets pulled back in the first quarter — "the S&P was down about 4.3%" in Q1 — but recovered in April and into May, leaving the S&P roughly 8% year‑to‑date through the most recent close. Cohen described continuing volatility, persistent inflation pressures and a notable performance gap between growth and value stocks that drove the short‑term results.

Cathy, the board’s funds analyst, told the group "there's really two funds that are scoring below the passing score of a 70" on the board’s eight‑quarter monitoring criteria. She said the American Mutual (large‑value) fund sits just under the threshold but carries a four‑star rating and large assets under management, and the Franklin Small Cap Value Fund scored 55 and is on the watch list, though it has performed better year‑to‑date.

Board members discussed index options in the small‑cap space and differences among target‑date series. Cohen and Committee member Jay contrasted PIMCO’s target‑date glide path (noting heavier equity exposure in some vintages and a long‑duration bond posture that has weighed on short‑term returns) with Vanguard’s more passively managed approach. The advisers emphasized that short‑term benchmark and glide‑path choices can produce meaningful differences but that the funds’ relative positions should be judged over longer horizons.

Staff reported total plan assets of about $96 million at the end of the quarter and described operational work underway: a fund replacement executed April 9, cash‑out file processing for two plans with a third in progress, and continued work to align data feeds needed for automatic enrollment and other operational efficiencies.

In a separate briefing, advisers reported that Corebridge has announced an intended merger with Equitable. Cohen said the companies intend to merge pending shareholder and governmental approvals, that Corebridge’s CEO will remain in place, and that headquarters activity would shift toward Houston if the deal closes. Advisers told the board the timeline could push visible changes into early 2027 and pledged proactive communication and HR coordination for participants if the merger proceeds.

Board members pressed for clarity about timing and platform impacts; advisers said platform changes are possible but would aim to preserve open‑architecture investment flexibility and that any participant communications would be coordinated with employers and HR teams.

Votes at a glance: the board approved the January 14 and February 11 meeting minutes, adopted the annual Investment Policy Statement as presented, approved the proposed 2027 meeting calendar, and adopted the 2027 work plan. Each motion passed by voice vote following a motion and second; individual roll‑call tallies were not recorded in the meeting transcript.

Members also discussed engagement and education tactics to raise participation. The board noted median account balances in older buckets (for example, roughly $25,000 median account balance plus about $6,000 in matching for the 60+ cohort, presented as an illustrative figure) and estimated active employee engagement at about 40%. Members urged expanded outreach, simple calculators and consideration of Roth features and employer match strategies to increase savings rates and retention.

The board concluded routine business, confirmed staff will notify members and participants as appropriate about next steps and training, and adjourned the meeting.