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Committee reviews Q1 2026 investment performance; MassMutual and Allspring remain on watch list
Summary
Marquette Associates presented Q1 2026 market context and plan-level performance, reporting marginally negative returns across major asset classes and recommending continued monitoring of MassMutual and Allspring on the watch list; the committee approved the performance report and heard a staff payment disclosure.
Chair David Weiskopf introduced Patrick Wing of Marquette Associates to present the first-quarter 2026 performance report. Wing said the quarter showed "mostly negative returns across major asset classes" with U.S. equities down about 4% at their quarter-end position and noted inflation and energy-price shocks as drivers of interest-rate pressure.
Why it matters: Wing explained how those market moves affected plan options: target-date funds with value tilts and funds near retirement outperformed, while growth-oriented distant-dated target dates underperformed. He reported the target-date allocation comprised a comfortable majority of plan assets (about 68.8% in one exhibit) and highlighted an apparent shift out of certain fixed-income funds into other allocations, which he linked to large distributions from two fixed-income funds.
Watch list and manager review: Wing identified MassMutual and Allspring as managers on the watch list (MassMutual placed on the list in December; Allspring in February) and outlined the committee's 6–12 month review window. He said MassMutual has shown recent improvement and Allspring remains underperforming; if underperformance continues the board may recommend a manager search at a future meeting.
Committee action: After questions about grading and the watch-list timeline, Benetta Van Cleave moved to approve the first-quarter 2026 performance report; Dina Davis seconded and the committee approved the report by voice vote.
Administrative note: The plan administrator reported a $4,500 payment to Marquette Associates covering investment counseling services for 01/01/2026–03/31/2026 and noted the next meeting is scheduled for 09/24/2026.
