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Board approves small-cap fund switch after USI review of town retirement plan
Summary
At its June 17 meeting the Board of Finance accepted USI Consulting Group's recommendation to remove the Russell small-cap holding and voted to switch into Fidelity Advisor Small Cap Z, with USI to follow up on participant lists and reconvene in July.
Brandon Fox of USI Consulting Group presented a fiduciary oversight review of the Town of Brooklyn's retirement plan and recommended the plan "opt out of Russell Inv US Small Cap Equity and switch to Fidelity Advisor Small Cap Z or Schwab Small Cap Index." The Board of Finance voted to remove the Russell holding and switch to Fidelity.
The USI presentation summarized capital market returns, asset-allocation compliance and performance analysis. Fox told the board he would send a list of active plan members and suggested meeting again in mid to late July to complete follow-up work.
Board Chair Sandy Brodeur moved the motion to opt out of the Russell holding; Bob Smanik seconded, and the motion passed. The board recorded the action as a change to the plan's investment lineup and tasked staff and the consultant with next steps on implementation and participant communications.
Why it matters: the retirement plan represents roughly $9.04 million in assets for plan participants and the recommendation aims to align the small-cap sleeve with the plan's target exposures and compliance framework. USI's written materials (Fiduciary Oversight Review, March 2026) accompanied the presentation and were distributed to board members.
