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Board votes to shift large‑cap value sleeve from mutual fund to ETF
Summary
The retirement board approved CS McKee’s recommendation to move the large‑cap value allocation from a mutual fund (end‑of‑day pricing) to an ETF (intra‑day pricing), citing lower fees and manager flexibility; the vote was by voice and carried.
The Elk County Retirement Board approved a recommendation from investment consultant CS McKee to change the large‑cap value allocation from a mutual fund to an exchange‑traded fund (ETF).
Patrick Straub explained differences between the two vehicles, noting mutual funds are priced once per day while ETFs trade throughout the day and ‘‘generally have lower, fees associated with it,’’ which he said makes the recommendation a ‘‘win win.’’ Straub characterized the change as largely administrative and recommended the board approve it.
The chair called for a motion; a motion and second were made, the board voted by voice and the chair declared the motion carried. No roll‑call tally was recorded in the transcript.
The board did not adopt any amendment to the change; Straub said the shift would not materially affect participant benefits and framed it as a recordkeeping/manager decision to improve execution and fees.
