PSPF December 2025 Meeting Minutes
Date: December 16, 2025
Board Members in Attendance:
Dave Young
Jerome DeHerrera
Wendy Dominguez
Deborah Froeb
Lupe Gutierrez-Vasquez
| Time | Topic | Notes |
|---|---|---|
| 1:00PM - 1:03PM | Welcome and Roll Call | |
| 12:03PM - 12:05PM | Approval of September Meeting Minutes | Ms. Dominguez moved to approve the meeting minutes from the September 24, 2025, Board Meeting. Mr. DeHerrera seconded the motion. The Motion passed with 4 yes, 0 no, and 1 excused. |
| 1:05PM - 12:09PM | Mackay Shields Fee Arrangement and Conflict of Interest Acknowledgement and Disclosure | Mackay Shields contract was extended for an additional year in the September meeting. Mackay has offered us a new fee arrangement as part of the contract process. The fee is .42 percents on assets under management; the new fees would be the same up to 50 million dollars’ worth of assets. Any assets over 50 million would incur a fee of 0.37%. This is due to shifting economics. The Attorney General's office recommends that the Board amend the contract to reflect this new arrangement fee. Ms. Dominguez moved to approve the proposed amendment to the Mackay Shields contract that reduces the fee to .37 percent on assets under management over 50 million dollars. The motion passed with 4 yes, 0 no, and 1 excused. |
| 1:09PM - 1:15PM | Conflict of Interest Acknowledgement and Disclosure | Mr. Baumann from the Attorney General’s Office went over the conflict of interest policy. The Board members will sign the policy after the meeting. |
| 1:15PM - 1:20PM | Janus and Parametric Contracts | Mr. Browning from Callan recommended that the Board extend the Parametric and Janus Henderson contracts. Mr. DeHerrera moved to approve extending the Parametric contract for one year, ending on December 30, 2026. Ms. Dominguez seconded the motion. The motion passed with 4 yes, 0 no, and 1 excused. Ms. Dominguez moved to approve extending the Janus Henderson contract for one year, ending on December 9, 2026. Ms. Froeb seconded the motion. The motion passed with 4 yes, 0 no, and 1 excused. |
| 1:20PM - 1:50PM | 2025 Q1 Market Update and Performance Report | Callan presented the Market Update and Performance Review from Q3 ending September 30, 2025. Ms. Gutierrez – Vasquez joined at 1:30 pm |
| 1:50PM - 2:14PM | Fund Manager Presentation, Spectrum | Mr. Krishnan and Mr. Solmonson from Spectrum presented. |
| 2:14PM - 2:35PM | Fund Manager, Mackay Shields | Mr. Jonke and Mr. Maietta from Mackay Shields presented. |
| 2:25PM - 2:52PM | Discuss Relevant Legislation and other matters | Senate Bill 25: 167 Implementation timeline. Ms. Leah Marvin-Riley and Mr. Baumann have been discussing how the Board will be handling the RFIs and RFPs. Callan and the Attorney General's office are working to update Callan's contract so Callan can help with the process. The Board voted to add this to their contract at a previous meeting. There was a discussion about the board manager position that is transitioning from a part time contract position to a full time position. There may be some bills that will affect the permanent fund in the upcoming session. |
| 2:52PM - 2:55PM | Public Comment | There were no verbal or written comments |
| 2:55PM | Meeting Adjourned |