Fund review committee for UW retirement plans
Fund review committee for UW retirement plans
The University of Washington Retirement Plan (UWRP) and Voluntary Investment Program (VIP) Fund Review Committee (FRC) is a standing committee defined in each plan document and authorized by the UW Board of Regents. The committee’s structure and authority is outlined in Section 5.2 of the UW Retirement Plan Document (PDF) and Section 5.4 of the Voluntary Investment Program Document (PDF). The language in each section is identical, and one committee serves both programs. The Committee has a fiduciary role in regard to both plans and is charged with operating exclusively in the best interests of the participants.
The FRC was created by a subcommittee of the Faculty Council on Benefits & Retirement, working together with representatives of the Professional Staff Association (PSO) and the Association of Librarians at the University of Washington (ALUW); and the UW Benefits Office.
The Board of Regents is the fiduciary for the plans. However the FRC members are also held to fiduciary standards for the UWRP and VIP. Fiduciaries have important responsibilities and are subject to certain standards of conduct because they act on behalf of the participants in the plan. These responsibilities include:
- Acting solely in the interest of plan participants and their beneficiaries, with the exclusive purpose of providing benefits to them
- Carrying out their duties with skill, prudence, and diligence
- Following the plan documents
- Diversifying plan investments
- Paying only reasonable expenses of administering the plan and investing its assets
- Avoiding conflicts of interests
The FRC is also responsible for selecting and recommending the plan record keeper(s) and investment options, and for monitoring their performance. Recommendations from the FRC go to the Provost and Executive Vice President who has the delegated authority from the Regents to act on the recommendations.
Investment policy statement
The FRC operates under an Investment Policy Statement (IPS) (PDF) to guide oversight of investment options and recommendations to the Provost. The IPS is routinely reviewed to ensure that the goals remain relevant and appropriate.
Conflict of interest statement
FRC members shall not participate in the formulation or rendering of FRC advice where it reasonably appears that their participation could be influenced by financial or other considerations that are in conflict with their FRC obligations to only consider the best interests of plan participants and the University of Washington. Where a member is uncertain about this rule, the member should consult the Executive Director of Benefits, who will seek the advice of the Attorney General as appropriate.
Fund data and recommendations to the Provost
You can assess the following documents using your UW NetID.
Fund Data: Investment Fund Reviews
- Quarterly Investment Review – 2016, 3rd Quarter
- Quarterly Investment Review – 2016, 2nd Quarter
- Quarterly Investment Review – 2016, 1st Quarter
Presentation Slides from Participants’ Meeting held December 2016
Recommendations to Provost
- Capital Preservation – Provost Response – October 2014
- Capital Preservation – FRC Recommendation – September 2014
Administrative support to the committee is provided by Benefits including:
- Coordination of meeting dates and locations
- Coordination of requests/responses from the Committee to the Investment Consultant and/or Record Keepers for data or for meetings with appropriate representatives from same
- Coordinate evaluation of any legal issues which may arise
- Web support for information for the campus community
- Collection point for comments from the campus community to share with the Committee
- Provide routine updates to the Provost and Executive Vice President, the Faculty Council on Benefits and Retirement, the Professional Staff Organization Board, the Board of the Association of Librarians of the UW
- Coordination of any actions (legal review, Requests for Proposals, etc.) required as a result of recommendations made and accepted by the Provost and Executive Vice President
The following people comprise the FRC. Their terms of appointment are defined in Section 5.2 of the UWRP plan document and Section 5.4 of the VIP plan document.
Senior Associate Treasurer, UW Treasury Office
Susan Ball is a Senior Associate Treasurer who joined the UW Treasury Office shortly after its formation in1988. She is a senior member of the investment team with responsibilities in the areas of research, operations, performance reporting, and risk management. Prior to joining the University, Ball worked as an Assistant Vice President in the area of asset/liability management for a northwest bank. Ball received her B.A. degree with honors in music from the University of Washington. She received her M.B.A. degree from the University of Washington, where she did postgraduate work in business, government and society and international business.
Professor, Aeronautics and Astronautics
Adjunct Professor, Atmospheric Sciences
Representing the Faculty Council on Benefits and Retirement (FCBR) as recommended by the Faculty Senate
Robert Breidenthal is a professor in the Department of Aeronautics and Astronautics and also an Affiliate Professor in the Atmospheric Sciences Department. He arrived at the University of Washington in 1980 from Caltech. His research interests are in turbulent flow with applications ranging from atmospheric convection to combustion.
Charles E. Chamberlin
Senior Assistant for Budget and Administrative Policy, Libraries Administration, Office of the Dean
Represents the UW Retirement Association for UWRP retirees
Representing Retirees, recommended by the UW Retirement Association
Charles Chamberlin served as Senior Associate Dean of University Libraries (formerly known as Deputy Director of Libraries) since 1987. He came to the University of Washington in 1981 as Head, Personnel and Administrative Services. From January 1989 to May 1990, Charles served as Acting Director of University Libraries. Prior to joining the UW staff, he served as Assistant Undergraduate Services Librarian, Circulation Services Librarian, and Personnel and Budget Officer in the University of Nebraska-Lincoln Libraries.
Charles holds an M.A.L.S (1974) from the School of Library and Information Studies at the University of Wisconsin-Madison. His undergraduate degree in History is from Marshall University, Huntington, West Virginia.
Executive Director of Benefits, Human Resources
Kathleen Dwyer is Executive Director of Benefits in Human Resources at the University of Washington. She joined the UW in 1982. She has degrees in English Literature and Norwegian Language and Literature from the University of Washington and holds a Certificate in Financial Planning from Seattle University. She is a member of the International Foundation of Employee Benefits, and is on the Board of the Seattle Chapter, Western Pension and Benefits Conference, as well as the Department of Retirement Systems’ Employer Advisory Committee. In 1999, Dwyer began overseeing Benefits Office operations, which encompasses the University’s retirement, insurance, and benefits programs. She also serves an advisory role to the Faculty Council on Benefits and Retirement.
Ex Officio, Representing the Benefits Office
Assistant Director, Libraries Academic Human Resources/Education Librarian
Representing UW Librarians as recommended by the Association of Librarians of the University of Washington (ALUW)
Laura Lillard came to the UW Libraries in 2001 as Education Librarian, liaison to the College of Education. In addition to her role as Education Librarian, Laura began serving as Assistant Director, Libraries Academic Human Resources in 2012, managing librarian appointments and promotions. Prior to her work at the UW, Laura served as Education Librarian at Texas A&M University (1998-2001). Laura has a BA in Politics from Wake Forest University, an MA in Elementary Education from American University and an MLIS from University of North Carolina, Greensboro.
Professor, Finance and Business Economics
Managing Editor, Journal of Financial and Quantitative Analysis
Appointed Faculty Representative as recommended by the Faculty Senate Executive Committee (FSEC)
Paul Malatesta is Professor of Finance and Norman J. Metcalfe Fellow at the University of Washington Business School, where he has been a member of the faculty since 1980. He earned his B.A. at the University of California and his doctorate at the University of Rochester. His teaching and research interests focus on financial matters and he has published numerous articles on related topics. Since 1987 Malatesta has served as the Managing Editor of the Journal of Financial and Quantitative Analysis, one of the most selective and prestigious academic journals dedicated to the field of finance.
In addition to his scholarly activities, Malatesta has also been a consultant to law firms, major corporations, and the United States Navy. His consulting experience includes matters related to pension plan investments and to investment management.
T. Aaron Morello
Research Scientist/Engineer 3, School of Oceanography, Marine Chemistry Laboratory
Professional Staff Representative as recommended by the Professional Staff Organization (PSO) Board
Aaron Morello has been an oceanographer in UW’s Marine Chemistry Laboratory since February 1998. He served on the PSO board of directors from 2008-2012. Morello earned a Bachelor of Science in Marine Biology from Western Washington University in the spring of 1995.
Associate Vice Provost, Planning and Management
Designated by the Vice Provost of Planning and Management
Gary Quarfoth is the Associate Vice Provost for the Office of Planning and Budgeting at the University of Washington. He has been serving in this position since 1998. He is responsible for the development and oversight of the UW’s operating budget and also works on selected issues in the facilities and capital budget realm. Prior to joining the UW, he worked for the City of Seattle for 20 years in a variety of positions including being Deputy Budget Director for the City of Seattle and working in the Finance Division of Seattle City Light. He has a B.A in Child Psychology from the University of Minnesota and a Ph.D. in Developmental Psychology from the University of Washington.
Western Washington University and Central Washington University
Non-voting representatives, one from each institution