Fund review committee for UW retirement plans
Table of Contents
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 Plan Document (PDF) and Section 5.4 of the Voluntary Investment Program Plan Document (PDF) documents. 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 – 2022, 2nd Quarter
- Quarterly Investment Review – 2022, 1st Quarter
- Quarterly Investment Review – 2021, 4th Quarter
- Quarterly Investment Review – 2021, 3rd Quarter
- Quarterly Investment Review – 2021, 2nd Quarter
- Quarterly Investment Review – 2021, 1st Quarter
- Quarterly Investment Review – 2020, 4th Quarter
- Quarterly Investment Review – 2020, 3rd Quarter
Presentation Slides from Participants’ Meetings
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.
- Robert Breidenthal – Professor, Aeronautics and Astronautics: Faculty representative as appointed by Faculty Senate
- Jason Campbell – Associate Vice Provost, Planning and Budgeting: Office of Planning and Budgeting representative as appointed by the Vice Provost of Planning and Budgeting
- Scott Davies – Senior Investment Officer & COO, UWINCO: UW Treasury representative
- Patrick Dobel – UWRP Retiree representative as appointed by UW Retiree Association
- Rachel Gatlin – Assistant Vice President, UW HRBAIS: Ex Officio, Representing Executive Director of Benefits
- Mindy Kornberg – Vice President for UW Human Resources (UWHR): Ex Officio, Representing Human Resources
- Laura Lillard – Director, Libraries Human Resources: Representing UW Librarians as recommended by the Association of Librarians of the University of Washington (ALUW)
- T. Aaron Morello – Research Scientist/Engineer 3, School of Oceanography: Professional Staff Representative as recommended by the Professional Staff Organization (PSO) Board
- S. Gowri Shankar – Associate Professor, UWB School of Business: Representing the Faculty Council on Benefits and Retirement (FCBR) as recommended by the Faculty Senate.
- Traci Klein – Non-voting representative: Central Washington University