INVESTMENT SUBCOMMITTEE MEETING MINUTES
|Date: June 16, 2010||Time: 2:30 p.m.|
|_x Regularly Scheduled||__ Special|
|Attendees:||Was a quorum present? Yes|
|Charlie Casella||ING, Kay Carey-Reid|
|Robert Baus||ING, Bud Hancock|
|Steven Greatorex||ING, Tony Camp|
|Fae Brown-Brewton||ING, Sean Banai|
|Thomas Woodruff, Division Director|
|Margaret Haering, Assistant Director|
Tony Camp of ING reviewed the performance of the two separate accounts making up the Stable Value Fund, noted that the fund's overall market to book ratio was 101.9% and that the crediting rate for the 3rd quarter of 2010 would be 3.82%, as calculated in accordance with the contractual formula .
Bud Hancock and Sean Bania of ING discussed the fixed income market outlook
and shared their views on the Stable Value Fund's portfolio construction and
Kay Carey-Reid discussed ING's first quarter performance, recent ratings of its financial stability and plans for the eventual separation of ING's US insurance and retirement business from the Dutch parent's banking operations.
In executive session the committee discussed the selection of sub-advisors for the Stable Value Fund (executive session).
Interest rate crediting sheet
Portfolio Review—Stable Value Fund
ING Financial Stability Rating
Decisions voted upon: None. Crediting rate for the Stable
Value Fund was calculated according to the contractual formula.
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