The URL can be used to link to this page

Home My WebLink About2021 - Retirement Committee - Annual Report General Employees Retirement Committee 2021 Annual Report January 13, 2022 Zoom / 215 N. Mason Street Conf. Room 2A 2021 ANNUAL REPORT Page 1 1. Prepare 2020 GERC Annual Report for City Council prior to January 31, 2021. Reviewed and approved by GERC on January 14, 2021 and sent to Council by the City Clerk’s office. 2. Elect Officers and Review GERC standing rules in February 2021 Elections took place as required. Clark Mapes was elected Chair and Kelley Vodden was elected Vice Chair. 3. Continue Monitoring of Retirement Plan and the appropriate level of contributions. The preliminary Actuary Valuation report for year-end 2020 was reviewed by the GERC at the March meeting. The valuation report was adopted by the committee. 4. Revise assumptions prior to March 1, if necessary, for the 2021 report. The assumptions were reviewed at the February meeting. The Plan actuary recommended a few changes to assumptions: updating the generational scale, change the inflation assumption, reduce the investment rate of return. The committee approved the assumptions as recommended. 5. Review ‘Personal Retirement Planning Statement’ forms in April 2021. The ‘Personal Retirement Planning Statement’ were discussed at the April meeting with no changes recommended by the committee. The statements were distributed to active GERP participants in April. 6. Review Quarterly and Monthly Investment Reports. The quarterly investment reports were reviewed by the committee to verify the investment portfolio is in compliance with GERP policy. Changes to the portfolio were also reviewed along with investment performance. 7. Prepare Work Plan for 2022 by November 2021 Reviewed the GERC Work Plan for 2022 at the October 14, 2021 meeting. The 2022 work plan was approved and submitted to the City Clerk. 8. Provide and enhance the educational opportunities for GERP members and GERC Board members, as appropriate Board was unable to get education in 2021 due to Covid. However, during 2022, we plan to have the entire Board trained by Innovest Portfolio Solutions LLC in their fiduciary responsibilities. 9. The web site for the General Employees’ Retirement Committee will be monitored, General Employees Retirement Committee 2021 Annual Report 2021 ANNUAL REPORT Page 2 updated as needed, and the minutes will be posted once they have been approved and signed. The website was monitored and updated as needed and the meeting minutes posted by the staff liaison. .