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General Employees Retirement Committee
2019 Annual Report
January 9, 2020
215 N. Mason Street Conf. Room 2A
2019 ANNUAL REPORT Page 1
1. Prepare 2018 GERC Annual Report for City Council prior to January 31, 2019
Completed after January 31, 2019. Sent to Council March 8, 2019.
2. Elect Officers and Reviewed GERC standing rules at January 10, 2019 meeting.
Elections took place as required. Clark Mapes was retained as Chair and John Voss was
retained as Vice Chair for 2019.
3. Continue Monitoring of Retirement Plan and the appropriate level of contributions.
The preliminary Actuary Valuation report for year-end 2018 was reviewed by the GERC at
the February 2019 meeting. The valuation report was adopted by the committee.
4. Revise assumptions prior to March 1, if necessary, for the 2019 report.
The assumptions were reviewed at the February meeting.
Supplemental Payment: It was recommended that the payment stay at $1.12M.
Committee plans to make a recommendation regarding the supplemental payment at
the beginning of 2020 (next BFO cycle).
Updated Mortality Table:
New tables published in January 2019 by the Society of Actuaries (SOA) based on
public sector plan experience only. Past assumptions have been based on the RF-
2000 tables from the 90’s. Life expectancy under the new table is approximately two
years higher for males and three years higher for females when compared to previous
assumptions.
Lump Sum Distribution Assumption; current assumption assumed 0
Recommended it be changed to 70/30
5. Review ‘Personal Retirement Planning Statement’ forms in April 2019.
The ‘Personal Retirement Planning Statement’ was discussed at the February meeting.
It was recommended no changes be made as there have been no issues/questions on
statements in the last two years. The statements were distributed to active GERP
participants in April 2019.
General Employees Retirement Committee
2019 Annual Report
2019 ANNUAL REPORT Page 2
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 2019
Reviewed the work plan for 2019 and made the necessary modifications for creating a
2019 plan which was completed and submitted to the City Clerk.
8. Provide and enhance the educational opportunities for GERP members and GERC
Board members, as appropriate
On August 8, 2019 the committee was trained by Innovest Portfolio Solutions LLC in their
fiduciary responsibilities.
9. The web site for the General Employees’ Retirement Committee will be monitored,
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.
10. Consider recommending retirement transition modifications to the plan.
The committee discussed throughout the year, but no changes were recommended.