HomeMy WebLinkAboutRetirement Committee - Minutes - 03/11/2022
General Employees Retirement
Committee
215 N. Mason
2nd Floor
PO Box 580
Fort Collins, CO 80522
970.221.6788
970.221.6782 - fax
fcgov.com
GENERAL EMPLOYEES’ RETIREMENT COMMITTEE ZOOM MEETING
MINUTES
MARCH 11, 2022
11 AM
Committee Members Present: Clark Mapes, Chair
Blaine Dunn, Vice Chair
Del Bernhardt
Ralph Zentz
Jackie Darner
Others Present: Amanda Newton
Amber Fluke
Jenny Lopez Filkins
Joel Stewart, Milliman
___________________________________________________________________
Meeting called to order at 11:00 am
1. Citizen Participation and Plan Member Comments - none noted
2. Consider Approving the Minutes from the Meeting of February 10, 2022.
Blaine Dunn made a motion to approve the minutes with minor corrections suggested by
Clark Mapes. Del Bernhardt seconded the motion.
Approved confirmed via roll call; Clark Mapes, Ralph Zentz, Del Bernhardt, Blaine Dunn,
Jackie Darner
3. Review and Consider Plan Member Request for retroactive payment of benefits due to
failure to send eligibility letters (Amber Fluke)
HR is still working on contacting the three outstanding members as indicated in table below.
In February, checks were sent via certified mail for retroactive payments to five members
(highlighted in table below)
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4. Plan Participant Updates (Amber Fluke)
2 members started receiving monthly benefits. 2 members passed away.
1 member had survivor benefits and Payroll is reaching out to the beneficiary via the locator
service the city provides.
5. Review Draft Actuarial Valuation Report (Joel Stewart)
Joel Stewart presented the entire valuation report. Highlights below. A recording of this
presentation can be made available upon request to Carolyn Koontz.
Blaine Dunn made a motion to accept the Actuarial Valuation Report as presented.
Del Bernhardt seconded the motion.
Approved confirmed via roll call; Clark Mapes, Ralph Zentz, Del Bernhardt, Blaine Dunn,
Jackie Darner.
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Per formula above, an average active member with 30 years of service receives 45% of their
average compensation at retirement age.
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6. Review Investment Report (Amanda Newton)
February results were impacted by the current geopolitical landscape. The equity market
has lost more ground. The bond market has been stalled as well. As has been announced,
rate will be raised by 25 basis points in March.
YTD return is negative 4.8% Mutual funds suffered a 7.5% loss
If the stock market continues to decline and if the rates continue to go up on fixed income
investments (another two - three increases are forecasted for this year and more next year)
then reallocation may be indicated - moving some assets away from the equity market to the
fixed income / bond market where we could get better returns
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7. Other Business - None
Meeting adjourned at noon
Blaine Dunn, Vice Chair
Carolyn Koontz, Staff Liaison
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