HomeMy WebLinkAboutRetirement Committee - Minutes - 02/09/2023
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
FEBRUARY 9, 2023
11 AM
Committee Members Present: Clark Mapes, Chair
Del Bernhardt
Ralph Zentz
Jackie Darner
Members Absent: Randy Bailey, Vice Chair
Others Present: Blaine Dunn
Amber Fluke
LeeAnna Vargas
Joel Stewart
Jenny Lopez Filkins
Carolyn Koontz
___________________________________________________________________
Meeting called to order at 11:02 am
1. Citizen Participation and Plan Member Comments – none noted.
2. Consider Approving the Minutes from the Meeting of January 12, 2023
Ralph Zentz made a motion to approve the minutes as presented.
Del Bernhardt seconded the motion.
Approval confirmed via roll call; Ralph Zentz, Del Bernhardt, Jackie Darner, and Clark
Mapes.
3. Plan Participant Updates (LeeAnna Vargas)
We notified GERP members that we are in the process of updating beneficiary designations
and personal information, therefore we asked them to complete a Beneficiary Form and PI
form. We also requested email addresses from everyone so we could have them on file for
future correspondence.
65 members were notified via mail on January 11th.
7 internal active employees have not responded so we extended the deadline to February
13th and send them a reminder email. The next step will be a follow-up phone call if we
don’t receive their forms by February 13th.
1 active employee is on short term disability, so forms were mailed to their home address.
10 term vested members have not returned their forms, but we are in contact with them.
2 were mailed and returned. We are unable to locate the members but we are working on
finding new addresses by contacting other family members through the online system.
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We are hoping to wrap this project up by the end of February.
Regarding current GERP eligible members in 2023. 10 are eligible for their benefit. 6 are
currently in progress and we are in the process of contacting the other 4 members who are
eligible this year.
We have one term vested member over 65 who has been eligible for awhile but has not
made an election. We are communicating with this member.
4. Election of Officers
Chair: Del Bernhardt nominated Clark Mapes to continue as chair.
Ralph Zentz seconded the nomination.
Approval confirmed via roll call; Ralph Zentz, Del Bernhardt, Jackie Darner, and Clark
Mapes.
Vice Chair: Clark Mapes nominated Randy Bailey to continue as vice chair.
Ralph Zentz seconded the nomination.
Approval confirmed via roll call; Ralph Zentz, Del Bernhardt, Jackie Darner, and Clark
Mapes.
5. Review Key Assumptions to be used in Annual Actuarial Evaluation
(Joel Stewart)
Joel Stewart recommended that the GERC make no changes recommended to the
assumptions listed below;
At the beginning of the year, there were26 active members continuing to earn benefits for
each year of service.
42 deferred participants (who have terminated and are no longer earning new benefits but
have not yet begun to receive a distribution under the Plan).
271 members are receiving their monthly distribution benefits.
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No changes recommended to the assumptions as reviewed above;
A motion to accept the Annual Actuarial Evaluation Assumptions as presented was made
by.
Ralph Zentz. The motion was seconded by Del Bernhardt.
Approval confirmed via roll call; Ralph Zentz, Del Bernhardt, Jackie Darner, and Clark
Mapes.
6. Review GERC Member Acceptance of Trust form prior to signing;
This is done on an annual basis. A very significant duty and obligation for members. The
wording makes it clear that it is a heavy burden. The key is for members to act within the
scope of their duties as a member of this committee. If a member were sued and they were
acting within the scope of their duties and met other requirements described in City Code,
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the city would not only indemnify the member, the city would also defend the member in
such a claim.
Carolyn will distribute this document via DocuSign for committee members signatures.
7. Review Investment Report (Blaine Dunn)
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8. Other Business
Blaine Dunn; we will be switching the trustees for the investments sitting at Fidelity. Clark
Mapes, Chair is a current trustee, and the second trustee is the vice chair. We will be
working on adding Randy Bailey, Vice Chair as a trustee as well.
Meeting adjourned at 12:15 pm
Clark Mapes, Chair
Carolyn Koontz, Staff Liaison
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3/9/2023
3/9/2023