HomeMy WebLinkAboutRetirement Committee - Minutes - 11/09/2023DocuSign Envelope ID:73CC1550-BCC5-4836-9E58-95642E07398B
C.General Employees RetIrement0commIttee
215N MasonFortCoLlinsL~CO80522
970.221.6788
970.221 6782 fax
(cgov.com
GENERAL EMPLOYEES’RETIREMENT COMMITTEE ZOOM MEETING
MINUTES
NOVEMBER 9,2023
ll:3Onbl
Committee Members Present:Clark Mapes,Chair
Randy Bailey,Vice Chair
Del Bemhardt
Jackie Darner
John Unger
Ralph Zentz
Members Absent;Jackie Darner
Others Present:Blame Dunn
Adam Halvorson
Amber Fluke
Ryan Malarky
Carolyn Koontz
Meeting called to order at 11:35 am
1.Citizen Participation and Plan Member Comments -none noted.
2.Consider Approving the Minutes from the Meeting of October 12,2023
Randy Bailey made a motion to approve the minutes as presented.
Del Bernhardt seconded the motion.
Approval confirmed via roll call;Clark Mapes,Randy Bailey,Del Bemhardt,and John Unger.
3.Plan Participant Updates (Amber Fluke)
1 member to start their benefits this month (November 2023).
Another member is pLanning to start their benefits in January 2024.
DocuSign Envelope D’73CC1 550-BCC54836-9F58-95642ED73%B
4.Review Investment Report (Adam Halvorson)
GERP nvestment Po icy A a yss
Ocober3 20
Investment Polic Anal S
ins
Sub-total
mtemauonal C
Large Blend
Large G,o’.lh
PacdlcIAsla -L4j Grw~tts
Sub-total Intemabona
eta EqtiltyPorttollo
Fixed Income
Bond Mutual Funds
eta
Ca egoi~~%
Mailcet vs To I Porno -
S 23799 52%
7.5%Max
S 2238 865 4.9%
5 2275 739 50%
S 944,689 4.3%
5 6,459,294 14%
5 30259153
5 15.471 725 34%
5 00%
S 45730,8 8 000%
Basic Matenale
Consume Cyclica
Financial Setvlces
Real Estate
Communications Services
Energy
Indusutals
Technology
Consumer Delensive
35%45%55%Healthcare
Utilities
Other (bicludes Cash &Bonds)
Total Equity Portfolio
F Ca o A location
DomestIc a
l.acge abe
Large Blend
Large Grown
Med~m B~nd
Medeim Vaitie
Small Blend
V tue
ower Uppe
20%MaX -LImIt 94 L mit
S
S
S
$
S
S
$
$
‘14 .783
.369.87
5704,606
652,413
6 100 782
2 540,403
Equity Sector Welphtlnps
3%
30%
12.5%
14.5%
13.3%
5.6%
00%
00%
Sector %vs
Moricet EquIty Portfolio
Value (25%Max)
S I 068 387 3,5%
5 3.689.606 12.2%
5 3,844,277 12.7%
5 842,007 2.8%
5 2.371,320 7.8%
5 1,324,865 4.4%
5 3,317.144 11.0%
5 7,348.883 24.3%
S 1,765,110 5.8%
5 3.837.499 127%
5 849,856 2.8%
S -0.0%
5 30,259,153 100.0%
5%5%25%
30%40%
0%NIA
100.0%
50%
20%
DocuSign Envelope D:73C01 550-BCC54836-9F58-95642ED7396B
4~i~s
Gene al ployees’Retire ent Plan Return Analysis
Octd,er3 .2023
Bets..Bt.sn ‘no Pa~nn.moe M84*d Viii.MV %Ci —
Pea,Pc,*b 7W B..d,,.s.k es OqnoInwt TCi.I MS R~C~’o —bins.0.5t*
Cal.£$k.eiioe.is 24%Sys..T4~I.II .1.8%15471725.20 34%
G~UMod
Rdeycatii.,d flO%Sap X0 G...e,I 1%0.8%1100544.18 4.8%4 FCNTX Lao.0.w.~.3
Fd,8j5t8d 6.6%IlIWiiQ*aModT~AIoc 4.5%4.2%14)1.78122 11%5 F81.X L.OY%(CaegflMcd.Akc4is.)3
Rde*yM6c.p&l.at.d kax -22%SSP(OMdC -2.6%0.3%2.33157283 11%4 FMEJX M.duni 5e~5
Fddoy I8d~p 300th -17%SAP 400 Md 019 -2,6%‘.0%‘“0.104.88 3.8%4 FMCSX Mdiai 0I.nd 5
Fd88yTolaIMe.Uib ~%D.sn..Taistob 8.0%‘4%1.68770506 3,5%3 FSK8X L~0%nd 2
~d*y Los Pied 500*0.3%R4jssd Mdcap VSa frdex 10%6.3%2.64040250 5,6%6 R.PSX Ike.”Viii.4
Pdey *s~oowsy .3,5%~acd I~3yaaMd8,46%0.1%1.300.871,06 3.0%4 FVOFX Lags Vaiis
Ae~p0dpssySbth 6.1%SAP 800 frde,0.2%.41%I.358.07171 10%3 P03)0<Lag.Blend 2
U~M 100 i 321%106000106 bees 3 7’0.4%2374.466.12 6.0%6 USNOX Lags Gisith 3
Vava.d ~b1s.10.7%SSP~bdex 83%1,4%1740537.81 6.0%6 VF1AX Legs Blind 2
Veg.ard 0,liden flI%5SP~0euse,%12.0%110710072 4,8%4 V1OAX Lag.Ow.0.3
Vag..ed bsd C.pI.dg.-4%SSP4XMdOw -2.81 0%1583,014.71 44%4 ‘i1M~X Ik*sn Blend 5
0~Fa,ds .5%8.5%10%23.7n859.e7 52%3.3
Va.vad Ta bemacnj bees 3%I~O ACM.a ~A -.4%2.7%2.230464,82 4.9%3 VTI&*Lace Blond 2
T~Vk,rinb,M 3m 2%140 Wo,ld 0*USA -03%14%2375.736.48 3,0%3 PRrnC tag.GissO.3
Tis~4awMJ.~66%bISO Asia a JIpa’-82%02%I *44.690.33 3%3 PItASX Lags OWed 2
h4s,ndianj sa 1.5%10%1.5%6.469,21354 14%2.4
T~F.7.2%4.4%31,269,162.71 60%
~B*V SM5 —
Viii.Blind GoeM,
t~i 1 2 3
T~Pe.ff.so 12.014 45,730,877.01 M.d 4 6 6
..7 0 011flpa*so —S a4isIed ii,Yto call reel.—
5.Investment Manager Next Steps (Blame Dunn)
Blame Dunn —This would add a co-fiduciary aspect to the plan.Someone else looking over the
plan,investment policy development and compliance,reviewing diverse asset allocation,legal
compliance and strategic planning.There are some asset types we don’t have the capability to
buy into but would have with an investment manager.They would be able to provide reporting
on a more regular basis and provide annual fiduciary training for the committee members.The
city is not registered as an investment advisor or manager with FINRA (Financial Industry
Regulatory Authority).The savings in fees on the mutual funds should cover any expense.
Purchasing is evaluating whether we would need to issue an RFP or if we could leverage the
contract we have with Innovest and services they currently provide to the other city pension
programs.
John Unger;Would it be possible to review the current contract with Innovest?
Blame Dunn;Yes,if Purchasing decides we can add to their current contract.
DocuSign Envelope ID 73CC1 550-BCC5-4636-9E58-95642ED7396B
City of
John Unger;Is there any liability insurance covering the current committee as fiduciaries?
Ryan Malarky will check into his and follow up.
Ralph Zenta made a motion to direct staff to pursue bringing on an investment manager for the
GERP.John Unger seconded the motion.
Approval confirmed via roll call;Clark Mapes,Randy Bailey,Del Bemhardt,Ralph Zentz and
John Unger.
6.Other Business
Meeting adjourned at 12:10 pm
(—DocuSIwrnd by:
L°~”&*jN~s2623044389484
Clark Mapes,Chair
DocuSign.d by:
~aroLtltt koôt&b5
9A1585508AC045&.
Carolyn Koontz,Staff Liaison