HomeMy WebLinkAboutRetirement Committee - Minutes - 12/14/2023
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
DECEMBER 14, 2023
11:00 AM
Committee Members Present: Clark Mapes, Chair
Randy Bailey, Vice Chair
Del Bernhardt
Jackie Darner
John Unger
Ralph Zentz
Others Present: Adam Halvorson
Jenny Lopez Filkins
LeeAnna Vargas
Amber Fluke
Ryan Malarky
Joel Stewart, Milliman
Carolyn Koontz
___________________________________________________________________
Meeting called to order at 11:10 am
1. Citizen Participation and Plan Member Comments - none noted.
2. Consider Approving the Minutes from the Meeting of November 9, 2023
Del Bernhardt made a motion to approve the minutes as presented.
Randy Bailey seconded the motion.
Approval confirmed via roll call; Clark Mapes, Randy Bailey, Del Bernhardt, Ralph Zentz,
Jackie Darner, and John Unger.
3. Plan Participant Updates (LeeAnna Vargas)
LeeAnna is working with two members whose benefits will begin this month. One is
a beneficiary of a GERP member. The other plan member chose to roll over the
lump sum amount into an IRA.
December GERP benefit payments will be processed early on December 22nd.
A member has requested to change her beneficiary at this time. The member has
been receiving benefits since September of 2019. The member is dissatisfied that
she is not able to change her beneficiary.
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The ‘plan’ says that a beneficiary can only be named at the time the member
begins taking their benefits. The benefit is calculated based on the member’s age
at the time the distributions begin.
Joel Stewart; The benefit amount is based on the age of the member at
retirement. Allowing a beneficiary change after the initial calculation would likely
cause issues with administration of the fund for all members.
Plans don’t normally allow this practice. There are IRS guidelines on the age gap
between the member and a non-spousal beneficiary. The member asked if she
could change it to another person and then asked if she could change it to a
charity.
GERP members must identify the beneficiary before the distribution payments
begin. Once a member goes into payment status, they cannot change their
beneficiary.
Randy Bailey; It might be prudent to communicate the importance of this before a
member goes into payment status. LeeAnna Vargas will follow up with the member
via email.
4. Review Investment Report (Adam Halvorson)
18.3% YTD return - Fidelity Enhanced Mid Cap was changed to an Exchange
Traded Fund (ETF). Adam is in the process of selling this, but he can only sell 17K
shares per day. Adam will sell the daily max until the entire ETF is sold off and then
plans to go back to another mutual fund in the medium blend category.
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The high mark for the portfolio was $54.5M at the end of 2021.
5. Investment Manager - Next Steps (Randy Bailiey)
Following up on the introduction of the idea of an investment manager proposed by
Blaine Dunn last month. We need to confirm and validate with Purchasing if we
need to go through the full RFP competitive process. We have an existing
relationship with Innovest and would like to confirm whether we need to go through a
full RFP process or if we can expand our current relationship with Innovest to include
the GERP investment manager role.
6. Other Business
Meeting adjourned at 11:40 am
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Clark Mapes, Chair
Carolyn Koontz, Staff Liaison
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