HomeMy WebLinkAboutRETIREMENT COMMITTEE - MINUTES - 01/09/2025
General Employees Retirement
Committee
215 N. Mason
nd Floor
Fort Collins, CO 80522
970.221.6788
970.221.6782 - fax
fcgov.com
GENERAL EMPLOYEES’ RETIREMENT COMMITTEE ZOOM MEETING
MINUTES
JANUARY 9, 2025
11:00 AM VIA TEAMS
Committee Members Present: Clark Mapes, Chair
Randy Bailey, Vice Chair
John Unger
Ralph Zentz
Others Present: Dianne Criswell
Adam Halvorson
LeeAnna Vargas
Carolyn Koontz
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Meeting called to order at 11:00 am
1. Citizen Participation and Plan Member Comments - none noted.
2. Approve Minutes from the Meetings of September 12th and December 12th 2024
Motion made to approve the minutes as presented made by Randy Bailey.
Seconded by Ral
Confirmed via roll call Clark Mapes, Ralph Zentz, John Unger and Randy Bailey.
3. Plan Participant Updates (LeeAnna Vargas)
One employee retired at the end of December, and he became eligible to begin his payment
in January. Working on Age 65 letters to members who will become eligible for their benefit
during the summer.
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4. Review Quarterly Investment Report (Adam Halvorson)
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John Unger mentioned that the fixed income percentage at the end of the year is on the lower
limit side. It might be worth it to look at moving some of the mutual funds which had the
significant YTD returns. The committee may want to look at rebalancing those and increase the
fixed income side of things. (stocks in the funds include tech, AI etc. which may be more volatile
over time)
5. Discuss Possible Changes to Bylaws (Dianne Criswell & Randy Bailey)
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Randy Bailey; a question for the committee, this plan is entering into a sunset mode. Where is
that inflection point where we look at how the GERC is governed. Do we need to meet
monthly? Is the overhead and attention we are giving it, excessive given where we are in the
lifecycle. Maybe we meet quarterly instead of monthly? Maybe we don’t need this broad of a
body for governance. How do we right size the oversight of the plan? Do we consider letting the
professionals take this and let it run its course.
We have discussed moving to an outside investment manager to leverage their expertise and
maximize investments.
Dianne Criswell; interested in heading about timing of any procedural changes through the
committee – if you are going to switch to change to an outside firm – also, a lot of meeting
cancelations – there is just not work to do. We do want to right size our process. If something
comes up – we can have a special meeting.
The bylaws include the following annual activities by meeting date;
January; could be an abbreviated meeting to review and approve the annual report from
the previous year for submission to City Clerk’s office by January 31st.
February; elect officers, review actuarial assumptions from Milliman.
Could these items be moved to the January meeting?
March; review and approve the plan valuation with Milliman
Note: GERC member annual statements are distributed by April.
November; review the next years’ work plan for submission to the City Clerk’s office by
November 30th per their deadline.
Clark Mapes; Current bylaws require us to meet monthly. It has a location and a time. Since
Covid, we have been meeting remotely. As has been discussed, a minimum of meeting at least
quarterly. We could review the bylaws and update at least the logistics. Cadence of the
meetings and the location as we have been meeting remotely since Covid.
Randy Bailey will check with Milliman to see what timing options might be available for the
Assumption Review and the Plan Valuation topics.
Dianne Criswell to prepare some red lines of our bylaws to review with the Committee at an
upcoming meeting. Dianne will meet with Randy to further understand the business workings of
the committee.
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6. After review, consider approving the Draft 2024 GERC Annual Report
Randy Bailey made a motion to approve the 2024 GERC Annual Report as presented. John
Unger second the motion. Approval confirmed via roll call Clark Mapes, Ralph Zentz, John
Unger and Randy Bailey. It will be uploaded today.
7. Other Business - none
The meeting adjourned at noon.
Clark Mapes, Chair
Carolyn Koontz, Staff Liaison
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4/10/2025
4/11/2025