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HomeMy WebLinkAboutRetirement Committee - Minutes - 02/05/2004City of Fort Collins General Emnlovees' Retirement Plan GENERAL EMPLOYEES' RETIREMENT COMMITTEE February 5, 2004, MEETING MINUTES Approved March 4, 2004 COUNCIL LIAISON: Mayor Ray Martinez COMMITTEE Susan Lehman, Chair, 221-6813 Dottie Nazarenus, 204-4429 MEMBERS Bill Switzer, Vice Chair, 221-6713 Alan Krcmarik, 221-6788 PRESENT: Jim O'Neill, 221-6779 MEMBERS O ABSENT: Michele Hays -Johnson, 416-2158 OTHERS Julie Depperman & Ann Wardle (Finance) PRESENT: Greg Tempel (City Attorney's Office) Pat Kahle (Actuary, Milliman USA) CALL TO ORDER: Susan Lehman called the meeting to order at 1:52 p.m. Five members of the Committee were present, constituting a quorum. PLAN MEMBER COMMENTS: The Committee reserves this place on the agenda to receive comments from Members of the Plan or the public. There were no comments. APPROVAL OF MINUTES: Minutes of the January 8, 2004, meeting were distributed. Jim O'Neill moved the minutes be approved and Dottie Nazarenus seconded the motion. The Committee unanimously approved the minutes (5-0). DISCUSSION TOPICS 1. Plan Philosophy: There were no comments on Plan philosophy. 2. Election of Officers: Bill Switzer nominated Susan to continue as Chair of the Committee, and Jim seconded the motion. Bill nominated Jim as Vice Chair, and Alan Krcmarik seconded the motion. The Committee approved both nominations unanimously (5-0). 3. Review & Update of Standing Rules: Copies of the Standing Rules were distributed and reviewed. The regularly scheduled meeting time of the Committee was changed to 1:45. Meetings will continue to be held in the Council Information Center. Bill moved approval of the Standing Rules and Alan seconded the motion. The Committee unanimously approved the updated Standing Rules (5-0). 215 North Mason Street • 2nd Floor • PO. Box 580 • Fort Collins, CO 80522-0580 • (970) 221-6788 • FAX (970) 221-6782 General Employee's Retirement Committee February 5, 2004, Meeting Minutes Page 2 of 3 4. Monthly Investment Update: Julie Depperman distributed the Plan's Investment Report as of January 31, 2004. The market value of the Plan's assets increased approximately $670,000 or almost 2% since the end of December. Julie reported that they are continuing to rebalance the mutual fund portfolio by reducing the allocation of mid cap funds and increasing the amount of large cap funds. Julie distributed the Quarterly Compliance Analysis. She reported that none of the Plan's funds were downgraded in their star ratings; in fact, the star ratings of two funds increased. S. Other Business: Pat Kahle, Milliman USA, provided a handout of a sample Personal Retirement Planning Statement. Pat noted that a number of clients now use only the last four digits of the Member's Social Security Number on their statements for identification purposes because of privacy concerns. The Committee agreed to the change. The Committee suggested that Pat adjust the salary projections to reflect no cost of living or merit increases until 2006. Pat will include an explanation of the salary projection in the Statements. On page two, the Earned Benefits Based on Current Vesting Status will reflect the Member's minimum monthly benefit if the Part-Time/Full-Time Plan change affected the Member's benefit. Pat and Julie will discuss the appropriate language to include on affected Members' Statements and present it to the Committee at the next meeting. Pat will try to have a draft with all the discussed changes for the next meeting. The Committee will discuss Actuarial Assumptions at next month's meeting. Included in the review of the actuarial assumptions, Pat will discuss the impact of lump sums on the current valuation assumptions and whether or not we should value cash outs explicitly. Alan reported that the Finance Department completed the transfer of $250,000 of additional Plan contributions approved by the City Manager from various funds as of December 31, 2003, and will be part of the 2004 Actuarial Report. Adjournment: There being no further business, the Committee adjourned at 2:40 p.m. TOPICS FOR NEXT REGULAR MEETING The next regular meeting of the Committee will be on March 4, 2004, at 1:45 p.m. in the Council Information Center of City Hall. The tentative agenda includes: Plan Member Comments Approval of Minutes Plan Philosophy Review and Approval of Personal Retirement Planning Statements Discussion of Actuarial Report Assumptions Update on Summary Plan Description Monthly Investment Update Other Business Filename: 2004 02 05 GMIN Final General Employee's Retirement Committee February 5, 2004, Meeting Minutes Page 3 of 3 GENERAL EMPLOYEES' RETIREMENT PLAN WEB PAGE: The General Employees' web page can be found at www.fcgov.com/cityclerk/retirement. phi). The Committee's 2003 Annual Report, 2004 Work Plan, and monthly minutes are available at this site. 2004 Meeting Schedule: The regular meeting time for the Committee is at 1:45 p.m. on the first Thursday of each month. The regular location is the Council Information Center at City Hall. For 2004, the Committee has scheduled the meetings as shown below: 3anwap 8 April 1 FebFuaFy May 6 March 4 June 3 July 1 October 7 August 5 November 4 September 2 December 2 Filename: 2004 02 05 GMIN Final GENERAL EMPLOYEES' RETIREMENT COMMITTEE STANDING RULES Revised February 5, 2004 Meetings The Committee holds its regular meetings on the first Thursday at 1:45 p.m. of every month in the City Hall Council Information Center. 2. The Committee shall meet quarterly at minimum. Such meetings will be scheduled approximately 45 days after a quarter end (March 31, June 30, September 30, and December 31) and will include the General Employees' Retirement Plan investment report on the agenda. Staff Support Staff support may include: A. Members of the Finance Department as needed. B. Human Resources representative for employee benefit support. C. City Attorney's Office representative for legal support. Officers Election of officers shall take place once a year at the February meeting. The City Clerk's Office shall be informed of the election of new officers. If an officer's Committee membership expires before the election, an interim officer can be appointed by the Chairperson. 2. The positions of Chairperson and Vice Chairperson are for one-year terms, but are not limited to one term. General The Committee will review the annual actuarial valuation, usually in the second quarter. 2. Personal Retirement Planning Statements showing employee pension benefit projections prepared by the Plan's actuary will be distributed by April of each year. 3. Each year, the Finance Department support staff will make an effort to confirm addresses for terminated vested employees. 4. Past Committee members and Plan members may be asked to serve on a voluntary basis in an ex-officio capacity to assist the Committee in fulfilling its responsibilities. 5. There will be an annual review of the actuarial consultant each fall. Directives (Chronological Order) 1. A draft of the Committee's prior year annual report will be reviewed at the January meeting in anticipation of the January 31 due date in the City Clerk's Office. 2. The Standing Rules shall be reviewed annually at the February meeting in conjunction with the election of officers. 3. A draft of the Committee's ensuing year work plan will be reviewed at the November meeting in anticipation of the December 1 due date in the City Clerk's Office. Approved January, 1992 Revised September, 1994 Revised December 16, 1996 Revised October 5, 2000 Revised February 6, 2002 Revised February 5, 2004