HomeMy WebLinkAboutRetirement Committee - Minutes - 11/04/2004General Employees' Retirement Committee
COUNCIL
LIAISON:
COMMITTEE
MEMBERS
PRESENT:
GENERAL EMPLOYEES' RETIREMENT COMMITTEE
NOVEMBER 4, 2004, MEETING MINUTES
Approved December 9, 2004
Mayor Ray Martinez ,)�lw,�,�,�
Susan Lehman, Chair, 221-68 3 Dottie Nazarenus, 204-4429
Jim O'Neill, Vice Chair, 221-6779 Bill Switzer, 221-6713
Michele Hays -Johnson, 416-2158 Alan Krcmarik, 221-6788
OTHERS Pat Kahle (Actuary, Milliman)
PRESENT: Greg Tempel (City Attorney's Office)
Julie Depperman & Ann Wardle (Finance)
CALL TO ORDER: Susan Lehman called the meeting to order at 1:50 p.m.
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 October 7, 2004, meeting were
distributed. Two pages of revisions to the Summary Plan Description were also
handed out as a reference. A copy of the handbook with revisions will be attached
to the meeting minutes when they are posted for all Plan Members.
Bill Switzer moved to revise the language in the draft minutes under "Other
Business". There were opposing views to making the change. Jim O'Neill seconded
the motion on the floor. The motion was approved (3-2). (Susan abstained from
voting since she was not present at the October meeting.) Alan Krcmarik moved to
accept the minutes as amended and Michele Hays Johnson seconded the motion.
The Committee approved the minutes unanimously (5-0).
DISCUSSION TOPICS:
1. Plan Philosophy: There were no comments on Plan Philosophy.
2. Update on Summary Plan Description: The Committee continued to review
the Summary Plan Description Handbook, the latest version of which was
updated November 2, 2004. The changes that were suggested are highlighted
in the attachment to these minutes.
General Employees' Retirement Committee
November 4, 2004, Meeting Minutes
Page 2 of 3
3. Other Business: Alan moved to change the meeting start time back to 1:15
p.m. beginning in January 2005, and Jim seconded the motion. The Committee
approved the motion unanimously (6-0). Alan then moved to reschedule the
meeting scheduled for December 2, 2004, be postponed to December 9, 2004.
The Committee will meet for a Christmas luncheon at a location to be
determined, with the regular meeting to begin immediately following at 1:30.
Jim seconded the motion. The motion passed 6-0.
Pat Kahle mentioned that she has a scheduling conflict for the May meeting, and
would like to have Joel Stewart represent Milliman at that meeting. There were
no objections to this proposal.
Susan will bring a draft of the Annual Report to the December meeting. Susan
will also e-mail the final Work Plan to Ann Wardle and the City Clerk's Office.
4. Monthly Investment Report: Julie Depperman distributed the monthly
Investment Report for the year to date through October 31, 2004. The market
value of the Plan increased from $34,037,140 at September 30 to $34,370,628
at October 31.
Julie provided the third quarter Mutual Fund Compliance Report. There was little
change in the Plan's mutual funds regarding fund managers, investment
philosophy, expense ratios or risk tolerance since the June quarterly report.
Three funds increased their Morningstar star ratings from three stars to four
stars; none of the Plan's funds were downgraded by Morningstar Investors
Service. Julie also gave the Committee a definition sheet describing the data
depicted on the composite Morningstar report.
Adjournment: The Committee adjourned at 3:18 p.m.
TOPICS FOR NEXT REGULAR MEETING
The next regular meeting of the Committee will be held on December 9, 2004, at
1:30 p.m. in meeting room 2A at 215 North Mason Street. The tentative agenda
includes:
Plan Member Comments
Approval of Minutes
Plan Philosophy
Update on Summary Plan Description
2004 Annual Report
Monthly Investment Report
Other Business
GENERAL EMPLOYEES' RETIREMENT PLAN WEB PAGE: The Plan's web page
can be found at w—ww.fcaov.com/cityclerk/retirement.r)hi). The Committee's 2003
Annual Report, 2004 Work Plan, and monthly minutes are available at this site.
Filename: 2004 GMIN 11 04 FINAL
General Employees' Retirement Committee
November 4, 2004, Meeting Minutes
Page 3 of 3
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:
dan uaFy 8 ApFil 1 gull 1 (eanee{ed) "o,.�FT
FebFuaFy-5 May August S Neye FnbeF 4
P9aFeb 4 gene 3 Sept ` -- December 9
Summary Plan Description with Modifications
2005 Work Plan
Filename: 2004 GMIN 11 04 FINAL