HomeMy WebLinkAboutRetirement Committee - Minutes - 12/04/2003General Employees' Retirement Committee
City of Fort Collins
GENERAL EMPLOYEES' RETIREMENT COMMITTEE
DECEMBER 4, 2003, MEETING MINUTES
COUNCIL LIAISON: Mayor Ray Martinez
COMMITTEE
Susan Lehman, Chair, 221-6813
MEMBERS
Bill Switzer, Vice Chair, 221-6713
PRESENT:
Michele Hays -Johnson, 416-2158
Approved January 8, 2004
Dottie Nazarenus, 204-4429
Jim O'Neill, 221-6779
Alan Krcmarik, 221-67884CF- /u"9&V4
OTHERS Pat Kahle (Actuary, Milliman USA) Greg Tempel (City Attorney's Office)
PRESENT: Debbie Weedman (Human Resources) Julie Depperman (Finance)
CALL TO ORDER: Susan Lehman called the meeting to order at 1:20 p.m. All members of the
Committee were present.
PLAN MEMBER COMMENTS: The Committee reserves this place on the agenda to receive
comments from Members of the Plan or the public. A Member asked Alan Krcmarik if the Plan
could be merged with the Public Employees' Retirement Association of Colorado (PERA) which is
the public pension fund for most state and school employees in Colorado. Alan reported that he
will look into the feasibility of joining PERA and the ramifications to the Plan and Plan Members'
benefits. He will report back to the Committee in February.
APPROVAL OF MINUTES: Minutes of the November 6, 2003, meeting were distributed. A few
wording changes were suggested. Jim O'Neill moved to approve the minutes as corrected, and
Dottie Nazarenus seconded the motion. The Committee approved the motion unanimously (6-0).
The Committee reviewed the minutes from the special meeting held on November 25, 2003. Bill
Switzer moved to approve the minutes and Michele Hays -Johnson seconded the motion. The
Committee approved the motion unanimously (6-0).
DISCUSSION TOPICS
Plan Philosophy: There were no comments on the Plan philosophy.
2. Annual Report: Susan distributed a draft of the Committee's 2003 Annual Report, which is
due to the City Clerk by the end of January 2004. The Committee made several wording changes
and agreed to add a section on investment returns. Susan will make the changes and forward the
second draft via e-mail to Alan prior to the next meeting.
3. Plan Summary Handbook: Debbie Weedman has begun the process of updating the Plan
Summary Handbook. She mentioned that due to the heavy workload experienced during year-
end, she would not be able to work on the update until late January. The Committee can expect
another report at the February meeting. Greg Tempel suggested that the handbook include
filename: 2003 GMIN 120203 Final
General Employee's Retirement Committee
December 4, 2003, Meeting Minutes
Page 2 of 2
disclaimer language indicating the Plan document supercedes the handbook if there is an
interpretation or language conflict between the two documents.
4. Update on Additional Funding: Alan reported that he met with City Manager, John Fischbach
to discuss the funding issues of the Plan. Alan requested that $250,000 of additional employer
contributions be added to the Plan in 2003, 2004 and 2005 based upon the actuary's
recommendation. The City Manager agreed that if the affected departments' budgets have unused
appropriations of up to $250,000 the funds could be used for additional Plan contributions in 2003.
Another $250,000 of supplemental contributions will be considered during the budget exception
process in 2004. Finance will review the departments' budgets in mid -January to determine which
departments have excess appropriations from 2003 to be used for Plan contributions. Alan will
provide the City Manager a memo in mid -January describing the funding proposal.
5. Monthly Investment Update: Julie Depperman distributed a Plan Investment Report for year-
to-date results through November 30, 2003. Plan investments are up 14.3%. The market value
increased by $4.1 million since December 31, 2002. Julie reported that she and Alan are actively
researching mutual funds to replace the Nicholas Fund and Janus Funds and rebalance the
portfolio.
6. Other Business: None
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 January 8, 2003, at 1:30 p.m. in the Council
Information Center of City Hall. The tentative agenda includes:
Plan Member Comments
Approval of Minutes
Plan Philosophy
Annual Report
Monthly Investment Update
Other Business:
- Meeting time change
GENERAL EMPLOYEES' RETIREMENT PLAN WEB PAGE: The General Employees' web page
can be found at www.fcgov.com/cityclerk/retirement.php. The Committee's 2002 Annual Report,
2003 Work Plan, and monthly minutes are available at this site.
2004 Meeting Schedule:
The regular meeting time for the Committee is at 1:30 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:
January 8
April 1
July 1
October 7
February 5
May 6
August 5
November 4
March 4
June 3
September 2
December 2
filename: 2003 GMIN 120403 Final