HomeMy WebLinkAboutRetirement Committee - Minutes - 04/13/2006General Employees' Retirement Plan
City of Fort Collins GENERAL EMPLOYEES' RETIREMENT COMMITTEE
April 13, 2006 Meeting Minutes
COUNCIL LIAISON PRESENT:
COMMITTEE MEMBERS PRESENT:
TO BE CONSIDERED ON MAY 11, 2006
Councilman Ben Manvel
Jim O'Neill, Chair, 221-6779
Bill Switzer, Vice -Chair, 22 13
Michele Hays -Johnson, 416-2158
Susan Lehman, 221-6813
Charles Seest, 221-6788
Dottie Nazarenus, 204-4429
OTHERS PRESENT: Greg Tempel (City Attorney's Office)
Harold Hall & Rochelle Karns (Finance)
Debbie Weedman & Amy Sharkey (Human Resources)
Darin Atteberry (City Manager)
Pat Kahle & Joel Stewart (Actuary, Milliman)
CALL TO ORDER:
Jim O'Neill called meeting to order at 1:15 p.m
PUBLIC PARTICIPATION AND 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 received.
ACTUARIAL VALUATION FOR 2006:
Pat Kahle & Joel Stewart did a PowerPoint presentation of the January 1, 2006, Actuarial
Valuation. The committee received a hard copy of this presentation. The purpose of the
valuation is to review demographic and financial experience, determine the funded status
of the plan and calculate the annual required contribution pursuant to GASB 25. The
market value of the plan assets covers 78.3% of the present value of future benefits.
As of January 1, 2006, the Plan included 300 active members, 119 terminated vested
members and 134 retired members.
The financial data page was reviewed. As of January 1, 2005, the Plan's market value
was $36.7 million, income for the year totaled $3.8 million, disbursements totaled $2.4
million and the Plan's market value at December 31, 2005 was $38.1 million. The return
on investments for 2005 was 8.5%.
Pat & Joel distributed a draft report of the actuarial valuation of the City of Fort Collins
General Employees' Retirement Plan as of January 1, 2006. Susan Lehman moved to
approve the report as the final draft and Bill Switzer seconded the motion. The motion
carried unanimously 6 to 0.
215 North Mason Street • 2nd Floor • P.O. Box 580 • Fort Collins, CO 80522-0580 • (970) 221-6788 • FAX (970) 221-6782
General Employees' Retirement Committee
April 13, 2006, Meeting Minutes
Page 2
APPROVAL OF MEETING MINUTES:
Jim distributed the draft March 9, 2006, minutes for review. Bill Switzer moved to
approve the minutes as written and Michele Hays -Johnson seconded the motion. The
motion carried unanimously 6 to 0.
MONTHLY INVESTMENT REPORT
Harold Hall distributed Monthly Investment Report for March 2006. The total YTD
return is 6.74% and total market value of cash and investments for the Employees'
Retirement Plan at closing on March 31, 2006, was $39,888,695. The Fed raised the
target rate by 50 basis points to 4.75%.
ADJOURNMENT:
Susan moved that the meeting be adjourned and Dottie seconded the motion. Motion
passed unanimously, 6-0, and the meeting adjourned at 2:45 p.m.
TOPICS FOR NEXT REGULARLY SCHEDULED MEETING:
The next meeting of the Committee will be held on May 11, 2006, beginning at 1:15 p.m.
at 215 N. Mason Street, Conference Room 2A on the second floor. The tentative agenda
includes:
Public Participation & Plan Member Comments
Approval of Minutes
Plan Philosophy
Other Business
GENERAL EMPLOYEES' RETIREMENT PLAN WEB PAGE: The Plan's web page can be
found at www.fegov.com/cityclerk/retirement.phhn. The Committee's 2004 Annual
Report, 2005 Work Plan, and monthly minutes are available at this site.
2006 MEETING SCHEDULE:
The regular meeting time for the Committee is at 1:15 p.m. on the second Thursday of
each month. For the remainder of 2006, the Committee's meetings will be on:
May 11
June 8
July 13
August 10
September 14
October 12
November 9
December 14