HomeMy WebLinkAboutRetirement Committee - Minutes - 03/09/2006City of Fort Collins
General Employees' Retirement Plan
GENERAL EMPLOYEES' RETIREMENT COMMITTEE
March 9, 2006, Meeting Minutes
COUNCIL LIAISON:
COMMITTEE MEMBERS PRESENT:
COMMITTEE MEMBERS ABSENT:
APPROVED ON APRIL 13, 2006
Councilman Ben Manvel
Jim O'Neill, Chair, 221-6779
Bill Switzer, Vice -Chair, 221 3
Michele Hays -Johnson, 416- 8
Susan Lehman, 221-6813
Charles Seest, 221-6788
Dottie Nazarenus, 204-4429
0/ -Q
OTHERS PRESENT: Greg Tempel (City Attorney's Office)
Harold Hall (Finance)
Debbie Weedman & Amy Sharkey (Human Resources)
Pat Kahle (Actuary, Milliman)
CALL TO ORDER:
Jim O'Neill called meeting to order at 1:20 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.
APPROVAL OF MEETING MINUTES:
Jim distributed the draft February 16, 2006 minutes for review. Susan Lehman moved to
approve the minutes as written and Michele Hays -Johnson seconded the motion. The
motion carried unanimously 5 to 0.
AMENDMENT TO THE GENERAL EMPLOYEES' RETIREMENT PLAN:
Jim stated that on March 7, 2006, Council adopted Resolution 2006-029, the fourth
Amendment to the GERP as Amended and Restated effective December 31, 2001. Greg
distributed a copy of the Resolution as well as a "Working Copy" of the GERP that
incorporates the four (4) Amendments. Greg stated that Human Resources staff should
meet with the three (3) Community Service Officers so that the officers can select the
option that best suits their needs. These officers will have 60 days from the effective
date of the amendment (from April 10, 2006) in which to make their decision. Greg
stated he would be happy to review the wording of the options that will be communicated
to the officers.
ACTUARIAL ASSUMPTIONS FOR 2006:
Pat Kahle distributed draft copies of the Actuarial Assumptions for 2006 for discussion.
After reviewing their Asset Return model, Pat felt that our assumptions should remain the
same as they were for 2005. After discussing this option, Bill Switzer moved that we
accept the Actuarial Assumptions as recommended by Pat and Susan seconded the
motion. The motion passed unanimously 5-0.
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
March 9, 2006, Meeting Minutes
Page 2
PERSONAL RETIREMENT PLANNING STATEMENTS:
Pat distributed draft copies of the Personal Retirement Planning Statements that are
prepared annually for each member of the GERP. The only changes the Committee felt
necessary were to have the method of benefit calculation statement for the GERP on the
second page in the paragraph regarding the assumptions used for the GERP. In addition,
the title of the third item in the Return on Investments table in the same paragraph will be
changed to "Market -Based Expectations"; and, third column stating the return on Equities
would be reduced to 7.5% per year and the return on Fixed Income and Cash would be
increased to 4% per year. Debbie Weedman asked for volunteers to help put the final
statements into members' paychecks in mid -April.
MONTHLY INVESTMENT REPORT
Harold Hall distributed Monthly Investment Report for February, 2006. The Benchmark
column now shows weighted averages so that the returns can be more easily compared to
the Plan Portfolio column. The Total Portfolio had a 4.92% return year to date thru
February.
ADJOURNMENT:
Susan moved that the meeting be adjourned and Bill seconded the motion. Motion
passed unanimously, 5-0, and the meeting adjourned at 2:50 p.m.
TOPICS FOR NEXT REGULARLY SCHEDULED MEETING:
The next meeting of the Committee will be held on April 13, 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.fcgov.com/cilyclerk/retirement.php. 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:
April 13
August 10
May 11
September 14
June 8
October 12
July 13
November 9
December 14