HomeMy WebLinkAboutRetirement Committee - Minutes - 07/13/2006City of Fort Collins
General Employees' Retirement Plan
GENERAL EMPLOYEES RETIREMENT COMMITTEE
July 13, 2006, Meeting Minutes
APPROVED ON SEPTEMBER 7, 2006
COUNCIL LIAISON: Councilman Ben Manvel
COMMITTEE MEMBERS PRESENT: Susan Lehman, Chair, 221-6813 ,
Jim O'Neill, Chair, 221-6779�
Michele Hays -Johnson, 416-2 SX ,8
Charles Seest, 221-6788
Bill Switzer, 221-6713
Dottie Nazarenus, 204-4429
COMMITTEE MEMBERS ABSENT:
OTHERS PRESENT: Harold Hall (Finance)
Debbie Weedman (Human Resources)
Pat Kahle (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
was continued discussion and questions from members about the status of the plan. Plan
members are reminded that benefits earned to date are secure.
APPROVAL OF MEETING MINUTES:
Approval of minutes from June 8, 2006. Minutes were approved with no changes.
Motion by Susan Lehman second by Michelle Hays -Johnson. The motion carried
unanimously.
DISCUSSION OF PLAN PHILOSOPHY:
None.
COUNCIL FINANCE COMMITTEE DISCUSSION:
The Council Finance committee has been discussing GERC as well as City contributions
to all City Retirement plans. The committee has been provided information comparing
215 North Mason Street • 2nd Floor • P.O. Box 580 • Fort Collins, CO 80522-0580 • (970) 221-6788 • FAX (970) 221-6782
Fort Collins' 7.5% contribution to other private, public and our benchmarks. The
contribution amount seems to be in line with other agencies. Half the benchmarks are
above and half below. Fort Collins compares favorably with other data. The committee
has also discussed the under funding. They will meet again on July 21 to continue the
discussion. It appears at this time that the committee understands that the City is
responsible for the current under funding. GERC will be kept informed of any future
actions and given an opportunity to comment on those.
OTHER BUSINESS:
LIBRARY GERC MEMBERS:
IF THE LIBARARY DISTRICT IS FORMED THE EMPLOYEES WILL NO LONGER BE CITY
EMPLOYEES. IN THE PAST THIS HAS MEANT THE EMPLOYEES ARE NO LONGER ELIGIBLE TO
BE INCLUDED IN GERC AND BECOME INACTIVE VESTED.
GERC COMMITTEE OPENING:
Susan Lehman is term limited. Her current term will end 12/31/06. All GERC members
who may wish to serve on the committee are encouraged to get an application from the
City Clerk.
ACTUARY:
Pat Kahle provided some information about private companies who have defined benefit
plans in Colorado. She noted that many companies are freezing and or terminating their
plans. This is not because of funding issues but because of the onerous legal
requirements they must do and the expense related to the legal requirements.
MONTHLY INVESTMENT REPORT:
Harold distributed the monthly investment report, as of June 30, and our Total Portfolio's
yield for the year is4.15%.
ADJOURNMENT:
The meeting was adjourned at 2:02 pm with Bill Switzer moving and Susan Lehman
seconding. Motion passed unanimously, 5-0, and the meeting adjourned at 2:02 p.m.
2006 MEETING SCHEDULE:
The regular meeting time for the Committee is at 1:15 p.m. on the second Thursday of
each month. The regular location is 215 North Mason Street, meeting room 2A
The August meeting will be canceled and the September meeting held 9/7.
September 14
October 12
November 9
December 14