HomeMy WebLinkAboutRetirement Committee - Minutes - 01/11/2007GENERAL EMPLOYEES RETIREMENT COMMITTEE
Meeting Minutes
January 11, 2007
COUNCIL LIAISON:
COMMITTEE MEMBERS PRESENT:
COMMITTEE MEMBERS ABSENT:
TO BE APPROVED ON FEBRUARY 08, 2007
Councilman Ben Manvel
Jim O'Neill, Chair, 221-6779�
Bill Switzer, Vice Chair, 221-6713
Michele Hays -Johnson, 416-2287
Charles Seest, 221-6795
Dottie Nazarenus, 204-4429
Jim Lathrop, 226-1826
OTHERS PRESENT: Harold Hall (Finance)
Pat Khale (Milliman)
Debbie Weedman (HR)
Greg Tempel (Legal)
Heather Shepherd (Finance)
CALL TO ORDER
Jim O'Neill called the meeting to order at 1:22pm
INTRODUCTION OF NEW COMMITTEE MEMBER
Jim Lathrop is the new member. Jim is a retired school teacher/administrator.
CITIZEN PARTICIPATION AND PLAN MEMBER COMMENTS
None.
APPROVAL OF MEETING MINUTES:
Change the specific name of GERP member to "deceased GERP member". Bill moved to
approve the minutes as corrected, Michele seconded, and the motion carried.
DISCUSSION OF PLAN PHILOSOPHY
Harold Hall reported that for 2006 there was a 14.37% return on investment. That takes the
market value to 42.2 million. Overall, the mix of investments is good going forward for 2007.
International funds are likely to outperform domestic funds. Domestic funds are still very good
and are likely to outperform the fixed income group. Harold recommended selling the Dreyfus
Emerging Leader fund to put the fixed income back in compliance.
REVIEW 2007 WORK PLAN
The new actuarial report numbers have been added, and Pat suggested some minor corrections.
Jim stated that over last three years the numbers have been positively increasing. Michele moved
to approve the work plan as corrected and Bill seconded the motion. The changes will be made
and the plan will be filed with the City Clerk's office by the end of January 2007.
OTHER BUSINESS
Deb Weedman mentioned an issue that comes up frequently. Depending on the retirement date,
the first payout can take up to 90 days. She has had requests to change that policy. Jim stated
that changing it would require a plan amendment and suggested the topic be added to the agenda
for discussion at the next meeting.
Deb Weedman asked the Committee members whether they want to consider making changes to
the personal retirement planning statements based on percentage allocations to individual funds,
which would add more detail. The current breakdown is to fixed income and equity only. After
discussion, the committee decided that changing it would be outside the scope of the intention of
the GERP report.
Meeting adjourned at 2:15