HomeMy WebLinkAboutRetirement Committee - Minutes - 03/08/2007General Employees Retirement Plan
GENERAL EMPLOYEES RETIREMENT COMMITTEE
Meeting Minutes
March 8, 2007
COUNCIL LIAISON:
COMMITTEE MEMBERS PRESENT:
COMMITTEE MEMBERS ABSENT:
TO BE APPROVED ON APRIL 12, 2007
Councilman Ben Manvel
Jim O'Neill, ir7,221�677Q
Bill Switzer, ice air, 221-6713
Michele Hays -Johnson, 416-2287
Charles Seest, 221-6795
Dottie Nazarenus, 204-4429
Jim Lathrop, 226-1826
OTHERS PRESENT: Pat Kahle (Milliman)
Debbie Weedman (HR)
Harold Hall, 221-6784
Greg Tempel (Legal)
Heather Shepherd (Finance)
CALL TO ORDER:
Meeting called to order at 1:10 p.m.
CITIZEN PARTICIPATION AND PLAN MEMBER COMMENTS:
➢ A plan member had started receiving payments, and then stopped getting them.
She wanted to know if she could resume her payments at some later date,
however the plan document does not allow a retired member to start and stop
benefit payments. The GERP member will receive back payments for any
skipped monthly payments.
APPROVAL OF MINUTES:
Because of technical problems with sending the minutes to some committee members via
email, the minutes for the February and March meetings will be considered for approval
at the April 12, 2007 meeting.
FINAL DISCUSSION ON TIMING OF A RETIREE'S FIRST PAYMENT DATE:
Greg Tempel prepared a draft of the revision to the 5' amendment, which sets out the
time schedule for benefit payments. The retiree's first payment will now begin on the
last day of the month of their Retirement Date. The committee also suggested striking
the line "WHERAS, the City Council wishes to adopt the recommendation of the
committee;" from the amendment. Michele moved to support a City Council resolution
amending the Plan to accelerate the first payment of retirement benefits and Bill
seconded the motion. The motion carried unanimously.
REVIEW OF PERSONAL RETIREMENT PLANNING STATEMENT CHANGES:
Pat made a final review the changes made to the Personal Retirement Planning Statement.
The letters will be mailed to plan members in the next couple weeks.
MONTHLY INVESTMENT REPORT:
Harold reviewed the investment report for February 2007. The overall portfolio had a
2.3% return, and the total value of the GERP portfolio was at $41,920,860.69
OTHER BUSINESS:
Deb advised that there is a potential problem with the projection calculations as well as
the benefit amounts. Milliman will be conducting a review to ensure the correct
information.
The meeting adjourned at 2:15 p.m..