HomeMy WebLinkAboutRetirement Committee - Minutes - 06/08/2006City of Fort Collins
General Employees' Retirement Plan
GENERAL EMPLOYEES' RETIREMENT COMMITTEE
June 8, 2006 Meeting Minutes
APPROVED ON JULY 13, 2006
COMMITTEE MEMBERS PRESENT: Jim O'Neill, Chair, 221-6779
Bill Switzer, Vice -Chair, 221-671
Michele Hays -Johnson, 416-2158
Susan Lehman, 221-6813
Charles Seest, 221-6788
COUNCIL LIAISON ABSENT: Councilman Ben Manvel
COMMITTEE MEMBERS ABSENT: Dottie Nazarenus, 204-4429
OTHERS PRESENT: Greg Tempel (City Attorney's Office)
Harold Hall & Rochelle Karns (Finance)
Debbie Weedman (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. Jim
shared a letter that was written to the Mayor and City Council Members from Ellen
Switzer regarding Council's May 9a' Budget Work Session. Chuck also received an
email about the uncertainties of the continuation of GERP. Chuck asked if others are
getting similar questions and comments. There is a misconception about what is
happening with GERP. We need to keep the members informed. It was suggested to
email the members the minutes from each meeting. Susan also thought it would be a
good idea to remind the members of the Employee Assistance Program (EAP) that is
available. EAP provides a wide variety of financial consulting services at no charge.
APPROVAL OF MEETING MINUTES:
Rochelle distributed the draft May 11, 2006, minutes for review. Susan Lehman moved
to approve the minutes as corrected and Michele Hays -Johnson seconded the motion.
The motion carried unanimously 5 to 0.
PLAN PHILOSOPHY
Chuck distributed the memo that was given to the Council Finance Committee at their
last meeting regarding the Actuarial Update on the GERP. Chuck explained to Council
that they need to focus on the $6 million dollar unfunded liability, which exists for
benefits earned by members prior to 1/l/2006. Council would like to see comparisons of
retirement plans from private sectors. Staff is currently looking for this information. It is
a difficult process because the private sectors do not share this type of information.
Recently the Chamber of Commerce wrote a letter to the Mayor and City Manager
declining to provide the pension information of local chamber members. Michele
suggested not using the term supplemental. "It sounds as if the GERC was responsible
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
June 8, 2006, Meeting Minutes
Page 2
for creating the shortfall. We are asking that the GERC funding status be returned as a
budget line item". (which was the practice prior to 1980)
MONTHLY INVESTMENT REPORT
Harold Hall distributed the monthly Investment Report for May, 2006. 4.5% yield loss
for the month of May but still positive for the year. The total YTD return is 4.76%.
OTHER BUSINESS:
Committee discussed the renewal of Milliman Contract. Bill Switzer moved to renew the
contract and Susan Lehman seconded the motion. The motion carried unanimously 5 to
0.
ADJOURNMENT:
Michele moved that the meeting be adjourned and Susan seconded the motion. Motion
passed unanimously, 5-0, and the meeting adjourned at 2:35 p.m.
TOPICS FOR NEXT REGULARLY SCHEDULED MEETING:
The next meeting of the Committee will be held on July 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/cityclerk/retirement.phhi). 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:
July 13
August 10
September 14
October 12
November 9
December 14