HomeMy WebLinkAboutRetirement Committee - Minutes - 05/10/2007General Employees Retirement Plan
GENERAL EMPLOYEES RETIRE NT COMMITTEE
COUNCIL LIAISON:
COMMITTEE MEMBERS PRESENT:
COMMITTEE MEMBERS ABSENT:
Meeting Minutes
May 10, 2007
TO BE APPROVED ON JULY 12, 2007
Councilman Ben Manvel
Jim O'Neill, Chair, 221-6779
Bill Switzer, Vice Chair, 221-6713
Charles Seest, 221-6795
Dottie Nazarenus, 204-4429
Jim Lathrop, 226-1826
Michele Hays -Johnson, 416-2287
OTHERS PRESENT: Pat Kahle (Milliman)
Harold Hall, 221-6784
Heather Shepherd 221-6788
Greg Tempel 211-6267
Susan Lehman (Advance Planning)
CALL TO ORDER:
Jim O'Neill called the meeting to order at 1:15 p.m.
CITIZEN PARTICIPATION AND PLAN MEMBER COMMENTS:
Susan Lehman gave an update on her presentation at the Colorado Public Employees
Retirement System Forum. She felt her report was very well received, and she
appreciated the invitation to participate.
APPROVAL OF MINUTES:
Jim Lathrop moved to approve the minutes from the April 12, 2007 meeting and Dottie
seconded the motion. The motion carried unanimously.
APPROVAL OF THE 2007 ACTUARIAL REPORT
Pat Kahle distributed a revised graph showing the Projection of Contributions, Benefit
Payments, and Market Value of Assets. After some general discussion by the
Committee, Jim Lathrop moved to accept the entire report and Bill seconded. The
motion passed unanimously.
MONTHLY INVESTMENT REPORT:
Harold reported that the return on the portfolio is up 6.56% year-to-date, and the current
total dollar amount in portfolio is $43,500,530.
There were 2 downgrades in the previous quarter, which were Vanguard and T. Rowe
Price.
This month the Dreyfus Emerging Leaders Fund was liquidated, and 7,167.431 shares of
the Vanguard 500 Index Fund were sold to bring the plan back within the asset allocation
guidelines set forth in the Investment Policy.
OTHER BUSINESS:
Since some Committee members will be gone at various times in June, the GERC
meeting for that month is cancelled.
Dottie moved to adjourn the meeting and Bill seconded. The motion carried
unanimously, and the meeting was adjourned at 1:49p.m.