HomeMy WebLinkAboutRetirement Committee - Minutes - 09/21/1989GENERAL EMPLOYEES RETIREMENT COMMITTEE
MEETING MINUTES
SEPTEMBER 21, 1989
1:00 P.M.
MEMBERS PRESENT:
Jerry Brown Mollie Mercer
Alan Krcmarik Angelina Powell
Dennis Sumner Sue Wilcox, Secretary
CALL TO ORDER:
Chairperson Dennis Sumner called the meeting to order at 1:10
P.M.
APPROVAL OF MINUTES:
No minutes were available from the September 14th meeting.
ITEMS OF NOTE:
Sumner advised the committee that earlier in this day the Mayor
and Assistant Mayor hosted a breakfast for both board and
commission chairpersons. The purpose of the breakfast was to
give the various City boards and commissions an overview of the
City Council goals for the next 18 or so months. Also, to
provide a pep talk to boards and commissions about their
importance to the successful functioning of the City and the City
Council. Thirdly, to encourage cross -communication among the
various boards and commissions. On the topic of City Council
goals and objectives a handout was provided and copies of this
were later distributed to GERC committee members. Although no
items of particular note with the GERC activities were cited, the
committee appreciated the City Council's effort to disseminate
this information.
Concerning expanded communications among the various boards and
commissions the idea of meeting with the Personnel Board to
discuss the study of a defined contribution plan was mentioned.
Sumner noted that at the morning meeting he approached the
chairperson of the personnel board as well as Jaime Mares to
explore the possibility of such a meeting. Both were very
receptive to the idea and invited the GERC to join them at their
November 21 meeting at 11:30 held in the Employee Development
Conference Room. Members felt this would be appropriate and we
are planning on joining this meeting.
AGENDA REVIEW:
Jerry asked that the topic of a potential cost of living
adjustment for retirees be included in the agenda for this
meeting if time permitted.
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1.
TOPICS - OPEN ITEMS
MEDICAL BENEFITS FOR RETIREES/DISABLED EMPLOYEES.
MAIN POINTS: Mollie advised the GERC that the task force
concerned with this issue has met. They are preparing a
memorandum to the executive team explaining their concerns
with this subject in proposing priorities for a work plan.
This Memo is to be sent 9/26/89 and the committee will have
its next meeting on 10/26/89.
DECISIONS/CONCLUSIONS: The GERC asked Mollie to continue
her involvement with this committee and keeping the GERC
advised of its status.
NEXT STEPS: No actions were required or taken.
2. THE STUDY OF DEFINED
PLAN.
MAIN POINTS: The committee attempted to pick up with the
"To Do" list that was generated at the 9/14/89 meeting.
Various methods of priortizing or categorizing the steps in
this list were explored.
DECISIONS/ CONCLUSIONS: It was concluded that five major
categories could be established and the items from the "To
Do" list could be sorted within these categories. The
categories and sorting of the "To Do" list follows, please
note the numbers correspond with the 9/14/89 "To Do" list:
I. Communicate the Purpose of this Study:
1. Clarify issues.
2. Educate Employees.
6. Keep City Council posted.
11. Options and modifications -- review with other
municipalities, the PD, etc.
16. Determine priorities.
II. Collect Data:
8. In-house computer work on the dollar amounts.
9. Explore employee contributions to the plan.
10. In-house test runs (of different rates of return,
etc.).
III. Preliminary (Vote) by Employees:
5. Vote or decide in an interactive process (shadow
votes).
IV. Detailed Calculations for Employee Evaluation:
3. Get financial counseling for each Employee.
4. Develop an actuarial study showing the dollars for
each Employee.
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15. Determine how to administer the plan.
17. Set up a cut-off date for use in actuarial
projections. Determine other assumptions also.
V. Final Acceptance or Rejection of Defined Contribution
Plan:
12. Survey Employees/final vote.
7. City Council final approval (the last step in the
process is seen as final approval or rejection by
City Council).
VI. Implementation:
*13. Deal with vested/terminated people.
*14. Deal with retirees.
*It was concluded retirees as well as vested/terminated employees
have a right to the current plan which must be honored. However,
if the plan is changed these people may choose to participate in
the change and it would be desirable to give them that option.
NEXT STEPS: A time line and task assignments for the
activities as noted above needs to be developed to begin
this evaluation.
3. COST OF LIVING ADJUSTMENT FOR RETIREES.
As time was running short this item could not be discussed at
this meeting.
AGENDA & SCHEDULE FOR NEXT MEETING:
The topics left on the agenda for the next GERC meeting are to
continue the discussion on the Defined Contribution Study and the
Cost of Living Adjustment for retirees. The next meeting was
scheduled for 10/26/89 at 1:00 P.M. in the Finance Conference
Room.
ADJOURNED: The meeting was adjourned at 3:02 P.M.
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