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HomeMy WebLinkAboutRetirement Committee - Minutes - 12/03/1992a (I' FORT COLLINS GENERAL EMPLOYEES RETIREMENT COMMITTEE DECEMBER 3, 1992 MEETING MINUTES COUNCIL LIAISON: Loren Maxey MEMBERS PRESENT: MEMBERS ABSENT: Jerry P. Brown Mollie Mercer Dennis Sumner Dave Meyer Alan Krcmarik (Member & Staff Support) OTHERS PRESENT: Mary Crumbaker (Staff Support - Legal) Sue Wilcox (Staff Support - Secretary) Don Mazanec, the City's actuarial consultant with William M. Mercer, Inc. was also present. CALL TO ORDER: Chairperson Dennis Sumner called the meeting to order at 1:30 p.m. in the Finance Conference Room on December 3, 1992. APPROVAL OF MINUTES: In the minutes of November 5, 1992, item #3 "Privacy VS Inclusiveness of Minutes", the words "Sixty percent of members must vote..." should be replaced with "The affirmative vote of 2/3rds of the quorum present is required...." In item #4, "Federal Non-discrimination Guidelines", the date of implementation has been changed to January 1, 1996, not 1995 as given in the minutes. Also, the first sentence in the second paragraph (which begins "The new guidelines...") is inaccurate and was deleted and the first and second paragraphs were combined. In item 6B "Auditor's Management Letter", it was noted the discussion was about the preliminary draft of auditor's management letter for 1991. The second sentence in the first paragraph was corrected to read: "The preliminary draft of the auditor's management letter for 1991 recommends that the City offer both defined benefit and defined contribution retirement plans." Jerry Brown moved that the minutes be approved as corrected and Mollie Mercer seconded the motion. The motion carried. ITEMS OF NOTE: Dennis noted that Dave Meyer was not able to attend because of a previous commitment. Sue advised that Alan was attending the Council Finance Committee meeting and would come to this meeting late. REVIEW OF DISCUSSION TOPICS: It was agreed to move item #5 "Retirement benefit questions related to employees injured during employment with the City" to the January meeting. -1- DISCUSSION TOPICS: PENSION EDUCATION PROGRAM MAIN POINTS: Dennis reported that the artwork and typesetting on the brochure are going well. Amy Coffern has submitted some changes to Kathleen, who is making the brochure easy to read and visually interesting, with some color and art work. The handbook is ready to be printed. It will be done in a very simple format with black ink. The articles on the Pension Plan will continue to appear in Fort Notes, with Dennis having distributed a draft of the article for the December issue. CONCLUSIONS/DECISIONS: The training session for the presenters will be held on Thursday, January 7th from 9 to noon in the 2nd Floor Conference Room of City Hall West. Various details of the training sessions were decided. Committee members volunteered for the following: Mollie Mercer will prepare a schedule for presentations at locations felt to be convenient for employees. Times, dates, and locations for approximately 20 presentations between January 19th and February 26th will be determined. Mollie will distribute the list to Committee members and Angelina Powell so they can sign up for making the presentations. In order to have two presenters at each session, each presenter will need to sign up for seven presentations. Sue Wilcox will see to getting cookies or light snacks for the sessions. Dennis Sumner will ask Kathleen Tracy to prepare a flyer promoting the presentations. This will be distributed to employees as soon as possible after the 1993 training session. NEXT STEPS: The training session in January will set the other activities in motion as outlined above. 2. EXECUTIVE SESSION GUIDELINES MAIN POINTS: Mary Crumbaker distributed copies of Article III, Division 1 of the City Code which outlines the steps for executive sessions. The regular minutes of the meeting will show a reference to the general topic of discussion and the motion and vote to hold an executive session. Separate minutes then document the discussion in the executive session and are distributed only to the committee members. No final decisions may be made in executive session; the record of all motions, votes, and decisions will appear in the regular minutes. Executive sessions may only be held for the purposes defined in the code, and specifically include "reviewing pension applications, medical records, personnel records and reports, and discussing pending as well as previously granted pensions with board attorneys." IPAI ! 0 CONCLUSIONS/DECISIONS: The members and staff support people better understand their charge and responsibilities with regard to consideration of personnel information. NEXT STEPS: Sue will consult with the City Clerk's office on the format and preparation of minutes of executive sessions. 3. REVIEW OF AUDITOR'S MANAGEMENT LETTER MAIN POINTS: Staff members have not received a final draft of the auditor's management letter, so there is still some confusion about what the letter recommends in relation to the General Employees Pension Committee. CONCLUSIONS/DECISIONS: When the final letter is received, the Committee will discuss its recommendations at the next meeting. NEXT STEPS: Alan will see that copies of the final letter are distributed to the Committee members. This topic will be added to the January meeting agenda. 4. MOLLIE MERCER'S RETIREMENT MAIN POINTS: Mollie plans to retire at the end of March, 1993 and there is concern on the part of Committee members about continued representation from Employee Development Department on the Committee and that the classes Mollie conducts in the area of retirement planning be continued. It was noted also that the standing rules for the GERC express support for having an Employee Development person on the Committee. Dennis sent a message to Jaime Mares expressing these concerns. Jaime responded indicating he appreciates the Committee's concerns and he would keep in contact with us as he makes plans to deal with the consequences of Mollie's retirement. Dennis noted that under the guidelines for membership on the Committee, a person who is not a City employee may be a member. Since this is true, Mollie could continue as a Committee member after she retires and separates from the City. Mollie's appointment expires July 1, 1994. CONCLUSIONS/DECISIONS: Employee Development is just beginning to wrestle with the problem of how to continue the activities Mollie currently performs for the Department and the City. NEXT STEPS: Dennis will share with the Committee any additional information he receives from Jaime. 5. CLARIFICATION OF "ITEMS FOR FUTURE DISCUSSION" MAIN POINTS: Included in the "Items for Future Discussion" section, -3- which is always listed at the end of the minutes, is item #1 "Pension Investment Seminar/Public Benefit Plans Workshop". A GERP member had raised a question about this item. This notation was an attempt by the Committee members to broaden their education about the functions and responsibilities of members of pension committees through seminars or workshops. CONCLUSIONS/DECISIONS: It is not the intention of the Committee to conduct classes in these topics for members of the City's General Employees Retirement Plan. NEXT STEPS: This item will be re -written for clarification and staff support people, Don Mazanec, and members of the Committee will continue to be alert for any classes which will enhance the knowledge of the Committee members about their roles and responsibilities. ITEMS FOR FUTURE DISCUSSION 1. Possible seminars or workshops to increase GER Committee members' knowledge of their roles and responsibilities. 2. Possible involvement of GER Plan in the 457 deferred compensation plan. 3. Plan improvements A. Defined contribution study. (Refer to 10/26/89 meeting minutes.) Delayed until changes to the current plan have been studied and resolved. (Refer to 1/25/90 minutes.) B. Possible conversion of GER Plan to a 401 defined contribution plan. C. Rule of 80 4. GERP / Workers Comp / Disability Proposal 5. Legal update on retirement issues. 6. Monitor progress by staff Pension Review Group AGENDA & SCHEDULE FOR NEXT MEETING The GERC will participate in a "Training the Trainers" session on Thursday, January 7th from 9 AM to Noon in the Second Floor Conference Room of City Hall West. This will be followed by the regular meeting at 1:15 p.m. in the Finance Conference Room, also in City Hall West, Lower Level. The meeting agenda will include: 1. Pension Education Program Update -4- T 0 0 2. Retirement Benefits questions related to employees injured during employment with the City 3. Annual Report 4. Auditors' Management Letter ADJOURNMENT The meeting was adjourned at 2:30 p.m. The General Employees Retirement Committee meetings are held at 1:15 p.m. in the Finance Conference Room unless otherwise indicated. All meetings are open. MEETING SCHEDULE: THURSDAY, JANUARY 7, 1993 (The regular meeting will be preceded by a training session for Committee members from 9 to noon in the Second Floor Conference Room City Hall West) THURSDAY, FEBRUARY 4, 1993 THURSDAY, MARCH 4, 1993 THURSDAY, APRIL 1, 1993 THURSDAY, MAY 6, 1993 THURSDAY, JUNE 3, 1993 -5-