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Home My WebLink AboutRetirement Committee - Minutes - 10/08/1992E FORT COLLINS GENERAL EMPLOYEES RETIREMENT COMMITTEE OCTOBER 8, 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: Ruth Hurst, Plan member from the Police Department. Sue Wilcox (Staff Support - Secretary) CALL TO ORDER: Chairperson Dennis Sumner called the meeting to order at 1:20 p.m. in the Finance Conference Room on October 8, 1992. APPROVAL OF MINUTES: Alan Krcmarik noted that in the September 3, 1992 minutes, under ITEMS FOR FUTURE DISCUSSION, item 2 should read "457 deferred compensation plan." and on page 4, item 3-B should read "Possible conversation of GER Plan to a 401 defined contribution plan." Jerry Brown moved that the minutes of the September 3rd meeting be approved as corrected. Mollie Mercer seconded the motion and the motion carried. ITEMS OF NOTE: Dennis welcomed Ruth Hurst to the meeting and invited her to participate in the discussions or to bring up anything she wished to discuss. Dennis commented that Laurie Harvey from Employee Development had contacted him regarding the Plan information in the brochure and handbook, as the Police Department management looks for comparative information concerning the GERP, 457, and 401 Plans. REVIEW OF DISCUSSION TOPICS: The agenda was approved. DISCUSSION TOPICS: 1. PENSION EDUCATION PROGRAM A. Brochure MAIN POINTS: Dennis had a copy of the revised "Game of Life" brochure, which was printed on 8-1/2 x 11" paper with upgraded graphics, shading to show the parts that would be colored, and blocks to encompass the parts that show the comparison features. He reported that Kathleen Tracy envisions it printed on cream -colored, non -glossy paper in either one or two colors, plus black. The members reviewed the draft and made minor corrections. CONCLUSIONS/DECISIONS: Members were pleased with this latest draft. NEXT STEPS: Dennis will forward the draft to Amy Coffern of Mercer, Inc. for comments and then work with Kathleen to finalize it. B. REVISION & RE -PRINTING OF BENEFITS HANDBOOK so MAIN POINTS: The members reviewed the fourth draft from Amy Coffern of the benefits handbook. Dennis noted he asked Amy to add a comment that there are no retirement benefits for the estates or dependents of employees who dies before age 55. There was some discussion of page 26 about the section on QDRO's. There were no suggested changes. CONCLUSIONS/DECISIONS: The suggested addition concerning death benefits was accepted. NEXT STEPS: Dennis will work with Kathleen and Amy to make a final draft. C. FORT NOTES MAIN POINTS: Angelina Powell is writing the next in the series of Fort Notes articles, which is due October 26th and will be published November 17th. Some members have heard comments that indicate employees are reading the material. CONCLUSIONS/DECISIONS: None required. NEXT STEPS: Angelina will prepare the next Fort Notes article. D. TRAINING FOR PRESENTATIONS MAIN POINTS: Dennis presented a draft outline and graphics that Amy Coffern had prepared as the basis of her "training the trainers" class. This was reviewed by the members. CONCLUSIONS/DECISIONS: The members felt that the word "advantages" in describing the Plan should be replaced with the word "features", since the purpose is not really to "see the plan, but to educate members on what the Plan provides. NEXT STEPS: This material will be used at the training session. E. SCHEDULE FOR TRAINING 5 EMPLOYEE EDUCATION MAIN POINTS: Members reviewed the timetable for the education effort. It was noted that it is desirable to get the entire effort done either before or after the Thanksgiving -Christmas -New Years holiday period. It was also noted that employees would soon be dealing with cafeteria benefits for 1993. CONCLUSIONS/DECISIONS: The members decided it would be better to postpone the training and employee education sessions till after the first of next year. NEXT STEPS: This was put on the November agenda. Dennis will contact Amy about her availability for training in January. (See Post Note.) At the next meeting a new timetable will be developed. &Z 2. WORKSHOP FOR BOARDS & COMMISSIONS MEMBERS 3. MAIN POINTS: Dave Meyer, Jerry Brown, and Mollie Mercer attended this workshop presented by the City Attorney's office. Dave reported that the areas he found most related to this committee are: 1. Conflict of Interest - How to recognize it and filing a conflict - of -interest disclosure statement with the Clerk's office. Open Meetings - Definition of a meeting (any gathering of 3 or more members or a quorum where public business is discussed), regular meetings schedule filed with City Clerk's Office, 24 hours notification of meeting changes, executive sessions (those involving personnel decisions, strategy session with lawyers, and purchase of land), decision -making only in open sessions, discussing pension records (or medical records related to pensions) in executive session. 3. Minutes - Need to be filed with the Clerk's Office; executive sessions are reported in general terms (with separate minutes of the executive sessions), decisions are made and recorded in open meetings, minutes should be as complete as possible and must reflect subjects discussed, motions made, and votes taken. Sue distributed copies of the notebook materials from this workshop to GERC Members. CONCLUSIONS/DECISIONS: Committee members thanked Dave for his presentation. NEXT STEPS: No further action by the Committee is needed. Jerry advised that he will file a conflict -of -interest statement with the Clerk's office before the next meeting, as he is aware of a possible conflict related to Mr. Hatten's situation. RESPECT FOR PERSONAL PRIVACY MAIN POINTS: Committee members were concerned about recent discussion in the committee meetings about specific individual's retirement benefits. Members were not clear where the line is drawn between open information for regular distribution with minutes and the rights to privacy for these individuals. CONCLUSIONS/DECISIONS: It was concluded that legal advice from mary Crumbaker was needed for this discussion. NEXT STEPS: This item will be put on the agenda for next month. Sue will advise Mary about the questions and ask her to be prepared to discuss the topic. -3- 4. FIRST ANNUAL PENSION SEMINAR AT KEYSTONE MAIN POINTS: Alan Krcmarik reported that John VanGorder of Poudre Fire Authority attended the First Annual Pension Seminar at Keystone Resort in September. Although most of the information was related to police and firefighter pension plans, John reported it was very worthwhile and may be expanded in scope next year. CONCLUSIONS/DECISIONS: It might be worth investigating this workshop next year in relation to the GERC's goal of attending such a workshop to broaden the members' background information and expertise. NEXT STEPS: Keep this in mind for future information. Alan will forward information on next year's workshop to the Committee when it is available. 1. Pension Investment Seminar/Public Benefit Plans Workshop 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 S. Legal update on retirement issues. 6. Monitor progress by staff Pension Review Group AGENDA 3 SCHEDULE FOR NEXT MEETING The next meeting will be Thursday, November 5 at 1:15 p.m. in the Finance Conference Room. The agenda will include: 1. Quarterly Report 2. Decisions on employees injured during City employment. 3. Discussion on the privacy issue as it relates to meeting minutes. -4- 4. Legal update on retirement issues. 5. Pension Education Program Update, including re -scheduling the training and employee education effort. ADJOURNMENT Jerry Brown moved and Mollie seconded the motion to adjourn. The meeting was adjourned at 2:35 p.m. POSTNOTE: Dennis contacted Amy Coffern about conducting the training and education sessions in January and she is available. MEETING SCHEDULE: THURSDAY, NOVEMBER 5, 1992 THURSDAY, DECEMBER 3, 1992 THURSDAY, JANUARY 7, 1993 THURSDAY, FEBRUARY 4, 1993 THURSDAY, MARCH 4, 1993 THURSDAY, APRIL 1, 1993 THURSDAY, MAY 6, 1993 THURSDAY, JUNE 3, 1993 -5-