HomeMy WebLinkAboutRetirement Committee - Minutes - 03/09/1992a
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FORT COLLINS GENERAL EMPLOYEES RETIREMENT COMMITTEE
MARCH 9, 1992
SPECIAL MEETING MINUTES
MEMBERS PRESENT: MEMBERS ABSENT:
Jerry Brown Mollie Mercer Loren Maxey, Council Liaison
Dennis Sumner Angelina Powell
Alan Krcmarik (Member & Staff Support)
Sue Wilcox (Staff Support Secretary)
There were no visitors.
CALL TO ORDER: Chairperson Dennis Sumner called the meeting to order at 3:30
p.m. in the Finance Conference Room.
APPROVAL OF MINUTES: Since this was a special meeting, there were no minutes for
approval.
ITEMS OF NOTE: Angelina Powell was not able to attend because of the snow storm.
REVIEW OF DISCUSSION TOPICS: The single item on the agenda is Mercer's timeline
and cost estimates for the Pension Education Program (PEP).
DISCUSSION TOPICS:
1. PURPOSE OF THE PENSION EDUCATION PROGRAM
MAIN POINTS: After some preliminary discussion, Jerry stated that he felt
the purpose of the program is to educate the employees about the present
pension plan. The feedback and information gained from these groups would
then be used as a basis for future choices to enhance or change the
pension program. The members agreed that this was a good definition.
The activities list and draft timeline presented by Mercer was reviewed.
It was noted that not all options available need to be used in this
communication effort. It was also noted that the GERC should not be
reluctant to spend some money to do a good job of communicating with
employees and gaining their input --- $40,000 of expense is $62 per person
in the Plan, $5-10 person/per year of service and less than .05% of the
total assets of the Plan.
It was noted that there are a number of forces encouraging a review of our
current plan and its suitability for employee needs and interests. The
potential of a defined contribution plan (DC plan) has gained a lot of
interest. The need for more options for older career employees is also an
area of keen interest.
CONCLUSIONS/DECISIONS: The Committee concluded the sequence of this
communications effort should be:
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1. Focus Groups: To determine what employees know and don't know
about their retirement package (GERP, ICMA and Social Security) and
get a reasonable understanding of what employees' interests and
expectations from the GERP are.
2. Employee Presentations: To inform employees about their
retirement package using focus groups' data from above to develop
these presentations.
3. Employee Feedback: Using a survey or some other tool to get a
statistically valid clarification of employee interests and
expectations from the GERP.
The Committee decided it is appropriate to commit to the focus group --
effort at this time. Based on the data from the focus group, more
detailed plans for the next two steps will be developed.
NEXT STEPS: Dennis was asked to contact Amy Coffern of Mercer to clarify
this plan and our expectations from the focus groups and make sure they
were consistent with her proposal. Identified concerns and expectations
are:
1. Findings we expect from the focus groups about the employees'
knowledge and understanding of the current pension plan:
What do employees see as making up their total retirement income?
What do employees know about the Pension Plan?
Do employees know what their benefits from Social Security are?
Do employees understand what the 457/ICMA plan can do for them?
What impact does early retirement have on benefits?
Do employees know what their medical/health insurance options are when
they retire?
What questions do employees have about the Pension Plan?
2. Attitudes and expectations of employees that we expect to learn from
the focus groups:
What is the level of interest that employees have in retirement issues?
Are employees ready for more changes following recent modifications in
total compensation, medical benefits, etc.?
w..._� Are employees willing to pay for more bene-fits?.4*cl-if.�rGgEMERALL`-, how
much and what features are desired?
What do employees expect from the City's retirement package?
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