HomeMy WebLinkAboutRetirement Committee - Minutes - 08/26/1974•
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MINUTES
CITY OF FORT COLLINS
EMPLOYEES RETIREMENT BOARD
A meeting of the Employees Retirement Board was called to order by the Chairman,
Mr. John D. Hartman on Monday, August 26, 1974, at 4:00 p.m.
Members Attending: John D. Hartman, Warren Dalke, Jack E. Williams and
Charlie D. Cain
Members Absent: Dr. Philip A. Shade
Others Attending: Dr. J. W. N. Fead and Jim Harding
A review of all recent retired personnel approved in special meetings was
presented to the members.
The acturial report submitted by Frank B. Hall & Co. was discussed. It was
noted that the Task Force had done a lot of work and many things were acceptable
to the Board.
The 5% interest assumption and cost of living in the plan were discussed. It
was noted that retirement at age 62 is available, but not required until age 65.
The age of an employee's spouse does not affect the amount of benefit. The plan
recommended requires the employee to contribute; however, the employee would
receive his portion back in the event of termination if the vested interest
requirement had not been met.
Mr. Williams moved that the Board approve the recommendations of the Task Force.
Mr. Dalke seconded the motion. Carried unanimously.
The Semi -Annual Financial Report was submitted to the Board for their review.
Discussion continued on types of investments available. Mr. Cain reported
that Art March, Jr., due to a heavy schedule, was unable to provide the
information concerning possible investments. Dr. Fead advised that he would
be willing to bring this subject up at a Council Work Session.
Charlie D. Cain