HomeMy WebLinkAboutRetirement Committee - Minutes - 09/11/2008�of
t Collins
General Employees Retirement
Committee
215 N. Mason
2"" Floor
PO Box 580
Fort Collins, CO 80522
970.221.6788
970.221.6782 - fax
fcgov.com
GENERAL EMPLOYEES' RETIREMENT COMMITTEE
MINUTES
SEPTEMBER 11,2008
1:15 To 3:00 P.M.
215 N. MASON —ROOM 2A
COUNCIL LIAISON:
COMMITTEE MEMBERS PRESENT:
COMMITTEE MEMBERS ABSENT:
OTHERS PRESENT:
Meeting called to order at 1:15 pm
Councilman Ben Manvel
Jim O'Neill, Chair, 221-6779"C&SQ
Charles Seest, 221-6795
Bill Switzer, 221-6713
Rick Richter, Vice Chair 221-6798
Jim Lathrop
Dennis Freeburg
Harold Hall, 221-6784
Chris Donegon, 221-6747
Heather Shepherd 221-6788
Janie Appleton 221-6562
Greg Temple, Assistant City Attorney,
221-6267
Chris Donegon was introduced as the new Financial Analyst who will be working with
the GERP.
Citizen Participation
None
Consideration of Approval of Minutes from the June 12 Meeting
After some discussion to clarify a few points, Bill moved to accept the minutes and
Rick seconded. The motion was approved unanimously.
Report on actions related to term -vested members over 65
Chuck reported that for plan members over 65, a question arose of how long a
member has to select options on retirement benefits once eligibility is achieved.
Chuck looked through plan document information and it was determined that a
FoN of
member must make any election of an optional form of benefit in writing filed with
the City at least 30 days preceding the due date of the first payment of Retirement
Benefits under the Plan --otherwise a single life annuity will be the automatic
selection (see Article X, Section 1 of the Plan).
Rick recommended that the City strive to be more proactive and notify members of
rules once they are nearing eligibility to take retirement. Janie said that it is
standard practice now with all employees.
Discussion on GERP opening —Applications are due to City Clerk by September 30`h
Janie stated that HR would hand out the flyer advertising the GERC opening at the
health fair coming up in September. Committee members are also encouraged to
publicize the opening.
Monthly Investment Report
Harold reported that the YTD return for the portfolio through August 2008 is-7.25%.
Portfolio allocations continue to be close to their targets and no changes were made to
investments.
Other Business
None.
Bill moved to adjourn the meeting and Rick seconded. The motion was unanimously approved.