HomeMy WebLinkAboutRetirement Committee - Minutes - 09/13/2007General Employees Retirement Plan
GENERAL EMPLOYEES RETIREMENT COMMITTEE
Meeting Minutes
September 1..3, 2007
COUNCIL, LIAISON:
COMMITTEE MEMBERS PRESENT:
COMMITTEE MEMBERS ABSENT:
OTHERS PRESENT:
CALL TO ORDER:
Meeting called to order at 1:15 p.m.
Councilman Ben Manvel
Jim O'Neill, Chair, 221-67791.'S/
Charles Seest, 221-6795 ✓
Jim Lathrop, 226-1826
Dottie Nazarenus, 204-4429
Michele Hays -Johnson, 416-2287
Bill Switzer, Vice Chair, 221-6713
Joel Stewart (Milliman)
Harold Hall, 221-6784
Tracy Hoffman, 2216747
Heather Shepherd 221-6788
Greg Tempel, City Attorney
Craig Foreman (Parks Dept.)
Amy Sharkey (HR)
Janie Appleton (HR)
CITIZEN PARTICIPATION AND PLAN MEMBER COMMENTS:
Chuck stated that there was a recent training class for GERP participants and a few
questions arose from that. HR will be responding to the individuals. It was well
attended, and there will be similar classes held in the future.
APPROVAL OF MINUTES:
Jim Lathrop moved to approve minutes from the July 12, 2007 meeting, and Chuck
seconded the motion. The motion carried unanimously.
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DISCUSSION ON THE AMMENDMENT TO THE PLAN SUMMARY DOCUMENT
Committee discussed the wording describing when the first payment will begin upon
retirement. The word `following' was removed fi•om the phrase `following month'. Joel
suggested the use of 'Coincident with' or `next following'. Greg Tempel will make the
language change to help clarify this statement.
APPROVAL TO CONTRACT WITH OUTSIDE PENSION ATTORNEY
Steven Weinstein is the current author of the GERP plan document. The cost to update
the plan document would be $600.00 Jim L. moved to retain Mr. Weinstein's services
and update the plan document. Dottie seconded and the motion carried unanimously.
GERC COMMITTEE OPENINGS:
Craig Foreman visited the meeting since he is considering applying for one of the
Committee vacancies.
The Committee discussed the possibility of adding an insert with the monthly check for
each GERP retiree to further advertise the upcoming vacancies.
OTHER BUSINESS:
After consulting with Human Resources and Milliman, Greg drafted new forms for
calculating an estimate of GERP benefits, for calculating final benefits, and the election
form. The Committee had an opportunity to suggest changes, and since there were none,
Jim L. moved to accept and use the revised forms. Bill seconded the motion, and it
passed unanimously.
Harold stated that the total portfolio value hasn't changed much over the last two months,
even with the recent market turmoil. He said the one change that was made was the sale
of $500,000 from the New Asia fund.
Meeting is adjourned at 2:20 pm.