HomeMy WebLinkAboutRetirement Committee - Minutes - 11/08/2007GENERAL EMPLOYEES RETIREMENT COMMITTEE
Meeting Minutes
November 08, 2007
COUNCIL LIAISON: Councilman Ben Manvel � �p
COMMITTEE MEMBERS PRESENT: Jim O'Neill, Chair, 221-6779
Jim Lathrop, 226-1826
Michele Hays -Johnson, 416-2287
Bill Switzer, Vice Chair, 221-6713
Dottie Nazarenus, 204-4429
COMMITTEE MEMBERS ABSENT: Charles Seest, 221-6795
OTHERS PRESENT: Pat Kahle, Milliman
Harold Hall, 221-6784
Tracy Hoffman, 2216747
Heather Shepherd 221-6788
Janie Appleton (HR)
CALL TO ORDER:
Meeting called to order at 1:15 p.m.
CITIZEN PARTICIPATION AND PLAN MEMBER COMMENTS:
No citizen participation.
APPROVAL. OF MINUTES FROM THE OCIOBER 1.1., 2007 MEETING:
Following a suggestion to correct minutes to show that Dottie N. was not at this meeting, Jim L.
moved to accept the minutes as corrected and Michele seconded the motion. The motion carried.
ADOPTION OF THE WORKPLAN FOR 2008 :
Jim O. stated that there were the following additions to the 2008 Work Plan:
-Review of the 47% GERP death benefit provision.
-Discuss actuarial methods -entry age normal method, or aggregate method.
where renewal is a way Of life
Bill moved to adopt the 2008 Work Plan and Dottie seconded. The motion passed
unanimously. Jim O. will file the plan with the City Clerk.
MON"1'HLY INVESTMENTSTS:
Harold reported that there had been two Morningstar ratings changes in the previous
month. Mutual Share Z decreased from a five star rating to four stars, and the 1'. Rowe
Price International Fund went from a two stars to a three star rating. Harold also stated
that the New Asia Fund was up 77.06% and International Funds were at 40.05% year to
date. The total portfolio is 17.83% year to date.
OTHER BUSINESS:
Jim O. reported that he is expecting Mr. Weinstein's amendments to the Work Plan soon.
Greg Temple will then formally change the document and it will go before the City
Council for approval.
Janie wanted to let the Committee know that there is an upcoming informational meetin
for all GERP members who wish to attend from 11:30a.m. to 1;00p.m. on November 271
The annual GERC luncheon will be held on Thursday, December 13, at 11:30 a.m. at the
Stonehouse Grille. A regular GERC meeting will follow the luncheon at 1:15 p.m.
Ben Manvel advised the Committee that the City Council will be conducting interviews
on Monday the 12°i and Tuesday the 131h for the GERC vacancies.
Jim L. moved to adjourn the meeting. Dottie seconded the motion and the meeting was
adjourned at 1:40 p.m.