HomeMy WebLinkAboutRetirement Committee - Minutes - 11/11/2007General Employees Retirement Plan
GENERAL EMPLOYEES RETIREMENT COMMITTEE
Meeting Minutes
October 11, 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, 221-6779 yJ
Charles Seest, 221-6795
Jim Lathrop, 226-1826
Michele Hays-Johnson,416-2287
Bill Switzer, Vice Chair, 221-6713
Dottie Nazarenus, 204-4429
Pat Kahle, Milliman
Harold Hall, 221-6784
Tracy Hoffman, 2216747
Heather Shepherd 221-6788
Greg Tempel, City Attorney
Janie Appleton (HR)
CITIZEN PARTICIPATION AND PLAN MEMBER COMMENTS:
The City Clerks Office reported to Chuck that there has been one retired former city
employee applicant for the first vacant Committee position and four current city
employee applicants for the second vacant position.
APPROVAL OF MINUTES FROM THE SEPTEMBER 13, 2007 MEETING:
Greg noted that he was not listed as being present in the minutes of the September 13,
2007 meeting. Jim Lathrop moved to approve minutes as amended and Chuck seconded
the motion. The motion carried unanimously.
MONTHLY INVESTMENT REPORT:
Harold reported that there were no new adjustments to the investment portfolio at this
time. Everything is currently in compliance and will continue to be monitored.
OTHER BUSINESS:
Greg drafted two versions for the language change in the Summary Plan Document for
the Committee to review. On page 6, where the document says "life only" Jim L. moved
to change the phrase to "life annuity". Chuck seconded the motion and it carried
unanimously.
The Committee also discusses the specific wording of the "when payment begins" section
of the document. Currently there is one example given to help illustrate the timing of
receipt of the retiree's first check. After some discussion, the Committee suggested
adding another example by using the wording from Greg's "Draft 1". Dottie moved to
add the second example and Jim L. seconded the motion. The motion carried
unanimously.
Greg told the Committee that the amendments to the General Employee Retirement Plan
document are currently being prepared by Mr. Weinstein and should be ready to present at
the next GERC meeting. After that, it will be reviewed by the City Council.
Jim O. said that the 2008 Work Plan for the GERC has to be submitted to the City Clerk
by the end of November. He will bring it to the next meeting for discussion.
Chuck updated the Committee regarding Library Employees. December 30, 2007 will be
their last day as City employees and the GERP members in that group will become term
vested or have the option to take a lump sum. There are around 10 library employees
who are GERP members.
Michele moved to adjourn the meeting, and Chuck seconded the motion.
Meeting is adjourned at 1:47 pm.