HomeMy WebLinkAboutRetirement Committee - Minutes - 12/13/2007GENERAL EMPLOYEES' RETIREMENT COMMITTEE
Meeting Minutes
December 13, 2007
COUNCIL LIAISON:
COMMITTEE MEMBERS PRESENT:
COMMITTEE MEMBERS ABSENT:
OTHERS PRESENT:
CALL TO ORDER:
Meeting called to order at 1:20 p.m.
970.221.6782 - fax
fcgovcom
Councilman Ben Manvel
Jim O'Neill, Chair, 221-6779 / �✓Y "
Jim Lathrop, 226-1826 l/
Charles Seest, 221-6795
Bill Switzer, Vice Chair, 221-6713
Dottie Nazarenus, 204-4429
Michele Hayes -Johnson
Pat Kahle, Milliman
Greg Tempel, (City Attorney)
Harold Hall, 221-6784
Tracy Hoffman, 2216747
Heather Shepherd 221-6788
Janie Appleton (HR)
CITIZEN PARTICIPATION AND PLAN MEMBER COMMENTS:
No citizen participation.
APPROVAL OF MINUTES FROM THE NOVEMBER 8, 2007 MEETING :
Jim L. moved to approve the minutes and Bill seconded. Motion carried unanimously,
REPORT FROM THE 11/27/07 GERP TRAINING SESSION:
Janie reported that the training was well attended. Many library employees were there.
Several attendees requested calculations on their current GERP status. Janie has placed
new forms on the HR website.
Janie also reported to the group that she has now met with each GERP library employee
who will soon be making the transition to the new library entity.
Jim O. suggested that there be more training events in the coming year.
BEGINNING DISCUSSION ON EMPLOYEE RETIREMENT PLAN-6r" AMENDMENT
Recent changes in federal legislation and Internal Revenue Service regulations have
required changes to the Plan. Additionally clarification changes have also been
recommended. Outside legal counsel and the City Attorney's Office prepared changes to
the plan to comply with these changes. None of the changes will result in an increased
cost to the City or the Plan.
A summary of changes was read to committee members, as follows:
Section 1: Minor wording changes to clarify when required distributions must occur
based on IRS regulations.
Section 2: Changes minimum lump sum distribution from $5,000 to $1,000 in
accordance with federal legislation and IRS regulations.
Section 3: Minor wording changes on distributions to comply with IRS Code Section
401(a)(9).
Section 4: Changes minimum lump sum distribution from $5,000 to $1,000 in
accordance with federal legislation and IRS regulations.
Section 5: Minor wording changes to clarify definition of "Distributee" and to expand
definition to include beneficiaries other than the Member's spouse pursuant to federal
law.
Section 6: Expands definition of "Eligible Retirement Plan" to include Roth IRSs so that
distributions may be made directly to those plans per federal law.
Section 7: Adds the defined benefit dollar limitation as required by federal law. And
adds clarifying language on when payments must begin.
Jim L. made a motion to present these changes to the City Council in January of 2008.
Dottie seconded the motion and it carried unanimously.
MONTHLY 1NVESTMENTSTS:
Harold reported that there had been no buying or selling activity in the last month and
that the asset allocations are all in compliance. He recommended staying with the current
investment plan for 2008.
The total portfolio YTD is up 13.49%
OTHER BUSINESS:
The names of the new GERC committee members will be announced at the 12/18/07 City
Council Meeting.
Jim reminded the group that this will be Dottie's last meeting. The committee thanked
Dottie for her work and service.
Janie stated she would like Tracy Hoffman to have access to GERP member records so
that Tracy can more easily assist with questions and informational changes.
Meeting was adjourned at 1:50 p.m.