HomeMy WebLinkAboutRetirement Committee - Minutes - 03/12/2009General Employees Retirement
Committee
215 N. Mason
2n' Floor
PO Box 580
For( Collins, CO 80522
970.221.6788
970.221.6782 - fax
fcgov.com
GENERAL EMPLOYEES' RETIREMENT COMMITTEE
MINUTES
MARCH 12, 2009
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 1:20
Citizen Participation
None
Councilman Ben Manvel
Rick Richter, Chair
Jim Lathrop, Vice Chair
Charles Seest
Jim O'Neill
Angelina Sanchez -Sprague
Dennis Freeburg
Harold Hall
Heather Shepherd 221-6788
Pat Kahle, Milliman
Consider Approval of the Febrary 12, 2009 Minutes
Angelina Sanchez -Sprague moved to accept the minutes and Jim O'Neill seconded the
motion. Motion passed unanimously and minutes were approved.
Actuarial Assumptions Follow -Up (Salary Data)
Pat Kahle stated that the usual pattern in salary data is based on service years
but the data for Fort Collins doesn't support that, so this data is based on
Salary/Wages: The overall salary scale assumption is made up of three components:
• Price Inflation
• Productivity
• Merit Scale
Forof
t` Collins
Pat told the Committee that the 2.5% percentage number is a good one to use for
price inflation or CPI. The Committee members asked some questions to clarify their
understanding of the calculations.
Jim O'Neill moved to adopt the salary assumption calculation Pat presented, which
increases between 3.6 and 4.5% based on age. Jim Lathrop seconded the motion and
it passed unanimously.
Monthly Investment Report
Harold advised the Committee that the YTD return on the GERP portfolio is down 7.4%
At an upcoming regular meeting, to be determined, Harold will present the Quarterly
investment data.
Other Business
Jim O'Neill moved to reschedule the April GERC meeting to Wednesday, April 22"d at
1:15-3:00. Angelina Sanchez -Sprague seconded the motion. The motion passed
unanimously and the meeting is changed to April 22"d
At 2:20pm, Jim Lathrop moved to adjourn the meeting and Jim O'Neill seconded the
motion. Meeting adjourned.