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HomeMy WebLinkAbout2011 - Retirement Committee - Annual ReportGENERAL EMPLOYEES’ RETIREMENT COMMITTEE 2011 Annual Report to City Council  Prepare 2010 GERC Annual Report for City Council prior to January 31, 2011. Completed prior to January 31, 2011.  Review Revised Investment Policy in January, 2011. A summary of the proposed changes was distributed to all committee members for review. The changes were approved in January and the revised policy was submitted to the City Clerk’s Office.  Review IRS response to request for a determination letter and submit restated plan for Council approval within 90 days of receiving IRS approval. IRS has not yet responded. Expect IRS approval in early 2012.  Elect Officers and Review GERC standing rules in February, 2011. Elections took place as required. Rick Richter remained Chair and Jim Lathrop remained Vice-Chair. Review of standing rules deferred to February 2012.  Continue Monitoring of Retirement Plan and an appropriate level of contributions. Level of contribution review was completed as part of the actuarial assumption review.  Revise actuarial assumptions prior to April 1, if necessary for the 2011 Report. Actuarial assumptions were discussed at the March meeting. Pat Kahle reviewed a draft of the annual Actuarial Valuation and the final report was posted to the Retirement Committee website. Pat presented this information at the Council Finance Committee meeting on April 18, 2011, and the GERC Committee finalized and accepted the report at their June meeting.  Distribute ‘Personal Retirement Planning Statement’ forms in April 2011. Statements were completed as required.  Review Quarterly Investment Reports. The quarterly investment reports were reviewed by the committee to verify that the investment portfolio is in compliance with GERP policy. Changes to the portfolio were also reviewed along with investment performance.  Review legislative issues with actuarial consultant and support staff. No legislative issues were identified or discussed.  Review contract for renewal of actuarial consultant services in June, 2011. The Milliman contract for actuarial services was reviewed and extended for an additional year.  Prepare Work Plan for 2012 by November 30, 2011. The work plan for 2012 was completed and submitted to the City Clerk by November 30, 2011 .  Provide educational opportunities for GERP members when needed. No additional educational training was provided.  The web site for the General Employees’ Retirement Committee will be monitored, updated as needed, and the minutes of the meetings will be posted once they have been approved and signed. The website was monitored and updated as needed and the meeting minutes posted by the staff liaison.