HomeMy WebLinkAbout2014 - Retirement Committee - Annual ReportGENERAL EMPLOYEES’ RETIREMENT COMMITTEE
2014 Annual Report to City Council
Prepare 2013 GERC Annual Report for City Council prior to January 31, 2014.
Completed prior to January 31, 2014.
Elect Officers and Review GERC standing rules in February, 2014.
Elections took place as required. Angelina Sanchez-Sprague was elected Chair and
John Voss was elected Vice-Chair.
Continue Monitoring of Retirement Plan and the appropriate level of contributions.
The preliminary Actuary Valuation report for year end 2013, including the assumptions
used by the Actuary, was reviewed by the GERC at the March meeting. The valuation
report was adopted by the committee at the April meeting.
Revise actuarial assumptions prior to April 1, if necessary for the 2014 Report.
The actuarial assumptions were reviewed at the February meeting. The Actuary
recommended no changes for all of the Plan assumptions except the Investment Return
assumption which did not include a recommendation. The committee, after reviewing
and discussing the Investment Return assumption and with agreement from the
Actuary, decided to change the Investment Return assumption from 6.8% to 6.5%. The
committee approved the assumptions as recommended or changed.
Distribute ‘Personal Retirement Planning Statement’ forms in April 2014.
The ‘Personal Retirement Planning Statement’ was reviewed at the January meeting.
The statements were distributed to active GERP participants in April 2014.
Review Quarterly and Monthly 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.
Reviewed the estimated impact of implementing GASB 67 and 68 at November
meeting.
Review contract for renewal of actuarial consultant services in June, 2014.
The Milliman contract for actuarial services was reviewed and extended for an
additional year.
Prepare Work Plan for 2015 by November 30, 2014.
The work plan for 2015 was completed and submitted to the City Clerk by November
30, 2014.
Provide educational opportunities for GERP members when needed.
No additional educational training was necessary or provided.
The web site for the General Employees’ Retirement Committee will be monitored,
updated as needed, and the minutes will be posted once they are approved and
signed.
The website was monitored and updated as needed and the meeting minutes posted
by the staff liaison.
Other General Employees’ Retirement Committee Business:
Minutes for the following topics are available on the City website.
Fidelity Account Trustees. The Fidelity account was reduced to one trustee in order to
facilitate the improvement of account management and centralize the fiduciary
responsibility with the City’s finance officer (July meeting).