HomeMy WebLinkAboutRetirement Committee - Minutes - 01/11/2018iytL"ttins
General Employees Retiremenl
Committee
215 N. Mason
2d Floor
PO Box 580
Fort Collins. CO 80522
970.221.6788
970.221 .67A2 - la\
fcgov.com
CoMMrrrEE MEMBERS PReseruT:
OTHERS PBESENT:
GENEBAL EMpLoyEES' Rertneuerur CoMMrrrEE
MINUTES
JnruunnY 11,2018
l:15 - 3:00
pr,t
215 N. MASoN -
Conlntturutrv Roolit
John Voss, Chairman
Bill Switzer, Vice Chairman
Delbert Bernhardt
James Lathrop
John Lindsay
Clark tt/apes
Blaine Dunne
Travis Storin
Janie Appleton (not able to attend)
Jenny Lopez Filkins (not able to attend)
Gordon Tewell, CFA Principal, lnnovest
Jared Martin, Vice President, lnnovest
Carolyn Koontz
Meeting called to order at 1:15 pm.
1. Citizen Participation and Plan Member Comments
John Voss announced Harold Hall's resignation and introduced Blaine Dunn as the
temporary replacement.
2. Approval of Minutes from the meeting of November gth,
2017
Bill Switzer moved to approve the minutes for the November 9th GERC meeting
and John Lindsay seconded the motion. The minutes were approved unanimously.
3. Monthly investment and other reports (Blaine Dunn)
Quarterly report this month
Total YTD return is 17.1BYo
Total market value of cash and investments is $48,898,142
Fixed income investments accounted lor 30.2"/" of the portfolio's market value.
Domestic and foreign equity funds represent 52.3o/o and 17.4% respectively.
Asset allocation targets are; Fixed income 40%, Domestic mutual funds 45o/o and
Foreign mutual funds 15%. The Plan investment policy allows for a variance of 107o
above or below each of the stated targets.
f8iyt boflrns
\=r.^-
Active
Term-vested
Retired plan members
New annuity payments
Lump sum payments
Terminations
John Voss suggested the committee look at our luture return assumption and
what impact that might have on the funded ratio. Policy says we will have a
discussion about supplement if it falls lo 70"/" or less. Even though it is nol below
70o/" we may want to propose an increase anyway - even with great returns we have
been having overall. The committee may want to consider requesting an increase to
the supplement as the gap hasn't been closing. Rate of return is a moving target -
wait another 2 years for the request for the supplemental increase.
Travis Storin; the GERC controls the rate of return and directs the actuary on what
percentage to use - we are a little aggressive at 6.5olo which could make the plan
look better funded.
4. Other Business
John Voss; Officer Elections to be held at the February 81h GERC meeting.
John is concerned about possible conflict of interest with his staff role and committee
chairmanship role. He would like to consider if someone else would be willing to be
the chair.
Carolyn took the action to share current GERC member term dates with the
Committee. This information will be distributed at the February Brh meeting
5. Fiduciary Training with Jared Martin and Gordon Tewell o{ lnnovest began at 2 pm.
ql 1
,L ott*/y /-Ltlt-
2
John /oss, ChairniEfr: Carolyn Koonlz,Staff Liaison
John Voss; Two key assumptions; supplemental and rate of return. Milliman will
review assumptions at the February Bth GERC meeting and we will see their report in
March. That will be our window to make assumption decisions.
Meeting adjourned at 3:05 pm
70
90
242
13
5
Cl