HomeMy WebLinkAbout2016 - Retirement Committee - Annual ReportGENERAL EMPLOYEES’ RETIREMENT COMMITTEE
2016 Annual Report to City Council
• Prepare 2016 GERC Annual Report for City Council prior to January 31, 2017.
Completed prior to January 31, 2017.
• Elect Officers and Review GERC standing rules in February, 2016.
Elections took place as required. Angelina Sanchez-Sprague was elected Chair and
John Voss was elected Vice-Chair.
• Revise actuarial assumptions prior to April 1, if necessary for the 2016 Report.
The actuarial assumptions were reviewed at the February meeting. The Actuary
recommended a no changes to the Plan assumption. The committee approved the
assumptions as recommended.
• Continue Monitoring of Retirement Plan.
The preliminary Actuary Valuation report for year-end 2015 was reviewed by the
GERC at the March meeting. The valuation report was adopted by the committee.
• Distribute ‘Personal Retirement Planning Statement’ forms in April 2016.
The ‘Personal Retirement Planning Statement’ was reviewed at the February meeting.
The statements were distributed to active GERP participants in April 2016.
• 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 actuary and support staff in February 2016.
Reviewed the IRS Determination Letter Application at the February meeting.
• Review contract for renewal of actuarial consultant services.
The Milliman contract for actuarial services was reviewed and extended for an
additional 1 year renewal period.
• Prepare Work Plan for 2017 by November 30, 2016.
Reviewed the work plan for 2017 and made the necessary modifications for creating
a 2017 plan at the October meeting. The 2017 work plan was completed and
submitted to the City Clerk.
• Provide educational opportunities for the GERC and 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.
• Review Actuary Investment return Assumption in September 2016.
The investment return assumption was reviewed with the City CFO. The assumption
was determined to be acceptable with no change recommended. The committee will
continue to monitor this assumption annually and recommend changes as appropriate.