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Home My WebLink AboutRetirement Committee - Minutes - 12/12/2019CiPfbottins General Employees Retirement Committee 215 N. Mason 2"d Floor PO Box 580 Fort Collins, CO 80522 970.221.6788 970.221 .6782 - lax fcgov.com GeHeRat Euployees' Rerrnemerur ComnarrrEE Mrnures DecenaaeR 12,2019 215 N. Mesoru - ConrenENcE Room 2A-1:15 pu Committee Members Present: Clark Mapes, Chairman Del Bernhardt John Lindsay Ralph Zenlz Kelley Vodden Members Absent: James Lathrop Others Present: Blaine Dunn Jenny Lopez Filkins Carolyn Koontz It/eeting called to order at 1 :15 pm 1. Citizen Participation and Plan Member Comments - none made or noted 2. Consider approving the minutes from the meeting of October 10, 2019 and the Special Meeting on November 1, 2019. A motion to approve the minutes for both meetings was made by John Lindsay. Del Bernhardt seconded the motion. lrlinutes for both meetings approved as presented. 3. Review Draft 2O2O Work PIan Add Review and Update lnvestment Policy Statement (lPS) Add Review Legislative lssues with consultant and staff to include the updates prompted by state law to the Qualified Domestic Relations Order Form that was approved by the GERC and is used for that purpose. Del Bernhardt made a motion to approve the 2020 GERC Work Plan with the recommended changes. John Lindsay seconded the motion. The updated Work Plan was approved unanimously. pSiYt"bomnt z'\ ^\ 4. Review Monthly lnvestment Report (Blaine Dunn) Outperforming benchmarks by 2.5o/o. Plan is over the benchmark domestic fund category currently al 56.25o/o over the 55% limit. Fund Cateoorv Allocation Market Strategic Asset Allocation Value Lower (Limit 209o Max) Limit Taroet Upper S s s s s 3,252,555 1,083,335 7,348,989 6,158.958 6,825,58s 1,936,395 Sub-total Domestic s 26,605,S17 56.25% 35% 450,5 55% Blaine will get fund back into balance according to IPS by year end. By end of quarter Blaine will make changes to tunds to be consistent with IPS - big spike / upswing at the end of November. More lump sums being taken which impacts cash - 4 lump sums and 3 terminations this month. The practice over the last few years has been to keep cash low and equities on high end to garner a better ROl. Blaine is using the guardrails of plus or minus 10% to the plan's advantage / creating better returns. The CFO of the City, currently Mike Beckstead, is the funding agent for the plan. He has delegated some responsibilities to Blaine including investments. The IPS was last changed in 2011 and this was due to a legal concern. lt is the committee's prerogative to update or change the lPS. We o lf have Blaine a 2 withdraws Trustee model; any money Kelley from Vodden the Fidelity and Clark account Mapes a Trustee's are Trustees signature ol the plan.is . required. lf there is an issue or a need to freeze the account. A Trustee is the only person who can execute alreeze. Two types ol account freeze; no mutual funds bought or sold or no money moved in or out of the account. 2 Category oii, Ys Total Portfolio Domestic Fund Cateoory t{oderate Allocatbn Large Value Large Blend Larqe Growth Medium Blend Medium Value Medium Groivlh Small Blend 6.88% 2.29% r5.54% 13.02% 14.43% 4.09% 0.@% Clark Mapes asked about the other investment options lnnovest mentioned. Blaine indicated some options are less liquid than mutual lunds. Additional research City lins The GERC is in lavor of adding an item to the standing meeting agenda - Plan Participant Updates (Blaine and Nikki). An item around feedback or questions or developments regarding plan participants. Committee is interested to learn about plan participants' concerns, questions or comments. Due to regularly scheduled city-wide meetings that conflict with the regula|l:15 pm meeting time, the committee passed a motion changing the slanding meeting time to 1'1 am on the 2nd Thursday of the month. Carolyn will update the online calendar, meeting invitations and the Public Nileeting posting. This is John Lindsay's last meeting as a GERC member. The Committee recognized and thanked John for his service and contribution. l\y'eeting adjourned at 'l i48 pm rk pes, Chairm Cu-L l- 1- U?t Carolyn Koontz, S Liaison 3 Fidelity is the GERP record keeper and is not a fiduciary. Travis Storin and Blaine Dunn are lnterested Parties which is a term Fidelity uses 5, Other Business l,7.z,w and due diligence would need to be done. We would need to be a larger account to see gains for diversifying and this would involve additional Jees. GERP portfolio is currently approximately $47M.