HomeMy WebLinkAboutRetirement Committee - Minutes - 02/13/2020lyttothns
General Employees Retirement
Committee
215 N. Mason
2'd Floor
PO Box 580
Forl Collins, CO 80522
970.22't.67gA
970.221 .6782 - lax
lcgov.com
Gelrenau EMpLoyEES' RETTBEMENT CoMMtrrEE
Mrruures
FEBRUABY 13,2020
215 N. MASoN - CorureReruce RooM 2A - 11:00 an/l
Committee Members Present: Clark Mapes, Chairman
Kelley Vodden, Vice Chair
Del Bernhardt
Jackie Darner
James Lathrop
John Lindsay
Ralph Zentz
Others Present: Joel Stewart, Milliman
Brian Nichols, Milliman
Blaine Dunn
Travis Storin
Jenny Lopez Filkins
Meeting called to order at 1 1 :00 am
1. Citizen Participation and Plan Member Comments - none made or noted.
2. Plan Participant Updates (Blaine Dunn)
Multiple plan members contacted us regarding changes in the amount ol State Tax being
withheld. Only a small percentage of members have State Tax deducted. The issue was
corrected by Payroll and they continue to answer questions as needed. Payroll sta{l
advised members to file a return next year to retrieve any State Taxes wjthheld in error,
Clark Mapes asked question about Federal Tax -
no issue with Federal Tax.
3. Consider approving the minutes from the meeting of January 9,2O2O.
A motion to approve the minutes was made by Del Bernhardt.
Ralph Zenlz seconded the molion. Ivlinutes approved as presented.
4. Review Key Assumptions to be used in Annual Actuarial Evaluation
(Joel Stewart)
The actuarial's role is to provide guidance and advice to lhe retirement governance
committee, but in the public sector the committee adopts the assumptions used in the
valuation. Joel discussed information about what goes into the assumptions and the total
valuation ol the plan. Milliman then develops a projected payment stream of plan benefits,
which when discounted at the plan's investment return assumption provides the total liability
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in today's dollars of all payments in the future. Joel discussed the plan provisions and how
they work and go into the estimated benefits of the members. Clark - ls there a graph
similar to the projection of benefits that shows revenue? Joel -
Yes that will be part of the
valuation to be presented at next month's meeting.
There are two main types of assumptions; Demographic (member behavior) and Economic.
Discussion ensued on each of the key assumptions used in the valuation.
James Lathrop made a motion to accept the recommendation of no changes to the
assumptions from the prior valuation as presented by Joel Stewart of Milliman.
Del Bernhardt seconded the motion. All in favor.
5. Monthly lnvestment Report (Blaine Dunn)
6. Other Business
The City Clerk's office has confirmed that the Engage meeting invitations and reminders that
are received by committee members have been updated to reflect the new meeting time of
11:00 am.
Meeting adjourned at 12:10 pm
Clark
Carolyn , Staff Liaison
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