HomeMy WebLinkAboutRetirement Committee - Minutes - 01/09/2020c General Employees Retirement
Committee
215 N. Mason
2tu Floor
PO Box 580
Fort Collins, CO 80522
970.221.6784
970.221 .6782 - lax
fcgov.com
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Geruenel Ennplovees' RenRemenr CouurrrEE
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215 N. Masoru - ConrenENcE Rootvt 2A-11:00 nu
Committee Members Present: Clark Mapes, Chairman
Del Bernhardt
Jackie Darner
Kelley Vodden
Ralph Zentz
Member Absent: James Lathrop
Others Present: Blaine Dunn
Carolyn Koontz
Ivleeting called to order at 11:06 am
1. Citizen Participation and PIan Member Comments - none made or noted
2. Plan Participant Updates (Btaine Dunn and Nicote Daniets) - none made or noted.
3. Consider approving the minutes from the meeting of December 12,2O19
A motion to approve the minutes was made by Ralph Zentz.
Del Bernhardt seconded the motion. l/inutes were approved as presented
4. Review Quarterly lnvestment Report (Blaine Dunn)
20.8% return overall for 2019
Just under $4BtM holdings in total assets
All benchmarks being surPassed
Plan Activity and Membership Review
6 lump sums
4 terminations
18 new annuities
42 aclive
68 term vested
273 relired plan members collecting benefits
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Rate cut 3 times in 2019 - Federal Reserve predicting no changes lor 2020
Fidelity Value Discovery continues to be on a watch
Standard deviation column due to volatility of market but not a concern
We gauge off Morning Star ratings
Fixed income portion - the
purpose is stability and liquidity not income growth -cash
available to meet demands ol the plan
Fee Review - Blaine has not been
able to locate a lee benchmark, but our fees are
extremely low.
5. Review and Consider Approving GERC 2019 Annual Report
Del Bernhardt made a motion to approve the annual report for 2019 as presented.
Kelley Vodden seconded the motion. GERC Annual report approved as presented
6. Election of Officers
Chairman
Ralph Zentz made motion that we continue with Clark-Mapes as Chairman.
Del Bernhardt seconded the motion. Motion passed unanimously.
Clark Mapes was retained as Chairman.
Vice Chairman
Ralph Zentz nominated Kelley Vodden as Vice Chairman. Clark Mapes seconded
the motion. Motion passed unanimously. Kelley Vodden confirmed as Vice
Chairman.
7. Other Business
The GERC is in favor of adding an ongoing agenda item to be called plan
Participant Updates (Blaine Dunn). An item around feedback or questions or
developments regarding plan participants. committee is interested to learn about
plan participants' concerns, questions or comments.
April 9th GERC agenda; statement sent to active members will be reviewed for
possible changes. The statement curren y does not include options, but a member
can request information for 2 diflerent dates.
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Blaine Dunn reviewed the IPS and the only updates that are needed are in the
executive summary information section. Blaine will bring this forward at the April or
May meeting for review.
lmportant for all GERC members to attend the next 2 meetings.
February 13th Joel Stewart lrom Milliman will review of all of assumptions
Committee can change assumptions.
Milliman will provide guidance.
We will schedule Fiduciary Training with lnnovest again Jor this year. We tl.rlill get it
scheduled and on the calendar.
Meeting adjourned at 12:02 pm.
CIark Mapes, Chairma
Carolyn Koo tz, Staff Liaison
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