HomeMy WebLinkAboutRetirement Committee - Minutes - 07/09/2020
General Employees Retirement
Committee
215 N. Mason
2nd Floor
PO Box 580
Fort Collins, CO 80522
970.221.6788
970.221.6782 - fax
fcgov.com
GENERAL EMPLOYEES’ RETIREMENT COMMITTEE
MINUTES
JULY 9, 2020
ZOOM
11:00 AM
Committee Members Present: Clark Mapes, Chair
Kelley Vodden, Vice Chair
Del Bernhardt
James Lathrop
Members Absent: Jackie Darner
Ralph Zentz
Others Present: Joaquin Garbiso
Joel Stewart, Milliman
Blaine Dunn
Jenny Lopez Filkins
Carolyn Koontz
___________________________________________________________________
Meeting called to order at 11:02 am
1. Citizen Participation and Plan Member Comments - none made or noted.
2. Plan Participant Updates (Blaine Dunn) none noted.
3. Consider approving the minutes from the meeting of March 12, 2020.
A motion to approve the minutes was made by Jim Lathrop.
Del Bernhardt seconded the motion. Minutes approved as presented.
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4. Investment Report (Blaine Dunn)
YTD Return of 0.23% negative - not quite a quarter percent down
Plan Activity & membership review section
4 new annuity payments
2 lump sum payments
7 terminations (deaths)
40 active members
66 term vested
All currently beating benchmarks
Cash & Investments - just over $31M
National unemployment rate at11.1% as of the end of June
GDP negative 5% - we are officially in a recession – started in February
CPI .1% - no inflation at all now
Bottom was reached in March
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Equity Sector - Tech at 22% edging toward 25%
Issue with airline stocks during Covid crisis
Bankruptcy / insolvency issues - fund managers are watching closely
Mutual Fund Analysis
Volatility has slowed a bit - calmed down since March
Standard deviations are still high in relative terms but things have started to calm down
James Lathrop - considering the state of the economy this is a great report
Del Bernhardt - really appreciate Blaine watching this so closely
5. Other Business
Kelley raised question about potential to continue to have meetings via Zoom
Jenny Lopez - Ordinance 79 which was adopted by City Council describes these 3
conditions – if these are met you can continue to meet remotely.
1) The public health emergency continues (Covid) which was declared by the City Manager
and Council.
2) Chairperson and Staff Liaison consult directly and determine that it is appropriate to
conduct the meetings remotely via Zoom.
3) Assuming that members of the public are able to participate remotely.
The committee discussed going from a monthly meeting to an adjusted schedule.
We did not take them off of the calendar - it in the plan document that we will meet monthly.
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Blaine and Jenny have some changes that need to be made to the GERP plan document.
If we want to make meeting cadence changes that would need to be included in the plan
document changes. We are currently sending a monthly standing email 2 weeks in advance
to determine the need for the meeting. We can highlight that during the plan change
document review.
Del Bernhardt; the current process works for me - monthly meeting with a 2 week notice of
cancelation
Member Statements are in process - Nikki Taylor (HR) is looking at the best way (during
Covid) to get statements to members.
Keen Garbiso - If you receive calls please feel free to provide my cell number. I have
spoken with 150 retirees since March (Covid). The city’s retirement record keeper has
changed to Nationwide. These are two very separate items and they do not partner -
nothing is changing with GERP. The custodian for GERP is Fidelity.
Meeting adjourned at 12:02 pm
Clark Mapes, Chair
Carolyn Koontz, Staff Liaison
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