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HomeMy WebLinkAboutRetirement Committee - Minutes - 05/12/2022 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 ZOOM MEETING MINUTES MAY 12, 2022 11 AM Committee Members Present: Blaine Dunn, Vice Chair Del Bernhardt Ralph Zentz Jackie Darner Committee Members Absent: Clark Mapes, Chair Others Present: Amanda Newton Amber Fluke LeeAnna Vargas Jenny Lopez Filkins Carolyn Koontz ___________________________________________________________________ Meeting called to order at 11:00 am 1. Citizen Participation and Plan Member Comments - none noted 2. Consider Approving the Minutes from the Meeting of March 10, 2022. Ralph Zentz made a motion to approve the minutes as presented. Del Bernhardt seconded the motion. Approved confirmed via roll call; Ralph Zentz, Del Bernhardt, Blaine Dunn, Jackie Darner. 3. Review and Consider Plan Member Request for retroactive payment of benefits due to failure to send eligibility letters (Amber Fluke) DocuSign Envelope ID: D24B27F4-F532-4451-AE1C-D76E2542F1FD 2 Participant Status Benefit Start Date Missing Months Retroactive Pay Thomas Chapel No response Thomas Fort No response Sharon Getz No response Kirsten Whetstone Final packet sent to member on 5/3 7/1/2022 16 Pending - need member's request letter Stephen Comfort Monthly Benefit 11/1/2021 11 Approved Kimberely Crowley Monthly Benefit 1/1/2022 23 Approved Linda Dowlen Lump Sum 12/1/2021 Approved Kevin Meredith Monthly Benefit 11/1/2021 8 Approved Kevin McBride Monthly Benefit 10/1/2021 12 Approved Kirsten Whetstone; Amber Fluke was able to confirm accurate contact information and a packet will be sent to her today. HR is still trying to contact the three remaining impacted members; Thomas Chapel, Thomas Fort, and Sharon Getz. HR will be using the guidelines sent out by Jenny Lopez-Filkins and this effort will be led by LeeAnn Vargas and will be a priority. 4. Discuss efforts made to contact and engage plan participants. Jenny Lopez Filkins sent Information to the GERC members. Blaine Dunn; Staff receives an annual updated list of all GERP members from Milliman. HR staff to use that information to set-up continuous tracking of participant contact information. HR staff to send a letter to all vested members- indicating that staff is doing an update on our system and would like to confirm that their contact information is accurate. HR staff can then proceed to the next step if no response is received. This will enable HR staff to track and document our efforts from a legal perspective. Requesting HR staff to send a letter to all members this year to make sure City staff has current information for all members before they turn 64 ½ . HR staff took the action item above. Del Bernhardt said this is a much needed, great step. 5. Plan Participant Updates (Amber Fluke) 1 member started receiving benefits. 1 member passed – Herman Wilms passed in March 2022 – there was an overpayment and that has been reconciled with payroll. DocuSign Envelope ID: D24B27F4-F532-4451-AE1C-D76E2542F1FD 3 6. Review Investment Report (Amanda Newton) The Stock market continued to struggle in April due to persistent high inflation along with the prospect of more aggressive interest rate hikes. City staff is watching every aspect of the portfolio very closely. DocuSign Envelope ID: D24B27F4-F532-4451-AE1C-D76E2542F1FD 4 70% exposed to stock market - overall YTD -9.2% however, we are not doing any worse than the benchmark index. There are a couple mutual funds performing much better than the benchmark. Domestic category 55% - almost at the upper limit - will keep an eye on it Historical data - GERP investment has a long maturity horizon – over the past 10 years 13.5% annual return versus the fixed income which generated 3.8% 7. Other Business; the City Clerk notified staff that they will be more actively recruiting for the open member on this committee. DocuSign Envelope ID: D24B27F4-F532-4451-AE1C-D76E2542F1FD 5 Meeting adjourned at 11:18 am Clark Mapes, Chair Carolyn Koontz, Staff Liaison DocuSign Envelope ID: D24B27F4-F532-4451-AE1C-D76E2542F1FD