HomeMy WebLinkAbout2022 - Retirement Committee - Annual ReportANNUAL REPORT
City of Fort Collins
General Employees Retirement Committee (GERC)
2022 Annual Report
1. Prepare 2021 GERC Annual Report for City Council prior to January 31,
2022. Reviewed and approved by GERC on January 13, 2022 and sent to
Council by the City Clerk’s office.
2. Elect Officers and Review GERC standing rules in February 2022.
Elections took place as required. Clark Mapes was reelected Chair and
Randy Bailey was elected Vice Chair.
3. Continue Monitoring of Retirement Plan and the appropriate level of
contributions. The preliminary Actuary Valuation report for year-end 2021
was reviewed by the GERC at the March 10, 2022, meeting. The
valuation report was adopted by the committee.
4. Revise assumptions prior to March 1, if necessary for the 2022 report.
The assumptions were reviewed at the February meeting. The Plan
actuary recommended a few changes to assumptions: updating the
generational scale, change the inflation assumption, reduce the
investment rate of return. The committee approved the assumptions as
recommended.
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5. The ‘Personal Retirement Planning Statement’ form was discussed at the
April meeting with no changes recommended by the committee. The
statements were distributed to active GERP participants in April.
6. Review Quarterly and Monthly Investment Reports. The quarterly
investment reports were reviewed by the committee to verify the
investment portfolio is in compliance with GERP policy. Changes to the
portfolio were also reviewed along with investment performance.
7. Prepare Work Plan for 2023 by November 2022. Reviewed the GERC
Work Plan for 2022 at the October 13, 2022, meeting. The 2023 work
plan was approved and submitted to the City Clerk.
8. Provide and enhance the educational opportunities for GERP members
and GERC Board members as appropriate. Board was unable to get
education in 2022 due to Covid. However, during 2023, we plan to have
the entire Board trained by Innovest Portfolio Solutions LLC about their
fiduciary responsibilities.
9. The web site for the General Employees’ Retirement Committee will be
monitored and updated as needed, and the meeting minutes will be
posed once they have been approved and signed. The staff liaison will
work with the Boards & Commission Team in the City Clerk’s office to
make sure all posted information is current.