HomeMy WebLinkAboutRetirement Committee - Minutes - 03/13/2008General Employees' Retirement Plan
215 N. Mason St.
PO Box 580
Fort Collins, CO 80522
970.221.6788
fcgov.com
GENERAL EMPLOYEES' RETIREMENT COMMITTEE
MINUTES
MARCH 13, 2008
1:15 To 3:00 P.M.
215 N. MASON —ROOM 2A
COUNCIL LIAISON: Councilman Ben Manvel
COMMITTEE MEMBERS PRESENT: Jim O'Neill, Chair, 221-6779^^
Charles Seest, 221-6795 vff
Bill Switzer, 221-6713
Rick Richter, Vice Chair 221-6798
Dennis Freeburg
COMMITTEE MEMBERS ABSENT: Dennis Freeburg
OTHERS PRESENT: Pat Kahle, Milliman
Harold Hall, 221-6784
Tracy Hoffman, 2216747
Heather Shepherd 221-6788
Greg Tempel, City Attorney
Meeting was called to order at 1:23 pm.
Citizen Participation and Plan Member Comments
Jim O'Neill told the committee that Susan Lehman attended the Mountain Public Employee Retirement
Systems conference last year and she wanted to provide a reminder that anyone from this committee
who would like to attend this year is welcome to do so.
Consideration and Approval of Minutes from the February 21'` Meeting
Pat Kahle had emailed a new section of text to replace the former 'entry age normal' information in
the minutes. There was some further discussion by the committee on correct wording. It was decided
to strike the first sentence in the third paragraph. Rick Richter moved to accept the minutes as
corrected, and Jim O'Neill seconded the motion. Motion passed unanimously.
Discussion of Actuarial Assumptions
Pat Kahle said that Milliman reviews these assumptions annually. She then reviewed the procedures
that Milliman uses to calculate the benefits, etc.
1
where renewal is a way of life
Actuarial Cost Method:
Pat recommends moving the EAN method to a 10 year amortization. She can still extract what
the aggregate method would be but the EAN should be "official".
Bill Switzer asked if this plan, with the 10 year calculation, is typical. Pat stated that if the
plan wasn't closed a 15 to 20 year range would be more normal but since this plan is closed, 10
years is a good number. Chuck Seest also mentioned that it can continue to be held at 10
years. For example, in 5 years from now, the 10 year calculation can still be used.
Value of assets:
No change recommended
Investment Earnings:
No change recommended
Earnings Progression:
No change
Retirement:
No change
Jim Lathrop made a motion to approve the actuarial assumptions as per Pat's recommendations
for this year and Bill Switzer seconded the motion. Motion passed unanimously.
Personal Retirement Planning Statement review
The Committee discussed the Planning Statement. Pat said that the information on page four
is supplied to Milkman by the City, so any updates can be Sent to Joel at Milliman. Greg
Tempel suggested that if there is to be any additional statement about other sources of
income, such as a domestic relation order, or retirement healthcare savings account, it could
be included under the heading 'Other'.
Greg also asked if we should add a disclaimer but there's already one there.
Monthly Investment Report
Harold stated that the portfolio yield is down 4.37% for the year. Harold also sold 1 million
dollars worth of Fidelity and 1 million dollars worth of T. Rowe Price International Fund shares
The total portfolio value for end of Feb is $42,452,885 million.
Other Business
Pat Kahle will present the 47% information at an upcoming meeting.
Jim O'Neill reminded everyone of the Board and Commission training that is mandatory for
committee members.
The City Council reviews Boards and Commissions every few years and GERC will be reviewed in
July. This committee will have to fill out the Periodic Review Questionnaire.
Rick Richter moved adjourn the meeting, and Jim Lathrop seconded the motion. The meeting
was adjourned at 2:30 p.m.