HomeMy WebLinkAboutRetirement Committee - Minutes - 06/12/2008Collins
General Employees Retirement
Committee
216 N. Mason
2nO Floor
PO Box 580
Fort Collins, CO 80522
970.221.6788
970.221.6782 - fax
fcgov.com
GENERAL EMPLOYEES' RETIREMENT COMMITTEE
MINUTES
JUNE 12, 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, 221-67790-('"'�
Charles Seest, 221-6795
Bill Switzer, 221-6713
Rick Richter, Vice Chair 221-6798
Dennis Freeburg
Jim Lathrop
COMMITTEE MEMBERS ABSENT:
OTHERS PRESENT:
Harold Hall, 221-6784
Tracy Hoffman, 221-6747
Heather Shepherd 221-6788
Janie Appleton 221-6562
Greg Temple, City Attorney, 221-6267
Pat Kahle, Millman
Perfecto and Cynthia Hijar
Meeting called to order at 1:15pm.
Citizen Participation and Plan Member Comments
None
Consideration and Approval of Minutes from the May 81" Meeting
Pat Kahle requested wording change prior to the start of this meeting which has been made.
Bill moved to accept the minutes and Dennis seconded the motion. The motion passed
unanimously.
Hearing to determine vesting amount of Perfecto Hijar and Kaye Imel-Hijar
The hearing to determine the proper vesting amount, if any, for former plan members was
initiated. The hearing was audio recorded. Committee members heard testimony from
Perfecto Hijar and Kaye Imel-Hijar. Testimony and exhibits were then presented by City of
of
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Fort Collins Benefit Specialist Janie Appleton. At 2:21 p.m., the hearing was recessed so that
the other business on the agenda could be conducted. The hearing will resume in
approximately 20 minutes.
Discussion/completion of Retirement Committee review questionnaire for Council work
session meeting of July 8.
Jim read each question to committee members and recorded the answers after reaching a
consensus. The City Council will review the General Employee's Retirement Committee and
three others at the July 8th Council meeting.
Review of Actuarial Firm
The question was put before the committee whether to renew the contract with Milkman as
the actuarial firm for the General Employees Retirement Plan. Jim Lathrop moved to renew
their services, and Rick Richter seconded the motion. Motion passed unanimously.
Monthly Investment Report
Harold distributed the finalized Actuarial report for 2008.
Harold stated that the total portfolio amount for May was down 1.76%. The goal is to reach
positive numbers again by the end of this year.
Hearing Resumed
The hearing was resumed at 2:50 p.m. After some discussion, Jim O'Neill moved that the
Committee go into executive session, as permitted under sections 2-31(a)(2) and 2.71(d)(1) of
the City Code, to meet with the attorney for the Committee for the purposes of receiving legal
advice regarding potential litigation and the manner in which the Committee's actions may be
affected by existing law. The motion was seconded by Bill Switzer. The motion was
unanimously approved. The Committee came out of executive session and the hearing was
again resumed. Rick Richter stated that based on the interpretation of the Plan documents
and the evidence presented, he moved that the committee find that Perfecto Hijar and
Cynthia Hijar had not worked sufficient time to achieve any amount of vesting in the Plan.
Chuck Seest seconded the motion. After discussion by the Committee members, the motion
passed unanimously.
Other
The committee discussed canceling the July 10th meeting. Rick Richter moved to cancel the
meeting and Dennis Freeburg seconded the motion. Motion passed unanimously.
Jim Lathrop moved to adjourn the meeting. Rick Richter seconded the motion and the motion
passed unanimously.