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Home My WebLink AboutRetirement Committee - Minutes - 10/09/2008General Employees Retirement Committee 215 N. Mason 2n" Floor PO Box 580 Fort Collins, CO 80522 970.221.6788 970.221.6782 - fax fcgov.com GENERAL EMPLOYEES' RETIREMENT COMMITTEE MINUTES OCTOBER 09, 2008 1:15 To 3:00 P.m. 215 N. MASON —Room 2A COUNCIL LIAISON: COMMITTEE MEMBERS PRESENT: COMMITTEE MEMBERS ABSENT: OTHERS PRESENT: Meeting called to order at 1:15 pm Councilman Ben Manvel Jim O'Neill, Chair, 221-6779 Charles Seest, 221-6795 Bill Switzer, 221-6713 Rick Richter, Vice Chair 221-6798 Dennis Freeburg Jim Lathrop Harold Hall, 221-6784 Chris Donegon, 221-6747 Heather Shepherd 221-6788 Janie Appleton 221-6562 Greg Temple, City Attorney, 221-6267 Eric Dahlgren Eric Dahlgren from Utilities is considering applying for the committee vacancy and attended the meeting to gain information. Citizen Participation None Consider Approval of the June 12, 2008 Minutes Bill moved to accept the minutes and Dennis seconded. The motion passed unanimously. Fort Collins Review Annual Work Plan for 2009 Jim told the group that the Annual Work Plan has to be approved by the committee by at the November meeting. Dennis asked if the current situation with the market will be added or mentioned in this work plan and Jim said that the item called 'review of legislative issues' already listed in the work plan would cover that. Chuck asked what the submission date is for the GERP Annual Report. Jim O'Neill responded that it will be reviewed at the January 8th, 2009 meeting. Monthly Investment Report Harold told the.Committee that we have a -12.5 percent return YTD. Currently in the portfolio, $4.4 million is invested in money market accounts at Fidelity and Vanguard, both of which have decided to participate in the U.S Treasury Department's guarantee program for money market funds. Rick asked if the committee should draft a statement to respond to member questions about the recent market fluctuation. Jim said that up to a point, regardless of what the plan does, their money is guaranteed. Janie told the group that all the questions she has gotten from plan members were mainly asking who is managing the plan, and who makes the financial decisions. Jim suggested that the monthly report generated by Harold be added to the GERP website as an attachment to the minutes. Chuck also suggested sending out a statement that informs members it is a City employee, and not a third party, who is managing the funds for the GERP. This would also direct them to the website to view Harold's more in-depth report. The Committee discussed the wording of a statement to all members. Bill moved that the Committee Chair draft and issue a short statement defining how the GERP funds are managed and the impact to members, and attach the most recent Investment report. Rick seconded the motion and it passed unanimously. Other Business Bill stated that he wanted to ensure that the topic of approval of the GERP budget will be on the agenda for a meeting in the near future. At 1:55 p.m. Dennis moved to adjourn the meeting, and Bill seconded. The motion passed unanimously.