HomeMy WebLinkAboutRetirement Committee - Minutes - 11/13/2008city of
F6rt
CoUnins..
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
MINUTES
NOVEMBER 13, 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 1:20 pm
Councilman Ben Manvel
Jim O'Neill, Chair, 221-6779
Charles Seest
Bill Switzer
Rick Richter, Vice Chair 221-6798
Jim Lathrop
Dennis Freeburg
Harold Hall
Chris Donegon
Heather Shepherd
Janie Appleton
Greg Tempel, Assistant City Attorney
Pat Kahle, Milkman
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 October 9, 2008 Minutes
Jim Lathrop moved to accept the minutes and Bill Switzer seconded the motion.
Motion passed unanimously.
Approval of Work Plan for 2009
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City of
wort Collins
The Committee reviewed the work plan document for 2009. Bill Switzer moved to
accept the work plan as written and Rick Richter seconded the motion. Motion passed
unanimously.
Approval of Hiring Legal Services for Plan Amendment and submission to the IRS of
the Plan by January 31, 2009.
Rick Richter moved to hire attorney Dan Lacomis to assist in drafting an amendment
to the GERP to make its provisions consistent with IRS regulations and to submit the
amended GERP to the IRS for a determination letter in early 2009. Jim Lathrop
seconded the motion and the motion passed unanimously.
Approval of Plan amendment to be considered by City Council in December
The purpose of this resolution is to amend the GERP to bring it into compliance with
new IRS regulations. The amendment is technical in nature and will have no practical
affect upon the GERP or its funding needs as it restates the limitations of benefits to
match IRS requirements.
Jim Lathrop moved that the GERP Committee approve taking this resolution to the
City Council meeting on December 16th 2008. Rick Richter seconded the motion the
motion passed unanimously.
Monthly Investment Report
Harold Hall reported that three funds the GERP has invested in have increased their
Morningstar rating from two to three stars and are performing well. The total
portfolio is down 18.94% year to date. Harold recommends staying on the current
investment path for now, and he will be watching the market closely. Pat Kahle said
that in her experience, other similar plans are currently down 25% or more so the
GERP still doing comparatively well.
Discussion of Board Vacancy
Jim O'Neill reminded the Committee of the upcoming vacancy. There were two
applicants for the vacancy, and interviews will be held on Monday, November 171h
Other Business
Pat distributed a Public Plan Survey (of large pension plans) to the group for use as a guideline
or comparison to the GERP.
The next meeting is scheduled for December 11`h, but Jim O'Neill stated that he'd like it to be
moved to the December 181h. The annual luncheon will occur first, at 12:00 noon, followed by
the meeting at 1:15pm. Bill Switzer moved to change the meeting date and Rick Richter
seconded the motion. Motion passed unanimously.
At 1:50 pm, Jim Lathrop moved to adjourn the meeting and Rick Richter seconded the motion.
Motion passed unanimously.