HomeMy WebLinkAboutRetirement Committee - Minutes - 12/18/2008General 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
DECEMBER 18, 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 1:53
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 Temple, City Attorney
Angelina Sanchez -Sprague
Pah Kahle, Milliman
Citizen Participation and Plan Member Comments
Some members had talked to Bill Switzer about the fairness of an additional
contribution to the GERC from the Benefits Fund
Rick Richter was told by a couple GERP members that they are pleased with the way
this plan has been managed.
of
City Collins
Discussion followed about the fact that all City Departments have members in the
GERC and all City Departments contribute to the Benefits Fund. Since the City has an
unfunded liability and obligation to the GERC it a logical action to apply those funds.
Consider approving the minutes from the meeting of November 13,2008
Rick moved to approve the minutes and Bill seconded the motion. Motion passed
unanimously and the minutes are approved.
Thank you to Committee member Bill Switzer for his years of service
Bill has served on the committee for 8 years, and Jim O'Neill said he'd like to thank
Bill for his service. As a fun way to thank Bill for his dedication, Pat Kahle presented
him with "the Bill graph", a solvency chart in Milliman's report which Bill frequently
asked questions about.
Introduction of new Committee Member
Angelina Sanchez -Sprague is the new GERC member. She will officially begin in 2009.
Report on recent Council action regarding adoption of IRS 415 regulation changes.
Fort Collins City Council adopted a resolution which takes these IRS changes into
account, so the GERP has also now been brought into compliance with these new
regulations.
Monthly Investment and other reports
Harold stated there were no investment changes in the last month. The total yield is
down 20.71% YTD. Harold said that he hopes the market will be stabilizing soon and
start recovering in 2009/2010.
Chuck stated that if Committee members are getting calls from plan members, they
can be advised that even though the GERP is not fully funded, we do still have
adequate liquidity.
Other Business
Pat explained the process that Milkman goes through each year in presenting the
committee with their Actuarial Evaluation. Greg suggested getting a copy of last
year's evaluation to help understand the 'flow'.
Bill moved adjourn the meeting and Jim Lathrop seconded the motion. Motion passed
unanimously and the meeting adjourned at 2:31p.m.