HomeMy WebLinkAboutRetirement Committee - Minutes - 12/09/2010General 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
DECEMBER 9, 2010
1:15 TO 3:00 P.M.
215 N. MASON—ROOM 2A
COUNCIL LIAISON: Councilman Ben Manvel
COMMITTEE MEMBERS PRESENT: Rick Richter, Chair
Jim Lathrop, Vice Chair
John Voss
Dee Toplyn
Angelina-Sanchez Sprague
COMMITTEE MEMBERS ABSENT:
OTHERS PRESENT: Harold Hall
Heather Shepherd
Greg Tempel
Chris Donegon
Janie Appleton
Pat Kahle
Meeting called to order at 1:18
Citizen Participation & Plan Member comments
Angelina said she had just gotten one call asking when the election changes would be
implemented.
Consider Approval of the November 2010 Minutes
Greg Temple sent a revised version of the minutes, language changes highlighted, to
the Committee prior to the meeting. Jim Lathrop moved to accept this revised
version of the minutes, and John Voss seconded. Motion passed unanimously.
Discuss Lacomis Invoice
John Voss advised the Committee that the invoice from outside legal counsel Dan
Lacomis, for an extra $400 that was previously discussed at this meeting (for approval
of payment) was actually sent in error, as the work completed was intended to be Pro
Bono. So the City will not have to pay that amount.
Monthly investment and other reports
Harold Hall said there were no changes in fixed income portfolio or mutual fund
portfolio. Total return for both is 8.01 %YTD.
Harold has the revised the written Investment Policy. He will send out the previous
version along with the new revised version and a list of the changes for review by
everyone on this Committee.
Other business
Pat Kahle discussed Milliman’s assessment of the impact to the Retirement Plan based
on recent elections made by Plan members. The final analysis in the memo was this:
“We find that adopting Amendment Eight will slightly reduce the unfunded actuarial
accrued liability. A sound funding policy including 10.5% of member compensation and
continued supplemental city contributions will have to be established. We will be able
to provide more concrete analysis upon completion of the January 1, 2011 actuarial
valuation.”
Jim Lathrop moved that based on Milliman’s report, the Committee is supportive of
moving forward. Rick Richter seconded the motion. The motion passed unanimously.
John Voss said that regarding the supplemental GERP contribution amount, we had
originally presented to City Council an assumed $740,000 through approximately 2030.
However, since this last year there was a misunderstanding in which it appeared this
supplemental payment would be going away, it was removed from the budget, and
now it has to be added back in. Various departments were advised of the fact that if
this hasn’t been corrected by 2013, their payment from their budget will be double.
Rick Richter moved to adjourn the meeting at 2:24 p.m. and John Voss seconded the
motion. Meeting adjourned.