HomeMy WebLinkAbout2013 - Retirement Committee - Annual ReportGENERAL EMPLOYEES’ RETIREMENT COMMITTEE
2013 Annual Report to City Council
Prepare 2013 GERC Annual Report for City Council prior to January 31, 2014.
Completed prior to January 31, 2014.
Elect Officers and Review GERC standing rules in February, 2013.
Elections took place as required. Angelina Sanchez-Sprague was elected Chair and
John Voss was elected Vice-Chair.
Continue Monitoring of Retirement Plan and the appropriate level of contributions.
The preliminary Actuary Valuation report for year end 2012, including the assumptions
used by the Actuary, was reviewed by the GERC at the March meeting. The valuation
report was adopted by the committee at the April meeting.
Revise actuarial assumptions prior to April 1, if necessary for the 2013 Report.
The actuarial assumptions were reviewed at the February meeting. The Actuary
recommended no changes to Plan assumptions for 2013. The committee approved the
current assumptions without changes.
Distribute ‘Personal Retirement Planning Statement’ forms in April 2013.
The ‘Personal Retirement Planning Statement’ was reviewed at the February meeting.
The statements were distributed to active GERP participants in April 2013.
Review Quarterly Investment Reports.
The quarterly investment reports were reviewed by the committee to verify that the
investment portfolio is in compliance with GERP policy. Changes to the portfolio
were also reviewed along with investment performance.
Review legislative issues with actuarial consultant and support staff.
Reviewed the estimated impact of the HEART Act on the Plan. A Resolution draft
was reviewed by the committee (January & February meetings).
Impact on the Plan of the state “Civil Unions Act”: The committee approved the
use of outside legal counsel to review any required changes to the Plan (May & July
meeting).
Review contract for renewal of actuarial consultant services in June, 2013.
The Milliman contract for actuarial services was reviewed and extended for an
additional year (meeting agenda item November 2013).
Prepare Work Plan for 2014 by November 30, 2013.
The work plan for 2014 was completed and submitted to the City Clerk by November
30, 2013.
Provide educational opportunities for GERP members when needed.
No additional educational training was provided.
The web site for the General Employees’ Retirement Committee was be monitored,
updated as needed, and the minutes will be posted once they have been approved
and signed.
The website was monitored and updated as needed and the meeting minutes posted
by the staff liaison.
Other General Employees’ Retirement Committee Business:
Minutes for the following topics are available on the City website.
The 120 Month Certain and Life Benefit was reviewed. A legal opinion was obtained
verifying the continuation of monthly payments to an estate in the event that both the
Plan member and beneficiary become deceased before 120 months expires. (January &
February meetings)