HomeMy WebLinkAbout2015 - Retirement Committee - Annual ReportGENERAL EMPLOYEES’ RETIREMENT COMMITTEE
2015 Annual Report to City Council
• Prepare 2014 GERC Annual Report for City Council prior to January 31, 2015.
Completed prior to January 31, 2015.
• Elect Officers and Review GERC standing rules in February, 2015.
Elections took place as required. Angelina Sanchez-Sprague was elected Chair and
John Voss was elected Vice-Chair.
• Revise actuarial assumptions prior to April 1, if necessary for the 2015 Report.
The actuarial assumptions were reviewed at the February meeting. The Actuary
recommended a change to the mortality table from a static projection to a
generational projection. The other Plan assumptions remained the same per the
actuary recommendation. The committee approved the assumptions as recommended.
• Continue Monitoring of Retirement Plan and the appropriate level of contributions.
The preliminary Actuary Valuation report for year-end 2014, including the revised
assumptions used by the Actuary, was reviewed by the GERC at the March meeting.
The valuation report was adopted by the committee.
• Distribute ‘Personal Retirement Planning Statement’ forms in April 2015.
The ‘Personal Retirement Planning Statement’ was reviewed at the January meeting.
The statements were distributed to active GERP participants in April 2015.
• Review Quarterly and Monthly 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 in March 2015.
Reviewed the estimated impact of implementing GASB 67 and 68 on reporting at the
March meeting.
• Review contract for renewal of actuarial consultant services in June, 2015.
The Milliman contract for actuarial services was reviewed at the June 2015 meeting
and extended for an additional 6 month period to allow time for an RFP in the second
half of 2015. An RFP was completed and the responses were reviewed in October
2015. The selection process was completed and Milliman was selected to continue as
the plan actuary.
• Prepare Work Plan for 2016 by November 30, 2015.
Reviewed the work plan for 2015and made the necessary modifications for creating
a 2016 plan at the October meeting. The 2016 work plan was completed and
submitted to the City Clerk by November 30, 2015.
• Provide educational opportunities for the GERC and GERP members when needed.
Discussed at the October and November meeting having GERC members attend the
December Rocky Mountain Benefit Plans Conference to enhance their knowledge of
plan administration and fiduciary responsibilities.
• The web site for the General Employees’ Retirement Committee will be monitored,
updated as needed, and the minutes will be posted once they are approved and
signed.
The website was monitored and updated as needed and the meeting minutes posted
by the staff liaison.