HomeMy WebLinkAboutRetirement Committee - Minutes - 10/11/2018ciPfbdhns
General Employees Retirement
Committee
215 N. Mason
2nd Floor
PO Box 580
Fort Collins, CO 80522
970.221.6788
970.221 .6782 - lax
tcgov.com
Geruenal Euployees' Relneuexr ContlutrrEE
Mtruures
OcroeEn 1 1, 2018
215 N. Masoru - Corureneruce Roona 2A -
Secouo Floon - 1 :15 prtr
Committee Members Present: Clark [Vlapes, Chairman
John Voss, Vice Chairman
Bill Switzer
James Lathrop
John Lindsay
Del Bernhardt
Others Present: Blaine Dunn
Jenny Lopez Filkins
Carolyn Koontz
IVeeting called to order at 1:15 pm.
1. Citizen Participation and Plan Member Comments - None
2. Consider Approving the Minutes from the meeting held on September 13,2018
James Lathrop moved to approve the minutes of the September 13,2018 GERC
meeting. John Voss seconded the motion. The minutes were approved
unanimously.
3. Consider revised draft resolution authorizing CAO attorney to consult with
outside counsel in the event the attorney reasonably estimates the cost of
doing so will be less than $1,000
For outside expertise/ $27,500 allocated for GERP Admin - Milliman actuarial
services included based on historical data. Funding Agent is the Financial Officer of
the city for their designee.
Jim Lathrop made a motion to approve Resolution 18.01 . Bill Switzer seconded the
motion. Resolution 18.01 approved as written. (Please contact Carolyn Koontz for a
copy of Resolution 18.01)
4. Monthly investment report (Blaine Dunn)
Quarterly Report - new report format with intent to make it easier to read.
YTD Return of 4.34o/o
Fund total market value is $49.2ttl as of September 30,2018.
Member data; 59 Active, 79 Terminated Vested and 258 Retired Plan lt/embers
Fixed lncome is trailing the benchmark
Domestic lt/utual Funds have been doing well.
Sold some securities to bring metric back into compliance.
The lnternational Fund is right in the middle of the strategic allocation range.
Federal Reserve Board increased rate - they will meet again in November. The next
opportunity to raise the rate is December and an increase is expected. GDP is a
strong number.
5. Review Investment Policy (Blaine Dunn)
The GERC reviewed and considered the GERP lnvestment Policy with the
assistance of Funding Agent Blaine Dunn. On September B, 2011, the GERC ratified
the lnvestment Policy.
Asset Allocation Comparison; PERA doesn't distinguish between domestic and
international funds - PERA 7.5o/o, Denver is7.75"h and Aurorais7.25o/"
Conclusions; . .plans .exposure GERP Able GERP to could is make well increase positioned large changes fixed when income to compared asset holdings allocation to other in the without
future changing to lower investment risk
policy
The Policy allows the GERC to make changes within policy and shift some of fixed
income and equities.
Plan is continuing to grow and is meeting all its obligations and liquidity is good.
Bill Switzer commended Blaine Dunn and the job he is doing.
The GERC took no action to change the GERP lnvestment Policy last ratified on
September 8, 2011.
6. Other Business
Blaine Dunn is presenting a GERP Review to the Council Finance Committee on
November 19th
IMeeting adjourned at2:07 pm
1-/,2 t6
lVlapes, Chai
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Carolyn Liai