HomeMy WebLinkAboutRetirement Committee - Minutes - 09/13/2018iYtb"thns
General Employees Retirement
Comminee
215 N. Mason
2'd Floor
PO Box 580
Fort Collins. CO 80522
970.221.6788
970.221 .67A2 - lax
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GeneRal EMpLoyEES' RETTREMENT CoMMrrrEE
MINUTES
SEPTEMBER 13, 2018
21 5 N. MASoN - CorureReuce RooM 2A
- SEcono Floon - 1 :1 5 pttit
Committee Members Present: John Voss, Vice Chairman
James Lathrop
John Lindsay
Del Bernhardt
Others Present: Blaine Dunn
Jenny Lopez Filkins
Carolyn Koontz
Don Mathre, active GERP Member
1
l\/eeting called lo order at 1:22 pm
Citizen Participation and Plan Member Comments - Don Mathre, active GERP
member, informed the GERC that he previously requested a GERP retirement
benefit estimate and noticed that his'on call'hours were not included as
compensation in the calculated benefit. He estimates the difference to be
approximately 4L. He didn't see anything called out in the plan document regarding
on call hours / compensation NOT being included in the calculation.
2. Consider Approving the Minutes from the meeting held on May 10'2018
Jim Lathrop moved to approve the minutes of the Mayl 0' 2018 GERC meeting.
Del Bernhardt seconded the motion. The minules were approved unanimously.
3. Discuss 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
Jenny Lopez Filkins presented draft resolution 18-01. John Voss confirmed that the
GERC has a fund for administrative, legal and actuarial expenses. Council adopted
the appropriation for GERP based on the budget process.
Ci
Committee Members Absent: Clark Mapes, Chairman
Bill Switzer
The following changes were discussed:
1) amend the operative clause at the end of the resolution limits the authorization,
"Subject to the limitations of the available appropriations;"
2) Del Bernhardt suggested a change the "notify the Committee and the lnvestment
Manager (Blaine Dunn)" instead of the Committee chairman due to the changing
membership of the committee.
James Lathrop made a motion to authorize the expense associated with seeking
outside counsel on plan interpretation in relation to this pafiicular review and then
bring the resolution with the requested changes to the next GERC meeting for final
review and approval. John Lindsay seconded the motion. The motion was passed
unanimously.
4. Monthly investment report (Blaine Dunn)
Return thru August 31"tis 4.32k lnternational Funds starting to drag down a bit due
to trade wars and currency concerns. Domestic Funds up 9% on the year. Fidelity
Value Discovery not meeting benchmark - Blaine may bring making a change to the
committee for consideration at the October meeting. Blaine plans to work on
rebalancing the Fund Categories before the end of this month more toward the fixed
income side.
Committee discussed previous meeting topic of a review of the lnvestment Policy.
Blaine will lead an lnvestment Policy review at the October GERC meeting.
5. Other Business
Contract renewal with Milliman was just signed. They will continue to provide
actuarial services for the GERP.
M djourned 1:46 pm
CI apes, Chairma
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Carolyn Kobntz, Staff Liaison
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